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COMMENTS

Credit Trends: Leisure, Media, And Consumer Products Have The Highest Downgrade Potential


Credit Trends: Leisure, Media, And Consumer Products Have The Highest Downgrade Potential

The number of potential bond downgrades climbed to 641 as of December 2019 from 535 a year ago. The main reasons for the increase were higher leverage (due to looser monetary policy and subsequently low interest rates) and greater risk aversion at the low end of the ratings spectrum stemming from slow, but rising, economic uncertainty.

Utilities and financial institutions (which have relatively large numbers of rated issuers) lead potential bond downgrades, with 83 and 74, respectively. The media and entertainment and consumer products sectors closely follow, with 67 and 63 potential downgrades each--particularly concerning given their relatively low median ratings of 'B' and 'B+', respectively. Rating volatility is generally higher for lower ratings, so the low median rating and high number of speculative-grade issuers in the media and consumer products sectors continue to expose them to greater downgrade risks in the coming months.

Chart 1

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The downgrades so far in 2019 (through Dec. 25) were highest among media and entertainment and consumer products, with 68 and 66 downgrades, respectively. Most of the downgrades were speculative-grade issuers, which have scarce defenses against the sectors' specific challenges.

Media and entertainment is facing increased competition and audience fragmentation, notably from new media, weighing on margins. Heavy investments in original content, aiming to differentiate services and increase subscribers, have added further pressure on margins, and we expect this trend to continue (see "Industry Top Trends 2020: Media And Entertainment," Nov. 19, 2019).

For the consumers sector, rating trends have become more negative, especially for the lowest-rated speculative-grade companies, which suffer from unsustainable capital structures and weak operating performance. Downgrades among these issuers can intensify if operating performance translate into rising liquidity constraints (see "Industry Top Trends 2020: Consumer Products," Nov. 19, 2019).

Chart 2

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Overall, downgrades since our last report total 81. U.S.-based issuers accounted for 49 of the downgrades, followed by 15 in Europe.

Negative Bias Indicates Increased Downgrade Potential

The negative bias--the proportion of issuers with negative outlooks or ratings on CreditWatch with negative implications--among 16 of the 19 sectors has widened over the past 12 months (see chart 3). The rise in negative bias was highest in the oil and gas sector--to 29.1% (up by 10.2% from December 2018)--due to oil price volatility. The retail and restaurants, media and entertainment, and consumer products sectors follow at 27.7%, 24.7%, and 24.2%, respectively.

The health care sector reported the second-highest rise in negative bias, up by 7.7% since last year to 22.6%. Historically, the oil and gas and health care sectors face comparatively high downgrade risks (see chart 5). We expect downgrades to continue outpacing upgrades in health care as disruption in the industry should accelerate. The main reasons are the continued drive for lower pricing and more transparency, rising debt leverage due to mergers and acquisitions, and opioid-related litigation (see "Industry Top Trends 2020: Health Care," Nov. 19, 2019).

Leisure is the hardest hit subsector in media and entertainment. The negative bias for leisure equipment is 58% and for leisure operators is 31%--both above their 2019 averages. The leisure sector has seen its negative bias increase since 2018. Issuance rated 'B-' and below has increased to its highest amount since 2012 (see "Media And Leisure Companies Lead A Rise In Weakest Links," Dec. 3, 2019). The negative bias in publishing and printing widened to 36%, following the sector's recent trend.

Slowing global GDP growth and the risk of recession weigh on consumer products and retail. Within consumer products, food products have the highest share of issuers with negative bias, at more than 30%. Changing consumer preferences and intense cost competition weigh on margins. Issuers in the textile and apparel sectors, as well as home furnishings, also have a negative bias above 30%.

Chart 3

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Chart 4

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Changes In Potential Downgrades

The total number of potential downgrades with negative outlooks has increased somewhat, to 568 in December from 541 in October, while the number of issuers with ratings on CreditWatch with negative implications has increased to 73 from 65.

Since our last report, we removed 99 issuers from the list of potential downgrades. Of these, we removed 38 after the ratings were lowered with revisions to the outlook or CreditWatch status, and we removed 34 due to revisions to their outlook or CreditWatch status without an accompanying rating change (see table 1). U.S.-based issuers accounted for 56 of these removals. By sector, the consumer products and utilities sectors had the highest number of removals, with 13 and 10, respectively.

Table 1

Downgrades And Outlook/CreditWatch Revisions Led To 72 Removals Out Of 99 Total
Reason for removal Issuer count
Downgraded and outlook/CreditWatch change 38
Outlook/CreditWatch change 34
Downgraded 16
No outstanding debt 5
Parent 3
Ratings withdrawn 3
Default 0
Selective default ('SD') 0
Upgraded 0
Upgraded and outlook/CreditWatch change 0
Total 99
Note: Includes issuers removed due to subsidiary relationship with parent company, which now qualifies as potential downgrade. Data as of Dec. 25, 2019. Source: S&P Global Ratings Research.

We added 134 potential downgrades to the list since November. We added 115 because S&P Global Ratings revised their outlooks to negative or placed the ratings on CreditWatch with negative implications (see table 2). By region, U.S.-based issuers were almost 52% of these additions.

Table 2

Outlook/CreditWatch Revisions Led To 115 Of The 134 Additions This Month
Reason for addition Issuer count
Outlook/CreditWatch change 115
Downgraded and outlook/CreditWatch change 11
Newly rated issuer 7
Newly rated debt 1
Downgraded 0
Parent 0
Upgraded 0
Upgraded and outlook/CreditWatch change 0
Total 134
Note: Includes issuers added due to subsidiary relationship with parent company, which no longer qualifies as a potential downgrade. Data as of Dec. 25, 2019. Source: S&P Global Ratings Research.

Appendix: Potential Bond Downgrades As Predictors Of Rating Behaviors

Potential downgrades are issuers rated 'AAA' to 'B-' by S&P Global Ratings with either negative outlooks or ratings on CreditWatch with negative implications. We monitor potential downgrades because they are the most likely to be downgraded in the short to medium term, and their aggregate number indicates the direction of potential rating changes. Timely and ongoing surveillance of issuers at risk of being downgraded can be valuable to investors in their sector credit-allocation process as well as in hedging against potential capital losses arising from a downgrade.

S&P Global Ratings assigns a negative or positive outlook or places a rating on CreditWatch when it expects a rating may change within two years. The CreditWatch status indicates the potential direction of a credit rating change, depending on identifiable events and short-term trends, and is typically resolved within 90 days. An outlook indicates the potential direction of a credit rating change over the intermediate to long term, generally within six months to two years (see "CreditWatch Placements And Outlooks Continue To Foreshadow Ratings Behavior," Dec. 13, 2016).

Investors and other market participants who try to anticipate rating actions can use these indicators as valuable predictors of ratings behavior. A developing outlook means S&P Global Ratings may either raise or lower the rating, and a negative outlook or ratings on CreditWatch negative are good leading indicators of downgrades.

Table 3

52% Of The Potential Bond Downgrades Are In The U.S. Region
--No. of issuers--
Region CreditWatch negative Outlook negative Total
U.S. 37 297 334
Europe 20 142 162
Latin America 8 47 55
Asia-Pacific 5 43 48
EEMEA 2 20 22
Canada 1 19 20
Total 73 568 641
EEMEA--Eastern Europe/Middle East/Africa. Data as of Dec. 25, 2019. Source: S&P Global Ratings Research.

Chart 5

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Chart 6

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Chart 7

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Table 4

Of The Top 250 Corporate Obligations Held In Rated U.S. Cash Flow Collateralized Loan Obligations, 35 Companies Have Downgrade Potential
Name Rank in U.S. CLO transactions Outlook/CreditWatch Applied rating Sector/subsector

Altice Europe N.V.

1 Negative B Telecommunications

Berry Global Group Inc.

8 Negative BB+ Chemicals, packaging, and environmental services

Caesars Entertainment Corp.

12 Watch Neg B+ Media and entertainment

Endo International PLC

31 Negative B Health care

Advantage Sales & Marketing Inc.

44 Negative B- Consumer products

Flex Acquisition Holdings Inc.

51 Negative B Chemicals, packaging, and environmental services

Consolidated Communications Holdings Inc.

71 Negative B Telecommunications

GTT Communications Inc.

75 Negative B- Telecommunications

Cineworld Group PLC

81 Watch Neg BB- Media and entertainment

Staples Inc.

82 Negative B+ Media and entertainment

Western Digital Corp.

93 Negative BB+ High technology

LTI Holdings Inc.

107 Negative B- Capital goods

Traverse Midstream Partners LLC

109 Negative B+ Utilities

Maxar Technologies Inc.

113 Negative B Aerospace and defense

Rocket Software Inc.

118 Negative B High technology

Edelman Financial Engines Center, LLC (The)

120 Negative B Financial institutions

United Natural Foods Inc.

121 Negative B Retail/restaurants

Harbor Freight Tools USA Inc.

125 Negative BB- Retail/restaurants

BCP Renaissance Parent L.L.C.

135 Negative B+ Utilities

DaVita Inc.

138 Negative BB Health care

Auris Luxembourg II S.A.

170 Negative B+ Health care

ClubCorp Holdings Inc.

171 Negative B- Media and entertainment

Radiology Partners Holdings, LLC

172 Negative B Health care

Tenneco Inc.

184 Negative BB Automotive

WP CPP Holdings LLC

198 Negative B Aerospace and defense

Idemia France SAS

204 Negative B- High technology

FEH Inc.

206 Negative BB+ Financial institutions

Realogy Group LLC

210 Negative B+ Media and entertainment

DTI Holdco Inc.

214 Negative B- Media and entertainment

SRS Distribution Inc.

218 Negative B Forest products and building materials

U.S. Silica Co.

229 Negative B Metals, mining, and steel

Learfield Communications, LLC

233 Watch Neg B- Media and entertainment

ATI Holdings Acquisition Inc.

245 Negative B Health care

Varsity Brands Holding Co. Inc.

246 Negative B- Consumer products

US Foods Inc.

249 Negative BB+ Consumer products
CLO--Collateralized loan obligation. CLO data as of the end of Q3 2019. The rest of the data as of Dec. 25, 2019. Source: S&P Global Ratings Research.

Chart 8

image

Table 5

Global Trailing-12-Month Downgrades And Negative Bias By Sector
Sector Trailing-12-month downgrade count Trailing-12-month downgrade ratio (%) Current negative bias (%) Historical average negative bias (%) Gap between current and historical average negative bias (%) Negative bias contribution to total potential bond downgrade portfolio (%)
Oil and gas 88 82.24 29.23 19.13 (10.11) 4.99
Automotive 25 89.29 33.65 25.30 (8.36) 5.15
Health care 50 76.92 22.55 17.43 (5.12) 7.18
Aerospace and defense 10 52.63 24.19 20.46 (3.74) 2.50
Retail and restaurants 50 67.57 27.88 24.52 (3.36) 4.52
Telecommunications 41 75.93 22.15 20.22 (1.93) 3.74
Chemicals, packaging, and environmental services 38 67.86 19.43 18.85 (0.58) 5.15
Capital goods 52 85.25 21.33 21.28 (0.05) 4.52
Consumer products 102 89.47 24.29 24.42 0.13 9.83
Media and entertainment 85 77.27 24.73 25.69 0.96 10.45
Homebuilders and real estate companies 27 58.70 12.64 15.45 2.81 4.52
Utilities 41 46.59 15.75 20.23 4.48 12.95
Sovereign 8 29.63 9.32 14.29 4.97 1.56
Financial institutions 23 35.38 14.93 19.96 5.02 11.54
Metals, mining, and steel 32 74.42 17.04 24.71 7.67 2.81
Forest products and building materials 18 85.71 14.06 22.23 8.17 2.03
Insurance 10 37.04 7.84 16.81 8.97 1.72
High technology 34 62.96 11.32 21.49 10.17 3.74
Transportation 21 70.00 5.56 21.14 15.58 0.94
Diversified 0 0.00 0.00 18.30 18.30 0.16
Data as of Dec. 25, 2019. Source: S&P Global Ratings Research.

Table 6

Issuers With Negative Outlooks/Ratings On CreditWatch Negative ('AAA' Through 'B-')
Rating Issuer Parent company Sector/subsector New to the list this month Outlook/CreditWatch change Country
AA+/Negative Exxon Mobil Corp. Oil and gas U.S.
AA/Negative Sanofi Health care France
AA-/Watch Neg Mutual of Omaha Insurance Co. Insurance U.S.
AA-/Watch Neg Pfizer Inc. Health care U.S.
AA-/Negative 3M Co. Capital goods U.S.
AA-/Negative DZ BANK AG Deutsche Zentral-Genossenschaftsbank Cooperative Banking Sector Germany Financial institutions Germany
AA-/Negative Deutsche Apotheker- und Aerztebank eG Cooperative Banking Sector Germany Financial institutions Germany
AA-/Negative Japan Tobacco Inc. Consumer products Japan
AA-/Negative Robert Bosch GmbH Automotive Yes Germany
AA-/Negative States of Guernsey Sovereign Guernsey
AA-/Negative States of Jersey Sovereign Jersey
AA-/Negative Swedbank AB Financial institutions Sweden
A+/Watch Neg Raytheon Co. Aerospace and defense U.S.
A+/Negative Australian Postal Corp. Commonwealth of Australia Transportation Yes Australia
A+/Negative Australian Prime Property Fund Retail Homebuilders/real estate companies Yes Australia
A+/Negative BMW AG Automotive Yes Germany
A+/Negative China Southern Power Grid Co. Ltd. Utilities China
A+/Negative Corporacion Nacional del Cobre de Chile Metals, mining, and steel Yes Chile
A+/Negative DekaBank Deutsche Girozentrale Deutscher Sparkassen- und Giroverband e.V. Financial institutions Germany
A+/Negative Franklin Resources Inc. Financial institutions U.S.
A+/Negative General Dynamics Corp. Aerospace and defense U.S.
A+/Negative GlaxoSmithKline PLC Health care U.K.
A+/Negative NATS (En Route) PLC Transportation U.K.
A+/Negative Oracle Corp. High technology U.S.
A+/Negative Schlumberger Ltd. Oil and gas Curacao
A+/Negative Singapore Telecommunications Ltd. Telecommunications Singapore
A/Watch Neg Aqua America Inc. Utilities U.S.
A/Watch Neg Danaher Corp. Health care U.S.
A/Watch Neg London Stock Exchange Group PLC Financial institutions U.K.
A/Negative ABB Ltd. Capital goods Yes Switzerland
A/Negative Ameriprise Financial Inc. Insurance Yes U.S.
A/Negative Apollo Global Management Inc., Financial institutions U.S.
A/Negative Chiba Bank Ltd. Financial institutions Japan
A/Negative HSBC Holdings PLC Financial institutions Yes U.K.
A/Negative International Business Machines Corp. High technology U.S.
A/Negative Qatar Insurance Co. S.A.Q. Insurance Yes Qatar
A/Negative Shanghai Electric (Group) Corp. Capital goods China
A/Negative Unibail-Rodamco-Westfield SE Homebuilders/real estate companies France
A-/Watch Neg AbbVie Inc. Health care U.S.
A-/Watch Neg DuPont de Nemours Inc., Chemicals, packaging, and environmental services Yes U.S.
A-/Negative AEGON N.V. Insurance Netherlands
A-/Negative Affiliated Managers Group Inc., Financial institutions Yes U.S.
A-/Negative America Movil S.A.B. de C.V. Telecommunications Mexico
A-/Negative AmerisourceBergen Corp. Consumer products U.S.
A-/Negative Aozora Bank Ltd. Financial institutions Japan
A-/Negative Banco Bilbao Vizcaya Argentaria, S.A. Financial institutions Spain
A-/Negative Boston Properties Inc. Homebuilders/real estate companies Yes U.S.
A-/Negative Carnival Corp. Media and entertainment Panama
A-/Negative Cboe Global Markets Financial institutions Yes U.S.
A-/Negative Cembra Money Bank AG Financial institutions Switzerland
A-/Negative Cigna Corp. Financial institutions U.S.
A-/Negative Coca-Cola Femsa, S.A.B. de C.V. Consumer products Mexico
A-/Negative Commerzbank AG Financial institutions Germany
A-/Negative DEPFA Bank PLC FMS Wertmanagement Anstalt des oeffentlichen Rechts Financial institutions Ireland
A-/Negative DTE Energy Center LLC Utilities U.S.
A-/Negative Daimler AG Automotive Germany
A-/Negative Deutsche Pfandbriefbank AG Financial institutions Germany
A-/Negative Deutsche Wohnen SE Homebuilders/real estate companies Yes Germany
A-/Negative Doctors Co. an Interinsurance Exchange Insurance U.S.
A-/Negative Electricite de France S.A. Utilities France
A-/Negative Formosa Plastics Corp. Chemicals, packaging, and environmental services Taiwan
A-/Negative Fortis Inc. Utilities Canada
A-/Negative GPT Wholesale Shopping Centre Fund Homebuilders/real estate companies Australia
A-/Negative Halliburton Co. Oil and gas U.S.
A-/Negative Kimberly-Clark de Mexico S.A.B. de C.V. Consumer products Mexico
A-/Negative Lazard Group LLC Financial institutions U.S.
A-/Negative Marsh & McLennan Cos. Inc., Insurance U.S.
A-/Negative ORIX Corp. Financial institutions Japan
A-/Negative PPG Industries Inc. Chemicals, packaging, and environmental services U.S.
A-/Negative Panasonic Corp. High technology Japan
A-/Negative Parker-Hannifin Corp. Capital goods U.S.
A-/Negative S.F. Holding Co. Ltd., Transportation China
A-/Negative SK Telecom Co. Ltd. Telecommunications Korea, Republic of
A-/Negative Saudi Electric Co. Kingdom of Saudi Arabia Utilities Saudi Arabia
A-/Negative Sociedad Concesionaria Autovia de la Plata S.A. Utilities Spain
A-/Negative Southern Co. Utilities U.S.
A-/Negative Thales S.A. Aerospace and defense France
A-/Negative Volkswagen Bank GmbH Volkswagen AG Financial institutions Germany
A-/Negative Wells Fargo & Co. Financial institutions U.S.
BBB+/Watch Neg Capgemini SE High technology France
BBB+/Watch Neg Deutsche Telekom AG Telecommunications Germany
BBB+/Watch Neg ENN Energy Holdings Ltd. Utilities Cayman Islands
BBB+/Watch Neg Idaho College of Osteopathic Medicine, LLC Utilities U.S.
BBB+/Watch Neg Sociedad Concesionaria Vespucio Norte Express S.A. Utilities Yes Chile
BBB+/Watch Neg TechnipFMC Plc Oil and gas U.K.
BBB+/Negative AMP Ltd. Insurance Australia
BBB+/Negative Arion Bank Financial institutions Iceland
BBB+/Negative Aspen Insurance Holdings Ltd. Insurance Bermuda
BBB+/Negative Atos SE High technology France
BBB+/Negative Autoliv Inc. Automotive U.S.
BBB+/Negative Banco Inbursa S.A. Institucion de Banca Multiple Grupo Financiero Inbursa Grupo Financiero Inbursa Financial institutions Mexico
BBB+/Negative Banco Mercantil del Norte, S.A. Institucion de Banca Multiple Grupo Financiero Banorte Grupo Financiero Banorte S.A.B. de C.V. y Subsidiarias Financial institutions Mexico
BBB+/Negative Bankinter S.A. Financial institutions Yes Spain
BBB+/Negative Beijing Automotive Group Co. Ltd. Automotive China
BBB+/Negative CI Financial Corp. Financial institutions Canada
BBB+/Negative Caltex Australia Ltd. Oil and gas Australia
BBB+/Negative El Puerto de Liverpool, S. A. B. de C. V. Retail/restaurants Mexico
BBB+/Negative Emera Inc. Utilities Canada
BBB+/Negative Falabella S.A. Retail/restaurants Yes Chile
BBB+/Negative GS Caltex Corp. Oil and gas Korea, Republic of
BBB+/Negative Harley-Davidson Inc. Media and entertainment U.S.
BBB+/Negative Ignitis Group UAB Utilities Lithuania
BBB+/Negative Inter Pipeline Ltd. Utilities Canada
BBB+/Negative Islandsbanki hf Financial institutions Iceland
BBB+/Negative Jones Lang LaSalle Inc. Financial institutions U.S.
BBB+/Negative Landsbankinn hf. Financial institutions Iceland
BBB+/Negative LyondellBasell Industries N.V. Chemicals, packaging, and environmental services Netherlands
BBB+/Negative NiSource Inc. Utilities U.S.
BBB+/Negative Nissan Motor Co. Ltd. Automotive Yes Japan
BBB+/Negative Northumbrian Water Ltd. CK Hutchison Holdings Ltd. Utilities U.K.
BBB+/Negative PNM Resources Inc. Utilities U.S.
BBB+/Negative People's United Financial Inc. Financial institutions U.S.
BBB+/Negative RLI Corp. Insurance U.S.
BBB+/Negative Scania AB (publ.) Volkswagen AG Automotive Sweden
BBB+/Negative Sempra Energy Utilities U.S.
BBB+/Negative Sonoco Products Co. Chemicals, packaging, and environmental services U.S.
BBB+/Negative Southwest Gas Holdings Inc. Utilities U.S.
BBB+/Negative Sutton and East Surrey Water PLC East Surrey Holdings PLC Utilities U.K.
BBB+/Negative Takeda Pharmaceutical Co. Ltd. Health care Japan
BBB+/Negative Telus Corp. Telecommunications Yes Canada
BBB+/Negative Terna SpA Utilities Italy
BBB+/Negative UniCredit Bank AG UniCredit SpA Financial institutions Germany
BBB+/Negative UniCredit Bank Austria AG UniCredit SpA Financial institutions Austria
BBB+/Negative United Mexican States Sovereign Mexico
BBB+/Negative United Utilities PLC Utilities U.K.
BBB+/Negative Wessex Water Services Ltd. YTL Power International Berhad Utilities U.K.
BBB/Watch Neg Embraer S.A. Aerospace and defense Brazil
BBB/Watch Neg Expedia Group Inc., Media and entertainment Yes U.S.
BBB/Watch Neg Fortum Oyj Utilities Finland
BBB/Watch Neg Imerys SA Chemicals, packaging, and environmental services Yes France
BBB/Watch Neg Infineon Technologies AG High technology Germany
BBB/Watch Neg International Flavors & Fragrances Inc. Consumer products Yes U.S.
BBB/Watch Neg Metso Corp. Capital goods Finland
BBB/Watch Neg Multibank Inc. y Subsidiarias Financial institutions Yes Panama
BBB/Negative AMCO - Asset Management Co. S.p.A. Financial institutions Italy
BBB/Negative Abertis Infraestructuras S.A. Utilities Yes Spain
BBB/Negative Banco Latinoamericano de Comercio Exterior S.A. Financial institutions Panama
BBB/Negative Bunge Ltd. Consumer products Bermuda
BBB/Negative Coca-Cola Consolidated Inc., Consumer products U.S.
BBB/Negative DXC Technology Co. High technology Yes U.S.
BBB/Negative El Paso Electric Co. Utilities U.S.
BBB/Negative Ellevio AB Utilities Sweden
BBB/Negative Empresas Copec S.A. (E-Copec) AntarChile S.A. Diversified Chile
BBB/Negative Equifax Inc. Media and entertainment U.S.
BBB/Negative FCA Bank SpA Credit Agricole S.A. Financial institutions Italy
BBB/Negative Ferrovie dello Stato Italiane S.p.A Utilities Italy
BBB/Negative FinecoBank S.p.A. Financial institutions Italy
BBB/Negative Fluor Corp. Capital goods U.S.
BBB/Negative Grupo Bimbo, S.A.B. de C.V. Consumer products Mexico
BBB/Negative Hexcel Corp. Aerospace and defense U.S.
BBB/Negative Hong Kong Telecommunications (HKT) Ltd. PCCW Ltd. Telecommunications Hong Kong
BBB/Negative Incitec Pivot Ltd. Chemicals, packaging, and environmental services Yes Australia
BBB/Negative Informa PLC Media and entertainment U.K.
BBB/Negative Infraestructura Energetica Nova, S. A. B. de C. V. Utilities Mexico
BBB/Negative Interpublic Group of Cos. Inc. Media and entertainment U.S.
BBB/Negative Intesa Sanpaolo SpA Financial institutions Italy
BBB/Negative J.M. Smucker Co. (The) Consumer products Yes U.S.
BBB/Negative Kingfisher PLC Retail/restaurants U.K.
BBB/Negative Laurentian Bank of Canada Financial institutions Canada
BBB/Negative Leggett & Platt Inc. Capital goods U.S.
BBB/Negative MM SpA Utilities Italy
BBB/Negative Madrilena Red de Gas, S.A.U. Utilities Spain
BBB/Negative Mediobanca Banca di Credito Finanziario S.p.A Financial institutions Italy
BBB/Negative Mercialys Homebuilders/real estate companies France
BBB/Negative Next PLC Consumer products U.K.
BBB/Negative Patterson-UTI Energy Inc., Oil and gas Yes U.S.
BBB/Negative PerkinElmer Inc. Health care U.S.
BBB/Negative Portsmouth Water Ltd. Utilities U.K.
BBB/Negative Societa Cattolica di Assicurazione Insurance Italy
BBB/Negative South Staffordshire PLC Utilities U.K.
BBB/Negative Valeo S.A. Automotive France
BBB/Negative WPP PLC Media and entertainment U.K.
BBB/Negative WestRock Co. Chemicals, packaging, and environmental services U.S.
BBB/Negative Westinghouse Air Brake Technologies Corp. Capital goods U.S.
BBB/Negative Weyerhaeuser Co. Forest products and building materials U.S.
BBB-/Watch Neg Atlantia SpA Utilities Yes Italy
BBB-/Watch Neg Bharti Airtel Ltd. Telecommunications Yes India
BBB-/Watch Neg Eagle Materials Inc. Forest products and building materials U.S.
BBB-/Watch Neg Esselunga SpA Retail/restaurants Italy
BBB-/Watch Neg Innergex Renewable Energy Inc. Utilities Yes Canada
BBB-/Watch Neg Spirit AeroSystems Inc. Aerospace and defense Yes U.S.
BBB-/Watch Neg Tech Data Corp. High technology Yes U.S.
BBB-/Watch Neg Zijin Mining Group Co. Ltd. Metals, mining, and steel Yes China
BBB-/Negative ArcelorMittal Metals, mining, and steel Luxembourg
BBB-/Negative Arconic Inc. Metals, mining, and steel U.S.
BBB-/Negative Argo Group US Inc., Argo Group International Holdings Ltd. Financial institutions Yes U.S.
BBB-/Negative Auchan Holding Retail/restaurants France
BBB-/Negative Beijing Capital Group Co. Ltd., Homebuilders/real estate companies China
BBB-/Negative BlackRock TCP Capital Corp. Financial institutions U.S.
BBB-/Negative Braskem S.A. Odebrecht S.A. Chemicals, packaging, and environmental services Yes Brazil
BBB-/Negative BrightSphere Investment Group Inc. Financial institutions U.S.
BBB-/Negative Brunswick Corp. Media and entertainment U.S.
BBB-/Negative Citycon Oyj Homebuilders/real estate companies Finland
BBB-/Negative EQM Midstream Partners LP Utilities U.S.
BBB-/Negative EQT Corp. Utilities U.S.
BBB-/Negative GKN Holdings Ltd. Automotive U.K.
BBB-/Negative Hillenbrand Inc., Capital goods U.S.
BBB-/Negative IHO Verwaltungs GmbH Automotive Germany
BBB-/Negative Immobiliare Grande Distribuzione SIIQ S.p.A. Homebuilders/real estate companies Italy
BBB-/Negative Kraft Heinz Co. (The) Consumer products U.S.
BBB-/Negative Macy's Inc. Retail/restaurants Yes U.S.
BBB-/Negative Marks & Spencer PLC Marks & Spencer Group PLC Retail/restaurants U.K.
BBB-/Negative Minsur S.A. Breca Mineria S.A.C. and Subsidiaries Metals, mining, and steel Peru
BBB-/Negative NorteGas Energia Distribucion, S.A.U. Utilities Spain
BBB-/Negative Ocean Spray Cranberries Inc. Consumer products U.S.
BBB-/Negative Ohio National Financial Services Inc. Ohio National Mutual Holdings Inc. Financial institutions U.S.
BBB-/Negative PotlatchDeltic Corp. Forest products and building materials U.S.
BBB-/Negative Prospect Capital Corp. Financial institutions U.S.
BBB-/Negative Puget Energy Inc. Puget Holdings LLC Utilities U.S.
BBB-/Negative Rakuten Inc., High technology Yes Japan
BBB-/Negative Renault S.A. Automotive France
BBB-/Negative Rolls-Royce PLC Rolls-Royce Holdings PLC Aerospace and defense U.K.
BBB-/Negative Romania Sovereign Yes Romania
BBB-/Negative Ruby Pipeline LLC Utilities U.S.
BBB-/Negative Service Properties Trust Homebuilders/real estate companies U.S.
BBB-/Negative Suedzucker AG Consumer products Germany
BBB-/Negative Suzano S.A. Forest products and building materials Yes Brazil
BBB-/Negative Trinity Industries Inc. Transportation U.S.
BBB-/Negative Vale S.A. Metals, mining, and steel Brazil
BBB-/Negative Western Midstream Operating LP Occidental Petroleum Corp. Utilities U.S.
BBB-/Negative Wuhan Real Estate Development & Investment Group Co. Ltd., Homebuilders/real estate companies China
BBB-/Negative ZF Friedrichshafen AG Automotive Germany
BB+/Watch Neg Asbury Automotive Group Inc. Automotive Yes U.S.
BB+/Watch Neg Elanco Animal Health Inc. Health care U.S.
BB+/Watch Neg HD Supply Inc. Capital goods U.S.
BB+/Watch Neg Hilcorp Energy I L.P. Oil and gas U.S.
BB+/Watch Neg IAC/InterActiveCorp Media and entertainment U.S.
BB+/Watch Neg Tallgrass Energy Partners, LP Prairie ECI Acquiror LP Utilities U.S.
BB+/Watch Neg Teollisuuden Voima Oyj Utilities Yes Finland
BB+/Negative Aramark Consumer products U.S.
BB+/Negative Arcelik A.S. Consumer products Turkey
BB+/Negative Berry Global Group Inc. Chemicals, packaging, and environmental services U.S.
BB+/Negative Brinker International Inc. Retail/restaurants Yes U.S.
BB+/Negative CDK Global Inc. Media and entertainment U.S.
BB+/Negative China Aluminum International Engineering Corp. Ltd. Aluminum Corp. of China Capital goods China
BB+/Negative China Water Affairs Group Ltd. Utilities Bermuda
BB+/Negative Credito Real, S.A.B. de C.V., SOFOM, E.N.R. Futu Iem, S.A.P.I. de C.V. Financial institutions Mexico
BB+/Negative FEH Inc., Financial institutions U.S.
BB+/Negative Intrum AB (publ) Financial institutions Sweden
BB+/Negative MTN Group Ltd. Telecommunications South Africa
BB+/Negative Midland Cogeneration Venture L.P. Utilities U.S.
BB+/Negative Nokia Corp. High technology Yes Finland
BB+/Negative Ohio Valley Electric Corp. Utilities U.S.
BB+/Negative Orano Oil and gas France
BB+/Negative PHOENIX Pharmahandel GmbH & Co. KG Health care Germany
BB+/Negative Peru LNG S.R.L. Utilities Yes Peru
BB+/Negative SNC-Lavalin Group Inc. Capital goods Canada
BB+/Negative Samsonite International S.A. Consumer products Yes Luxembourg
BB+/Negative Senior Housing Properties Trust Homebuilders/real estate companies U.S.
BB+/Negative Shriram Transport Finance Co. Ltd. Financial institutions Yes India
BB+/Negative Speedway Motorsports LLC Media and entertainment U.S.
BB+/Negative Teleflex Inc. Health care U.S.
BB+/Negative Travis Perkins PLC Forest products and building materials U.K.
BB+/Negative Tupperware Brands Corp. Consumer products U.S.
BB+/Negative US Foods Inc. Consumer products U.S.
BB+/Negative Western Digital Corp. High technology Yes U.S.
BB+/Negative Wolverine World Wide Inc. Consumer products U.S.
BB+/Negative Xerox Holdings Corp. High technology Yes U.S.
BB/Watch Neg Anixter International Inc. High technology Yes U.S.
BB/Watch Neg Conduent Inc., Media and entertainment U.S.
BB/Watch Neg Elementia S.A.B. de C.V. Forest products and building materials Mexico
BB/Watch Neg Natura Cosmeticos S.A. Consumer products Brazil
BB/Watch Neg Nielsen Holdings PLC Media and entertainment Yes U.K.
BB/Watch Neg Performance Food Group Inc. Consumer products U.S.
BB/Watch Neg Taylor Morrison Home Corp. Homebuilders/real estate companies Yes U.S.
BB/Watch Neg Teva Pharmaceutical Industries Ltd. Health care Israel
BB/Watch Neg Yanlord Land Group Ltd. Homebuilders/real estate companies Singapore
BB/Negative ACI Worldwide Inc. High technology U.S.
BB/Negative AES Panama S.R.L. Utilities Panama
BB/Negative Al Baraka Banking Group B.S.C. Financial institutions Bahrain
BB/Negative Antero Resources Corp. Oil and gas U.S.
BB/Negative Banca Mifel S.A. Financial institutions Mexico
BB/Negative BankMuscat S.A.O.G. Financial institutions Oman
BB/Negative Bed Bath & Beyond Inc. Retail/restaurants U.S.
BB/Negative CYDSA, S.A.B. de C.V. Chemicals, packaging, and environmental services Yes Mexico
BB/Negative Cedar Fair L.P. Media and entertainment U.S.
BB/Negative Celestica Inc. High technology Canada
BB/Negative Clearway Energy Inc., NRG Energy Inc. Utilities Yes U.S.
BB/Negative Consolidated Energy Ltd. Chemicals, packaging, and environmental services Yes Trinidad and Tobago
BB/Negative Corus Entertainment Inc. Media and entertainment Canada
BB/Negative DPL Inc. AES Corp. (The) Utilities U.S.
BB/Negative DaVita Inc. Health care U.S.
BB/Negative Equitrans Midstream Corp. Utilities U.S.
BB/Negative Frontera Generation Holdings LLC Utilities Yes U.S.
BB/Negative Gap Inc. (The) Consumer products Yes U.S.
BB/Negative Getlink S.E. Utilities France
BB/Negative Greif Inc. Chemicals, packaging, and environmental services U.S.
BB/Negative IDBI Bank Ltd. Financial institutions Yes India
BB/Negative Nexans S.A. Capital goods France
BB/Negative Nufarm Ltd. Chemicals, packaging, and environmental services Australia
BB/Negative OCI N.V. Chemicals, packaging, and environmental services Yes Netherlands
BB/Negative Oceaneering International Inc. Oil and gas U.S.
BB/Negative Oman Electricity Transmission Co. Utilities Oman
BB/Negative Qurate Retail Inc., Retail/restaurants Yes U.S.
BB/Negative Rand Water Utilities Yes South Africa
BB/Negative Range Resources Corp. Oil and gas U.S.
BB/Negative Republic of South Africa Sovereign Yes South Africa
BB/Negative Stericycle Inc. Chemicals, packaging, and environmental services U.S.
BB/Negative Sultanate of Oman Sovereign Oman
BB/Negative TTM Technologies Inc. High technology U.S.
BB/Negative TUI AG Media and entertainment Germany
BB/Negative Tenneco Inc. Automotive U.S.
BB/Negative Thor Industries Inc., Media and entertainment U.S.
BB/Negative Transnet SOC Ltd. Utilities Yes South Africa
BB/Negative Unifin Financiera, S.A.B. de C.V. Financial institutions Mexico
BB/Negative Visteon Corp. Automotive U.S.
BB-/Watch Neg Cineworld Group PLC Media and entertainment Yes U.K.
BB-/Watch Neg Mexarrend, S.A.P.I. de C.V. Financial institutions Yes Mexico
BB-/Negative 361 Degrees International Ltd. Consumer products Cayman Islands
BB-/Negative AMG Advanced Metallurgical Group N.V. Metals, mining, and steel Yes Netherlands
BB-/Negative Advanced Integration Technology LP Aerospace and defense U.S.
BB-/Negative Avanos Medical Inc. Health care Yes U.S.
BB-/Negative CNX Resources Corp. Oil and gas U.S.
BB-/Negative Clearwater Paper Corp. Forest products and building materials U.S.
BB-/Negative Compass Minerals International Inc. Metals, mining, and steel U.S.
BB-/Negative Delphi Technologies PLC Automotive Yes Jersey
BB-/Negative Edgewell Personal Care Co. Consumer products U.S.
BB-/Negative Europcar Mobility Group S.A. Media and entertainment Yes France
BB-/Negative Financiera Independencia S.A.B. de C.V. SOFOM E.N.R. Financial institutions Mexico
BB-/Negative Glenmark Pharmaceuticals Ltd. Health care India
BB-/Negative Greystar Real Estate Partners, LLC Financial institutions U.S.
BB-/Negative Guacolda Energia S.A Utilities Chile
BB-/Negative Harbor Freight Tools USA Inc. Retail/restaurants U.S.
BB-/Negative KAR Auction Services Inc. Automotive U.S.
BB-/Negative Liquidnet Holdings Inc., Financial institutions Yes U.S.
BB-/Negative Loxam SAS Capital goods France
BB-/Negative Mack-Cali Realty Corp. Homebuilders/real estate companies U.S.
BB-/Negative Mattel Inc. Media and entertainment U.S.
BB-/Negative Nabors Industries Ltd. Oil and gas Bermuda
BB-/Negative Plurinational State of Bolivia Sovereign Yes Bolivia
BB-/Negative Rockpoint Gas Storage Partners LP Utilities U.S.
BB-/Negative Tortoise Parent Holdco LLC Financial institutions U.S.
BB-/Negative TreeHouse Foods Inc., Consumer products U.S.
BB-/Negative Universal Entertainment Corp. Media and entertainment Japan
BB-/Negative Washington Prime Group Inc. Homebuilders/real estate companies U.S.
BB-/Negative Whiting Petroleum Corp. Oil and gas Yes U.S.
BB-/Negative Yuzhou Properties Co. Ltd. Homebuilders/real estate companies Cayman Islands
BB-/Negative Zhongrong International Holdings Ltd. Zhongrong International Trust Co. Ltd. Financial institutions British Virgin Islands
B+/Watch Neg Advisor Group Holdings Inc., Financial institutions Yes U.S.
B+/Watch Neg Banijay Group SAS Media and entertainment Yes France
B+/Watch Neg C&S Wholesale Grocers Inc. Retail/restaurants Yes U.S.
B+/Watch Neg Caesars Entertainment Corp. Media and entertainment U.S.
B+/Watch Neg Cleveland-Cliffs Inc. Metals, mining, and steel Yes U.S.
B+/Watch Neg Eldorado Resorts Inc., Media and entertainment U.S.
B+/Watch Neg Froneri International Ltd. Consumer products Yes U.K.
B+/Watch Neg Gamenet Group S.p.A. Media and entertainment Italy
B+/Watch Neg Genesis Care Pty Ltd. Health care Yes Australia
B+/Watch Neg Presidio LLC Media and entertainment U.S.
B+/Watch Neg Shandong Sanxing Group Co. Ltd. Consumer products Yes China
B+/Watch Neg Zayo Group, LLC Telecommunications U.S.
B+/Negative Adient plc Automotive Ireland
B+/Negative Adler Pelzer Holding GmbH Automotive Yes Germany
B+/Negative African Bank Ltd. Financial institutions Yes South Africa
B+/Negative Amigo Loans Ltd. Financial institutions U.K.
B+/Negative Aria Energy Operating LLC Aria Energy LLC Utilities Yes U.S.
B+/Negative Ascent Resources Utica Holdings, LLC Oil and gas U.S.
B+/Negative Auris Luxembourg II S.A. Health care Luxembourg
B+/Negative BCP Renaissance Parent L.L.C. Utilities U.S.
B+/Negative CAA Holdings LLC Media and entertainment Yes U.S.
B+/Negative Clearwater Seafoods Inc. Consumer products Canada
B+/Negative Cooper-Standard Holdings Inc., Automotive Yes U.S.
B+/Negative Core & Main LP Forest products and building materials U.S.
B+/Negative DKT Holdings ApS Telecommunications Yes Denmark
B+/Negative Damac Real Estate Development Ltd. Homebuilders/real estate companies U.A.E.
B+/Negative Drive Chassis Holdco, LLC Transportation U.S.
B+/Negative Elo Touch Solutions Inc., High technology U.S.
B+/Negative Encino Acquisition Partners LLC Oil and gas U.S.
B+/Negative FAGE International S.A Consumer products Luxembourg
B+/Negative FirstRand Ltd. Financial institutions Yes South Africa
B+/Negative GOME Retail Holdings Ltd. Retail/restaurants Bermuda
B+/Negative GameStop Corp. Retail/restaurants U.S.
B+/Negative Garfunkelux Holdco 2 S.A. Financial institutions Luxembourg
B+/Negative Hostess Brands Inc., Consumer products Yes U.S.
B+/Negative KWG Group Holdings Ltd. Homebuilders/real estate companies Cayman Islands
B+/Negative Kongsberg Automotive ASA Automotive Yes Norway
B+/Negative LBC Tank Terminals Holding Netherlands BV Utilities Netherlands
B+/Negative Laredo Petroleum Inc. Oil and gas Yes U.S.
B+/Negative Limetree Bay Terminals, LLC Utilities U.S.
B+/Negative MEG Energy Corp. Oil and gas Canada
B+/Negative Metro-Goldwyn-Mayer Inc. Media and entertainment U.S.
B+/Negative Motion Midco Ltd. Media and entertainment Yes U.K.
B+/Negative NGL Energy Partners LP Utilities U.S.
B+/Negative Obol France 3 SAS Obol France 1 SAS Consumer products France
B+/Negative QEP Resources Inc. Oil and gas U.S.
B+/Negative Quad/Graphics Inc., Media and entertainment U.S.
B+/Negative Realogy Group LLC Media and entertainment U.S.
B+/Negative Republic of Costa Rica Sovereign Costa Rica
B+/Negative Ryman Hospitality Properties Inc., Media and entertainment U.S.
B+/Negative Sibanye Gold Ltd. Metals, mining, and steel South Africa
B+/Negative Simply Good Foods Co. (The) Consumer products U.S.
B+/Negative Sisal Group S.p.A Schumann S.p.A. Media and entertainment Italy
B+/Negative Spectrum Brands Holdings Inc. Consumer products Yes U.S.
B+/Negative Staples Inc. Media and entertainment Yes U.S.
B+/Negative Talen Energy Supply LLC Talen Energy Corp. Utilities U.S.
B+/Negative Tata Motors Ltd. Tata Sons Pte. Ltd. Automotive India
B+/Negative Techem Verwaltungsgesellschaft 674 mbH Consumer products Yes Germany
B+/Negative Travel Leaders Group, LLC Media and entertainment U.S.
B+/Negative Traverse Midstream Partners LLC Utilities U.S.
B+/Negative Twin River Worldwide Holdings Inc. Media and entertainment Yes U.S.
B+/Negative Venator Materials PLC Chemicals, packaging, and environmental services U.K.
B+/Negative Waste Pro USA Inc. Chemicals, packaging, and environmental services U.S.
B+/Negative Weight Watchers International Inc. Consumer products U.S.
B/Watch Neg Banque Tuniso - Koweitienne BPCE Financial institutions Yes Tunisia
B/Watch Neg Ei Group PLC Retail/restaurants U.K.
B/Watch Neg Forming Machining Industries Holdings, LLC Aerospace and defense Yes U.S.
B/Watch Neg Pinnacle Bidco PLC Media and entertainment Yes U.K.
B/Watch Neg Pro.Gest SpA Forest products and building materials Italy
B/Watch Neg TPC Group Inc., TPC Group LLC Chemicals, packaging, and environmental services Yes U.S.
B/Watch Neg U.S. TelePacific Holdings Corp. Telecommunications U.S.
B/Watch Neg Wesco Aircraft Holdings Inc. Wolverine Intermediate Holding Corp. Aerospace and defense U.S.
B/Negative ASP NAPA Holdings, LLC Health care Yes U.S.
B/Negative ATI Holdings Acquisition Inc., Health care U.S.
B/Negative Ahern Rentals Inc. Capital goods Yes U.S.
B/Negative Ai Sirona (Luxembourg) Acquisition Sarl Health care Yes Luxembourg
B/Negative Aimbridge Acquisition Co. Inc. Media and entertainment U.S.
B/Negative Airxcel Inc. Media and entertainment U.S.
B/Negative Altice Europe N.V. Telecommunications Netherlands
B/Negative Amneal Pharmaceuticals LLC Amneal Pharmaceuticals Inc. Health care Yes U.S.
B/Negative Arab Tunisian Bank Arab Bank Group Financial institutions Tunisia
B/Negative Arbor Pharmaceuticals Inc. Health care Yes U.S.
B/Negative Array Canada Inc. Consumer products Canada
B/Negative At Home Group Inc. Retail/restaurants U.S.
B/Negative AutoCanada Inc. Retail/restaurants Canada
B/Negative Brown Jordan International Inc. Consumer products U.S.
B/Negative CD&R Firefly 4 Ltd. (Motor Fuel Group) Retail/restaurants U.K.
B/Negative CDS Group Media and entertainment Canada
B/Negative CFS Brands LLC Capital goods U.S.
B/Negative CPI International Inc. Aerospace and defense U.S.
B/Negative CWGS Enterprises, LLC Media and entertainment U.S.
B/Negative Carestream Health Inc. Health care U.S.
B/Negative Carriage Services Inc. Health care Yes U.S.
B/Negative Carrols Restaurant Group Inc., Retail/restaurants U.S.
B/Negative Casino Guichard - Perrachon S.A. Retail/restaurants France
B/Negative Cast & Crew Payroll, LLC Consumer products U.S.
B/Negative Clarity Telecom, LLC Telecommunications U.S.
B/Negative Consolidated Communications Holdings Inc. Telecommunications U.S.
B/Negative Contanda LLC Utilities U.S.
B/Negative DISH Network Corp. Telecommunications U.S.
B/Negative Dawn Acquisitions LLC Infra Colodata Holdings LLC Homebuilders/real estate companies Yes U.S.
B/Negative Dealer Tire LLC Automotive U.S.
B/Negative Donnelley (R.R.) & Sons Co. Media and entertainment U.S.
B/Negative Downstream Development Authority Media and entertainment U.S.
B/Negative Edelman Financial Engines Center, LLC (The) Financial institutions U.S.
B/Negative Electro Rent Corp. Capital goods U.S.
B/Negative Element Materials Technology Ltd. Consumer products Yes U.K.
B/Negative Elevate Textiles Inc., Consumer products U.S.
B/Negative EnTrans International, LLC Automotive U.S.
B/Negative Endo International PLC Health care Ireland
B/Negative Envision Healthcare Corp. Envision Healthcare Holdings Inc. Health care U.S.
B/Negative Epic Y Grade Services, LP Utilities Yes U.S.
B/Negative Ezdan Holding Group Q.S.C. Homebuilders/real estate companies Qatar
B/Negative Financiere Colisee SAS Health care France
B/Negative Financiere N Health care Yes France
B/Negative Flex Acquisition Holdings Inc., Chemicals, packaging, and environmental services U.S.
B/Negative GHD Verwaltung GesundHeits GmbH Deutschland GmbH Health care Germany
B/Negative Gateway Casinos & Entertainment Ltd. Media and entertainment Canada
B/Negative Genuine Financial Holdings, LLC Consumer products U.S.
B/Negative Glass Mountain Pipeline, LLC Utilities U.S.
B/Negative Go Wireless Holdings Inc., Retail/restaurants Yes U.S.
B/Negative Goldcup Holdings Inc., Explorer Holdings Inc Health care Yes U.S.
B/Negative Green Country Energy LLC Utilities Yes U.S.
B/Negative Grupo Antolin Irausa SA Automotive Spain
B/Negative Grupo Posadas, S. A. B. de C. V. Media and entertainment Yes Mexico
B/Negative Hayward Industries Inc., Consumer products U.S.
B/Negative Hummel Station LLC Utilities U.S.
B/Negative IWH UK Finco Ltd. Health care U.K.
B/Negative Indivior plc Health care U.K.
B/Negative Inmar Inc. Consumer products Yes U.S.
B/Negative Jiayuan International Group Ltd. Homebuilders/real estate companies China
B/Negative Jingrui Holdings Ltd. Homebuilders/real estate companies Yes Cayman Islands
B/Negative Keystone Acquisition Corp. Insurance U.S.
B/Negative Kirk Beauty One GmbH Retail/restaurants Germany
B/Negative LABL Inc. Chemicals, packaging, and environmental services U.S.
B/Negative LSF10 Wolverine Investments SCA Forest products and building materials France
B/Negative La Financiere Atalian SAS Consumer products France
B/Negative Leslie's Poolmart Inc. Retail/restaurants U.S.
B/Negative LifeScan Global Corp. Health care U.S.
B/Negative Lionbridge Technologies Inc. Media and entertainment U.S.
B/Negative MB Aerospace Holdings II Corp. Aerospace and defense Yes U.K.
B/Negative MRP Generation Holdings, LLC Utilities U.S.
B/Negative Maxar Technologies Inc. Aerospace and defense U.S.
B/Negative Maxim Crane Works Holdings Capital, LLC Capital goods Yes U.S.
B/Negative McLaren Group Ltd. Automotive U.K.
B/Negative Mercury Parent, LLC Health care U.S.
B/Negative Mr. Cooper Group Inc. Financial institutions U.S.
B/Negative NESCO Holdings Inc., Capital goods Yes U.S.
B/Negative Novafives Capital goods France
B/Negative Oi S.A. Telecommunications Brazil
B/Negative Owens & Minor Inc. Consumer products U.S.
B/Negative PT Kawasan Industri Jababeka Tbk. Homebuilders/real estate companies Yes Indonesia
B/Negative PT Modernland Realty Tbk. Homebuilders/real estate companies Indonesia
B/Negative Parts Holding Europe SAS Dakar Finance S.A. Automotive France
B/Negative Party City Holdings Inc., PC Nextco Holdings LLC Retail/restaurants Yes U.S.
B/Negative Peraton Corp. Aerospace and defense U.S.
B/Negative Perstorp Holding AB (publ) Chemicals, packaging, and environmental services Yes Sweden
B/Negative Pioneer UK Midco 1 Ltd. Health care Yes U.S.
B/Negative Placin Sarl Consumer products Spain
B/Negative Platin 1425. GmbH Capital goods Yes Germany
B/Negative Priority Holdings, LLC High technology U.S.
B/Negative Prometric Holdings Inc., Media and entertainment U.S.
B/Negative QualTek USA, LLC Capital goods U.S.
B/Negative Radiology Partners Holdings, LLC Health care U.S.
B/Negative Republic of Cameroon Sovereign Cameroon
B/Negative Rocket Software Inc., High technology Yes U.S.
B/Negative Rubix Group Holdings Ltd. Capital goods U.K.
B/Negative Rutas de Lima S.A.C Utilities Yes Peru
B/Negative SP PF Buyer LLC Media and entertainment U.S.
B/Negative SRS Distribution Inc., Forest products and building materials U.S.
B/Negative Saffron Borrowco, LLC Retail/restaurants U.S.
B/Negative Schur Flexibles GmbH Chemicals, packaging, and environmental services Germany
B/Negative Soco 1 Media and entertainment France
B/Negative Sound Inpatient Physicians Holdings, LLC Health care U.S.
B/Negative Specialty Building Products Holdings, LLC Forest products and building materials U.S.
B/Negative Sunshine Luxembourg VII S.a r.l. Consumer products Yes Switzerland
B/Negative Superior Industries International Inc., Automotive U.S.
B/Negative Tailored Brands Inc., Consumer products U.S.
B/Negative Terra Millennium Corp. Capital goods Yes U.S.
B/Negative Tullow Oil PLC Oil and gas Yes U.K.
B/Negative U.S. Silica Co. Metals, mining, and steel U.S.
B/Negative United Natural Foods Inc., Retail/restaurants U.S.
B/Negative United States Steel Corp. Metals, mining, and steel U.S.
B/Negative Viskase Cos. Inc. Chemicals, packaging, and environmental services U.S.
B/Negative WP CPP Holdings LLC Aerospace and defense U.S.
B/Negative Wheel Pros Inc., Automotive U.S.
B/Negative Wirepath LLC Crackle Holdings LP High technology U.S.
B/Negative Wok Holdings Inc., Retail/restaurants Yes U.S.
B/Negative Xinhu Zhongbao Co. Ltd. Homebuilders/real estate companies Yes China
B/Negative Xinjiang Guanghui Industry Investment (Group) Co. Ltd. Homebuilders/real estate companies China
B/Negative Yak Access, LLC Capital goods U.S.
B/Negative Zara UK Topco Ltd. Consumer products U.K.
B/Negative Zenith Energy U.S. Logistics Holdings, LLC Utilities U.S.
B/Negative Zest Acquisition Corp. Health care U.S.
B-/Watch Neg Banco De Galicia Y Buenos Aires S.A.U. Financial institutions Argentina
B-/Watch Neg Banco Hipotecario S.A. Financial institutions Argentina
B-/Watch Neg Casablanca Global Intermediate Holdings L.P. Media and entertainment Yes British Virgin Islands
B-/Watch Neg Learfield Communications, LLC Media and entertainment Yes U.S.
B-/Watch Neg SIRVA Inc. Consumer products Yes U.S.
B-/Negative 24 Hour Fitness Worldwide Inc. Media and entertainment Yes U.S.
B-/Negative AES Argentina Generacion S.A AES Corp. (The) Utilities Argentina
B-/Negative Advantage Sales & Marketing Inc. Consumer products U.S.
B-/Negative Aeropuertos Argentina 2000 S.A. Utilities Argentina
B-/Negative Albany Molecular Research Inc. Health care U.S.
B-/Negative Algoma Steel Inc. Metals, mining, and steel Yes Canada
B-/Negative Alliance HealthCare Services Health care U.S.
B-/Negative Alvogen Pharma US Inc., Alvogen Lux Holdings S.a.r.l. Health care U.S.
B-/Negative Anastasia Holdings, LLC Consumer products U.S.
B-/Negative Arctic Glacier Group Holdings Inc., Consumer products U.S.
B-/Negative Avalign Holdings Inc., Health care Yes U.S.
B-/Negative Aveanna Healthcare LLC Aveanna Healthcare Holdings Inc. Health care U.S.
B-/Negative Ball Metalpack Finco LLC Chemicals, packaging, and environmental services U.S.
B-/Negative Basic Energy Services Inc. Oil and gas U.S.
B-/Negative Briggs & Stratton Corp. Capital goods U.S.
B-/Negative CAPEX S.A. Utilities Argentina
B-/Negative CBAC Borrower LLC Media and entertainment Yes U.S.
B-/Negative Central Security Group Inc., Media and entertainment U.S.
B-/Negative Century Aluminum Co. Metals, mining, and steel U.S.
B-/Negative ClubCorp Holdings Inc., Media and entertainment Yes U.S.
B-/Negative Cologix Holdings Inc., Telecommunications U.S.
B-/Negative Compania General de Combustibles S.A. Oil and gas Argentina
B-/Negative Compania de Transporte de Energia Electrica en Alta Tension TRANSENER S.A. Utilities Argentina
B-/Negative Corporacion Azucarera del Peru S. A. Consumer products Peru
B-/Negative Cyxtera DC Holdings Inc., Telecommunications U.S.
B-/Negative DMT Solutions Global Corp. Media and entertainment Yes U.S.
B-/Negative DTI Holdco Inc., Media and entertainment U.S.
B-/Negative Digital River Inc., High technology U.S.
B-/Negative Dunn Paper Holdings Inc. Chemicals, packaging, and environmental services U.S.
B-/Negative Empresa Distribuidora Y Comercializadora Norte S.A. Utilities Argentina
B-/Negative EnergySolutions Inc. Chemicals, packaging, and environmental services U.S.
B-/Negative Enjoy S.A. Media and entertainment Chile
B-/Negative Era Group Inc. Oil and gas U.S.
B-/Negative Extraction Oil & Gas Inc. Extraction Oil & Gas Holdings, LLC Oil and gas U.S.
B-/Negative FXI Holdings Inc., Chemicals, packaging, and environmental services U.S.
B-/Negative Fort Dearborn Holding Co. Inc. Chemicals, packaging, and environmental services U.S.
B-/Negative Forum Energy Technologies Inc., Oil and gas U.S.
B-/Negative GC EOS Buyer Inc. Automotive U.S.
B-/Negative GCI, LLC GCI Liberty Inc., Telecommunications U.S.
B-/Negative GCL New Energy Holdings Ltd. GCL-Poly Energy Holdings Ltd. Utilities Bermuda
B-/Negative GTT Communications Inc., Telecommunications Yes U.S.
B-/Negative Geo Energy Resources Ltd. Metals, mining, and steel Singapore
B-/Negative Give and Go Prepared Foods Corp. Consumer products Canada
B-/Negative Grupo Kaltex, S.A. de C.V. Consumer products Mexico
B-/Negative Hanjin International Corp. Korean Air Lines Co. Ltd. Media and entertainment Korea, Republic of
B-/Negative Heartland Dental, LLC Hadrian Merger Sub Inc. Health care U.S.
B-/Negative Hecla Mining Co. Metals, mining, and steel U.S.
B-/Negative IRSA Inversiones y Representaciones S.A. Cresud S.A.C.I.F. y A. Homebuilders/real estate companies Argentina
B-/Negative Idemia France SAS High technology France
B-/Negative Infogroup Inc. Media and entertainment U.S.
B-/Negative Innovative Water Care Global Corp. Consumer products U.S.
B-/Negative International Wire Group Holdings Inc. Metals, mining, and steel U.S.
B-/Negative Jo-Ann Stores Holdings Inc Retail/restaurants U.S.
B-/Negative K&N Parent Inc., Automotive U.S.
B-/Negative KCIBT Holdings LP Consumer products Yes U.S.
B-/Negative KNEL Acquisition LLC Consumer products U.S.
B-/Negative Kleopatra Holdings 1 S.C.A. Chemicals, packaging, and environmental services Luxembourg
B-/Negative LTI Holdings Inc., Capital goods Yes U.S.
B-/Negative Lannett Co. Inc., Health care U.S.
B-/Negative Logix Intermediate Holding Corp. Telecommunications U.S.
B-/Negative Monitronics International Inc. Media and entertainment U.S.
B-/Negative NSA International, LLC Consumer products U.S.
B-/Negative Nurbank JSC Financial institutions Kazakhstan
B-/Negative OCWEN Financial Corp. Financial institutions U.S.
B-/Negative Output Services Group Inc., Consumer products U.S.
B-/Negative P&L Development Holdings, LLC Consumer products U.S.
B-/Negative PT Alam Sutera Realty Tbk. Homebuilders/real estate companies Indonesia
B-/Negative PT MNC Investama Tbk. Media and entertainment Indonesia
B-/Negative Pampa Energia S.A. Utilities Argentina
B-/Negative Pearl Holding III Ltd. Automotive China
B-/Negative Permian Production Partners, LLC FCP II Holdings, LLC Oil and gas U.S.
B-/Negative PowerTeam Services LLC Capital goods U.S.
B-/Negative Profrac Services, LLC Oil and gas U.S.
B-/Negative Red Lobster Intermediate Holdings LLC Retail/restaurants U.S.
B-/Negative Republic of Angola Sovereign Yes Angola
B-/Negative Richmond UK Holdco Ltd. Media and entertainment U.K.
B-/Negative SGL Carbon SE Metals, mining, and steel Germany
B-/Negative SK HoldCo LLC Automotive U.S.
B-/Negative Salem Media Group Inc. Media and entertainment Yes U.S.
B-/Negative Salient CRGT Inc., Aerospace and defense U.S.
B-/Negative Sandy Creek Energy Associates LP Utilities U.S.
B-/Negative Sapphire Midco B.V. Media and entertainment U.K.
B-/Negative Shape Technologies Group Inc., Capital goods U.S.
B-/Negative Solenis UK International Ltd. Chemicals, packaging, and environmental services U.K.
B-/Negative Speedcast International Ltd. Telecommunications Yes Australia
B-/Negative Telecom Argentina S.A. Telecommunications Argentina
B-/Negative Terra-Gen Finance Co. LLC Terra-Gen Power Holding II LLC Utilities U.S.
B-/Negative The New Home Co. Inc. Forest products and building materials U.S.
B-/Negative Transportadora de Gas del Sur S.A. (TGS) Compania De Inversiones de Energia S.A. Utilities Argentina
B-/Negative Travelex Holdings Ltd. Media and entertainment U.K.
B-/Negative Triton UK Midco Ltd. High technology U.K.
B-/Negative Turnstone Midco 2 Ltd. Health care U.K.
B-/Negative UFS Holdings Inc., Chemicals, packaging, and environmental services Yes U.S.
B-/Negative United States Shipping Corp. Transportation U.S.
B-/Negative Vallourec Oil and gas France
B-/Negative Vantage Specialty Chemicals Inc. Chemicals, packaging, and environmental services Yes U.S.
B-/Negative Varsity Brands Holding Co. Inc. Consumer products U.S.
B-/Negative Vesta Energy Corp. Oil and gas Canada
B-/Negative WeWork Cos. LLC Media and entertainment U.S.
B-/Negative Weatherford International plc Oil and gas Yes Ireland
B-/Negative Xplornet Communications Inc. Telecommunications Canada
B-/Negative YPF S.A Oil and gas Argentina
B-/Negative Zellis Holdings Ltd. High technology Yes U.K.
B-/Negative nThrive Inc., Health care Yes U.S.
Data as of Dec. 25, 2019. Source: S&P Global Ratings Research.

Related Research

  • Outlook For U.S. Media And Entertainment Sector Remains Stable Despite Secular Pressures, Jan. 21, 2020
  • Industry Top Trends 2020: Media And Entertainment, Nov. 19, 2019
  • Industry Top Trends 2020: Health Care, Nov. 19, 2019
  • Industry Top Trends 2020: Consumer Products, Nov. 19, 2019
  • Industry Top Trends 2020: Autos, Nov. 18, 2019

This report does not constitute a rating action.

Credit Markets Research:Sarah Limbach, Paris + 33 14 420 6708;
Sarah.Limbach@spglobal.com
Nicole Serino, New York + 1 (212) 438 1396;
nicole.serino@spglobal.com
Sudeep K Kesh, New York (1) 212-438-7982;
sudeep.kesh@spglobal.com
Research Contributor:Abhik Debnath, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai

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