In response to investors' growing interest in the coronavirus pandemic and its credit effects on companies, S&P Global Ratings is publishing a regularly updated list of rating actions we have taken globally on corporations and sovereigns (see list of article titles below) as well as summary table and supporting charts. Also included is a summary of project finance and international public finance rating actions. These are public ratings where we cite the coronavirus pandemic, oil prices, or both as a factor. This information is as of Jan. 11, 2021, unless stated otherwise.

For a list of U.S. public finance rating actions, see "COVID-19 Activity In U.S. Public Finance." For the most recent list of structured finance rating actions, see "COVID-19 Activity In Global Structured Finance As Of Oct. 16, 2020."

On July 7, 2020, we began incorporating subsidiaries into our computation of each sector's percentage of rating actions. We did this to provide better context to the population of rated corporate, financial services, and sovereign issuers affected by the COVID-19 pandemic and oil-price dislocations. This change is incorporated into Charts 1 and 7 below.

Rating actions have declined considerably since the highs in late March and early April. The tally of negative actions related to the COVID-19 pandemic and the oil-price dislocation has decreased so far in 2021 with five rating actions--roughly 3% of the peak weekly amount. Most of the more recent negative rating actions have been downgrades, and most of these downgrades affected companies that had either negative outlooks or ratings on CreditWatch negative.

There are some sector-specific trends, notably:

• Airlines have faced significant pressures as travel demand continued to decline through summer holiday period.
• Demand for chemicals will be lower than historical levels, especially given the decreased demand in important end markets such as auto, housing and construction, and general industrial.
• The automotive sector might perform better than expected due to potentially higher auto demand, though the sector's high fixed costs could still impede profitability.
• While there have only been a limited number of rating actions so far among aircraft and component makers, the significant reduction in demand for aircrafts has weakened these companies' prospects.

For a comprehensive list of ratings lowered or placed on CreditWatch with negative implications, or outlooks revised to negative, click the link below and select "1. Negative Rating Actions On Corporations And Sovereigns - Year To Date." The list includes corporate, financial institutions, insurance, project finance, and sovereign ratings.

https://www.capitaliq.com/CIQDotNet/Screening/IdeaGeneration.aspx?from=leftLinks&catId=14

Jan. 8 

• TechnipFMC PLC 'BBB+' Ratings Placed On CreditWatch Negative Pending Spin-Off Of Engineering And Construction Business

Jan. 7 

• Mitsubishi Heavy Industries Outlook Revised To Negative On Performance Prospects; 'BBB+' Rating Affirmed

Jan. 6 

• Dutch Caterer Vincent Topco BV Outlook Revised To Negative Due To Slower Recovery Amid Second COVID Wave; 'B-' Affirmed
• Education And Media Group Prisa Downgraded To 'SD' Following Term Loan Modification Transaction

Jan. 5 

• HGIM Corp. Downgraded To 'SD' On Distressed Term Loan Repurchase

Dec. 23 

• Heat Exchanger Maker Mangrove LuxCo III Downgraded To 'CCC+' On Weaker Profit And Credit Metrics; Outlook Negative

Dec. 22 

• Axel Springer Holding Company Traviata Downgraded To 'B-' On Weak Credit Metrics; Outlook Stable
• Consolidated Energy Ltd. Downgraded To 'B+' From 'BB-' On Higher Leverage Metrics, Outlook Negative
• Exterran Energy Solutions L.P. Downgraded To 'B+' On Challenging Operating Environment; Outlook Stable
• GKN Holdings Ltd. Downgraded To 'BB+' On Pressured Profitability And Weaker Credit Metrics; Outlook Stable
• Jazz Acquisition Inc. Downgraded To 'CCC+' On Expectation For Continued Weak Credit Metrics, Outlook Negative

Dec. 21 

• Banco Compartamos S.A. Downgraded To 'BB+/B' From 'BBB-/A-3' On Worsening Asset Quality; Outlook Negative
• Siaci Downgraded To 'CCC+' On Lower Cash Generation And Weaker Liquidity Than We Anticipated; Outlook Remains Negative

Dec. 17 

• AMG Advanced Metallurgical Group N.V. Downgraded To 'B+' From 'BB-' On Elevated Leverage; Outlook Negative
• Dutch Admin Services Provider Intertrust N.V. Outlook Revised To Negative On Delay In Deleveraging; 'BB+' Affirmed
• Specialty Chemicals Producer Archroma Downgraded To 'B-' On Expected Weaker Earnings And High Leverage; Outlook Stable
• TPC Group Inc. Downgraded To 'CCC' From 'B-' On Deteriorating Credit Measures; Outlook Negative
• Visa Processing Company Kiwi VFS SUB 1 S.a.r.l. Downgraded To 'B-' On Slow Global Travel Recovery; Outlook Negative

Dec. 16 

• AMC Entertainment Holdings Inc. Downgraded To 'CC' On Distressed Debt-For-Equity Proposal, Outlook Negative
• Voyager Aviation Holdings LLC Downgraded To 'CCC' On Rising Refinancing Risk, Outlook Negative

Dec. 15 

• Cooke Omega Investments Inc. Put On CreditWatch Negative On Parent's Weaker-Than-Expected Operating Performance

Dec. 14 

• Kuwait Projects Co. (Holding) K.S.C. Downgraded To 'BB' And 'gcBBB+'; Outlook Negative
• VF Corp. Ratings Lowered To 'A-' On Supreme Acquisition; Outlook Stable

Dec. 11 

• Associated Asphalt Partners LLC Downgraded To 'B-' From 'B' On Sustained Elevated Leverage, Outlook Negative
• DFCC Bank Downgraded To 'CCC+' From 'B-' Following Similar Action On The Sovereign; Outlook Stable
• Evoca Downgraded To 'B-' On Increased Leverage Amid COVID-19 Fallout; Outlook Stable
• Fly Leasing Ltd. Downgraded To 'BB-' On Slower Demand And Lease Collections; Outlook Negative
• HGIM Corp. Downgraded To 'CC' On Distressed Term Loan Repurchase Offer; Outlook Negative
• Sri Lanka Downgraded To 'CCC+/C' On Increasing External Financing Risks And Fiscal Deterioration; Outlook Stable

Dec. 10 

• EP Bco (Euroports) Outlook Revised To Negative On Delayed Deleveraging; Ratings Affirmed
• Genesis Energy L.P. Ratings Affirmed, Outlook Revised to Negative On Elevated Leverage; New Notes Rated 'B+'
• Shelf Drilling Holdings Ltd. Outlook Revised To Negative On Tighter Covenant Headroom In 2021; 'CCC+' Ratings Affirmed
• Xinjiang Guanghui Downgraded To 'B-' On Rising Refinancing Risk; Outlook Negative

Dec. 9 

• Austrian Gaming Group Novomatic AG Downgraded To 'BB' On Extended Business Disruption
• Community Health Systems Inc. Downgraded To 'SD' From 'CC' On Distressed Exchange; Debt Rating Lowered To 'D'
• Mauser Packaging Solutions Holding Co. Downgraded To 'B-' On Sustained Weak Leverage Metrics; Outlook Stable
• Prairie ECI Acquiror L.P. Outlook Revised To Negative From Stable On Lower EBITDA Generation; Ratings Affirmed
• URS Holdco Inc. Downgraded To 'CCC+' On Weakened Credit Metrics Due To Declining Revenue, Outlook Negative

Dec. 8 

• French Conglomerate Bouygues S.A. Outlook Revised To Negative On Slower Deleveraging; 'A-' Rating Affirmed
• NCL Corp. Ltd. Ratings Placed On Watch Negative Following Extension Of Suspension Of Cruises
• Royal Caribbean Cruises Ltd. Ratings Placed On CreditWatch Negative Following Extension Of Suspension Of Cruises
• S4B (Issuer) SPUR On CreditWatch Negative After Breaching Construction Longstop Dates On Brunswick Extra Care Facility
• U.K.-Based Price Reporting Agency Argus Media Outlook Revised To Negative On Weaker Credit Metrics; 'B+' Rating Affirmed

Dec. 7 

• Goldcup Holdings Inc. Downgraded To 'B-' On Weaker-Than-Anticipated Credit Measures, Outlook Stable
• Singapore Telecommunications Outlook Revised To Negative; 'A/A-1' Ratings Affirmed
• Spanish Online Travel Agent eDreams ODIGEO Downgraded To 'CCC+' On Weaker Recovery Prospects; Outlook Negative
• Superior Energy Services Inc. Downgraded To 'D' On Bankruptcy Filing

Dec. 3 

• Riverbed Parent Inc. Downgraded To 'CC' On Announced Debt Exchange; Outlook Negative

Dec. 2 

• Callon Petroleum Co. Downgraded To 'SD' From 'CC' Following A Distressed Exchange, Unsecured Note Rating Lowered To 'D'
• Delek US Holdings, Delek Logistics Ratings Affirmed, Outlook Revised To Negative On Revised Margin Assumptions
• France-Based Europcar Mobility Group Rating Lowered To 'SD' On Interest Nonpayment
• Payroll Software Provider Zellis Downgraded To 'SD' On Distressed Conversion Of Term Loans To PIK Toggle Loans

Nov. 30 

• JFK International Air Terminal LLC 'BBB' Ratings Placed On CreditWatch Negative And Withdrawn

Nov. 27 

• South Australian Government Financing Authority Outlook Revised To Negative After Similar Action On South Australia

Nov. 26 

• Cineworld Downgraded To 'SD' Following Distressed Debt Issuance Transaction
• Province of Neuquen Ratings Lowered To 'SD' Following The Restructuring Of Its International Bonds
• Spain-Based Haya Downgraded To 'SD' On Distressed Debt Exchange; Ratings On Notes Lowered To 'D'

Nov. 25 

• Banco General S.A. And Banco Nacional De Panama Downgraded To 'BBB' On Same Action On Sovereign; Outlook Stable
• Delhi International Airport Downgraded To 'B-' On Heightened Liquidity Risks; Remains On CreditWatch Negative
• Matador Bidco Outlook Revised To Negative; 'BB-' Ratings Affirmed
• Riverbed Parent Inc. Downgraded To 'CCC' On Continuing Revenue Declines And Looming Debt Maturities, Outlook Negative
• SM Energy Co. Downgraded To 'SD' On Below-Par Debt Repurchases; Senior Unsecured Debt Ratings Lowered To 'D'
• Spring Education Group Inc. Downgraded To 'CCC+' On High Leverage; Outlook Stable
• Three Panamanian Infrastructure Entities Downgraded Following Similar Action On Sovereign; Outlook Stable

Nov. 24 

• 4finance Holding S.A. Downgraded To 'B' On Weak Financial Performance; Outlook Negative
• French Steel Tube Producer Vallourec Downgraded To 'CC' From 'CCC-' On Proposed Debt To Equity Swap; Outlook Negative
• NGL Energy Partners L.P. Downgraded To 'CCC+' From 'B+' On Heightened Refinancing Risk, Outlook Negative
• Panama Long-Term Sovereign Ratings Lowered To 'BBB' From 'BBB+' On Higher Interest Burden; Outlook Stable
• Spain-Based ENCE Energia y Celulosa Downgraded To 'BB-' On Slower-Than-Expected Recovery In Pulp Prices; Outlook Stable

Nov. 23 

• Cushman & Wakefield Outlook Revised To Negative On Adjusted EBITDA Declines; 'BB-' Ratings Affirmed
• Global University Systems Downgraded To 'B-' On Governance Shortfalls And Weak Cash Flow Generation; Outlook Negative
• Newmark Group Inc. Outlook Revised To Negative On EBITDA Decline; 'BB+' Ratings Affirmed
• Orient Securities Outlook Revised To Negative; 'BBB-/A-3' Ratings Affirmed
• Private Education Operator Lernen Bidco Ltd. (Cognita) Downgraded To 'CCC+' On High Leverage; Outlook Stable
• SSAB 'BB+' Rating Placed On CreditWatch Negative On Steel Industry Recovery Woes And The Potential Tata Steel Deal

Nov. 20 

• JCDecaux S.A. Outlook Revised To Negative On Expected Delayed Recovery; 'BBB-/A-3' Ratings Affirmed
• Northern Oil And Gas Inc. Downgraded To 'SD' On Sizable Cumulative Below-Par Debt Exchanges; Debt Rating Lowered To 'D'
• Spanish Telecom Operator Telefonica Downgraded To 'BBB-/A-3' On Weaker Leverage Prospects; Outlook Stable
• Termocandelaria Power Ltd Outlook Revised To Negative On Expected Weaker EBITDA, 'BB' Ratings Affirmed

Nov. 19 

• International Park Holdings B.V. (PortAventura) Ratings Lowered To 'CCC+' On Expected Delayed Recovery; Outlook Negative
• Lufthansa Downgraded To 'BB-' From 'BB' On Lower Air Traffic; Outlook Negative
• Occidental Petroleum Corp. Ratings Lowered To 'BB-' From 'BB+' Due to Unabating High Leverage; Outlook Negative

Nov. 18 

• Airline Caterer gategroup Downgraded To 'CCC' On Raised Debt Restructuring Risk; Ratings Remain On CreditWatch Negative
• Coty Inc. Outlook Revised To Negative On Continued Pandemic-Related Headwinds; Ratings Affirmed
• Vista Global Holding Downgraded To 'B' As COVID-19 Hinders Earnings Growth; Outlook Stable
• Walt Disney Ratings Lowered To 'BBB+' On Continued Affect From Pandemic; Outlook Negative

Nov. 17 

• Jonah Energy LLC Downgraded To ‘D’ From ‘CCC-’ On Missed Deficiency Payment
• Navy Exchange Service Command Downgraded To 'A+' On Weakening Performance, Rising Pension Obligations; Outlook Negative
• SK Innovation Downgraded To 'BBB-' On Aggressive Financial Policy Amid Tough Operating Conditions; Outlook Negative
• Spain-Based Haya Real Estate Downgraded To 'CC' From 'B-' On Announced Distressed Exchange Offer; On Watch Neg

Nov. 16 

• Live Nation Entertainment Inc. Downgraded To 'B' From 'B+', Outlook Negative; Debt Ratings Lowered
• Phillips 66 Outlook Revised To Negative From Stable On Slower-Than-Expected Recovery; 'BBB+' Ratings Affirmed
• Playa Hotels & Resorts N.V. Downgraded To 'CCC+' On Expected Slow Recovery; Outlook Negative
• Swan Housing Association Downgraded To 'BBB' On High Sales Exposure And Leverage
• Transocean Ltd. Downgraded To 'SD' On Completion Of Distressed Exchanges; Ratings On Affected Issues Lowered To 'D'

Nov. 13 

• Autonomous Community of The Balearic Islands Outlook Revised To Negative On Expected Weaker Performance; 'BBB+' Affirmed
• Italy's Region of Campania Outlook Revised To Stable From Positive As Pressure From Pandemic Rises; Affirmed At 'BBB-'

Nov. 12 

• ABB Rating Lowered To 'A-' On Weaker Forecast Cash Generation And Credit Metrics; Outlook Stable
• Argentine Real Estate Company IRSA Downgraded To 'SD' From 'CC' Following Settlement Of Exchange Offer
• HighPoint Resources Corp. Downgraded To 'CC' On Announced Restructuring And Potential Bankruptcy; Outlook Negative
• The Commonwealth of The Bahamas Ratings Lowered To ‘BB-’ From ‘BB’ On Weaker Institutional Assessment
• Unibail-Rodamco-Westfield SE Downgraded To 'BBB+' On Aborted Capital Increase Plan; Outlook Negative
• Washington Prime Group Inc. Downgraded To 'CC' On Active Debt Negotiations, Outlook Negative

Nov. 11 

• 407 International Inc.'s Ratings Placed On CreditWatch Negative Amid Slower Traffic Recovery As COVID-19 Cases Surge
• Bahia De Las Isletas S.L. Downgraded To 'SD' From 'B-' On Missed Coupon Payment
• Cook Islands Outlook Revised To Stable From Positive On COVID-19 Pandemic; 'B+/B' Ratings Affirmed

Nov. 10 

• ISS A/S Ratings Lowered To 'BBB-' On Expected Weaker Profitability And Credit Metrics; Outlook Negative
• OQ Chemicals Downgraded To 'B-' On Weaker Credit Profile Of Parent Following Oman Downgrade; Outlook Stable

Nov. 9 

• Icahn Enterprises L.P. Downgraded To 'BB' On Higher Leverage; Outlook Negative
• Ricoh Outlook Revised To Negative On Expected Slow Recovery; 'BBB+/A-2' Ratings Affirmed
• VF Corp. 'A' Ratings Placed On CreditWatch Negative On Announcement Of Supreme Acquisition

Nov. 6 

• Basic Energy Services Inc. Downgraded To 'CC' On Distressed Exchange Offer; Outlook Negative
• JR Central Outlook Revised To Negative On Bleak Passenger Expectation; 'A+' Ratings Affirmed
• Republic of Suriname Foreign Currency Rating Lowered To 'SD'; Issue-Level Rating On Bond Due 2026 Lowered To 'D'

Nov. 5 

• Carnival Corp. Issuer Credit Rating Lowered To 'B' From 'BB-', Outlook Negative; Debt Ratings Lowered
• Nine Energy Service Inc. Downgraded To 'SD' On Sizeable Below-Par Debt Repurchases, Unsecured Note Rating Lowered To 'D'
• Tokyo Gas 'AA-/A-1+' Ratings Placed On CreditWatch Negative As Deterioration Is Likely Following Growth Investment
• Unitil Corp. And Subsidiaries Outlooks Revised To Negative On Weaker Consolidated Financial Measures; Ratings Affirmed

Nov. 4 

• Concession Catering Operator PAX Midco Spain (Areas) Downgraded To 'CCC+' On Slower Recovery Prospects; Outlook Negative
• Germany-Based Tackle S.a.r.l (Tipico) Outlook Revised To Negative On Regulatory Changes And COVID-19 Risks; 'B' Affirmed
• National CineMedia Inc.Rating Lowered To 'CCC+' On Continued Weak Theater Attendance; Outlook Negative
• PBF Holding Co. LLC, PBF Logistics L.P. Ratings Lowered To 'B+' On Poor Refining Market Dynamics; Outlooks Negative
• Screenvision LLC Downgraded To 'CCC+' From 'B' On Continued Cash Burn Due To Weak Theater Attendance; Outlook Negative
• Tata Motors Outlook Revised To Negative On Weaker-Than-Expected Operating Performance; 'B' Ratings Affirmed

Nov. 3 

• Callon Petroleum Co. Downgraded To 'CC' From 'CCC+' On Announced Exchange; Outlook Negative

Nov. 2 

• Par Petroleum LLC Downgraded To 'B' On Weak Refining Margins And Product Demand And Elevated Leverage, Outlook Negative
• TortoiseEcofin Parent Holdco LLC Ratings Lowered To 'CCC+' On Weak Performance, Energy Prices; Outlook Stable
• Vantage Specialty Chemicals Inc. Downgraded To 'CCC+' On Sustained High Leverage; The Outlook Is Negative

Oct. 30 

• Dutch Retailer Hema Downgraded To 'SD' From 'CC' On Distressed Debt Exchange; New Notes Rated 'B', 'CCC+', And 'CCC-'
• Louisville Arena Authority Inc. Notes Downgraded To 'BBB'; Outlook Is Negative
• Nabors Industries Ltd. Downgraded To 'SD' Following Completed Tender Offer, Debt Ratings Also Lowered
• Populus Financial Group Inc. Downgraded To 'B-' On Heightened Risk Of Conventional Default; Outlook Negative

Oct. 29 

• U.K.-Based Chelmer Housing Partnership Downgraded To 'A-' On Continued Ambitious Development Strategy; Outlook Negative

Oct. 28 

• Alam Sutera Realty Tbk. Downgraded To 'D' On Distressed Exchange; Issue Rating Lowered To 'D'
• Azerbaijan's SOCAR Outlook Revised To Negative Following Similar Action On Sovereign; 'BB-' Rating Affirmed
• Dutch Rail Operator NS Groep N. V. Rating Lowered To 'A' On Protracted Rail Travel Recovery; Outlook Negative
• Scandinavian Airline SAS AB Downgraded To 'SD' From 'CC' On Completed Distressed Debt Restructuring
• Selecta Group B.V. Downgraded To 'SD' (Selective Default) On Court Approval Of Its Recapitalization Plan

Oct. 27 

• Azerenerji Outlook Revised To Negative Following Same Action On Azerbaijan; ‘BB/B’ Ratings Affirmed

Oct. 26 

• Education And Media Group Prisa Downgraded To 'CC' On Proposed Term Loans Modification Agreement; Outlook Negative
• Intelligent Packaging Sub L.P. Outlook Revised To Negative On $100 Million Secured Note Add-On, 'B' ICR Affirmed
• Kennedy-Wilson Holdings Inc. Outlook Revised To Negative On Contracted Capital Gains

Oct. 23 

• Balboa Intermediate Holdings LLC Outlook Revised To Negative On Weaker-Than-Expected Operating Trends, 'B' ICR Affirmed
• Emirate of Ras Al Khaimah Downgraded To 'A-' On Increased Macroeconomic Risks; Outlook Stable
• German State of Hesse Outlook Revised To Negative; 'AA+/A-1+' Ratings Affirmed
• Husky Energy Inc. Ratings Placed On CreditWatch Negative Following Announcement Of Merger With Cenovus Energy
• Optimus, Parent Of Industrial Storage Company Stow, Downgraded To 'B-' On Weaker Credit Metrics; Outlook Stable
• Peru LNG S.R.L. Downgraded To 'B-' From 'B' On Sustained Weak Performance And Slower Deleveraging; Outlook Negative
• Sharjah Downgraded To 'BBB-' On Increased Risks To Its Fiscal Position; Outlook Stable

Oct. 22 

• Hexcel Corp. Rating Lowered To 'BBB-' From 'BBB' On Lower Build Rates, Destocking; Outlook Negative
• Joye Media Downgraded To 'CCC+' On High Debt, Weak Cash Flow, And French League Challenges; Outlook Negative
• NHPC Ltd. Outlook Revised To Negative; 'BBB-' Rating Affirmed

Oct. 21 

• Fortis TCI Ltd. Downgraded To 'BBB-' On Weaker Financial Measures; Outlook Stable
• Freight Forwarder SGLT Holding I LP Outlook Revised To Negative On Weaker-Than-Expected Metrics; 'B' Ratings Affirmed
• Metro-Goldwyn-Mayer Inc. Downgraded To 'B' From 'B+' On Prolonged High Leverage, Outlook Stable; Debt Ratings Lowered
• Tauranga City Council Outlook Revised To Negative On Rising Deficits And Debt; 'AA-/A-1+' Ratings Affirmed
• U.K. Pub Operator Punch Taverns Outlook Revised To Negative On Continued Trading Disruption

Oct. 20 

• Austrian Distributed Power Provider INNIO Group Holding GmbH Rating Lowered To 'B-'; Outlook Stable
• Zambia Foreign Currency Ratings Lowered To SD/SD On Suspension Of Debt Service Payments To External Commercial Creditors

Oct. 19 

• Alliance HealthCare Services Issuer Credit Rating Downgraded To 'SD' On Credit Amendment Agreement
• ASM Global Parent Inc.Downgraded To 'B-' On Expected Slow Recovery Of Live Events; Outlook Negative
• Curacao-Based Utility Aqualectra Downgraded To 'BBB-' From 'BBB' Following Same Action On Sovereign, Outlook Negative
• Oman's BankMuscat S.A.O.G. Long-Term Rating Lowered To 'B+' From 'BB-' Following Sovereign Downgrade; Outlook Stable

Oct. 16 

• Cinemark Holdings Inc. Downgraded To 'B' From 'B+' On Film Delays; Outlook Revised To Negative
• Corp Group Banking S.A. Downgraded To 'D' From 'CC' On Nonpayment Of Its Bond Coupon
• Gulfport Energy Corp. Downgraded To 'D' On Missed Interest Payment; Debt Ratings Also Lowered
• Oman Downgraded To 'B+' On Rising Net Debt Levels; Outlook Stable
• Ratings On Formosa Plastics Group Lowered To 'BBB+' On Growing Operating Headwinds; Outlook Stable

Oct. 15 

• Codere Downgraded To 'SD' From 'CC' On Distressed Exchange Following Approval Of Scheme Of Arrangement
• Transocean Ltd. Downgraded To 'CC' On Announced Tender Offers, Outlook Negative; Debt Ratings Lowered
• Vesta Energy Corp. Rating Lowered To 'CCC' Following Reserve-Based Lending Reduction; Recovery Rating Revised To '2'
• WP CPP Holdings LLC Rating Lowered To ‘CCC+’ On Expectation That Build Rates Will Remain Low; Outlook Negative

Oct. 14 

• Allegheny Technologies Inc. Outlook Revised To Negative Due To Depressed Demand; 'B' Rating Affirmed
• Banco Hipotecario S.A. Downgraded To 'SD' From 'CC' Following Settlement Of Exchange Offer
• Bertelsmann Downgraded To 'BBB' On Expectation Of Weaker Earnings; Outlook Stable
• Curacao Long-Term Sovereign Ratings Lowered to 'BBB-' From 'BBB'; Outlook Remains Negative
• Xenia Hotels & Resorts Inc. Outlook Revised Negative, Ratings Affirmed On Proposed Notes Add-On

Oct. 12 

• Alchemy International Holdings LLC Downgraded To 'B-' On Weaker-Than-Anticipated Credit Measures, Outlook Stable
• Bank of the Philippine Islands, Security Bank Outlooks Revised To Negative On Rising Economic Risks; Ratings Affirmed
• EPR Properties Downgraded To 'BB+' On Tenant Headwinds; Bonds Also Downgraded To 'BB+', Outlook Negative
• Jinjiang International Downgraded To 'BBB-' On Protracted Travel Slump; Outlook Stable
• Urban One Inc. Ratings Placed On CreditWatch Negative On Exchange Offer For Senior Secured Notes

Oct. 9 

• Oi S.A. Issuer Credit Ratings Cut To 'SD' On Approval Of Its Amended Reorganization Plan

Oct. 8 

• Ascent Resources Utica Holdings LLC Downgraded To 'SD' From 'CC' On Distressed Exchange
• Great Western Petroleum LLC Downgraded To 'CCC-' On Elevated Refinancing Risk And Weak Liquidity Following RBL Reduction
• Gulfport Energy Corp. Downgraded To 'CCC-' On Refinancing And Liquidity Risks; Outlook Negative

Oct. 7 

• Keystone Acquisition Corp. Downgraded To 'B-' On Higher Leverage; Outlook Stable
• Navios Maritime Holdings Inc. Downgraded To 'CCC+' On Mounting Refinancing Risk; On CreditWatch Negative
• TMK Hawk Parent Corp. Downgraded To 'SD' From 'CCC' On Distressed Exchange

Oct. 6 

• Corp Group Banking Downgraded To 'CC' From 'CCC-' On Expiring Grace Period For Interest Payment
• Moroccan Fertilizer Producer OCP Outlook Revised To Negative On Sovereign Outlook Revision; 'BBB-' Ratings Affirmed
• Telecom Italia Outlook To Negative As Weaker Revenue Raises Deleveraging Risk
• thyssenkrupp AG Outlook Revised To Stable From Positive On Weaker-Than-Expected Cash Flow Generation

Oct. 5 

• Bristol-Myers Squibb Co. Outlook Revised To Negative From Stable On MyoKardia Acquisition; 'A+' Rating Affirmed
• Electro Rent Corp. Downgraded To 'B-' On Weak Free Cash Flow Generation; Outlook Negative

Oct. 2 

• Aernnova Aerospace Corp. S.A. Downgraded To 'B' On Lower Production Rates And Weaker Credit Metrics; Outlook Negative
• LyondellBasell Industries N.V. Downgraded To 'BBB-' On Debt-Funded Acquisition; Outlook Stable
• Morocco Outlook Revised To Negative On COVID-19-Induced Rise In Debt And External Financing Needs; Ratings Affirmed
• PSS Industrial Group Corp. Downgraded To 'CCC+' On Sharply Weaker Credit Measures And Covenant Breach, Outlook Negative

Oct. 1 

• AMC Entertainment Holdings Inc. Rating Lowered To 'CCC-' From 'CCC+' On Weak Liquidity, Outlook Negative
• CommScope Holding Co. Inc. Downgraded To 'B-' On Continued High Leverage, Outlook Stable; Debt Ratings Lowered
• Croatia-Based Zagrebacki Holding Rating Lowered To 'B-' From 'B+' Following Downgrade Of City Of Zagreb; Outlook Stable
• Industrial Heat Exchange Solutions Supplier Arvos 'B-' Ratings Placed On CreditWatch Negative On Refinancing Risk
• Jill Acquisition LLC Downgraded To 'SD' On Completion Of Distressed Debt Exchange; Term Loan Rating Lowered To 'D'
• NorthRiver Midstream Finance L.P. Rating Lowered To 'BB' From 'BB+' On Elevated Credit Metrics; Outlook Stable
• Summit Midstream Partners Holdings LLC Downgraded To 'CC' On Announced Term Loan Restructuring, Outlook Negative
• Travel Retailer Dufry Downgraded To 'B+' On Longer Than Expected Global Travel Disruption; Still On CreditWatch Negative
• Travelport Downgraded To 'SD' (Selective Default) On Debt Restructuring Completion

Sept. 30 

• Six Flags Entertainment Corp. Downgraded To 'B-' From 'B+' On Slow Anticipated Attendance Recovery, Outlook Negative
• U.S.-Based Cedar Fair L.P. Downgraded To 'B-' From 'B+' On Slow Anticipated Attendance Recovery, Outlook Negative

Sept. 29 

• Alam Sutera Realty Downgraded To 'CC' On Distressed Exchange; Outlook Negative
• Spain’s Consorcio de Transportes de Bizkaia Outlook Revised To Negative On Similar Action On Owners; 'AA-/A-' Affirmed

Sept. 28 

• Cassini SAS, Parent Of Comexposium, Downgraded To 'D' From 'CCC' After Filing For Safeguard Procedures
• Cinema Operator Vue Downgraded To 'CCC+' On Continued Tough Operating Conditions; Outlook Negative
• Cineworld Downgraded To 'CCC-' On Expected Near-Term Liquidity Pressure; Outlook Negative
• Snowy Hydro Downgraded To 'BBB+' Amid Weak Operating Prospects And Peak Capital Expenditure; Outlook Stable

Sept. 25 

• Basque Country Outlook Revised To Negative From Stable After Similar Rating Action On Spain; Affirmed At 'AA-'
• Brazilian Infrastructure Company Invepar Downgraded To 'CCC-' And 'brCCC-' On Rising Refinancing Risks, Outlook Negative
• City of Zagreb Downgraded To 'BB-' On Reconstruction Costs; Outlook Negative
• Informa PLC Outlook Revised To Negative On COVID-19 Impact; Ratings Affirmed
• JR East Downgraded To 'A+' As Pandemic Hits Prospects; Outlook Stable
• Navy Exchange Service Command 'AA-' Issuer Credit Rating Placed On CreditWatch Negative On Deteriorating Performance
• Outlook On Metropolitano de Tenerife Revised To Negative After Similar Action On Spain; ‘A/A-1’ Ratings Affirmed
• Outlook On Spain's Autonomous Community of Navarre To Negative Following Sovereign Rating Action; Affirmed At 'AA-'
• Spain's Historical Territory Of Bizkaia Outlook Revised To Negative From Stable On Sovereign Rating Action
• Summit Midstream Partners L.P. Downgraded To 'SD' On Distressed Debt Exchange Settlement
• Zambia Long-Term Ratings Lowered To 'CCC-' On Debt Service Moratorium Request To Commercial Creditors

Sept. 24 

• Garrett Motion Inc. Downgraded To 'D' Following Chapter 11 Filing
• Province of La Rioja Downgraded To 'SD' From 'CC' On Missed Interest Payment

Sept. 23 

• French Technology Group Technicolor S.A. Downgraded To 'SD' From 'CC' On Completion Of Debt-To-Equity Swap
• FTS International Inc. Downgraded To 'D' From 'CC' On Announced Chapter 11 Bankruptcy Filing
• Japan's Universal Entertainment Downgraded To 'B' On Weak Prospects; Outlook Stable; New Bonds Rated 'B'
• The Pasha Group Downgraded To 'B-' From 'B' On Elevated Leverage; Debt Rating Lowered To 'B+'; Outlook Negative
• Trinidadian Telecom Services Provider TSTT Downgraded To 'B+' From 'BB-' Amid Weaker Credit Metrics, Outlook Stable
• U.K.-Based Travelport Downgraded To 'CC' On Debt Restructuring Announcement; Ratings Placed On CreditWatch Negative

Sept. 22 

• Autonomous Community Of Galicia Outlook Revised To Negative After Similar Action On Spain; 'A/A-1' Ratings Affirmed
• City of Barcelona Outlook Revised To Negative After Similar Action On Spain; 'A' Rating Affirmed
• Output Services Group Inc. Downgraded To 'CCC' On Covenant Breach, Unsustainable Capital Structure, And Tight Liquidity
• Southeast Supply Header LLC Downgraded To 'BB+' From 'BBB-' On Increased Recontracting Risk, Outlook Negative
• U.K. Lender Amigo Loans CreditWatch Revised To Negative On Business Uncertainty And Complaints Provisions

Sept. 21 

• E-House Outlook Revised To Negative On Real Estate Brokerage Network Business Investment; 'BB-' Ratings Affirmed
• Frontera Generation Holdings LLC Debt Rating Lowered To 'CCC' On Near-Term Liquidity Risk; Outlook Negative
• Minsur Downgraded To 'BB+' On Parent's Weakening Credit Metrics, Stand-Alone Credit Profile Unchanged And Outlook Stable
• PGS ASA Downgraded To 'SD' From 'CCC' On Principal Nonpayment

Sept. 18 

• Botswana Outlook Revised To Negative On Rising And Protracted Fiscal And External Pressures; 'BBB+/A-2' Ratings Affirmed
• German State of Saxony-Anhalt Downgraded To 'AA/A-1+' On Deteriorating Financials; Outlook Stable
• Oasis Petroleum Inc. Downgraded To 'D' From 'CCC-' On Missed Interest Payment
• Spain Outlook Revised To Negative From Stable On Mounting Fiscal and Structural Challenges; Affirmed At 'A/A-1'
• Various Rating Actions Taken On Argentine Companies Following Tightened Regulations On Accessing Foreign Exchange

Sept. 17 

• ATCO Ltd. And Canadian Utilities Ltd. Outlooks Revised To Negative; Operating Subsidiary CU Inc. Outlook Remains Stable
• Coherent Inc. Downgraded To 'BB' On Ongoing Performance Weakness; Outlook Stable
• Epic Crude Services L.P. Downgraded On Elevated Leverage; Outlook Negative
• GBT JerseyCo Ltd. Rating Lowered To 'B' On Slow Recovery, Incremental Debt; Outlook Negative
• Province of Cordoba Downgraded To 'CC' From 'CCC' Following Debt Exchange Offer; Outlook Negative
• SuperMoose Newco Inc. Downgraded To 'CCC' On Liquidity Concerns, Outlook Negative

Sept. 16 

• Excellus Health Plan Inc. Ratings Lowered To 'BBB' On Forecasted Capital Deterioration; Outlook Stable
• GVC Holdings PLC Outlook Revised To Stable From Positive On Expected Delay in Deleveraging; ‘BB’ Rating Affirmed

Sept. 15 

• Europcar Mobility Group Downgraded To 'CC' From 'CCC+' On Intent To Restructure Debt; Outlook Negative

Sept. 14 

• France-Based Comexposium (Cassini SAS) Downgraded To 'CCC' On Tight Liquidity After Show Postponements; Outlook Negative
• U.S.-Based Tiffany & Co. Ratings Affirmed And Removed From Watch Positive On The Cancellation Of Its Acquisition By LVMH
• World Omni Financial Corp. Downgraded To 'BBB' As Earnings Decline; Outlook Negative

Sept. 11 

• Ascent Resources Utica Holdings LLC Rating Lowered To 'CC' On Distressed Exchange; Outlook Negative
• Attractions And Theme Park Operator Motion Midco (Merlin Entertainment) Lowered To 'CCC+' On Expected Delayed Recovery
• Ghana Long-Term Rating Lowered To 'B-' From 'B' On Fiscal Deterioration; Outlook Stable
• Theme Park Operator Parques Reunidos (Piolin Bidco) Downgraded To 'CCC+'; Outlook Negative

Sept. 10 

• Outlook On Vivo Energy To Negative On Higher Country Risk; Proposed Unsecured Notes Rated 'BB+'; Issuer Rating Affirmed
• Selecta Group B.V. Downgraded To 'CC' On Announced Distressed Exchange Offer; Remains On CreditWatch Negative
• SK E&S Co. Ltd. Downgraded To 'BBB-' On Aggressive Dividends Amid Tough Operating Conditions; Outlook Stable
• TMK Hawk Parent Corp. Downgraded To 'CCC' On Increasing Risk of Debt Restructuring, Outlook Negative
• Wabash National Downgraded To 'B+' On Higher Than Expected Leverage; Outlook Stable; New Debt Rated 'BB-'
• Wastequip LLC Outlook Revised To Negative From Stable On Macroeconomic Weakness; 'B' Rating Affirmed

Sept. 9 

• Howmet Aerospace Inc. Downgraded To 'BB+' On Weaker Volume Expectations; Outlook Negative
• MAI Holdings Inc. Downgraded To 'SD' On Debt Exchange
• Swissport Downgraded To 'SD' (Selective Default) On Super Senior Secured Debt Issuance
• Wells Enterprises Inc. Downgraded To 'B+' From 'BB-' On Weaker-Than-Expected Operating Performance; Outlook Stable

Sept. 8 

• Array Canada Inc. Downgraded To 'CCC' From 'CCC+' On Tight Liquidity, Unsustainable Capital Structure; Outlook Negative
• Province of Entre Rios Downgraded To 'SD' From 'CC' On Missed Interest Payment
• US Foods Inc. Ratings Lowered To 'BB-' From 'BB', Removed From Watch Negative; Outlook Stable
• Valero Energy Corp. Outlook Revised To Negative On Pandemic-Related Financial Stress; Unsecured Notes Rated 'BBB'

Sept. 7 

• Sweden-Based Forest Products Company SCA Downgraded To 'BBB-/A-3' On Expected Weaker Credit Metrics; Outlook Stable

Sept. 4 

• Altisource Portfolio Solutions S.A. Ratings Lowered To 'B-' On Anticipated Loss Of Revenue; Outlook Negative
• Banca Mifel Outlook Revised To Negative On Expected Capital Level Pressures, 'BB-/B' And 'mxA-/mxA-2' Ratings Affirmed
• Boardriders Inc. Downgraded To 'SD' On Distressed Debt Transaction; Term Loan Rating Lowered To 'D'
• Cengage Learning Holdings II Inc. Downgraded To 'CCC+' From 'B-' On Unsustainable Capital Structure; Outlook Negative
• Congo-Brazzaville Downgraded To 'CCC+/C' On Lower Oil Prices; Outlook Stable
• Garrett Motion Inc. Downgraded To 'B' And Placed On Watch Negative On News Of Potential Balance Sheet Restructuring
• German State of Saxony Outlook Revised To Negative; 'AAA/A-1+' Ratings Affirmed
• Ignition Topco BV, Parent Of IGM Resins, Downgraded To 'B-' On Expected Weaker Earnings; Outlook Stable
• McGraw-Hill Education Inc. Downgraded To 'CCC+' From 'B-' On Unsustainable Capital Structure; Outlook Negative
• Netherlands-Based Trivium Packaging Downgraded To 'B' From 'B+' On Higher-Than-Expected Leverage; Outlook Stable
• Premier Brands Group Holdings LLC Rating Lowered To 'SD' On Missed Excess Cash Flow Payment
• Swedish Municipality of Taby Outlook Revised To Negative On Expected Widening Of Deficits; Affirmed At 'AAA'
• Teollisuuden Voima Oyj Ratings On CreditWatch Negative After Announced Additional Delay Of Up To 11 Months

Sept. 3 

• AVSC Holding Corp. Downgraded To 'CCC-' On Looming Liquidity Shortfall; Outlook Negative
• KC Culinarte Holdings L.P. Downgraded To 'CCC' On Deteriorating Liquidity; Outlook Negative
• Nordstrom Inc. Downgraded To 'BB+' From 'BBB-' On Declining Competitive Position; Outlook Negative
• South African Wood Fiber Company Sappi Ltd. Downgraded To 'BB-/B' On COVID-19 Stress; Outlook Stable

Sept. 2 

• French Steel Tube Producer Vallourec Downgraded To 'CCC-' On Discussions For A New Refinancing Plan; Outlook Negative
• Lindblad Expeditions Holdings Inc. Downgraded To 'B-' On Weaker Credit Metrics; Outlook Negative

Sept. 1 

• Jill Acquisition LLC Downgraded To 'CC' From 'CCC-' On Announced Distressed Exchange Offer, Outlook Negative

Aug. 31 

• 361 Degrees International Downgraded To 'B-' On Deteriorating Market Position, High Refinancing Risk; Outlook Negative
• Guangzhou R&F Properties And R&F HK Downgraded To 'B' On Large And Concentrated Refinancing Needs; Outlook Stable
• Lights Manufacturer Lumileds Downgraded To 'CCC' On Weakening Liquidity; Outlook Negative
• Lithuania-Based Avia Solutions Group Lowered To 'BB-' As COVID-19 Effects Weaken Credit Ratios; Outlook Negative
• Royal Caribbean Cruises Ltd. Downgraded To 'B+' On Prolonged Expected Cruise Recovery And Deleveraging, Outlook Negative

Aug. 28 

• Cape Verde Outlook Revised To Negative On Impact Of COVID-19; 'B/B' Ratings Affirmed

Aug. 27 

• Estonian Eesti Energia Outlook Revised To Negative On Expected Weaker Metrics; 'BBB-' Ratings Affirmed
• Samsonite International S.A. Downgraded To 'B' From 'BB-' Due To Weaker-Than-Expected Recovery; Outlook Negative

Aug. 26 

• Outlook On Japan-Based Toyo Corp. Revised To Negative On COVID-19; 'BBB-' Rating Affirmed
• Service Properties Trust Downgraded To 'BB-' On Increasing Cash Flow Volatility, Outlook Negative; Note Rating Lowered

Aug. 25 

• ABB/Con-Cise Optical Group LLC Outlook Revised To Negative From Stable On Tightening Covenant Cushion; Ratings Affirmed
• FTS International Inc. Downgraded To 'CC' On Restructuring Support Agreement; Outlook Negative
• Germany-Based DEMIRE Outlook Revised To Negative On Planned Dividend Distribution; 'BB' Ratings Affirmed
• Oak Holdings LLC Downgraded To 'B-' On Declining Demand Due To COVID-19 And Elevated Refinancing Risk, Outlook Negative
• Outlook On National Grid PLC Revised To Negative On Weaker Metrics And Tougher Operating Conditions; Ratings Affirmed
• SIRVA Inc. Rating Lowered To 'CCC+', Placed On Watch Negative Amid Industry Disruptions And Uncertain Recovery Prospects
• Tata Consultancy Services Ltd. Outlook Revised To Stable On Weakening Business Sentiment; 'A' Rating Affirmed

Aug. 24 

• Corp Group Banking 'CCC-' Ratings Placed On CreditWatch Negative Amid Tight Financing Conditions
• eHi Car Services Downgraded To 'B' On Approaching Maturity Wall; Outlook Stable
• Financiera Independencia Ratings Affirmed; Outlook Revised To Negative On Likely Asset Quality Deterioration
• Luxembourg-Based CORESTATE Downgraded To 'BB' On Significantly Weakened Earnings Prospects; Outlook Negative
• The Tensar Corp. Downgraded To 'CCC' On Higher Refinancing Risk; Outlook Negative
• Various Rating Actions Taken On Thai Banks On Rising Economic Weakness
• Washington Prime Group Downgraded To 'CCC' On Continued Headwinds And Material Cash Flow Volatility, Outlook Negative

Aug. 21 

• Estonia Outlook Revised To Stable From Positive On COVID-19-Related Risks; 'AA-/A-1+' Ratings Affirmed
• Hamkorbank Outlook Revised To Negative On Material Asset Quality Risk Posed By COVID-19; 'B+/B' Ratings Affirmed
• PT Chandra Asri Petrochemical Downgraded To 'B+', On CreditWatch Negative On Rising Debt, Eroding Liquidity At Parent
• Spanish Online Travel Agent eDreams ODIGEO Downgraded To 'B-' On Slower Recovery Prospects; Outlook Negative
• U.S.-Based Rain Carbon Inc. Outlook Revised To Negative On Prolonged Operational Weakness; 'B+' Rating Affirmed

Aug. 20 

• Spain-Based Cirsa Enterprises Ratings Placed On CreditWatch Negative On Negative Free Cash Flow And Uncertain Recovery
• U.S.-Based Sabre Corp. Downgraded To 'B' On Slower Anticipated Air Travel Recovery, Outlook Negative

Aug. 19 

• Wesco Aircraft Holdings Inc. Downgraded To 'CCC+' From 'B-' Amid Weaker Outlook And Higher Cash Use; Outlook Negative

Aug. 18 

• Otter Tail Corp. Outlook Revised To Negative; Ratings Affirmed
• Third Coast Midstream LLC Rating Lowered To 'B-' On Near-Term Refinancing Risk; On CreditWatch Negative

Aug. 17 

• Accor S.A. Downgraded To 'BB+' On Likelihood Of Weaker Metrics Until 2022 Due To COVID-19 Impact; Outlook Negative
• Aramark Downgraded To 'BB-' On Coronavirus-Related Demand Drop; Off Watch; Outlook Stable
• Edgewell Personal Care Co. 'BB' Rating Affirmed On Cremo Acquisition; Outlook Revised To Negative From Stable
• France-Based Spie Outlook Revised To Negative On COVID-19-Related Delay In Deleveraging; 'BB' Rating Affirmed
• KazMunayGas International N.V. Outlook Revised To Negative, Ratings Affirmed, On Coronavirus-Related Earnings Pressures

Aug. 14 

• Algoma Steel Inc. Downgraded To 'CCC+' From 'B-' On Liquidity Concerns; Outlook Negative
• Austrian State of Tyrol Outlook Revised To Negative; 'AA+/A-1+' Ratings Affirmed
• L-Bank Ratings Lowered To 'AA+' After Downgrade Of State of Baden-Wuerttemberg; Outlook Stable
• Martin Midstream Partners LP Downgraded To 'SD' From 'CC' On Below-Par Exchange Of Notes; Debt Rating Lowered To 'D'
• Peabody Energy Corp. Downgraded To 'CCC+' From 'B' On Unsustainable Capital Structure; Outlook Negative
• PT Kawasan Industri Jababeka Downgraded To 'B-' On Limited Financial Flexibility And Sales Visibility; Outlook Stable
• State of Baden-Wuerttemberg Downgraded To 'AA+'; Outlook Stable; Short-Term Rating Affirmed At 'A-1+'

Aug. 13 

• Antero Resources Corp. Ratings Placed On CreditWatch With Negative Implications On Announced Tender Offer
• PT Alam Sutera Realty Tbk. Ratings Lowered To 'CCC-' As Distressed Exchange Risk Rises; Outlook Negative
• Sixsigma Networks Mexico (KIO Networks) Downgraded To 'B+' From 'BB-' On Greater Liquidity Pressure; Outlook Negative
• Triton International Ltd. Ratings Affirmed; Outlook Revised To Stable From Positive On Weaker Global Trade

Aug. 12 

• Arch Resources Inc. Downgraded To 'B' From 'B+' On Weak Performance; Debt Ratings Affirmed; Outlook Stable
• Belize Foreign Currency Ratings Lowered To 'SD/SD' From 'CC/C' Following Announcement Of Debt Exchange
• Japan-Based Sumitomo Corp. Downgraded To 'BBB+' On Weak Earnings; Outlook Stable
• M&T Bank Corp. Outlook Revised To Negative On Increase In Problem Assets; 'A-/A-2' Ratings Affirmed
• NCL Corp. Ltd. Downgraded To 'B+' On Expected Protracted Cruise Recovery And Deleveraging Path; Outlook Negative
• S&T Bank Outlook Revised To Negative From Stable On Risk Management Issues As Asset Quality Risk Increases

Aug. 11 

• 99 Cents Only Stores LLC Outlook Revised To Negative From Developing On Heightened Refinancing Risk, 'CCC+' ICR Affirmed
• Vancouver Airport Authority Ratings Lowered To 'AA-' From 'AA' On Borrowings To Support Capital Program Amid Low Traffic

Aug. 10 

• Theater Operator Cinemark Holdings Inc. Downgraded To 'B+'; Ratings Remain On CreditWatch Negative

Aug. 7 

• Avnet Inc. Ratings Placed On CreditWatch Negative On Weaker-Than-Expected Operating Performance
• PartnerRe Ltd. Outlook Revised To Negative From Stable On Continued Underwriting Shortfalls; 'A+' Ratings Affirmed
• Province of Salta Downgraded To 'SD' From 'CC' On Late Interest Payment On Its 2024 Bond
• Rwanda Outlook Revised To Negative On Rising Pressure On Debt And External Positions; 'B+/B' Ratings Affirmed

Aug. 6 

• Brazilian Airline Gol Downgraded To 'CCC-' And Placed On CreditWatch Negative On Increased Likelihood Of Missed Payment
• Crane Co. Outlook Revised To Negative From Stable; 'BBB' Rating Affirmed
• Mallinckrodt PLC Downgraded To 'CCC-', On CreditWatch Negative On Possible Restructuring
• PizzaExpress Downgraded To 'D' After Missing Interest Payment
• Spanish Auto Parts Manufacturer Gestamp Automocion Downgraded To 'BB-' Due To COVID-19 Drop In Earnings; Outlook Stable
• Transocean Ltd. Issuer Credit Rating Lowered To 'SD' On Distressed Exchange

Aug. 5 

• Boeing Co. Outlook Revised To Negative From Stable On Weaker Aircraft Demand; Ratings Affirmed

Aug. 4 

• Forum Energy Technologies Inc. Downgraded To 'SD' On Distressed Debt Exchange

Aug. 3 

• AMC Entertainment Holdings Inc. Downgraded To 'SD' Following Distressed Exchange
• Boston Properties Inc. Rating Lowered To 'BBB+' From 'A-' On Sustained Elevated Leverage; Outlook Stable
• Canon Downgraded To 'A' Amid A Structural Contraction Of Key Markets; Outlook Negative
• China Guangfa Bank Outlook Revised To Negative On Mounting Capital Pressure; 'BBB-/A-3' Ratings Affirmed
• Spirit AeroSystems Inc. Downgraded To 'B' On Amended Covenants And Lower MAX Production; Outlook Stable
• Xerox Holdings Corp. Downgraded To 'BB' On Expected Continued Operational Headwinds And High Event Risk

July 31 

• Democratic Republic of Congo Outlook Revised To Stable On Higher External And Budgetary Pressures; Affirmed At 'CCC+/C'
• French Auto Supplier Valeo Downgraded To 'BB+' On Weak Deleveraging Post-COVID-19; Stable Outlook
• LSB Industries Downgraded To 'CCC' On Weak Agricultural Pricing, Affecting Cash Flow Measures; Outlook Negative
• Outdoor Advertising Company JCDecaux Ratings Lowered To 'BBB-/A-3' On Coronavirus Pressures; Outlook Stable
• Russian Freight Transportation Company Transfin-M 'B/B' Ratings Affirmed; Outlook Negative
• YanAn Bicon Downgraded To 'CCC-' On Heightened Refinancing Risk; Outlook Negative

July 30 

• Missouri TopCo, Parent Of U.K. Retailer Matalan, Downgraded To 'SD' On Distressed Exchange Of Cash-Pay Second-Lien Notes
• Nostrum Oil And Gas PLC Rating Lowered To 'SD' From 'CCC-' On Nonpayment Of Interest
• U.K.-Based Alpha Topco (F1) Ratings Affirmed At 'B+'; Outlook Revised To Negative
• U.K.-Based Gentoo Group Outlook Revised To Negative On Uncertain Demand; 'A-' Rating Affirmed

July 29 

• Glenmark Pharmaceuticals Ratings Placed On CreditWatch Negative On Growing Refinancing Risk
• Hornblower HoldCo LLC Ratings Lowered To 'CCC-' On Near-Term Liquidity Pressure; Outlook Negative
• SeaWorld Parks & Entertainment Outlook Revised To Negative, 'B-' ICR Affirmed; New Notes Rated 'CCC' (Recovery: '6')
• U.K.-Based Octavia Housing Rating Lowered To 'A' On Weaker Debt Metrics; Outlook Stable

July 28 

• CB Poly Investments LLC Downgraded To 'SD' From 'B-' On Distressed Exchange, Second-Lien Debt Rating Lowered To 'D'
• Never Slip Topco Inc. Downgraded To 'D' From 'CCC' On Distressed Restructuring
• Outlook On GIC Re South Africa Revised To Negative; ‘BB+’ Ratings Affirmed
• Revlon Inc. Rating Lowered To 'CC' On Proposed Exchange Transaction; Outlook Negative
• Ryman Hospitality Properties Inc. Downgraded To 'B-' On Slow Group Travel Recovery; Outlook Negative

July 27, 2020 

• Canada-Based Brookfield Residential Properties Inc. Downgraded To 'B' On Weaker Credit Profile, Outlook Negative
• Party City Holdings Inc. Downgraded To 'SD' On Completed Distressed Exchange; Exchange Notes Rated 'CCC' (Recovery: '4')

July 24, 2020 

• Brazilian Airline Azul Downgraded To 'CCC-' From 'CCC+' On Higher Risk Of Distressed Debt Restructure; Outlook Negative
• Brazilian Airline Gol Downgraded To 'CCC+' From 'B-' And Placed On CreditWatch Developing On Higher Refinancing Risk
• French Waste Treatment Syndicate Syctom Outlook Revised To Stable On COVID-19 And National Strikes; Affirmed At 'A+/A-1'
• GMR Hyderabad International Airport Ratings Lowered To 'BB-' On Slow Traffic Recovery; Outlook Negative
• Slovakia Outlook Revised To Negative On Rising Economic Risks; Affirmed At 'A+/A-1'

July 23, 2020 

• Amtrak Outlook Revised To Negative From Stable On Expected Operating Losses; 'A' Issuer Credit Rating Affirmed
• Ascena Retail Group Inc. Downgraded To 'D' On Chapter 11 Bankruptcy Filing
• Iconix Brand Group Inc. Downgraded To 'CCC-' On Elevated Likelihood For A Debt Restructuring, Outlook Negative
• Lakeland Holdings LLC Downgraded To 'D' On Chapter 11 Filing
• Momentive Performance Materials Inc. Downgraded To 'B' From 'B+' On Expected Lower Credit Measures; Outlook Negative
• Walgreens Boots Alliance Inc. Outlook Revised To Negative On Increased Fulfillment Costs And COVID-19 Pressures

July 22, 2020 

• Delachaux S.A. Downgraded To 'B' On Weaker Profitability And Credit Metrics; Outlook Stable
• Global Eagle Entertainment Inc. Downgraded To 'D' From 'CCC-' After Chapter 11 Filing Announcement
• Japan-Based Sumitomo Corp. Outlook Revised To Negative On Weakening Performance; 'A-/A-2' Ratings Affirmed
• Province of Neuquen Downgraded To 'CC' From 'CCC-' On Greater Likelihood Of Distressed Dollar Debt Exchange
• Voyager Aviation Holdings LLC Downgraded To 'CCC+' On Refinancing Risk; Ratings On CreditWatch Developing
• Wells Fargo & Co. Downgraded To 'BBB+/A-2' On Weakened Preprovision Earnings Amid Elevated Risks; Outlook Stable

July 21, 2020 

• Cementos Pacasmayo Outlook Revised To Negative On Greater Leverage And Recession Risks, 'BB+' Ratings Affirmed
• Clear Channel Outdoor Holdings Downgraded To 'CCC+' Due To Negligible Cash Flow Expectation; Outlook Stable
• Exelon Corp. Outlook Revised To Negative On Bribery Charge; Subsidiary Commonwealth Edison Co. Downgraded
• Tugboat Operator Boluda Towage Outlook Revised To Negative On Delayed Improvement In Credit Metrics; Affirmed At 'BB-'

July 20, 2020 

• Auto And Industrial Supplier Schaeffler AG Downgraded To 'BB+' On Weaker Credit Metrics From COVID-19; Off Watch
• Gulf Bank Outlook Revised To Negative Following Same Action On Kuwait; 'A-/A-2' Ratings Affirmed
• U.S.-Based Sock Manufacturer Renfro Corp. Downgraded To 'SD' From 'CCC-' On Distressed Debt Transaction

July 17, 2020 

• Affinity Gaming Downgraded To 'CCC+' From 'B-' On Heightened Liquidity Risk; Outlook Developing
• Bruin E&P Partners LLC Downgraded To 'D' After Bankruptcy Filing
• Kuwait Outlook Revised To Negative On Continued Depletion Of Fiscal Liquidity Buffer; 'AA-/A-1+' Ratings Affirmed
• Liechtenstein-Based VP Bank Outlook Revised To Negative On Risk Management And Strategic Challenges
• Noble Corp. PLC Downgraded To 'D' On Missed Interest Payment
• Offshore Driller Seadrill Partners Rating Lowered To 'SD' From 'CCC' On Interest Nonpayment
• Travel Leaders Group LLC Downgraded To 'CCC' On Deteriorating Liquidity And Worsening Travel Trends, Outlook Negative

July 16, 2020 

• Chaparral Energy Inc. Downgraded To 'D' From 'CCC-' After Missing Interest Payment
• Lakeland Holdings LLC Downgraded To 'CCC-' On Deteriorating Liquidity And Worsened Travel Trends; Outlook Negative
• MTS Systems Corp. Downgraded To 'B+' On Weakening Business Prospects Due To The Economic Recession, Outlook Negative
• Outlooks On Four Peruvian Banks Revised To Negative From Stable On Deepening Economic Risks
• Spanish Gaming Company Codere S.A. Downgraded To 'CC' From 'CCC-' On Proposed Debt Restructuring; Outlook Negative

July 15, 2020 

• ASR Media And Sponsorship Issue Rating Lowered To 'B'; Outlook Negative
• Fitness International LLC Outlook Revised To Negative On Extended Recovery; 'CCC+' Issuer Rating, Other Ratings Affirmed
• Greystar Real Estate Partners LLC Downgraded To 'B+' On Expected Higher Leverage Due To COVID-19; Outlook Stable
• Royal Mail Outlook Revised To Negative Amid COVID-19-Related Challenges; 'BBB' Ratings Affirmed
• SK Blue Holdings L.P. Downgraded To 'B-' From 'B' On Expected Lower Credit Measures; Outlook Negative

July 14, 2020 

• Hawaiian Holdings Inc. Downgraded To 'CCC+' On Lower Travel Demand, Government Restrictions; Outlook Negative
• Kenya Outlook Revised To Negative On COVID-19-Related Fiscal And External Pressures; 'B+/B' Ratings Affirmed
• Life Time Inc. Outlook Revised To Negative From Developing, 'CCC+' Rating Affirmed; Debt Ratings Affirmed
• Monotype Imaging Holdings Inc. Outlook Revised To Negative On Thin Liquidity Buffer; 'B-' Ratings Affirmed
• Mulhacen Pte. Downgraded To 'CCC+' On Pressured Debt-Servicing Capacity; Outlook Negative
• Pesquera Exalmar S.A.A. Ratings Lowered To 'CCC+' On Tight Liquidity; Outlook Negative
• Rating Actions Taken On Seven European Airports Due To More Protracted Passenger Recovery

July 13, 2020 

• Asset Finance Ltd. Outlook Revised To Negative On Rising Economic Risks In New Zealand; 'B-/B' Ratings Affirmed
• Hi-Crush Inc. Downgraded To 'D' From 'CC' On Chapter 11 Bankruptcy Filing
• Republic of Suriname FC Ratings Lowered To 'SD'; Issue-Level Rating On December 2023 Bond Lowered To 'D'
• University Of New South Wales Outlook Revised To Negative On COVID-19 Disruption To Enrollments; Ratings Affirmed

July 10, 2020 

• Autopistas Metropolitanas de Puerto Rico LLC Traffic And Toll Revenues Perform Close To Expectations Despite Curfew
• Bioplan USA Inc. Downgraded To 'CCC' From 'CCC+' On Elevated Liquidity And Refinancing Risk; Outlook Negative
• Carlson Travel Inc. Downgraded To 'CC' From 'CCC' On Debt Exchange Announcement; Outlook Negative
• Custom Truck One Source L.P. Outlook Revised To Negative On Weakening Demand; 'B+' Rating Affirmed
• Granvia a.s. Senior Debt Rating Affirmed At 'BBB+'; Outlook Remains Stable
• Martin Midstream Partners L.P. Downgraded To 'CC' On Distressed Exchange
• Outlook On Japanese General Trading House Sojitz Revised Down To Stable; 'BBB-' Rating Affirmed
• Pinnacle Bidco (PureGym) Downgraded To 'CCC+' Due To COVID-19 Impact; Outlook Developing
• Tupperware Brands Corp. Rating Lowered To 'SD' On Distressed Exchange; Debt Rating Lowered To 'D'
• U.S.-Based Coal Producer Peabody Energy Corp. Downgraded To 'B' On Weak Credit Measures, Outlook Negative

July 9, 2020 

• Avation PLC Downgraded To 'CCC' On Rising Refinancing Risks; Notes Lowered To 'CCC-', Ratings Stay On Watch Negative
• Casper MidCo SAS (B&B Hotels) Ratings Lowered To 'CCC+' And Removed From CreditWatch On COVID-19 Effects; Outlook Stable
• Three Dubai-Based Real Estate Companies Downgraded On Increased Economic Pressures Stemming From Spread Of COVID-19
• United Airlines Holdings Inc. Downgraded To 'B+' On Steep Demand Decline Due To COVID-19; Outlook Negative

July 8, 2020 

• Brazilian Petrochemicals Producer Braskem Downgraded To 'BB+' From 'BBB-' On Consistently High Leverage, Outlook Stable
• Province of Rio Negro Credit Rating Lowered To 'SD' From 'CC' On Missed Payment On Its 2025 Bond
• PT Modernland Realty Tbk. Downgraded To 'SD' On Missed Principal Payment; Issue Rating Remains On CreditWatch Negative
• Sociedad Concesionaria Autopista Central S.A.

July 7, 2020 

• Coty Inc. Issuer Credit Rating Lowered To 'B-' From 'B' On High Leverage, Outlook Stable; Debt Ratings Lowered
• French Rail Company SNCF SA 'AA-/A-1+' Ratings On Watch Negative Amid Uncertainty Of COVID-19 Impact And State Support
• Mexican Telecommunication Services Provider Maxcom Downgraded To 'CCC-' On Tighter Liquidity; On CreditWatch Negative
• Packaging Producer Paccor Holdings Outlook Revised To Negative On Lower Profitability And Cash Flows; Ratings Affirmed

July 6, 2020 

• Coronado Global Resources Downgraded To 'B' On Expected Operating Weakness; Placed On CreditWatch Negative
• Delhi International Airport Downgraded To 'B+' On Slow Recovery In Traffic, Remains On CreditWatch Negative

July 3, 2020 

• French Technology Group Technicolor Downgraded To 'CC' On Announced Debt To Equity Swap; On Watch Negative
• GameStop Corp. Ratings Placed On CreditWatch Negative On Lower Exchange Participation and Potential Shareholder Activism
• JR Central Downgraded To 'A+' On COVID-19; Outlook Stable
• Nissan Downgraded To 'BBB-/A-3' On Growing Impact Of COVID-19; Outlook Negative
• Sunshine 100 Downgraded To 'CCC-' On Uncertain Repayment Sources; Ratings Remain On CreditWatch Negative

July 2, 2020 

• Denbury Resources Inc. Ratings Lowered To 'D' From 'CCC+' On Missed Interest Payment
• DXC Technology Co. Ratings Lowered To 'BBB-' From 'BBB' On Uncertain Long-Term Business Prospects; Outlook Stable
• Electronics for Imaging Inc. Downgraded To 'CCC+' On Macroeconomic Impact From COVID-19; Outlook Negative
• Hi-Crush Inc. Downgraded To 'CC' From 'CCC+', Ratings Placed On CreditWatch Negative On Expected Default
• Jets Stadium Development LLC Bond Ratings Placed On Watch Negative On COVID-19-Related Uncertainties
• Lonestar Resources U.S. Inc. Ratings Lowered To 'D' On Missed Interest Payment And Constrained Liquidity
• Oasis Petroleum Inc. Downgraded To 'CCC-' On Distressed Exchange Risk, Weak Liquidity Following RBL Reduction
• Panama Canal Railway Co. 'BB-' Ratings Placed On CreditWatch Negative Following The Collapse Of The Gamboa Bridge
• PT Modernland Realty Ratings Lowered To 'CCC-' On Heightened Distressed Exchange Risk; Placed On CreditWatch Negative
• Scandinavian Airline SAS AB Downgraded To 'CC' From 'CCC' On Announced Recapitalization Plan; Outlook Negative
• State of Santa Catarina Downgraded To 'B+' From 'BB-' On Heightened Liquidity Pressure, Outlook Negative
• Tailored Brands Inc. Downgraded To 'D' On Missed Interest Payment; Debt Ratings Also Lowered, Recovery Rating Revised
• US Ecology Inc. Downgraded To 'BB-'; Outlook Negative

July 1, 2020 

• California Resources Corp. Downgraded To 'D' From 'CC' On Missed Interest Payment
• Coal Producer Drummond Inc. Outlook Revised To Negative On Deteriorating Cash Flows; Issuer Rating Affirmed
• Grupo Posadas S.A.B. de C.V. Downgraded To 'D' From 'CC' On Missed Interest Payment On Senior Notes Due 2022
• Hastings District Council Outlook Revised To Negative On COVID-19-Related Deficit Growth; 'AA/A-1+' Ratings Affirmed
• Lufthansa Rating Lowered To 'BB' On Increased Leverage; Outlook Negative
• Mexican Airline Grupo Aeromexico S.A.B. de C.V. Downgraded To 'D' From 'B-' On Chapter 11 Bankruptcy Filing

June 30, 2020 

• Belize Downgraded To 'CC/C' On Expected Debt Restructuring Or Missed Coupon Payment, Placed On CreditWatch Negative
• Covia Holdings Corp. Ratings Lowered To 'D' From 'CCC+' On Chapter 11 Bankruptcy Filing
• LSCS Holdings Inc. Outlook Revised To Negative From Stable On Lower Cash Flow; Ratings Affirmed
• Swedish Property Company Jernhusen Outlook Revised To Negative On Tightening Credit Metrics; 'A/A-1' Ratings Affirmed

June 29, 2020 

• Aero-Engine Part Maker F-Brasile SpA Downgraded To 'B-' On Reduced Commercial Aerospace Demand; Outlook Negative
• Outlook On Petroliam Nasional Bhd. Revised To Negative Following Same Action On Sovereign; Ratings Affirmed
• Outlooks On Malaysian Banks Revised To Negative Following Sovereign Action; Ratings Affirmed
• Peruvian Cement Producer UNACEM Outlook Revised To Negative On Higher Leverage Risk Amid Recession, 'BB' Rating Affirmed
• Public Transport Company Rheinbahn AG Outlook Revised To Negative; 'AA/A-1+' Ratings Affirmed
• Sarawak Outlook Revised To Negative After Similar Action On The Sovereign; Ratings Affirmed
• Selecta Group B.V. Downgraded To 'CCC-' On Tightening Liquidity And Restructuring Risk; Placed On CreditWatch Negative
• Traviata, Holding Company Of Axel Springer, Outlook Revised To Negative On Weaker Credit Metrics; 'B' Rating Affirmed

June 26, 2020 

• Ashland Global Holdings Inc. Outlook Revised To Negative On Weak End-Market Demand; 'BB+' Ratings Affirmed
• Axis Bank Downgraded On Worsening Operating Conditions; Indian Bank On CreditWatch Negative; BICRA Lowered To Group '6'
• Belgian Region of Brussels-Capital Outlook Revised To Negative; 'AA/A-1+' Ratings Affirmed
• CONSOL Downgraded To 'B-' On Weaker Profitability And Unfavorable Long-Term Prospects For Thermal Coal; Outlook Negative
• Four Indian Finance Companies Downgraded On Weakening Economic Conditions Due To COVID-19; Ratings On Two Affirmed
• Garda World Security Corp. Outlook Revised To Negative From Stable On Weaker Leverage Expectations; 'B' Rating Affirmed
• Grupo Posadas Downgraded To 'CC' From 'CCC+' And Placed On CreditWatch Negative On Default Certainty
• Malaysia Outlook Revised To Negative; 'A-/A-2' Foreign Currency And 'A/A-1' Local Currency Ratings Affirmed
• Spirit Airlines Inc. Downgraded To 'B' On Steep Travel Demand Decline; Off Watch; Outlook Negative
• Shutterfly Inc. Downgraded To 'B-' From 'B' On Revenue Declines In Lifetouch Segment Stemming From COVID-19
• U.K.-Based IRIS Outlook Revised To Negative On High Exceptional Costs And Likely Slower Deleveraging; Affirmed At 'B'
• U.S.-Based Alcoa Corp. Outlook Revised To Negative On Reduced Credit Cushion Due To Lower EBITDA, 'BB+' Ratings Affirmed

June 25, 2020 

• Australian Accounting Software Provider MYOB Downgraded To 'B-' On R&D Acceleration, Revenue Weakness; Outlook Negative
• CEC Entertainment Inc. Downgraded To 'D' On Chapter 11 Bankruptcy Filing
• InterCement Brasil Downgraded To 'CC' From 'CCC' On Distressed Exchange Offer; Proposed New Secured Notes Rated 'CCC+'
• Millennium Parking Garages LLC 'BBB+' Debt Rating Affirmed Following Sponsors' Cash Injection; Outlook Negative
• Spirit AeroSystems Inc. Rating Lowered To 'B+' On Lower Boeing 737 MAX Deliveries, Outlook Stable
• Transplace Holdings Inc. Outlook Revised To Stable From Positive On Weaker Credit Metrics; Ratings Affirmed
• W&T Offshore Inc. Downgraded To 'SD' From 'CCC+' On Discounted Debt Repurchases

June 24, 2020 

• Carpenter Technology Corp. Outlook Revised To Negative From Stable, 'BBB-' Rating Affirmed
• Global Blue Downgraded To 'B' On Slow Recovery In International Travel; Placed On Watch Negative On Refinancing Risk
• GNC Holdings Inc. Downgraded To 'D' On Chapter 11 Bankruptcy Filing
• Muganbank OJSC Downgraded To 'CCC+/C' On Weakened Franchise Sustainability In The Current Downturn; Outlook Negative
• Spain-Based Education And Media Group Prisa Downgraded To 'CCC+' On Steep Leverage; Outlook Negative
• Stoneridge Inc. Downgraded To 'B+' From 'BB-' On Weaker Profitability Expectations; Outlook Negative
• Xylem Inc. Outlook Revised To Negative On Higher Expected Leverage; New Debt Rated
• Yankee Stadium LLC 'BBB' Ratings Remain On CreditWatch

June 23, 2020 

• Aspire Defence Finance SPUR Affirmed At 'A-'; Outlook Stable
• Boart Longyear Ltd. Rating Lowered To 'SD' From 'CC' On Secured Note Amendment; Secured Note Rating Lowered To 'D'
• Hunt Companies Inc. Outlook Revised To Negative On Potential For Higher Leverage; 'BB-' Ratings Affirmed
• Serta Simmons Bedding LLC Downgraded To 'SD' From 'CC' On Completion Of Distressed Debt Exchange
• State of Alagoas Outlook Revised To Negative From Stable On Higher Liquidity Pressure; 'BB-' Ratings Affirmed
• Summit Midstream Partners LP And Summit Midstream Partners Holdings LLC Downgraded On Distressed Debt Repurchase
• U.S.-Based Carnival Corp. Downgraded To 'BB-' From 'BBB-', Ratings Remain On CreditWatch Negative; New Debt Rated
• U.K.-Based Clarion Downgraded To 'CCC+' On Weaker Liquidity And Delays And Cancellations Of Shows; Outlook Negative

June 22, 2020 

• Beijing Automotive Group And BAIC Motor Ratings Lowered To 'BBB' On Elevated Leverage; Outlook Negative
• Mitsubishi Motors Downgraded To 'BB' On COVID-19 Pandemic; Outlook Negative
• Quality Distribution Inc. 'B-' Rating Affirmed, Outlook Revised To Negative On Leverage Levels
• Tunnel Hill Partners L.P. Downgraded To 'B-' On Expected Operating Weakness; Outlook Developing
• U.K.-Based Lender Amigo Loans Downgraded To 'CCC+' From 'B' On Business Instability; On Watch Developing
• Vornado Realty Trust Outlook Revised To Negative On Pressured Operating Performance And Expected Higher Leverage

June 19, 2020 

• Chesapeake Energy Corp. Downgraded To 'D' On Missed Interest Payment
• Fiji Outlook Revised To Negative On COVID-19-Induced Fiscal Deterioration; 'BB-/B' Ratings Affirmed
• Forming Machining Industries Holdings LLC Ratings Lowered To 'CCC+' On Coronavirus-Related Fallout; Outlook Negative
• French Auto Supplier Faurecia SE Downgraded To 'BB' As COVID-19 Weakens Deleveraging Prospects; Outlook Stable
• French Utility EDF Downgraded To 'BBB+' On Prolonged Operational Weakness, Lower Output Due To COVID-19; Outlook Stable
• Kantar Outlook Revised To Negative On Expected Negative Free Cash Flow, Slower Deleveraging; 'B' Rating Affirmed
• Louisville Arena Authority Inc. Notes Rating Lowered To 'BBB+' On Operational Disruptions; Remains On Watch Negative
• Pluto Acquisition I Inc. 'B-' Ratings Affirmed; Outlook Revised To Stable From Positive On Cash Flow Pressures
• Province of Mendoza Downgraded To 'SD' From 'CC' On Missed Interest Payment On Its 2024 Bond
• PT Chandra Asri Outlook Revised To Negative On Weakening Parent Credit Profile; Ratings Affirmed; SACP Lowered To 'b+'
• Raffinerie Heide GmbH Downgraded To 'CCC+' On Continued Weak Market Conditions; Outlook Stable
• Travelport Downgraded To 'CCC' On High Risk Of Debt Restructuring; Outlook Negative
• U.S. TelePacific Holdings Corp. Outlook Revised To Negative From Stable On Underperformance; 'B-' Rating Affirmed
• U.S.-Based GK Holdings Inc. Downgraded To 'D' On Missed Interest Payment

June 18, 2020 

• Dutch Retailer Hema Downgraded To 'CC' And Debt Ratings Lowered On Proposed Debt Restructuring; Outlook Negative
• Jo-Ann Stores LLC Downgraded To 'SD' On Distressed Repurchase; Debt Ratings Lowered To 'D'
• Joye Media SLU Downgraded To 'B-' On Increasing Leverage; Remains On CreditWatch Negative On Fragile Liquidity
• KAEFER Isoliertechnik Downgraded To 'B+' On Lower Oil & Gas Price And COVID-19 Fallout; Outlook Negative
• PT Modernland Realty Tbk. Downgraded To 'CCC' On Rising Refinancing Risk; Outlook Negative
• Terrier Media Buyer Inc. Outlook Revised To Negative From Stable On Lower Ad Spending, 'B' Rating Affirmed

June 17, 2020 

• Albea Beauty Holdings Rating Affirmed At 'B' On Sale Of Dispensing Segment; Outlook Negative
• Altisource Outlook Revised To Negative; 'B' Issuer Rating Affirmed; Senior Secured Notes Downgraded To 'B'
• FMC Corp. Outlook Revised To Stable From Positive; Ratings Affirmed
• Innovative Water Care Global Corp. Downgraded To 'CCC+' On Weak Operating Performance; Outlook Negative
• InterCement Brasil Downgraded To 'CCC' From 'B-' On Expected Higher Liquidity Pressures, Outlook Negative
• K&N Parent Inc. Downgraded To 'CCC' On Weaker Margins And Tightening Liquidity; Off CreditWatch; Outlook Negative
• Norwegian Oilfield Services Company PGS ASA Downgraded To 'CCC' On Unsustainable Capital Structure; Outlook Negative

June 16, 2020 

• Allianz Global Corporate & Specialty SE Outlook Revised To Negative On Challenged Performance; Affirmed At 'AA'
• BorgWarner Inc. Ratings Lowered To 'BBB', Off CreditWatch; Outlook Negative
• Ferrellgas Partners L.P. Downgraded To 'SD' On Missed Principal Payment And Forbearance Agreement On Unsecured Notes
• Germany-Headquartered Chemical Company Allnex Outlook Revised To Negative On Weaker Market Demand; Affirmed At 'B'
• IBC Capital Outlook Revised To Negative On Thinning Liquidity And Deteriorating Business Prospects; 'B' Rating Affirmed
• NOVA Chemicals Corp. Downgraded To 'BB-' From 'BB+' On Elevated Leverage; Outlook Negative
• Source Energy Services Ltd. Downgraded To 'D' From 'CCC-' On Missed Interest Payment
• Spanish Gaming Company Codere S.A. Downgraded To 'CCC-' On Heightened Default Risk; Outlook Negative
• U.S.-Based Small Engine Manufacturer Briggs & Stratton Corp. Downgraded To 'SD' On Missed Interest Payment

June 15, 2020 

• Calfrac Well Services Ltd. Downgraded To 'D' From 'CCC-' On Missed Interest Payment
• Carrier Global Corp. Outlook Revised To Negative On Weakened Demand, Delayed Leverage Reduction; 'BBB' Ratings Affirmed
• Christchurch International Airport Downgraded To 'BBB+' On Prolonged Traffic Recovery Amid COVID-19; Outlook Stable
• Embraer Downgraded To 'BB+' From 'BBB-' On Lower Aircraft Deliveries And Weaker Credit Metrics, Outlook Negative
• Integrated Marine Services Provider AI Mistral Holdco Downgraded To 'CCC+' On COVID-19-Related Headwinds; Outlook Stable
• Melbourne Airport Rating Lowered To 'BBB+' On Prolonged Traffic Recovery Due To COVID-19; Outlook Negative
• Playa Hotels & Resorts N.V. Downgraded To 'B-' On Disruption Stemming From The Coronavirus Pandemic, Outlook Negative
• Pyxus International Inc. Downgraded To 'D' From 'CCC-' On Announced Prepackaged Chapter 11 Bankruptcy Filing
• Town Sports International Holdings Inc. Downgraded To 'CC' On Consideration Of A Debt Restructuring Or Bankruptcy Filing
• U.S.-Based SM Energy Co. Downgraded To 'SD' From 'CC' On Distressed Exchange
• Wellington Airport Rating Lowered To 'BBB' As COVID-19 Severely Cuts Travel Demand; Outlook Negative

June 12, 2020 

• AVSC Holding Corp. Downgraded To 'CCC' On Expectation For A Liquidity Event In The Next 12 Months, Outlook Negative
• Companhia de Saneamento Basico do Estado de Sao Paulo Outlook Revised To Negative; 'BB-' Ratings Affirmed
• Dawn Acquisitions LLC Downgraded To 'B-' On Elevated Leverage And Weak Operating Performance; Outlook Negative
• Flynn Restaurant Group LP Downgraded To 'B-' On Lower Revenues From COVID-19 And Recession Impact; Outlook Negative
• Lands' End Inc. Downgraded To 'CCC' From 'B-' On Refinancing Concerns; Ratings On CreditWatch Developing
• PlayPower Holdings Inc. Downgraded To 'B-' On Higher Leverage Due To Recession; Outlook Negative
• Recess Holdings Inc. Downgraded To 'B-' On Higher Leverage Due To Recession; Outlook Negative
• Superior Plus Corp. Lowered To 'BB-' From 'BB' On Elevated Leverage; Outlook Stable
• Two Costa Rican State-Owned Banks Downgraded To 'B' From 'B+' On Similar Action On Sovereign; Outlook Still Negative

June 11, 2020 

• Altera Infrastructure L.P. Issuer Credit Rating Lowered To 'B' From 'B+' On Increased Recontracting Risk, Weaker Metrics
• Banijay Group SAS Ratings Lowered To 'B' From 'B+' On Weakening Metrics; Off Watch; Outlook Negative
• Beijing Haidian State-Owned Asset Investment Group Downgraded To 'BBB-' On Elevated Debt; Outlook Stable
• Clearwater Seafoods Inc. Downgraded To 'B' From 'B+' On COVID-19-Related Stress To Operating Performance
• Deutsche Bahn AG Downgraded To 'AA-' On Tight Headroom And COVID-19-Related Traffic Drop; Outlook Negative
• Hoover Group Inc. Downgraded To 'CCC-' On Increasing Likelihood Of A Default Or Restructuring; Outlook Negative
• Indian State Of Kerala Ratings Lowered To 'BB-/B' On Weakened Budgetary Indicators Amid COVID-19; Outlook Stable
• Japan-Based Casio Downgraded To 'BBB' On Slow Earnings Recovery; Outlook Stable
• JetBlue Airways Corp. Downgraded To 'B+' On Steep Travel Demand Drop; Off Watch; Outlook Negative; Term Loan Rated 'BB-'
• Missouri TopCo Downgraded To 'CCC-' On Industry Stress And Higher Distressed Exchange Risk; Outlook Negative
• Narita International Airport Downgraded To 'A' Due To COVID-19 Impact; Outlook Stable
• Nexeo Plastics Parent Inc. Downgraded To 'B-' On Higher Leverage Amid Macroeconomic Challenges; Outlook Stable
• W.R. Grace & Co. Outlook Revised To Negative On Potential For Weaker Credit Measures, Ratings Affirmed

June 10, 2020 

• Boardriders Inc. Rating Lowered To 'CCC+' From 'B-' On Expected Liquidity Shortfall; Outlook Negative
• France-Based Comexposium (Cassini SAS) Ratings Placed On CreditWatch Negative On Show Cancellations And Postponements
• Industrial Supplier DXP Enterprises Inc. Outlook Revised To Stable From Positive On Higher Leverage; Ratings Affirmed
• iQor Holdings Downgraded To 'CC' On Bridge Loan Containing Specific Default Language; Bridge Loan Rated 'CCC'
• Outlook On Japan's Okinawa Electric Revised Down To Stable Following Similar Action On Sovereign; Ratings Affirmed
• Outlook On Seven Bank Revised Down To Stable After Similar Action On Sovereign; Ratings Affirmed
• Outlooks On Six Japanese Insurers Revised Down To Stable Following Similar Action On Sovereign; Ratings Affirmed
• Outlooks On Three Japanese Local And Regional Governments Revised Down To Stable Following Similar Action On Sovereign
• RGIS Holdings LLC Downgraded To 'D' From 'CCC-' Following Missed Interest Payment On Debt

June 9, 2020 

• 21Vianet Rating Lowered To 'B' On Weakening Parental Support; Outlook Stable
• Aflac Inc. Outlook Revised To Stable From Positive, Ratings Affirmed After Revision Of Outlook On Japan
• Alaska Air Group Inc. Downgraded To 'BB-' On Steep Decline In Travel Demand Due To COVID-19, Outlook Negative
• Costa Rica Long-Term Ratings Lowered To 'B' On Policy Uncertainty Amid Worsening Public Finances; Outlook Negative
• Discovery Education PLC 'BBB+' Senior Debt Rating Outlook Revised To Negative
• German Chemicals Firm Oxea Holding Vier Downgraded To 'B' On Parent's Exposure To Oil Prices; Outlook Negative
• Inmar Inc. Downgraded To 'B-' On Higher-Than-Expected Leverage; Outlook Stable
• Outlooks On Four Uzbekistan-Based Financial Institutions Revised To Negative After Similar Action On Uzbekistan
• Outlooks On Six Japan Government-Related Entities Revised Down To Stable Following Similar Action On Sovereign
• Scandinavian Airline SAS AB Downgraded To 'CCC' On Potential Debt Restructuring; Rating Remains On CreditWatch Negative
• Serta Simmons Bedding LLC Rating Lowered To 'CC' On Distresed Debt Exchange Announcement; Outlook Negative
• Speedway Motorsports LLC Downgraded To 'BB-' From 'BB+' On COVID-19 Impact; Outlook Negative; Debt Ratings Lowered
• Telepizza Group Subsidiary, Foodco Bondco SAU, Downgraded To 'CCC-' On Debt Restructuring Risk; Outlook Negative
• Three Japanese Regional Banks, Shinsei Bank Downgraded After Sovereign Outlook Revised Down To Stable; Outlooks Stable
• Transjamaican Highway Limited Debt Rating Outlook Revised To Negative From Stable; 'B+' Rating Affirmed
• University Of Wollongong Outlook Revised To Negative On COVID-19 Disruption To Enrolments; 'AA/A-1+' Ratings Affirmed

June 8, 2020 

• Auris Luxembourg II S.a.r.l. (WS Audiology) Downgraded To 'B-' On Delayed Deleveraging Prospects; Outlook Stable
• Clear Channel Outdoor Holdings Outlook Revised To Negative On Cash Flow Pressures; Senior Unsecured Debt Rating Lowered
• Dynamic Precision Group Inc. Downgraded To 'CCC' On Elevated Refinancing Risk, Outlook Developing
• Guardian Industries Resources LLC Downgraded To 'A-' On Expectation Of Low Earnings; Outlook Stable
• Japan Outlook Revised To Stable On Increased Uncertainty Around Debt Stabilization; 'A+/A-1' Ratings Affirmed
• Omnitracs Holdings LLC Outlook Revised To Negative On Near-Term COVID-19 Risks; 'B' Ratings Affirmed
• Phoenix Services International LLC Outlook Revised To Negative On Weakening Profitability, Ratings Affirmed
• TUI AG Downgraded To 'CCC+' On Mounting Debt And Tight Liquidity; Outlook Negative

June 5, 2020 

• 24 Hour Fitness Worldwide Inc. Downgraded To 'D' From 'CCC+' On Missed Interest Payments On Senior Notes
• Channel Link Enterprises Finance 'BBB+' Ratings Put On CreditWatch Negative Due To COVID-19-Related Traffic Disruption
• City of Sofia Outlook Revised To Stable After Same Action On Bulgaria; 'BBB' Rating Affirmed
• Cumulus Media Inc. Outlook Revised To Negative On Expectation For Negative Cash Flow Because Of COVID-19
• Getlink Downgraded To 'BB-' From 'BB' On COVID-19-Related Traffic Disruption; Outlook Negative
• Hilton Grand Vacations Inc. Downgraded To 'BB' On Travel Decline; Debt Rating Actions Taken; Ratings On CreditWatch
• Outlook On Swedish City of Vasteras Revised To Negative; 'AAA' Ratings Affirmed
• Russia-Based Etalon LenSpetsSMU JSC Downgraded To 'B-' On Elevated Leverage At The Parent; Outlook Stable
• Russia-Based Leader Invest JSC Downgraded To 'B-' On Elevated Leverage At The Parent; Outlook Stable
• Stats Perform (Peak Jersey Holdco) Outlook Revised To Negative On Expected Slower Deleveraging; 'B-' Rating Affirmed
• Swedish Municipality of Sodertalje Outlook Revised To Negative; 'AA+/A-1+' Ratings Affirmed
• Uzbekistan Outlook Revised To Negative On Rising External Debt; 'BB-/B' Ratings Affirmed

June 4, 2020 

• Moog Inc. Outlook Revised To Negative On Weaker Credit Metrics Due To The Coronavirus Pandemic, Ratings Affirmed
• Queens Ballpark Co. LLC Downgraded To 'BB+' On Operational Disruptions From COVID-19; Ratings Remain On Watch Negative
• Royal Caribbean Placed On Watch Negative On Higher Expected Leverage And Uncertain Recovery, Guaranteed Notes Rated 'BB'
• Swissport Placed On CreditWatch Negative On Launching Consent Solicitation And Scheme Of Arrangement
• U.S.-Based Restaurant Operator California Pizza Kitchen Inc. Downgraded To 'D' On Missed Interest Payments

June 3, 2020 

• Accor S.A. 'BBB-' Rating Placed On CreditWatch Negative Given COVID-19's Expected Effect On Earnings And Credit Metrics
• AMC Entertainment Holdings Inc. Downgraded To 'CC' On Subordinated Notes Exchange Offer
• American Airlines Group Inc. Downgraded To 'B-' On Steep Demand Decline Due To The Coronavirus, Outlook Negative
• Galileo Global Education Finance Sarl Outlook Revised To Negative; 'B' Ratings Affirmed; Proposed Debt Rated
• InterContinental Hotels Group Downgraded To 'BBB-' As COVID-19 Further Weakens Its Credit Metrics; Outlook Negative
• JFK International Air Terminal LLC Downgraded To 'BBB' On COVID-19-Related Enplanement Decline; Outlook Negative
• PHM Netherlands Midco B.V. Downgraded To 'B-' From 'B' On Elevated Debt Leverage, Outlook Stable; Debt Ratings Lowered
• U.K.-Based Modular Leasing Company Algeco Outlook To Negative On COVID-19 Uncertainty; 'B-' Rating Affirmed
• Valaris PLC Downgraded To 'D' From 'CCC-' On Missed Interest Payments On Senior Notes

June 2, 2020 

• Apollo Global Management Inc. Downgraded To 'A-' On Projected Higher Leverage; Outlook Stable; New Issue Rated 'A-'
• Amadeus IT Group S.A. Rating Lowered To 'BBB-' As COVID-19 Impact Further Weakens Credit Metrics; Outlook Negative
• Austrian Distributed Power Provider Al Alpine AT Bidco On Watch Negative On Weaker Performance Prospects
• Briggs & Stratton Corp. Downgraded To 'CCC-' On Increasing Likelihood Of A Default Or Restructuring; Outlook Negative
• Bruin E&P Partners LLC Downgraded To 'CC' After Forbearance Extension, Failure To Make Borrowing Base Deficiency Payment
• Contura Energy Inc. Downgraded To 'CCC+' On Deteriorating Credit Measures And Weak Market Indicators; Outlook Negative
• Era Group Inc. Outlook Revised To Negative From Stable On Weaker Credit Metrics; Ratings Affirmed
• GMS Inc. Outlook Revised To Negative From Stable; 'BB-' Rating Affirmed
• Noble Corp. PLC Downgraded To 'SD' On Distressed Debt Repurchase
• PT Perusahaan Gas Negara 'BBB-' Ratings Placed On CreditWatch Negative; SACP Revised Down To 'bb'
• Tata Chemicals North America Inc. Downgraded To 'B' From 'B+' On Refinancing Risk, Weakened Earnings; Outlook Negative
• Triumph Group Inc. Downgraded To 'CCC+' On Reduced Demand Due To The Coronavirus Pandemic, Outlook Negative

June 1, 2020 

• Entravision Communications Corp. Downgraded To 'B' From 'B+' On Lower Ad Spending; Outlook Stable
• The Manitowoc Co. Inc. Outlook Revised To Negative On Weaker Expected Crane Demand, Ratings Affirmed
• The Mosaic Co. Outlook Revised To Negative From Stable; 'BBB-' Ratings Affirmed

May 29, 2020 

• Aerial Parent Corp. Outlook Revised To Negative On Weaker Operating And Financial Performance, Ratings Affirmed
• ASM Global Parent Inc. Downgraded To 'B' On Elevated Leverage Due To Coronavirus-Related Disruption, Outlook Negative
• BCP Renaissance Parent LLC Rating Lowered To 'B' On Heightened Counterparty Risk; Outlook Stable
• Bulgaria Outlook Revised To Stable From Positive On COVID-19-Related Risks; ‘BBB/A-2’ Ratings Affirmed
• Carlson Travel Inc. Downgraded To 'CCC' Due To Business Declines From COVID-19; Outlook Negative
• Education Provider Global University Systems 'B' Ratings Placed On CreditWatch Negative On COVID-19 Uncertainties
• French Technology Group Technicolor Downgraded To 'CCC-' On Plan To Raise Debt; Outlook Negative
• Japan's Shinsei Bank Outlook Revised To Negative As COVID-19 Weighs On Creditworthiness; 'BBB+/A-2' Ratings Affirmed
• Party City Holdings Inc. Downgraded To 'CC' From 'CCC+' On Announced Exchange Offer, Outlook Negative
• Propulsion Acquisition LLC Ratings Lowered To 'CCC+' On Coronavirus And Refinancing Risk; Outlook Negative
• Pure Fishing Downgraded To 'CCC+' On Revised Base Case Following First-Quarter Earnings; Outlook Negative
• Spain's Autonomous Community of Canary Islands Outlook Revised To Negative; 'A' Rating Affirmed
• Traverse Midstream Partners LLC Downgraded To 'B' On Counterparty Risk; Outlook Stable
• Welding Equipment And Medical Device Manufacturer Colfax Corp. Downgraded To 'BB'; Outlook Negative

May 28, 2020 

• AAR Corp. Rating Lowered To 'BB' On Longer Expected Impact From Coronavirus Pandemic; Outlook Negative
• Airbus SE Downgraded To 'A/A-1' On Lower Aircraft Demand And Weaker Credit Metrics; Outlook Negative
• AnaCap Financial Europe S.A. Downgraded To 'B' On Further Deterioration Of Its Financial Profile; Outlook Stable
• Argentine Real Estate Company IRSA Downgraded To 'CCC-' And Subsidiary To 'CCC' On Refinancing Risk, Outlook Negative
• Autolink Concessionaires (M6) PLC Outlook Revised To Stable Amid COVID-19-Related Traffic Decline; Ratings Affirmed
• Autoliv Inc. Ratings Lowered To 'BBB' On COVID-19 Impact; Outlook Stable
• Europcar Downgraded To 'CCC+' From 'B-' On COVID-19 Disruption And Potential Liquidity Pressure; Outlook Negative
• Genting Bhd. Downgraded To 'BBB', Resorts World Las Vegas To 'BBB-' On Slow Recovery Prospects; Outlook Negative
• nVent Electric plc Outlook Revised To Negative On Macroeconomic Headwinds; 'BBB-' Rating Affirmed
• Outlook On Shin Kong Financial Holding Group Units Revised To Negative On Rising Market Volatility; Ratings Affirmed
• Province of Alberta Outlook Revised To Negative On Impact of COVID-19 And Low Oil Prices
• Province of Newfoundland and Labrador Outlook Revised To Negative On Impact Of COVID-19 And Low Oil Prices
• Rolls-Royce PLC Downgraded To 'BB'; Outlook Negative
• Three Toyota-Affiliated Suppliers Downgraded Following Same Action On Toyota Motor; Outlooks Negative
• U.K.-Based William Hill PLC Downgraded To 'BB-' On COVID-19 Impact; Outlook Negative
• U.S.-Based YRC Worldwide Inc. Downgraded To 'CCC' On Anticipated Covenant Violation, Outlook Negative

May 27, 2020 

• ASG Technologies Group Inc. Downgraded To 'B-' On Weakened Credit Metrics And COVID-19 Risks; Outlook Stable
• CCF Holdings LLC Downgraded To 'CCC' On Potential Breach Of Covenants Due To Pandemic; Outlook Negative
• Dimora Brands Inc. Outlook Revised To Negative On Anticipated Elevated Leverage; 'B' Rating Affirmed
• France-Based Aerospace And Defense Company Thales Downgraded To 'BBB+' On Slower Deleveraging Prospects; Outlook Stable
• Investment Holding Company Exor Outlook Revised To Stable From Positive On COVID-19 Portfolio Impact; Affirmed At 'BBB+'
• Latam Airlines Group S.A. Ratings Lowered To 'D' On Chapter 11 Filing
• Russia-Based Petrochemical Producer Sibur Outlook Revised To Negative; Affirmed At 'BBB-'
• Toyota Tsusho And Reinsurance Unit Downgraded To 'A' After Similar Action On Toyota; Outlook Negative
• U.S.-Based Tupperware Brands Corp. Downgraded To 'CC' From 'CCC+' On Announced Tender Offer, Outlook Negative
• U.K.-Based Social Housing Provider Karbon Homes Ltd. Downgraded To 'A'; Outlook Stable

May 26, 2020 

• C&D Technologies Inc. Outlook Revised To Negative On Underperformance, Weaker Expected Cash Flow; 'B-' Rating Affirmed
• Municipality Of Vellinge Outlook Revised To Negative; 'AA+/A-1+' Ratings Affirmed
• Seminole Hard Rock Entertainment Inc. Rating Lowered To 'B+'; Outlook Negative
• Slovenia-Based Nova Ljubljanska Banka Outlook To Negative On Deepening COVID-19 Risks And Potential Acquisition
• WP/AV CH Holdings II (Avaloq) Outlook To Negative On COVID-19 Headwinds And High Exceptional Costs; 'B' Ratings Affirmed

May 25, 2020 

• Arch Resources Inc. Downgraded To 'B+' On Waning Coal Demand; Outlook Negative; Tax-Exempt Bond Rated 'BB-'
• Emerald X Inc. Downgraded To 'B' On Prolonged Increased Leverage; Ratings Remain On CreditWatch Negative
• GreenSky Holdings LLC Outlook Revised To Negative On High Execution Risks; 'B+' Rating Affirmed
• Latam Airlines Group Downgraded To 'CCC-' On Missed Payment And Restructuring Concerns, Still On CreditWatch Negative
• Mannington Mills Inc. Outlook Revised To Negative On Falling Demand Amid Recessionary Pressures; 'BB-' Rating Affirmed
• Odyssey Europe Holdco (Olympic Entertainment) Downgraded To 'CCC+' On COVID-19 Impact; Outlook Negative
• Outlook On Sharp Revised To Negative As COVID-19 Hobbles Recovery Momentum; 'BB-/B' Ratings Affirmed
• Travelex Holdings Ltd. Downgraded To 'SD' On Missed Interest Payment On Senior Secured Notes
• Trinity Industries Inc. Downgraded To 'BB+' From 'BBB-' On Lower Rail Volume; Outlook Stable

May 22 

• Russian Region Krasnoyarsk Krai Outlook Revised To Negative On Weaker Economic Conditions; 'BB' Rating Affirmed
• Transport for London Downgraded To 'A+/A-1' On Lower Ridership And Rising Debt; Outlook Negative

May 21, 2020 

• Allegiant Travel Co. Downgraded To 'B' On Reduced Travel; Rating Off CreditWatch; Outlook Negative
• Centennial Resource Development Inc. Downgraded To 'SD' on Unsecured Note Exchange
• EmployBridge Holding Co. Downgraded To 'B-' On Increased Leverage Due To Coronavirus-Related Disruption, Outlook Stable
• EuroChem Group Off Watch Positive On Weaker Earnings; Outlook Positive On Deleveraging Potential; 'BB-' Ratings Affirmed
• Grupo Unicomer Corp. 'BB-' Ratings Placed On CreditWatch Negative On COVID-19 Hit To Operations
• Guitar Center Inc. Downgraded To 'SD' On Exchange Of Senior Unsecured Notes Resulting in Non-Payment of Cash Interest
• Jonah Energy LLC Ratings Lowered To 'CCC-' On Borrowing Base Deficiency; Outlook Negative
• Mexican Airline Grupo Aeromexico Downgraded To 'B-' And Off Watch On Weakening Metrics And Liquidity, Outlook Negative
• Outlooks On CVR Energy Inc. And Its Subsidiaries Revised To Negative On Weak Refining Conditions; Ratings Affirmed
• Province of Jujuy Downgraded To 'CCC-' From 'CCC+' On Intensifying Liquidity Pressure, Outlook Negative
• Travel Leaders Group LLC Issuer Credit Rating Lowered To 'B-'; Ratings Remain On CreditWatch Negative
• U.S.-Based Akorn Inc. Downgraded To 'D' From 'CC' On Chapter 11 Bankruptcy Filing
• WCA Waste Corp. Outlook Revised To Negative On Likelihood Of Lower Volumes; 'B+' Rating Affirmed

May 20, 2020 

• Air Canada Downgraded To 'BB-' From 'BB' And Remains On CreditWatch Negative On COVID-19 Uncertainty
• Bulldog Purchaser Inc. Downgraded To 'CCC+' On Coronavirus Impact; Outlook Negative
• Chilean Conglomerate Empresas Copec S.A. Downgraded To 'BBB-' From 'BBB' On Higher Leverage, Outlook Stable
• CNG Holdings Inc. Outlook Revised To Negative From Stable On Impact Of COVID-19; 'B' Ratings Affirmed
• DFCC Bank Downgraded To 'B-' From 'B' Following Similar Action On The Sovereign; Outlook Stable
• Downstream Development Authority Downgraded To 'SD' From 'CCC' On Term Loan Modification
• Equinox Holdings Inc. Downgraded To 'SD' From 'CCC' On Amendment To Defer Affiliate Guarantee Payment
• Germany-Based Wind Turbine Manufacturer Nordex SE Downgraded To 'B-' On COVID-19 Impact; Outlook Stable
• Groupe Ecore Holding Downgraded to 'CCC+' On COVID-19 Disruption, Unsustainable Capital Structure; Outlook Stable
• Honda Motor Downgraded To 'A-/A-2' As COVID-19 Dims Earnings Prospects; Outlook Negative
• Kazakhstan-Based Fincraft Group LLP Outlook Revised To Negative On Macroeconomic Risks; 'B/B' Ratings Affirmed
• MED ParentCo L.P. Rating Lowered To 'B-' From 'B' On Business Disruption From COVID-19; Outlook Negative
• Peruvian Port Paita Outlook Revised To Negative On Weakening Industry Conditions, 'BB+' Debt Rating Affirmed
• Service Properties Trust Rating Lowered To 'BB' On Operating Pressure, Bonds To 'BB+'; Outlook Negative
• Six European Airlines Downgraded As COVID-19 Impact Erodes Credit Metrics; Majority Still On Watch Negative
• Sri Lanka Rating Lowered To 'B-' On COVID-19-Induced Fiscal Deterioration; Outlook Stable
• Timken Co. Downgraded To 'BBB-' On Reduced Sales Volume; Outlook Negative
• Toyota Motor Downgraded To 'A+' On Adverse Effects Of COVID-19, Outlook Negative; 'A-1+' Short-Term Ratings Affirmed
• TRC Cos. Inc. Outlook Revised To Negative, 'B' Ratings Affirmed On Expectation For Lower Demand
• WestJet Airlines Ltd. Downgraded To 'B-' From 'B' And Kept On CreditWatch Negative On COVID-19 Uncertainty

May 19, 2020 

• Adler Pelzer Holding GmbH Downgraded To 'CCC+' On COVID-19-Related Liquidity And Cash Flow Risks; Outlook Stable
• Aeropuertos Argentina S.A. 2000 Credit Rating Cut To 'SD' And Debt Rating To 'D' On Completion Of Exchange
• Gardner Denver Inc. Outlook Revised To Negative On Macroeconomic Headwinds; 'BB+' Rating Affirmed
• German Value Retailer Takko Downgraded To 'SD' From 'CCC+' Following Missed Interest Payment
• LBM Borrower LLC Outlook Revised To Negative On Reduced New Home Purchases And Slowed Construction; Ratings Affirmed
• Mexican Petrochemicals Producer Braskem Idesa Downgraded To 'B+' From 'BB-' On Higher Leverage Metrics, Outlook Negative
• Netherlands-Based Schoeller Packaging B.V. Downgraded to 'B-' On Weak Cash Flow Generation Prospects; Outlook Negative
• Outlook On French Tire Manufacturer Michelin To Negative On Subdued Demand Amid COVID-19; 'A-' Rating Affirmed
• Seven Finnish Banks Outlooks Revised To Negative On Deepening COVID-19 Downside Risks
• Various Actions Taken On Japanese Regional Banks We Rate As COVID-19 Pressure Worsens Already Harsh Conditions

May 18, 2020 

• Brazilian Airline Azul S.A. Downgraded To 'CCC+' And 'brBB-' On Ailing Capital Structure, Outlook Negative
• Coruripe Downgraded To 'CCC' On Higher Risk Of Debt Restructure, Off CreditWatch; Outlook Negative
• Crestwood Equity Partners L.P. Outlook Revised To Negative From Stable On Stressed Credit Metrics; Ratings Affirmed
• J.B. Poindexter & Co. Inc. Downgraded To 'B+' On Expected Higher Leverage Amid Recessionary Pressures; Outlook Negative
• Johnson Controls International PLC Outlook To Negative On Lower Growth Prospects; 'BBB+/A-2' Ratings Affirmed
• Mexarrend Downgraded To 'B' From 'B+' And To 'mxBB+/mxB' From 'mxBBB-/mxA-3' On Weaker Capital Buffers, Outlook Stable
• Parent Of Health And Wellness Retailer Holland & Barrett Downgraded To 'CCC+' On COVID-19 Disruption; Outlook Stable
• Renfro Corp. Ratings Lowered To 'CCC-' On Heightened Refinancing Risk; Outlook Negative
• U.S.-Based Commercial Printer Quad/Graphics Inc. Downgraded To 'B' On Elevated Leverage, Outlook Stable
• Various Actions Taken On Japanese Regional Banks We Rate As COVID-19 Pressure Worsens Already Harsh Conditions
• Zheneng Jinjiang Environment Outlook Revised To Stable On Weakened Financial Leverage; 'BB-' Rating Affirmed

May 15, 2020 

• Access CIG, LLC's Outlook Revised To Negative On Higher Leverage And COVID-19 Headwinds, Ratings Affirmed
• Advanced Integration Technology Downgraded To 'B' On Weak Credit Metrics; Outlook Negative
• Austrian Utility EVN Outlook Revised To Negative On Revision Of Lower Austria Outlook; Affirmed At 'A'
• Bloomin' Brands Inc. Downgraded To 'B+' On Coronavirus Pressure; Outlook Negative
• CoreCivic Inc. Outlook Revised To Negative On Weakened Industry Conditions; 'BB' Ratings Affirmed
• Deer Park Refining L.P. Outlook Revised To Negative On Elevated Credit Metrics; 'BBB+' Rating Affirmed
• Dutch Car Park Operator Q-Park Holding I BV Outlook Revised To Negative On COVID-19 Disruption, 'BB-' Ratings Affirmed
• Engineered Services Company Wilsonart LLC Outlook Revised To Negative On Weak End-Market Demand; 'B+' Rating Affirmed
• Extraction Oil & Gas Inc. Downgraded To 'D' From 'CC' On Missed Interest Payment
• Forum Energy Technologies Inc. Downgraded To 'SD' On Distressed Exchange
• Franklin Resources Ratings Lowered To 'A' On Continued Net Outflows And Projected Lower Cash; Outlook Remains Stable
• French Department of Gironde Outlook Revised To Negative On Mounting Debt; ‘AA-/A-1+’ Ratings Affirmed
• Global Luxury Goods Company Richemont Outlook Revised To Negative On Weakening Credit Metrics; Affirmed At 'A+'
• Highline Aftermarket Acquisition LLC Outlook Revised To Negative On COVID-19-Related Concerns; 'B' Rating Affirmed
• Latam Airlines Downgraded To 'CCC+' On Tight Liquidity And Unsustainable Capital Structure, Still On Watch Negative
• MAI Holdings Inc. Downgraded To 'CCC-' On COVID-19 Related Disruptions, Heightened Restructuring Risk; Outlook Negative
• Metro AG Outlook Revised To Negative On COVID-19-Related Sales Decline; 'BBB-' Ratings Affirmed
• Oil And Gas Producer Gran Tierra Energy Downgraded To 'CCC+' From 'B' And Placed On Watch Negative On Weaker Liquidity
• PartnerRe Ltd. Outlook Revised To Stable From Positive Following Termination Of Acquisition By Covea; Ratings Affirmed
• Province of Buenos Aires Credit Rating Lowered To 'SD' From 'CC' On Missed Payment
• Province of Manitoba Outlook Revised To Stable From Positive On Recession's Impact; 'A+' Ratings Affirmed
• Province of Prince Edward Island Outlook Revised To Stable From Positive On COVID-19 Effects, 'A' Ratings Affirmed
• Societe Generale Outlook To Negative On Profitability Challenges; Ratings Affirmed; Hybrid And Sub Debt Downgraded
• TMX Finance LLC Outlook Revised To Stable From Positive, 'B-' Ratings Affirmed Due To Impact Of COVID-19 Pandemic
• U.K.-Based Education Publisher Pearson Downgraded To 'BBB-' On Weakening Performance And Credit Metrics; Outlook Stable
• WWEX UNI Intermediate Holdings LLC Ratings Affirmed; Outlook Revised To Negative From Stable On Weakened Earnings

May 14, 2020 

• Autovia del Noroeste Concesionaria de la Comunidad Autonoma de la Region de Murcia Debt Rating Affirmed, Then Withdrawn
• ENA Norte Trust Rating Cut To 'BB+' On Expected Higher Costs And Sluggish Traffic Recovery, Still On Watch Negative
• ENA Sur Trust Rating Cut To 'B+' On Sluggish Traffic Recovery And Expected Higher Costs; Still On Watch Negative
• Fluor Corp. Outlook Revised To Negative On Recession, COVID-19, And Oil Price Pressures; Ratings Affirmed
• French Car Park Operator Indigo Group Downgraded To 'BBB-' On COVID-19 Volumes Drop; Outlook Negative
• Industrial Service Provider Bilfinger SE Downgraded To 'BB-' On Oil Price Decline, COVID-19 Impact; Outlook Stable
• Infopro Digital Group Downgraded To 'B-' On COVID-19-Related Deleveraging Constraints, Refinancing Risk; Outlook Stable
• MEIF 5 Arena Holdings SLU Downgraded To 'BB-' On Likely Slower Deleveraging Amid COVID-19 Disruption; Outlook Negative
• Nabors Industries Ltd. Downgraded To 'CCC+' On Weak Market Conditions; Outlook Negative; Debt Ratings Also Lowered
• National CineMedia Inc. Downgraded To 'B' On Increased Leverage Due To Coronavirus; Outlook Negative
• Province of British Columbia Outlook Revised To Negative From Stable On Potential Fiscal Weakening
• Stoneridge Inc. Downgraded To 'BB-' On Weakening Credit Metrics; Outlook Stable
• The GEO Group Inc. Outlook Revised To Negative On Weakend Industry Conditions; Ratings Affirmed

May 13, 2020 

• Boyd Gaming Corp. Downgraded To 'B' On Elevated Leverage Due To The Pandemic, Outlook Negative; Proposed Notes Rated
• Boyne USA Inc. Outlook Revised To Negative On Pandemic- And Recession-Related Weakness; Ratings Affirmed
• Dover Corp. Outlook Revised To Negative On Expected Spike In Leverage Due To Recession Pressures; 'BBB+' Rating Affirmed
• HSBC Holdings Ratings Lowered To 'A-/A-2' On Muted Earnings Prospects And Extensive Restructuring; Outlook Stable
• International Brewer Anheuser-Busch InBev Downgraded To 'BBB+' On Weaker Deleveraging Prospects; Outlook Negative
• James Hardie International Group Ltd. Outlook Revised To Negative From Stable; 'BB' Rating Affirmed
• Live Nation Entertainment Inc. Downgraded To 'B+', Outlook Negative; Proposed Senior Secured Notes Rated 'BB-'
• Navient Corp. Outlook Revised To Negative On Likely Deterioration In Asset Quality Due To COVID-19; Ratings Affirmed
• Outerstuff LLC Rating Lowered To 'SD' On Missed Payment And Forbearance Agreement; Term Loan Rating Lowered To 'D'
• Outlook On Iron Mountain Inc. Revised To Negative On Higher Leverage And Liquidity Risks; 'BB-' Rating Affirmed
• TAMKO Building Products LLC 'BB-' Ratings Affirmed, Outlook Negative On Lower Demand
• Telepizza Group Subsidiary, Foodco Bondco SAU, Downgraded To 'CCC+' On COVID-19 Uncertainty; Outlook Negative
• The Brink's Co. Downgraded To 'BB' On COVID-19-Related Business Disruption And Delayed Deleveraging; Outlook Stable
• The Goodyear Tire & Rubber Co.'s Senior Unsecured Notes Rated 'B+' (Recovery: '4'), All Ratings Placed On Watch Negative
• U.S.-Based Cooper Tire & Rubber Co. Downgraded To 'BB-' On Risks Stemming From The Coronavirus Pandemic, Outlook Stable
• Vision Banco S.A.E.C.A. Outlook Revised To Stable From Positive On Pandemic-Induced Uncertainty, 'B' Ratings Affirmed

May 12, 2020 

• ACCO Brands Corp. Downgraded To ‘BB-’ Due To Macroeconomic Headwinds Resulting In Expected Elevated Leverage
• CPG Intermediate LLC Rating Lowered To 'B-' From 'B' On Recession; Outlook Stable
• Credivalores Outlook Revised To Negative On Weaker Operating Prospects Amid Economic Fallout, 'B/B' Ratings Affirmed
• Energy Transfer L.P. Outlook Revised To Negative From Stable On Weaker Demand, Growth Prospects; 'BBB-' Rating Affirmed
• EyeCare Partners LLC Outlook Revised To Negative On Lower Cash Flow Due To The Coronavirus Pandemic; Ratings Affirmed
• Fieldwood Energy LLC Downgraded To 'D' On Missed Interest Payment; Debt Ratings Also Lowered
• Flowserve Corp. Outlook Revised To Negative on Energy And Macroeconomic Headwinds; 'BBB-' Rating Affirmed
• LGT Bank Outlook Revised To Stable From Positive Amid COVID-19 Related Economic Downturn; 'A+/A-1' Ratings Affirmed
• Novomatic AG Outlook Revised To Negative On COVID-19-Related Business Disruption; 'BB+' Ratings Affirmed
• Olin Corp. Downgraded To 'BB-', Outlook Negative; Secured Debt Ratings Raised
• PLZ Aeroscience Corp. Outlook Revised To Negative On Weaker-Than-Expected Credit Measures, 'B' ICR Affirmed
• Rating Actions Taken On Various Corporate And Infrastructure Issuers Following Downgrade Of South Africa
• Revlon Inc. Rating Lowered To 'SD' On Completion Of 2016 Term Loan Refinancing Transaction
• Viking Cruises Ltd. Downgraded To 'B-'; New Senior Secured Notes Rated 'B-'; Outlook Negative

May 11, 2020 

• Alterra Mountain Co. Outlook Revised To Negative On Pandemic And Recession-Related Weakness; Ratings Affirmed
• Avianca Holdings S.A. Ratings Cut To 'D' On Chapter 11 Bankruptcy Filing
• AXIS Capital Holdings Ltd. Outlook Revised To Negative From Stable On Continued Underperformance; 'A+' Ratings Affirmed
• Brazilian Telecom Operator Oi S.A. Ratings Lowered To 'B-' From 'B' On Weaker Credit Metrics; Outlook Negative
• Callon Petroleum Co. Downgraded To 'CC' On Announced Exchange; Outlook Negative
• Four Argentine Provinces And City of Buenos Aires Downgraded On Tighter Foreign Exchange Controls And Liquidity Pressure
• Glass Mountain Pipeline LLC Downgraded To 'CCC' From 'B-' On Sharply Lower Volumes; Outlook Negative
• MEDNAX Inc. Downgraded To 'B+' On Sale Of Anesthesia Business; Outlook Stable
• Ventas Inc. Outlook Revised To Negative From Stable On Deteriorating Operating Performance From COVID-19
• Welltower Inc. Outlook Revised To Negative On Deteriorating Operating Results Related To COVID-19; Ratings Affirmed
• WW International Inc. Outlook Revised To Negative On Weaker Performance Due To COVID-19 Fallout; Ratings Affirmed

May 8, 2020 

• American Greetings Corp. Outlook Revised To Negative On Lower Expected Demand; 'B' Issuer Credit Rating Affirmed
• Argentine Banks Downgraded On Tighter Controls On Foreign Exchange Markets, Outlook Remains Negative
• CF Industries Inc. 'BB+' Rating Affirmed, Outlook Revised To Stable From Positive
• Credit Acceptance Corp. Outlook Revised To Negative On Likely Deterioration In Asset Quality; 'BB' Ratings Affirmed
• DiversiTech Holdings Outlook Revised To Negative On Expected Weakening Credit Metrics; ‘B’ Rating Affirmed
• Eurotorg Outlook Revised To Stable From Positive On COVID-19-Related Currency Risks; 'B-/B' Ratings Affirmed
• Fortive Corp. Outlook Revised To Negative On Higher-Than-Expected Leverage Due To The Coronavirus Pandemic, ICR Affirmed
• German Car Park Operator APCOA Parking Holdings GmbH Downgraded To 'B' On Weaker Credit Metric Prospects; Outlook Stable
• Mohegan Tribal Gaming Authority And Mohegan Tribal Finance Authority Downgraded To 'CCC+', Outlook Negative
• Nine Argentine Corporations Downgraded To 'CCC+' On Higher Transfer And Convertibility Risks, Outlook Still Negative
• Oxbow Carbon LLC Downgraded To 'B+' On Declining Sales Volumes, Outlook Negative
• Petra Diamonds Downgraded To 'D' On Missed Interest Payment
• Raytheon Technologies Corp. Outlook Revised To Negative From Stable On Coronavirus Impact; Ratings Affirmed
• Red Ventures Holdco LP Downgraded To 'B+', Outlook Negative On Expected Pressure From COVID-19 Pandemic
• Standard Industries Inc. Outlook Revised To Negative, 'BBB-' Rating Affirmed
• Staples Inc. Downgraded To 'B' From 'B+' On Elevated Leverage Due To Coronavirus-Related Headwinds, Outlook Negative
• Timber And Wood Products Company Weyerhaeuser Downgraded To 'BBB-' On Higher Leverage Amid Construction Slowdown
• Townsquare Media Inc. Outlook Revised To Negative From Stable; Rating Affirmed
• Tribe Buyer LLC Downgraded To 'CCC+' On COVID-19 Disruption, Potential Covenant Breach; Outlook Negative
• U.K.-Based Gaming And Software Company Playtech Downgraded To 'BB-'; Outlook Negative
• United Parcel Service Inc. Downgraded To 'A-'; Outlook Negative
• Valvoline Inc. Outlook Revised To Negative; 'BB' Issuer Credit Rating Affirmed
• Waste Pro USA Inc. Downgraded To 'B' On Higher Leverage, Reduced Covenant Cushion; Ratings On Watch Negative
• Xignux Downgraded To 'BB' On Global Scale And To 'mxA+/mxA-1' On National Scale Amid Coronavirus, Outlook Stable

May 7, 2020 

• BWP Issuer's Senior Debt 'BBB-' SPUR Affirmed Despite Spread Of COVID-19; Outlook Stable
• Extended Stay America Inc. Rating Lowered To 'B+' From 'BB-' On Coronavirus-Related Travel Downturn; Outlook Negative
• Hertz Global Holdings Downgraded To 'SD' On Delayed Lease Payments To Asset-Backed Vehicle Debt, Issue Ratings Affirmed
• Ithaca Energy Downgraded To 'CCC+' On Further Weakening Of Parent's Creditworthiness; Placed On CreditWatch Developing
• Loancore Capital Markets LLC Downgraded To 'B' On Asset Write-Downs; Ratings Placed On CreditWatch Negative
• Maxim Crane Works Holdings Capital LLC Downgraded To 'B-' On Expectation Of Weaker Demand; Outlook Negative
• nThrive Inc. Downgraded To 'CCC+' On Economic Fallout From COVID-19 Pandemic; Outlook Negative
• PBF Holding Co. LLC, PBF Logistics L.P. Outlooks Revised To Negative On Elevated Leverage; Ratings Affirmed
• Realogy Group Downgraded To ‘B’ On Possible Negative Free Cash Flow From COVID-19-Related Disruptions; Outlook Negative
• Swiss Specialty Chemicals Producer Archroma Outlook To Negative On Weaker Earnings Amid COVID-19; 'B' Rating Affirmed
• Various Rating Actions Taken On South African Banks Following Sovereign Downgrade

May 6, 2020 

• CityCenter Holdings LLC Issuer Credit Rating Lowered To 'B'; Outlook Negative
• Dealer Tire LLC Outlook Revised To Negative From Stable On Weaker Expected Demand; 'B-' Rating Affirmed
• DexKo Global Inc. Downgraded To 'B-' On Expected Weaker Demand; Outlook Negative
• Israel Discount Bank Ltd. And Discount Bank of New York Outlooks Revised To Stable; Ratings Affirmed
• Jill Acquisition LLC Downgraded To 'CCC-' From 'CCC+' On Coronavirus Disruption, Restructuring Risk; Outlook Negative
• Kiwibank Ltd. Outlook Revised To Stable From Positive; 'A/A-1' Ratings Affirmed
• Marriott Vacations Worldwide Corp. Downgraded To 'BB-', Outlook Negative; New Senior Secured Notes Rated 'BB'
• Meritor Inc. 'BB' Issuer Credit Rating Affirmed; Outlook Revised To Negative On Declining 2020 Industry Truck Volumes
• Ratings On Three Tunisian Banks Lowered On Expected Weakening Financial Profiles
• Rikshem Downgraded To 'BBB+' On Change In Criteria Application; Outlook Stable
• State of Lower Austria Outlook Revised To Negative; 'AA/A-1+' Ratings Affirmed
• USIC Holdings Inc. Outlook Revised To Negative From Stable On Construction Slowdown; 'B-' Rating Affirmed
• Visual Comfort & Co. Outlook Revised To Negative On Weaker Housing Market Forecast; 'B' Ratings Affirmed

May 5, 2020 

• Aeropuertos Dominicanos Siglo Downgraded To 'B+' On Deteriorating Passenger Traffic And Cash Flows, Outlook Negative
• Avianca Downgraded To 'CCC-' And Remains On CreditWatch Negative Amid Tightening Liquidity And Upcoming Debt Maturities
• Commercial Vehicle Group Inc. Outlook Revised To Negative From Stable On Lower Demand; 'B' Rating Affirmed
• Core & Main L.P. Downgraded To 'B' From 'B+' Due To Weaker Volumes; Outlook Stable; Debt Ratings Also Lowered
• CountyRoute (A130) PLC Senior And Junior Debt Downgraded As COVID-19 Containment Measures Hit Traffic; Outlook Negative
• Ezdan Holding Group Q.S.C. Rating Lowered To 'B-' And Placed On CreditWatch Negative On Refinancing Risks
• Filtration Group Corp. Outlook Revised To Negative On Expected Auto, Industrial Demand Headwinds
• Gates Global LLC Outlook Revised To Negative On Global Economic Downturn; 'B+' Rating Affirmed
• Italy-Based Sisal Group Downgraded To 'B' On COVID-19 Impact; Outlook Negative
• Leggett & Platt Inc. Downgraded To 'BBB-' From 'BBB', Outlook Stable; Short-Term Rating Lowered
• Odyssey Logistics And Technology Corp. Downgraded To 'B-'; Outlook Stable
• Orthopedic Implants Manufacturer Exactech Inc. Downgraded To 'CCC+', Ratings On Watch Negative
• Samvardhana Motherson Automotive Systems Group B.V. Downgraded To 'BB' On Weaker Earnings Due To COVID-19 Effects
• Spain-Based Haya Real Estate Outlook To Negative As COVID-19 Containment Measures Are Likely To Limit Covenant Headroom
• TNS Inc. Outlook Revised To Negative On Potential Economic Impact From The Coronavirus; Ratings Affirmed
• UTAC Downgraded To 'B-' On Economic Weakness From COVID-19; Outlook Stable

May 4, 2020 

• Bombardier Recreational Products Inc. Downgraded To 'BB-' From 'BB' On COVID-19 And Macroeconomic Headwinds
• BVI Holdings Mayfair Ltd. Outlook Revised To Negative On Headwinds Related To The Coronavirus Pandemic, Ratings Affirmed
• CAA Holdings LLC Downgraded To 'B' Due To The COVID-19 Outbreak's Effects On Live Events And Productions, Outlook Stable
• Drawbridge Special Opportunities Fund L.P. Outlook Revised To Negative On Expected Weaker Investment Performance
• FirstGroup Outlook To Negative On Slump In Demand For Transport Services Due To COVID-19; 'BBB-' Ratings Affirmed
• IBG LLC Outlook Revised To Stable From Positive On COVID-19 Headwinds; Ratings Affirmed
• Italy-Based Gamenet Group S.p.A. Downgraded To 'B' On Apollo Acquisition And COVID-19 Effects; Outlook Negative
• J. Crew Group Inc. Downgraded To 'D' On Announced Commencement Of Prearranged Chapter 11 Bankruptcy Proceedings
• Lithia Motors Inc. Outlook Revised To Negative Due To COVID-19 Pandemic Risks
• Outlooks On 13 U.S. Banks Revised To Negative Due To Economic Downturn From COVID-19
• Ping An Property & Casualty Insurance Co. of China Ltd. Outlook Revised To Negative; Ratings Affirmed At 'A-'
• Pipe and Valve Supplier MRC Global (US) Inc. Downgraded To 'B-'; Outlook Negative
• Stagecoach Group Outlook Revised To Negative On Sharp Drop In Passenger Volumes Due To COVID-19; 'BBB-' Ratings Affirmed
• Starbucks Corp. Outlook Revised To Negative On COVID-19 Pressure; New Debt Rated
• Swedish Capital Goods Company Assa Abloy Outlook Revised To Negative On Weaker Operating Conditions; Affirmed At 'A-'
• Various South Africa-Based Insurers Downgraded Following Sovereign Downgrade; National Scale Ratings Affirmed
• Westinghouse Air Brake Technologies Corp. Downgraded To ‘BBB-’ On Higher Expected Leverage; Outlook Is Negative

May 1, 2020 

• ACProducts Inc. Outlook Revised To Negative From Stable On Decreased Consumer Spending; Ratings Affirmed
• American Woodmark Corp. Outlook Revised To Negative On Weakened Demand From Recessionary Pressures; 'BB' Rating Affirmed
• Arbor Pharmaceuticals Inc. Downgraded To 'B-' On Higher Leverage, Weaker Business; Outlook Negative
• Bosnia and Herzegovina Outlook Revised To Stable On Economic Fallout Of COVID-19 Pandemic; 'B' Ratings Affirmed
• British Columbia Ferry Services Inc. Outlook Revised To Negative From Stable; 'AA-' Ratings Affirmed
• Chemical Company Ferro Corp. Downgraded To 'B+' Amid Macroeconomic Uncertainty, Reduced Demand; Outlook Negative
• Chesapeake Energy Corp. Issuer Credit Rating Lowered To 'CC' On Likely Default; Outlook Negative
• City of Rome Outlook Revised To Negative; 'BBB-' Rating Affirmed
• Compass Group Diversified Holdings LLC Outlook Revised To Negative On Increasing Financial Risk; 'B+' Rating Affirmed
• Datto Inc. Outlook Revised To Negative From Stable; 'B' Issuer Credit Rating Affirmed
• Ducommun Inc. Downgraded To 'B+' On Weaker Credit Metrics Due To Lower Aircraft Production Rates; Outlook Stable
• Eldorado Resorts Inc. Issuer Credit Rating Lowered To 'B' On Uncertain Recovery; On CreditWatch Negative
• Euronet Worldwide Inc. Outlook Revised To Negative On COVID-19 Impact; 'BBB' Ratings Affirmed
• EVO Payments International LLC Outlook Revised To Negative On Expected Revenue Decline; Ratings Affirmed
• Evoqua Water Technologies Corp. Outlook Revised To Stable From Positive On Expected Softer Demand And Profitability
• Ghana Outlook Revised To Negative On Rising Fiscal And External Pressures; 'B/B' Ratings Affirmed
• HR Company Alight Solutions Outlook Revised To Negative On Expected Earnings Weakness, High Leverage; Ratings Affirmed
• Japan-Based Universal Entertainment Downgraded To 'B+' On COVID-19 And Removed From Watch Negative; Outlook Negative
• Mobilux 2 S.A.S. Outlook Revised To Negative Due To COVID-19's Adverse Effects On Retail; Ratings Affirmed
• Montenegro Outlook Revised To Negative On Rising Economic And Fiscal Risks From COVID-19 Pandemic; Affirmed At 'B+/B'
• Mountain Province Diamonds Inc. Downgraded To 'CCC-' From 'CCC+' On Heightened Default Risk; Outlook Negative
• Nissan Motor Long-Term Ratings Lowered To 'BBB' As COVID-19 Dims Earnings Prospects; Ratings Remain On Watch Negative
• Nordea Bank Abp Outlook Revised To Negative On Headwinds To Strategy Execution Amid COVID-19 Outbreak; Ratings Affirmed
• Nordic Materials Distributor Quimper (Ahlsell) Outlook Revised To Negative On Likely Weaker Demand; 'B' Rating Affirmed
• Personal Luxury Goods Manufacturer LVMH Outlook Revised To Negative On Weakening In Credit Metrics; Ratings Affirmed
• Province of Entre Rios Downgraded To 'CCC' From 'B-' On Rising Liquidity Pressures, Outlook Is Negative
• PT Alam Sutera Realty Tbk. Downgraded To 'CCC+' On Heightened Refinancing Risk; Outlook Negative
• Serbia Outlook Revised To Stable From Positive On Economic Fallout Related To COVID-19; 'BB+/B' Ratings Affirmed
• SM Energy Co. Downgraded To 'CC' On Distressed Exchange; Outlook Negative
• Spanish Gaming Company Codere Downgraded To 'CCC' From 'CCC+' On Heightened Default Risk; Outlook Negative
• Sweden-Based Securitas AB Outlook Revised To Stable From Positive On COVID-19 Impact; Affirmed At 'BBB/A-2'
• U.S.-Based Caesars Entertainment Corp. Downgraded To 'B' On Elevated Leverage, Ratings Remain On CreditWatch Negative
• U.S.-Based Crown Holdings Inc. Outlook Revised To Negative On Lower Expected Global Demand, Ratings Affirmed
• U.S.-Based GC EOS Buyer Inc. Downgraded To 'CCC+' On Elevated Leverage And Tightening Liquidity, Outlook Negative
• U.K.-Based EG Group Ltd. Downgraded To 'B-' On Expected Slower Deleveraging Amid COVID-19 Disruption; Outlook Stable
• Vehicle Manufacturer Oshkosh Corp. Outlook Revised To Negative On Weaker Aerial Equipment Demand; Ratings Affirmed
• Verra Mobility Corp. Outlook Revised To Negative From Stable On Slower-Than-Expected Recovery; 'B+' Rating Affirmed
• Virgin Australia Lowered To 'D' On Payment Moratorium And Chapter 15 Filing

April 29, 2020 

• Aeropuertos Argentina S.A. 2000 Downgraded To 'CC' From 'B-' On Debt Exchange Offer, Outlook Negative
• Banque Heritage (Uruguay) Outlook Revised To Stable From Positive On Pandemic-Induced Uncertainty; Ratings Affirmed
• Boeing Co. Downgraded To 'BBB-/A-3' From 'BBB/A-2' On Coronavirus Impact, Outlook Stable
• Cineworld Downgraded To 'CCC+' On Weak Liquidity And Uncertainty On When Cinemas Will Reopen; Remains On Watch Negative
• Conn's Inc. Downgraded To 'B-' On COVID-19-Related Performance Pressures And Dim Economic Forecasts; Outlook Negative
• CSM Bakery Solutions LLC Downgraded To 'SD' On Maturity Extension; Debt Ratings Lowered
• Dutch Rail Operator NS Groep N.V. 'A+' Rating Placed On CreditWatch Negative Amid COVID-19-Related Traffic Drop
• European Material Distributor BME Group Outlook To Negative On Weakened Demand From COVID-19 Fallout; Affirmed At 'B'
• Everi Payments Inc. 'B' Issuer Credit Rating Affirmed And Removed From CreditWatch; Outlook Negative
• Fosun International Ltd. Outlook Revised To Stable From Positive On Higher Leverage; Ratings Affirmed
• Global Partners L.P. Outlook Revised To Negative On Expected Weakening In Credit Measures; Ratings Affirmed
• Meredith Corp. Downgraded To 'B' From 'B+' On Expected Pressure From The COVID-19 Pandemic; Outlook Negative
• Metropolitano de Lisboa E.P. Outlook Revised To Stable After Similar Action On Portugal; 'BBB' Rating Affirmed
• Outlook On Fubon Financial Holding And Most Subsidiaries Revised To Negative On Rising Investment Risk; Ratings Affirmed
• Outlook On Most Cathay Group Units Revised To Negative On Rising Market Volatility; Ratings Affirmed
• Outlook On Nan Shan Life And Nan Shan General Revised To Negative On Rising Market Volatility; 'BBB+' Ratings Affirmed
• Outlook Revisions On Several Austrian Banks On Deepening COVID-19 Downside Risks
• PolyOne Corp. Outlook Revised To Negative; Debt Ratings Assigned
• Radiology Partners Holdings LLC Downgraded To 'B-' On Lower Free Cash Flow And COVID-19-Related Risks; Outlook Stable
• RE/MAX LLC Outlook Revised To Negative On Weak Residential Real Estate Market; Ratings Affirmed
• South Africa Ratings Lowered To 'BB-' From 'BB' As COVID-19 Further Impairs Fiscal And Growth Prospects; Outlook Stable
• Spain-Based Abanca Outlook Revised To Negative Amid Economic Downturn Linked To COVID-19; Ratings Affirmed
• Spain-Based Ibercaja Outlook Revised To Negative On Economic Downturn Linked To COVID-19; 'BB+/B' Ratings Affirmed
• Spain-Based Sabadell Outlook Revised To Negative Amid Economic Hit Associated With COVID-19; 'BBB/A-2' Ratings Affirmed
• Spain’s Banco Santander Outlook Revised To Negative On Global Economic Downturn; 'A/A-1' Ratings Affirmed
• Springer Nature Outlook Revised To Negative On Increased Leverage Due To COVID-19 Impact; 'B+' Rating Affirmed
• UniCredit SpA Outlook Revised To Negative On Deepening COVID-19 Downside Risks; 'BBB/A-2' Ratings Affirmed
• U.S.-Based TPro Acquisition Corp. Outlook Revised To Negative On Weaker-Than-Expected Demand, Ratings Affirmed
• Welbilt Downgraded To 'CCC+' On Sizeable Expected Revenue Losses And Potential Covenant Breach in 2021, Outlook Negative

April 28, 2020 

• Al Baraka Banking Group Rating Lowered To 'BB-' On Growing Asset Quality Risks; Outlook Stable
• APX Group Holdings Inc. Outlook Revised To Negative On Lower Growth And Greater Attrition; 'B-' Rating Affirmed
• Banco del Estado de Chile Outlook Revised To Negative Following Same Action On The Sovereign; 'A+/A-1' Ratings Affirmed
• Bank of South Pacific Ltd. Long-Term Rating Lowered To 'B-' Following Sovereign Downgrade; Outlook Stable
• China Aluminum International Engineering Downgraded To 'BB' From 'BB+' On Continuing High Leverage; Outlook Stable
• Cintas Corp. Outlook Revised To Negative On Potential For Elevated Leverage Due To The Coronavirus, Ratings Affirmed
• Concord New Energy Group Ltd. Rating Lowered To 'B+' On Rising Leverage; Outlook Negative
• Doosan Bobcat Outlook Revised To Negative On Weakening Demand And Parent's Liquidity Pressure; 'BB' Rating Affirmed
• Envision Healthcare Corp. Downgraded To 'SD', Debt To 'D' On Distressed Exchange
• German Ophthalmic Lens Producer Rodenstock Downgraded To 'B-' On Projected Weaker Demand; Outlook Stable
• Hungary Outlook Revised To Stable From Positive On COVID-19-Related Risks; 'BBB/A-2' Ratings Affirmed
• Immucor Inc. Ratings Lowered To 'CCC' On Increased Refinancing Risk; Outlook Negative
• Ireland-Based AIB Group Outlook Revised To Negative On Sharp Economic Contraction; Ratings Affirmed
• Kazakh-Based SB Alfa-Bank JSC Outlook Revised To Stable From Positive; 'BB-/B' Ratings Affirmed
• Kazakhstan-Based Bank RBK Outlook Revised To Stable; 'B-/B' Ratings Affirmed
• NESCO Holdings Inc. Downgraded To 'CCC+' On Tightening Liquidity; Outlook Negative
• Oil Pump Producer Borets International Outlook Revised To Negative On Weaker Growth Prospects; 'BB-' Ratings Affirmed
• Oil Services Company Petrofac Downgraded To 'BB+' On Poor Backlog Visibility; Outlook Negative
• Outlook On Two Chilean Government-Owned Entities Revised To Negative On Same Action On The Sovereign, Ratings Affirmed
• Outlooks Revised On Three Irish Banks On Deepening COVID-19 Downside Risks
• Panama Canal Railway Co. Outlook Revised To Negative From Stable On Lower Anticipated Freight Volumes; Ratings Affirmed
• Papua New Guinea Ratings Lowered To 'B-/B' As COVID-19 Pressures Metrics; Outlook Stable
• QualTek USA LLC Issuer Credit Rating Lowered To 'B-' On Weaker Than Expected Operating Results; Outlook Negative
• Retail Opportunity Investments Corp. Outlook Revised To Negative From Stable On COVID-19 Retail Stress
• Rocket Software Inc. Downgraded To 'B-' On Macroeconomic Weakness Due To Coronavirus; Outlook Stable
• Ruby Pipeline LLC Issuer Credit Rating Lowered To 'B+' from 'BB' On Increased Recontracting Risk; Outlook Negative
• Safe Fleet Holdings LLC Outlook Revised To Negative On Materially Weaker Expected Near-Term Demand, Ratings Affirmed
• Simon Property Group Outlook Revised To Negative On COVID-19's Adverse Effects On Retail Tenants, Ratings Affirmed
• Source Energy Services Ltd. Downgraded To 'CCC-' From 'CCC' On Heightened Default Risk; Outlook Negative
• TE Connectivity Outlook Revised To Negative On Weak Global Growth And Auto Sales; 'A-' Ratings Affirmed
• U.S.-Based Cengage Learning Holdings II Inc. Ratings Affirmed And Removed From CreditWatch Positive, Outlook Negative
• Various Rating Actions Taken On Azeri Banks On Expected Deepening Of Economic Turmoil On COVID-19 And Oil Price Decline
• Wolverine World Wide Inc. Downgraded To 'BB' On Deteriorating Credit Metrics Stemming From Pandemic; Outlook Negative

April 27, 2020 

• Aluminum Producer China Hongqiao Outlook Revised To Stable From Positive On Weaker Demand; 'B+' Rating Affirmed
• Australia-Based Aristocrat Leisure Ltd. Placed On CreditWatch Negative On Casino Closures Amid COVID-19 Outbreak
• Chile Outlook Revised To Negative On Risks To Growth Prospects; 'A+/A-1' Foreign Currency Ratings Affirmed
• China National Travel Service Group, Hong Kong Subsidiary Outlooks Revised To Negative; 'A-' Ratings Affirmed
• Concrete Pumping Holdings Inc. Outlook Revised To Negative On Weakening Economic Conditions, 'B' ICR Affirmed
• ENC Holding Corp. Outlook Revised To Negative From Stable; Ratings Affirmed
• Graham Holdings Co. Downgraded To 'BB' From 'BB+' On Weaker Credit Metrics Due To Economic Downturn; Outlook Negative
• Guangxi Liuzhou Dongcheng Outlook Revised To Negative On Wobbling Government Creditworthiness; 'BB' Rating Affirmed
• Heineken Outlook Revised To Negative On COVID-19 Related Business Disruption; Affirmed At 'BBB+/A-2'
• Hertz Global Holdings Inc., Hertz Corp. Ratings Lowered To 'CCC-' From 'B-' On Restructuring Concerns, Remain On Watch
• Lands' End Inc. Downgraded To 'B-' On COVID-19 Impact, Refinancing Risk; Ratings Remain On CreditWatch Negative
• NAB Holdings LLC Downgraded To 'B-' On Macroeconomic Weakness Due To COVID-19; Outlook Stable
• Outlook On Indonesian Banks Revised To Negative As Operating Conditions Worsen; Ratings Affirmed
• Outlook On Two Panamanian Infrastructure Entities Revised To Negative On Similar Action On Sovereign, Ratings Affirmed
• Outlooks On Banco General And Banco Nacional de Panama Revised To Negative From Stable On Same Sovereign Action
• Poland-Based Alior Bank S.A. Outlook Revised To Negative From Stable Amid Economy's Shutdown; 'BB/B' Ratings Affirmed
• Poland-Based mBank Outlook To Negative On Tough Economic Conditions And Less Certain Sale; Affirmed At 'BBB/A-2'
• Portugal-Based Banco Santander Totta Outlook Revised To Stable From Positive After Sovereign Action; 'BBB/A-2' Affirmed
• Principal Financial Group Outlook Revised To Negative On Weaker Capital Adequacy; Ratings Affirmed
• PT Jasa Marga Rating Lowered To 'BB-' Following Likely Weaker Government Support; Outlook Negative
• PT Pelabuhan Indonesia II (Persero) Downgraded To 'BBB-' On Potentially Weaker Government Support; Outlook Stable
• PT Pelabuhan Indonesia III Outlook Revised To Negative On Potentially Weaker Government Support; 'BBB-' Ratings Affirmed
• Ryerson Holding Corp. Outlook Revised To Negative From Stable On Pandemic-Related Weakness; Ratings Affirmed
• Transportation Infrastructure Properties LLC Outlook Revised To Negative On Rent Delays; Ratings Affirmed
• TTX Co. Outlook Revised To Stable On Lower Intermodal Volume Expectations, Ratings Affirmed
• U.S.-Based McGraw-Hill Education Inc. Downgraded To 'B-' On Weaker Cash Flow Forecast, Outlook Negative
• Various Outlook Actions Taken On European Container Liners As Global Trade Slows Due To COVID-19 Pandemic
• Various Rating Actions Taken On Uzbek Banks Amid Market Volatility And The COVID-19 Pandemic
• Viant Medical Holdings Inc. Downgraded To 'CCC+' On Tightening Liquidity; Outlook Negative
• Wabash National Corp. Rating Lowered To 'BB-' On Significant Declines In Trailer Demand; Outlook Negative

April 24, 2020 

• American Campus Communities Inc. Outlook Revised To Negative On Uncertainty Of Rent Collections For The Fall Semester
• Andorra Outlook Revised To Stable From Positive As COVID-19 Causes Deficits To Spike; 'BBB/A-2' Ratings Affirmed
• Australia-Based Aristocrat Leisure Ltd. Placed On CreditWatch Negative On Casino Closures Amid COVID-19 Outbreak
• Bank of N.T. Butterfield & Son Ltd. Outlook Revised To Stable From Positive, Mirroring Bermuda BICRA Economic Risk Trend
• Brand Industrial Services Inc. Outlook Revised To Negative On Risk Of Elevated Debt Leverage; Ratings Affirmed
• Caleres Inc. Downgraded To 'B+' On COVID-19-Related Operating Disruption And Weakened Credit Metrics; Outlook Negative
• Diamond Offshore Drilling Inc. Downgraded To 'D' On Weakening Market Conditions And Missed Interest Payment
• ENGIE SA Rating Lowered To 'BBB+' On Less-Resilient Business Amid Looming Recession; Outlook Stable
• Enjoy S.A. Rating Lowered To 'D' From 'B-' On Judicial Reorganization Filing
• Ensono L.P. Outlook Revised To Stable From Positive; 'B-' Rating Affirmed
• ERC Topco Holdings LLC Outlook Revised To Negative On Lower Expected Patient Volume Due To Coronavirus, Ratings Affirmed
• Greece Outlook Revised To Stable On Adverse Effects Of COVID-19; 'BB-/B' Ratings Affirmed
• Guala Closures Outlook Revised To Stable On Weaker Market Conditions And Financial Sponsor Bid; 'B+' Rating Affirmed
• Henry Holdings Inc. Outlook Revised To Negative On Expected Lower Demand; 'B' Rating Affirmed
• IAA Inc. Ratings Placed On CreditWatch Negative Due To COVID-19 Pandemic Risks
• LGFVs Yangzhou Urban And YETDZ Outlooks Revised To Negative On Weakening Government Financial Capacity; Ratings Affirmed
• Lindblad Expeditions Holdings Inc. Issuer Credit Rating Lowered To ‘B’; Ratings Remain On CreditWatch
• Macy's Inc. Lowered To 'B+' As Prospects Dim On Weaker Economy And Post Pandemic Uncertainty; Outlook Negative
• Methacrylates Producer Röhm Downgraded To 'B-' On Lower Demand Due To COVID-19 Disruptions; Outlook Stable
• Multilateral Lender European Financial Stability Facility 'AA/A-1+' Ratings Affirmed; Outlook Stable
• NewDay Group Outlook Revised To Negative On Economic Impact Of COVID-19; Ratings Affirmed
• Outlook On Sika AG Revised To Negative On COVID-19 Impact; 'A-/A-2' Ratings Affirmed
• Outlooks On Japan's Three Major Banking Groups Revised To Stable As COVID-19 Stalls Credit Gains; Ratings Affirmed
• Panama Outlook Revised To Negative On Risk Of Weaker Fiscal And Economic Trajectories; 'BBB+/A-2' Ratings Affirmed
• PrimeSource Building Products Inc. Outlook Revised To Negative On Weaker Expected earnings And Credit Measures
• Ras Al Khaimah Outlook Revised To Negative On Increasing Macroeconomic Risks; 'A/A-1' Ratings Affirmed
• Sharjah Outlook Revised To Negative On Increasing Macroeconomic Risks; 'BBB/A-2' Ratings Affirmed
• Sherwin-Williams Co. Downgraded To 'BBB-' On Expectation Of Global Economic Downturn, Outlook Stable; Debt Ratings Cut
• Spain's Region of Extremadura Outlook Revised To Stable On Expected Weaker Budgetary Performance; Affirmed At 'BBB/A-2'
• Third Coast Midstream LLC Ratings Placed On CreditWatch Negative On Approaching Revolver Expiry
• Three Icelandic Banks Downgraded On Weaker Business Prospects And Effect Of COVID-19; Outlooks Stable
• Tokio Marine Compania de Seguros Outlook Revised To Stable From Positive On Similar Action On Parent; Rating Affirmed
• Tokio Marine Outlook Revised Down To Stable, Japan Non-Life Insurance Group Ratings Affirmed Amid COVID-19 Volatility
• TRI Pointe Group Inc. Outlook Revised To Negative On Weaker Credit Profile; 'BB-' Rating Affirmed
• U.K. Lender Together Financial Services Outlook Revised To Negative On Economic Impact Of COVID-19; Ratings Affirmed
• U.K.-Based Motion Midco Ltd. (Merlin Entertainment) Downgraded To 'B'; Ratings Placed On CreditWatch Negative
• Venator Materials PLC Rating Lowered To 'B-' On Weak Credit Metrics Amid COVID-19; Outlook Stable
• Voith Outlook Revised To Negative As Recovery In Credit Metrics Slows; 'BBB-' Rating Affirmed

April 23, 2020 

• Albemarle Corp. Downgraded To 'BBB-' On Macroeconomic And Oil Price Pressures; Outlook Stable
• Australian Technology Innovators Downgraded To 'B-' On Weaker Cash Flows Due To COVID-19 Measures; Outlook Stable
• Bank of Valletta Outlook Revised To Negative On Sharp Economic Contraction; Ratings Affirmed
• Cable & Wireless Outlook Revised To Negative On Pandemic-Related Risks To Performance, 'BB-/B' Ratings Affirmed
• CIRCOR International Inc. Rating Lowered To 'B-' On Weaker Earnings Prospects; Outlook Negative
• Deutsche Bank Ratings Affirmed On Restructuring Process, Outlook To Negative On Deepening COVID-19 Risks
• Disney Ratings Lowered To 'A-' Amid Continued Uncertainty Over Business Reopenings And Deleveraging; On Watch Negative
• Engineering Company STV Group Inc. Outlook Revised To Negative On Risk Of Elevated Debt Leverage; Ratings Affirmed
• Expedia Group Inc. Downgraded To 'BBB-' On Travel Downturn From COVID-19, Outlook Negative; Proposed Notes Rated 'BBB-'
• French Engineering Group Novafives Downgraded To 'B-' As COVID-19 Aggravates Weak 2019 Results; Outlook Stable
• FXI Holdings Inc. Downgraded To 'CCC+' On Macroeconomic Headwinds Due To The Coronavirus Pandemic, Outlook Negative
• Group Credit Mutuel Outlook Revised To Negative On Economic Impact Of COVID-19; Ratings Affirmed
• Hubbard Radio LLC Downgraded To 'B-' From 'B+' On Expected Negative Pressure From The Coronavirus; On Watch Negative
• Italian Eyewear Manufacturer Marcolin Downgraded To 'B-' On Liquidity Stress Due To COVID-19 Fallout; Outlook Negative
• KAR Auction Services Inc. Downgraded To 'B' Due To Coronavirus-Related Risks; Ratings Placed On CreditWatch Negative
• King's College London Outlook Revised To Negative As COVID-19 Could Disrupt Enrolment; 'AA-' Rating Affirmed
• Motiva Enterprises LLC Outlook Revised To Negative On Weak Metrics
• Navios Maritime Acquisition Outlook Revised To Negative From Stable On Refinancing Risk; 'B-' Rating Affirmed
• Negative Rating Actions Taken On Multiple Benelux Banks On Deepening COVID-19 Downside Risks
• Negative Rating Actions Taken On Multiple German Banks On Deepening COVID-19 Downside Risks
• Negative Rating Actions Taken On Various French Banks On Deepening COVID-19 Downside Risks
• Nordic Payments Firm Nets Downgraded To 'B-' On COVID-19 Impact; Outlook Negative
• Northwest Acquisitions ULC Downgraded To 'D' From 'CCC+' On Filing For Insolvency Protection
• Outlook On Japan's Sumitomo Mitsui Trust Bank Revised Down To Stable As COVID-19 Stalls Gains; 'A/A-1' Ratings Affirmed
• Outlooks On Credit Agricole Banking Entities Revised To Negative On Economic Impact Of COVID-19; Ratings Affirmed
• Outlooks Revised On Six U.K. Banks On Deepening COVID-19 Downside Risks
• Paysafe Group Holdings II Ltd. Downgraded To 'B-' On COVID-19-Related Macroeconomic Weakness; Outlook Stable
• Russian Potash Producer Uralkali Outlook Revised To Stable On COVID-19-Caused Lower Demand And Prices; Affirmed At 'BB-'
• Santander UK Group Holdings Outlook Revised To Negative On Economic Impact Of COVID-19; Ratings Affirmed
• Syniverse Holdings Inc. Downgraded To 'CCC+' On High Leverage Amid Impact Of COVID-19; Outlook Negative
• Team Health Holdings Inc. Outlook Revised To Negative On Coronavirus-Related Credit Factors; Ratings Affirmed
• Tervita Corp. Ratings Lowered To 'CCC+' From 'B+' On Weaker Cash Flows, Refinancing Risk; Outlook Negative
• The Gap Inc. Downgraded To 'BB-' On COVID-19-Related Challenges; New Debt Rated; Outlook Negative
• Virgin Money And Clydesdale Outlooks Revised To Negative On Economic Impact Of COVID-19; Ratings Affirmed

April 22, 2020 

• ALLETE Inc. Downgraded To 'BBB' On Expected Weaker Financial Measures; Outlook Stable
• Australia's Ticketek Downgraded To 'B-' On Revenue Declines Amid COVID-19 Outbreak; Outlook Negative
• Beasley Broadcast Group Inc. Downgraded To 'CCC+' On Expected Negative Pressure From The Coronavirus; Outlook Negative
• Breitling Downgraded To 'B-' On Expected Increase In Leverage Due To COVID-19; Outlook Stable
• Child Care Provider Bright Horizons Family Solutions Downgraded To 'B+' As COVID-19 Hurts Performance; Outlook Negative
• Enterprise Holdings Inc. Outlook Revised To Negative On Coronavirus Impact; 'A-' Rating Affirmed
• Facility Management Company Rekeep Outlook To Negative On Tighter Credit Metrics Due To COVID-19; 'B' Rating Affirmed
• Fair Isaac Corp. Outlook Revised To Negative On Expected Weaker Earnings; Ratings Affirmed
• FleetPride Inc. 'B-' Rating Affirmed; Outlook Revised To Negative
• German Value Retailer Takko Downgraded To 'CCC+' On COVID-19 Uncertainty And Covenant Breach Risk; Outlook Negative
• HealthPartners Inc. Downgraded To 'A' From 'A+', Senior Notes Rated; Outlook Stable
• India-Based Future Retail Preliminary Ratings Lowered To 'CCC-' On Weakening Liquidity; Remain On CreditWatch Negative
• Italian Aerospace And Defense Firm Leonardo Outlook To Stable From Positive On COVID-19 Uncertainty; Affirmed At 'BB+/B'
• JAB Holding Company S.a r.l. Outlook Revised To Negative; 'A-' Rating Affirmed
• Ken Garff Automotive LLC Outlook Revised To Negative Due To Pandemic-Related Risks
• Keyera Corp. Downgraded To 'BBB-' From 'BBB' On Weaker Credit Metrics, Outlook Stable
• Macquarie Infrastructure Corp., Subsidiary ITT Holdings LLC Downgraded To 'BB'; Outlook Negative
• Marathon Petroleum Corp. And MPLX Outlooks Revised To Negative From Stable On Pressured Credit Metrics; Ratings Affirmed
• Mauser Packaging Solutions Holding Co. Outlook Revised To Negative On Recession, Oil Price, And COVID Pressures
• Mexican Homebuilder Vinte Outlook Revised To Negative On Likely Higher Leverage, 'BB' And 'mxA' Ratings Affirmed
• Negative Rating Actions Taken On Three Brazilian Steelmakers On Sharp Industry Downturn
• Neovia Logistics LP Downgraded To 'CCC'; Placed on CreditWatch Negative
• Outlook On Luxembourg-Based Corestate Capital Holding Revised To Stable From Positive; 'BB+' Ratings Affirmed
• Plantronics Inc. Outlook Revised To Negative From Stable On COVID-19 Uncertainties; 'B+' Rating Affirmed
• Revlon Inc. Downgraded To 'CC' From 'CCC-' On Announcement Of Proposed Recapitalization Transaction, Outlook Negative
• The Neiman Marcus Group LLC Downgraded To 'D' On Missed Interest Payment
• U.S. Cutting Tool Manufacturer Blount International Inc. Downgraded To 'B-' On Weak Revenue Expectations, Outlook Stable
• WP CityMD Bidco LLC Outlook Revised To Stable On Business Disruption Amid COVID-19 Outbreak; 'B-' Rating Affirmed

April 21, 2020 

• Austin Convention Enterprises Senior Secured And Subordinate Bond Ratings Lowered Two Notches; On Watch Negative
• Auto Supplier TI Fluid Systems PLC's Outlook Revised To Negative Due To COVID-19 Pandemic Risks
• Avis Budget Group Ratings Lowered To 'B+' On Steep Demand Decline Amid Coronavirus Outbreak; On CreditWatch Negative
• Baltimore Hotel Corp.'s Senior Secured Bond Rating Lowered To 'BB'; On CreditWatch Negative
• Banco Mercantil Santa Cruz And Banco Union Downgraded To 'B+' From 'BB-' On Similar Action On Bolivia, Outlooks Stable
• Bancolombia Outlook Revised To Stable From Positive On Weaker Capitalization Prospects; Ratings Affirmed
• Builders FirstSource Outlook Revised To Negative On Expected Decline In Future Housing Starts; 'BB-' Rating Affirmed
• CCC Information Services Inc. Outlook Revised To Stable From Positive On Weak Economic Forecast; 'B-' Rating Affirmed
• Corelle Brands Holdings Inc. Downgraded To 'B' On Retail Closures, Expected Higher Leverage; Outlook Negative
• Epic Y Grade Services LP Downgraded To 'CCC+' On Revised Forecast; Outlook Negative
• Etalon LenSpetsSMU JSC And Leader Invest JSC 'B' Ratings Placed On CreditWatch Negative On COVID-19 Uncertainties
• Hertz Global Holdings Inc. And Subsidiaries Downgraded To 'B-' On COVID-19 Related Demand Drop; Still On Watch Negative
• Mitel Networks (International) Ltd. Downgraded To 'B-' On Likely Operating Underperformance On Weak Macroeconomic Trends
• NN Inc. Downgraded To 'B-' From 'B'; Ratings Placed On CreditWatch Negative
• Orthopedic Implants Contract Manufacturer Femur Buyer Inc. Downgraded To 'CCC+'; Ratings Placed On Watch Negative
• pH Beauty Holdings I Inc. Outlook Revised To Negative On Store Closures And Lower Consumer Spending; 'B-' ICR Affirmed
• Q Holdco Ltd. Outlook Revised To Negative On Pandemic-Related Risks To Operating Performance; Ratings Affirmed
• Radio Systems Corp. Outlook Revised To Negative; Ratings Affirmed
• Russian Residential Property Developer PIK Group Outlook Revised To Stable From Positive; 'B+' Ratings Affirmed
• Serta Simmons Bedding LLC Lowered To 'CCC-' On Expected Liquidity Pressures; Outlook Negative
• Sotheby's Outlook Revised To Negative On Expected Performance Headwinds From COVID-19; 'B+' Rating Affirmed
• Spain-Based LSFX Flavum (Esmalglass-Itaca-Fritta) Outlook To Negative On Economic Impact From COVID-19; Affirmed At 'B'
• Special Chemicals Company Perstorp Holding Downgraded To 'B-' On Weakened Demand In COVID-19 Fallout; Outlook Negative
• TecoStar Holdings Inc. Outlook Revised To Negative On Pandemic-Related Risks To Operating Performance; Ratings Affirmed
• Tile Manufacturer Edilians Outlook Revised To Negative On Economic Impact From COVID-19; 'B' Ratings Affirmed
• U.S. Project Finance Conference Center Hotels Facing Unprecedented Operation Challenges
• Verdun Participation 2 S.A. S&P Underlying Rating On CreditWatch Negative Due To COVID-19 Traffic Impact
• Veritas Holdings Ltd. Outlook Revised To Negative From Stable On COVID-19 Related Macro Risk; Ratings Affirmed
• Viking Cruises Ltd. Downgraded To 'B'; Ratings Remain On CreditWatch Negative

April 20, 2020 

• Authentic Brands Group LLC Outlook Revised To Negative On Higher Leverage Due To Store Closures; 'B' Rating Affirmed
• Carrols Restaurant Group Inc. Downgraded To 'CCC+' On COVID-19 Related Operating Disruptions; Outlook Negative
• Cedar Fair L.P. Secured Notes Rated 'BB-'; CreditWatch Implications On All Ratings Revised To Negative From Developing
• Corus Entertainment Inc. Outlook Revised To Negative From Stable On Macroconomic Weakness Due To COVID-19 Pandemic
• Diamond (BC) B.V. Downgraded To 'CCC+' On Global Recession; Outlook Negative
• EnTrans International LLC Downgraded To 'B-' On Weaker Expected Credit Metrics Due To Declining Demand, Outlook Negative
• Equinox Holdings Inc. Downgraded to 'CCC' On Club Closures; Outlook Negative
• FTS International Inc. Downgraded To 'CCC-' On Weak Drilling Activity, Heightened Restructuring Risk; Outlook Negative
• Hanger Inc. Ratings Placed On CreditWatch Negative On Covenant Breach Risk
• Hero FinCorp Ltd. Downgraded To 'BB+/B' On Lower Group Support; Outlook Stable
• Hillenbrand Inc. Downgraded To 'BB+' As The Economic Slowdown Delays Its Deleveraging, Outlook Negative
• Lab Group Synlab Outlook Revised To Negative From Stable On Deleverage Deviation Amid Pandemic
• Lima Corporate Downgraded To 'B-' On Deviation From Deleveraging Trajectory Due To COVID-19 Fallout; Outlook Stable
• Lonestar Resources U.S. Inc. Downgraded To 'CCC-' On Liquidity Risks; Outlook Negative
• Novartex, Parent Of Apparel Retailer Vivarte, Downgraded To 'CCC-' On Safeguard Procedure At La Halle; Outlook Negative
• Outlook Revision On Indonesia Prompts Rating Actions On Eight Companies
• Palmerston North City Council Outlook Revised To Stable From Positive On Growing Deficits; 'AA/A-1+' Ratings Affirmed
• Procera I L.P. Outlook Revised To Negative From Stable On Macroeconomic Weakness From Coronavirus
• Ritchie Bros. Auctioneers Inc. Outlook Revised To Negative From Stable On Business Disruptions From COVID-19
• Russian Steel Pipe Producer TMK PAO Outlook Revised To Negative On Buyback And Challenging Industry Conditions
• Spain-Based Joye Media Rating Lowered To 'B' On COVID-19 Impact On Earnings And Liquidity; On CreditWatch Negative
• Strategic Materials Holding Corp. Downgraded To 'CCC' On Liquidity Pressure, Covenant Concern; Outlook Negative
• Tank Holding Corp. Downgraded To 'B-' From 'B' On Expectation Of Weaker Demand And Higher Leverage; Outlook Negative
• The Schumacher Group Of Delaware Inc. Rating Affirmed; Outlook Revised To Negative On Economic Fallout From COVID-19
• Transocean Ltd. Downgraded To 'CCC' On Deteriorating Industry Conditions, Potential Debt Exchange; Outlook Negative
• U.K. Flexible Office Landlord Workspace Outlook To Negative On Lower Rental Income Due To COVID-19; Affirmed At ‘BBB’
• Valaris PLC Downgraded To 'CCC-'; Outlook Negative
• Vantage Drilling International Downgraded To 'CCC' On Risk Of Distressed Debt Exchange; Outlook Negative
• Various Rating Actions On Insurance Brokers Reflect COVID-19 Fallout
• Virgin Australia Ratings Lowered To 'CC' On Proposed Recapitalization After Voluntary Administration; Outlook Negative
• WildBrain Ltd. Ratings Lowered To 'B-' From 'B' On Macroeconomic Weakness Caused By COVID-19 Pandemic; Outlook Stable

April 17, 2020 

• All3 Media Parent DLG Acquisitions Outlook To Negative As COVID-19 Disrupts Production Of Shows; 'B' Rating Affirmed
• ASR Media and Sponsorship S.p.A. Issue Ratings Lowered And Placed On CreditWatch Negative
• Bolivia Long-Term Ratings Lowered To 'B+' On Weaker External Position; Outlook Stable
• Cast & Crew Payroll, LLC Downgraded To 'B-' On Entertainment Production Suspension From COVID-19; Outlook Negative
• Consus Real Estate Downgraded To 'B-' On Delayed Deleveraging And COVID-19-Related Slowdown; Outlook Stable
• Copper Producer First Quantum Minerals Downgraded To 'CCC+' On COVID-19-Related Risks; Outlook Stable
• Distribution International Outlook Revised To Negative On Significant Stress On Revenue And Liquidity; Ratings Affirmed
• Dynasty Acquisition Co. Inc. Downgraded To 'B-' On Lower Air Traffic Due To Coronavirus Pandemic; Outlook Negative
• Electricite de France S.A. On CreditWatch Negative After Sharp Revision To Nuclear Output Amid COVID-19 Outbreak
• Element Solutions Inc. Ratings Affirmed, Outlook Revised To Negative On Expectation For Weaker Earnings
• Elevate Textiles Inc. Downgraded To 'CCC+' From 'B-', Outlook Negative; Debt Ratings Lowered
• Ensign Drilling Inc. Downgraded To 'CCC+' On Difficult Industry Conditions; Outlook Negative
• Fitness International LLC Downgraded To 'CCC+' On Pandemic-Related Closures; Outlook Developing
• Foot Locker Inc. Outlook Revised To Negative On Coronavirus-Related Operating Pressures
• German Building Materials Maker Xella Outlook Revised To Negative On Weaker Revenue Prospects; Affirmed At 'B+'
• Hoya Midco LLC Ratings Lowered To 'B-', Remain On Watch Negative On Revenue Declines From Coronavirus
• Hyundai Marine & Fire Insurance Outlook Revised Down To Stable On Subdued Profitability Prospects; Affirmed At 'A-'
• Indonesia Outlook Revised To Negative As COVID-19 Hits Fiscal, External Metrics; 'BBB/A-2' Ratings Affirmed
• Japan Retailer AEON And Subsidiary AEON Mall Outlooks Revised To Negative As COVID-19 Hits Prospects; Ratings Affirmed
• KNB Holdings Corp. Downgraded To 'CCC-' Due To Deteriorating Liquidity; Outlook Negative
• Koppers Holdings Inc. Ratings Lowered To 'B' On Weakened Credit Measures; Outlook Negative
• Ladder Capital Finance Holdings LLLP Ratings Placed On CreditWatch Negative
• Life Time Inc. Downgraded To 'CCC+' On Pandemic-Related Closures; Outlook Developing
• Luxembourg-Headquartered Armacell Outlook Revised To Negative On Weaker Earnings Prospects; 'B' Rating Affirmed
• Mister Car Wash Holdings Inc. Downgraded To 'SD' From 'CCC+' On Distressed Debt Restructuring
• MONETA Money Bank, a.s. Outlook Revised To Stable Amid Czech Economic Shutdown; 'BBB/A-2' Ratings Affirmed
• Municipality of Jonkoping Outlook Revised To Negative On Risks Of Increased Budgetary Pressure; Ratings Affirmed
• National Commercial Bank Jamaica Outlook Revised To Negative From Stable On Similar Action On Jamaica, Ratings Affirmed
• Noble Corp. PLC Downgraded To 'CCC-' On Likelihood Of Distressed Exchange Or Restructuring; Outlook Negative
• O-I Glass Inc. Ratings Lowered To 'B+' From 'BB-' On Weak Demand; Outlook Is Negative
• Osum Production Corp. Outlook Revised To Negative On Deteriorating Credit Profile; 'CCC+' Rating Affirmed
• Outlook On Three Dominican Infrastructure Entities Revised To Negative On Same Action On Sovereign, Ratings Affirmed
• Outlooks On VINCI S.A. And Its Rated Subsidiaries Revised To Stable From Positive On COVID-19 Impact; Ratings Affirmed
• Pacific Drilling S.A. Downgraded To 'CCC-' On Weak Sector Conditions, Risk Of Distressed Exchange; Outlook Negative
• Precision Drilling Corp. Ratings Lowered To 'B' From 'BB-' On Declining Industry Activity; Outlook Negative
• PSC Industrial Outsourcing Downgraded To 'CCC+' On Unsustainable Leverage; Outlook Negative On Weak End-Market Demand
• Pugnacious Endeavors Inc. Downgraded To 'B-' On Lower Revenues From Coronavirus; Outlook Negative
• SK HoldCo LLC Downgraded To 'CCC' On Elevated Liquidity Risk And Rising Likelihood Of A Restructuring, Outlook Negative
• The Goodyear Tire & Rubber Co. Rating Lowered To 'B+' Due To Pandemic Risk; Outlook Negative
• Various Rating Actions On Seven European Road Projects As COVID-19 Containment Measures Hit Traffic
• Various Rating Actions Taken On Indian NBFCs On Weakening Economic Conditions Due To COVID-19
• VF Corp. Outlook Revised To Negative On Weakened Operating Performance Due To Pandemic; Ratings Affirmed
• WP CPP Holdings LLC Downgraded To 'B-' On Reduced Production Due To The Coronavirus Pandemic, Outlook Negative
• Yellow Pages Ltd. Outlook Revised To Stable From Positive On COVID-19-Related Stress To Operating Performance

April 16, 2020 

• AAG FH L.P. Placed On CreditWatch Negative On Business Disruptions Stemming From The COVID-19 Pandemic
• AI Ladder (Luxembourg) Subco S.a.r.l. Outlook Revised To Negative On COVID-19 Impact; 'B' Rating Affirmed
• Italy-Based Amplifon Outlook Revised To Negative On Weakening Credit Metrics; 'BB+' Ratings Affirmed
• Apex Tool Group LLC Downgraded To 'CCC+'; Debt Ratings Lowered; Outlook Negative
• Aruba Outlook Revised To Negative From Stable On Tourism Slowdown; 'BBB+/A-2' Sovereign Credit Ratings Affirmed
• Aviation Capital Group LLC Outlook Revised To Negative On Weaker-Than-Expected Revenue Due To The Coronavirus Pandemic
• Rating Actions On Some Indian Banks As Operating Conditions Worsen; Government Support Key For State-Owned Entities
• Various Rating Actions Taken On Indian NBFCs On Weakening Economic Conditions Due To COVID-19
• Belize Ratings Lowered To 'CCC/C' On Heightened Liquidity Risks Related To COVID-19; Outlook Is Negative
• Buccaneer Intermediate Holdco Ltd. Outlook Revised To Negative From Stable On Lower Bookings; Ratings Affirmed
• Cabot Microelectronics Outlook Revised To Negative From Stable; Ratings Affirmed
• Negative Rating Actions Taken On Three European Gaming Operators As COVID-19 Pandemic Continues
• Cooper's Hawk Intermediate Holding LLC Rating Lowered To 'CCC+', Removed From CreditWatch; Outlook Negative
• Cornerstone Chemical Co. Downgraded To 'B-' On Weaker-Than-Expected Credit Measures; Outlook Negative
• Dominican Republic Outlook Revised To Negative On Increased External And Debt Risks; 'BB-/B' Ratings Affirmed
• Bermuda Outlook Revised To Stable From Positive On Slower Economic Growth, Weaker Debt Position; 'A+' Ratings Affirmed
• U.S.-Based Hotel Company Hanjin International Downgraded On Worsening Liquidity; Ratings Remain On CreditWatch Negative
• Howmet Aerospace Inc. Outlook Revised To Negative On Weaker Credit Metrics Due To Coronavirus; Ratings Affirmed
• J.C. Penney Co. Inc. Downgraded To 'D' On Missed Interest Payment
• Jamaica Outlook Revised To Negative From Stable On Pandemic Impact; Ratings Affirmed
• JMC Acquisition Corp. Rating Lowered To 'B-' On Higher Expected Leverage; Outlook Negative
• Kaiser Aluminum Corp. Outlook Revised To Negative From Stable On Weak Business Environment; Ratings Affirmed
• Kraton Corp. Outlook Revised To Negative; Unsecured Notes Upgraded On Debt Reduction
• Ratings On Three Russia-Based Insurers Affirmed Despite Market Volatility And COVID-19 Impact
• LJ Ruby Holdings LLC Downgraded To 'B-' On Expected Lower Demand; Outlook Negative
• McLaren Group Lowered To 'CCC' On Weak Liquidity Stemming From COVID-19 Uncertainty; Outlook Negative
• U.K.-Based Homebuilder Miller Homes Outlook Revised To Negative; 'B+' Ratings Affirmed
• NCL Corp. Ltd. Downgraded To 'BB-'; Ratings Remain On CreditWatch
• Northwest Hardwoods Inc. Downgraded To 'CCC-' From 'CCC' On Weakening Operating Performance; Outlook Negative
• Peninsula Pacific Entertainment LLC Rating Lowered To 'CCC+'; Outlook Negative
• My Money Bank And HoldCo Outlooks Revised To Negative On Weaker Business Prospects; Ratings Affirmed
• RPM International Inc. Downgraded To 'BBB-' From 'BBB'; Outlook Stable
• U.K.-Based Rubix Group Downgraded To 'B-' On Weaker Credit Metrics Amid COVID-19 Uncertainty; Outlook Negative
• South Africa-Based Wood Fiber Company Sappi Ltd. Outlook Revised To Negative; 'BB/B' Ratings Affirmed
• Sazka Group Downgraded To 'B+' As COVID-19 Forecast To Increase Leverage; Outlook Negative
• SIWF Holdings Inc. Rating Lowered To 'B-' On Expected Lower Demand; Outlook Negative
• Aircraft Leasing Company SMBC Aviation Capital Ltd. Outlook Revised To Negative On Revenue Pressures; Ratings Affirmed
• Starfish Holdco LLC Outlook Revised To Negative On Macroeconomic Impact From COVID-19, 'B-' Rating Affirmed
• Sunshine 100 China Downgraded To 'CCC' On Rising Refinancing Risk; Placed On CreditWatch Negative
• The Commonwealth of The Bahamas Ratings Lowered To 'BB' From 'BB+' On Fallout From COVID-19 Pandemic; Outlook Negative
• Trico Group Outlook Revised To Negative On Tight Covenant Headroom, Risks From Production Shutdowns
• The Walt Disney Co. Ratings Placed On CreditWatch Negative As Theme Parks And Other Businesses Remain Closed
• World Omni Financial Corp. Outlook Revised To Negative On Expected Impact Of COVID-19; 'BBB+/A-2' Ratings Affirmed

April 15, 2020 

• Atlantic Aviation FBO Inc. Downgraded To 'B+' On Coronavirus-Related Travel Downturn; Outlook Developing
• AutoCanada Inc. Downgraded To 'B-' From 'B' On Business Disruptions Stemming From COVID-19 Pandemic; Outlook Negative
• Calumet Specialty Products Partners L.P. Outlook Revised To Negative From Positive; Ratings Affirmed
• Cleveland-Cliffs Inc. Downgraded to 'B-' on On Expected Earnings Decline. Outlook Negative. ; New Notes Rated 'B+'
• CoAdvantage Inc. Outlook Revised To Negative On Deep Economic Uncertainty; Ratings Affirmed
• Columbia Property Trust Inc. Outlook Revised To Negative From Stable; 'BBB' Rating Affirmed
• EGAT International Co. Ltd. Outlook Revised To Stable Following Sovereign Action; 'BBB+' Rating Affirmed
• Elementia Downgraded To 'BB-' On Higher Leverage And Growing Risk From COVID-19; Ratings Still On Watch Negative
• Finastra Ltd. Downgraded To 'CCC+' On Potentially Unsustainable Capital Structure; Outlook Negative
• Forum Energy Technologies Inc. Downgraded To 'CC' On Distressed Tender Offer; Outlook Negative
• JR Central And JR East 'AA-' Ratings Placed On CreditWatch Negative On Drop In Traffic Amid COVID-19
• KAMC Holdings Inc. Downgraded To 'B-' On Reduced Demand Stemming From COVID-19, Increased Leverage; Outlook Stable
• Muang Thai Life Assurance Outlook Revised To Stable Following Sovereign Action; 'BBB+' Ratings Affirmed
• Navios Maritime Holdings Inc. Outlook Revised To Negative On Increasing Refinancing Risk; 'B' Rating Affirmed
• Navistar International Corp. CreditWatch Implications Revised To Negative Due To Coronavirus Impact
• New Zealand's Trade Me Downgraded To 'B-' On Cash Outflows Due To COVID-19 Containment Measures; Outlook Negative
• Nuclear Producer Teollisuuden Voima Oyj Downgraded To 'BB' On COVID-19-Related Fuel Loading Delay; Outlook Negative
• Priority Holdings LLC Downgraded To 'CCC+' On Weak Credit Metrics, COVID-19 Impact; Outlook Negative
• PSA Banque France Outlook Revised To Negative On Similar Action On Peugeot; Ratings Affirmed
• Ratings Actions On Eight European Distressed Debt Purchasers Reflect Tough Environment For The Sector Amid COVID-19
• Russel Metals Inc. Downgraded To 'BB' From 'BB+' On Weaker Steel Demand; Outlook Stable
• Tokio Marine Safety Insurance (Thailand) Outlook Revised To Stable From Positive; 'A' Ratings Affirmed
• Urban One Inc. Rating Lowered To ‘CCC’ On Expected Negative Pressures Stemming From The Coronavirus; Outlook Negative
• Various Rating Actions Taken In Business Services Sector
• Weatherford International PLC Downgraded To 'CCC' As It Seeks Debt Reduction; Outlook Negative

April 14, 2020 

• Anastasia Holdings LLC Downgraded To 'CCC' From 'B-' On Tightening Liquidity Position, Outlook Negative
• ASP Chromaflo Holdings LP Outlook Revised To Negative On Demand And Earnings Decline; Ratings Affirmed
• Automotive Suppliers Faurecia, Gestamp Automocion, Garrett Motion, Novem Group, And Bright Bidco Placed On Watch Neg
• CEC Entertainment Inc. Downgraded To 'CC' From 'CCC' On Elevated Risk For A Debt Restructuring, Outlook Negative
• CES Energy Solutions Corp. Outlook Revised To Negative From Stable On Declining Industry Activity; 'B' Rating Affirmed
• Coronavirus Travel Restrictions Cut Cash Flow Of U.S. And Canadian Project Financed Roads
• CPM Holdings Inc. Downgraded To 'CCC+' On Expected Weaker Earnings, High Leverage; Outlook Negative
• CRCI Longhorn Holdings Inc. Downgraded To 'B-' On Earnings Underperformance And Elevated Leverage; Outlook Stable
• Douglas Dynamics Inc. Ratings Placed On CreditWatch Negative On Continued Weak Market Conditions And Refinancing Risks
• Eclipse Midco Inc. Outlook Revised To Negative From Stable On Rising Uncertainty From COVID-19; 'B-' Rating Affirmed
• FG BCS Ltd. And Its Rated Subsidiaries Outlooks Revised To Stable From Positive On Market Conditions; Ratings Affirmed
• FS Energy and Power Fund Downgraded To 'B-' On Portfolio Stress And Funding Uncertainty; Outlook Developing
• Gateway Casinos & Entertainment Ltd. Downgraded To 'CCC+' From 'B-' , Put On Watch Negative On Lower Debt Reduction
• GlobalTranz Enterprises LLC Downgraded To 'CCC+' On Weak Credit Metrics; Outlook Stable
• Jefferies Financial Group Inc. Outlook Revised To Negative On COVID-19 Impact; 'BBB' Ratings Affirmed
• Levi Strauss & Co. Outlook Revised To Negative From Stable; 'BB+' Ratings Affirmed
• Negative Rating Actions On Three European Holiday Park Operators On Closures Due To COVID-19 Containment Measures
• Norwegian Marine Electronics Producer Navico Group Downgraded To 'CCC-' Amid COVID-19 Disruptions; Outlook Negative
• Outlook On Fast Retailing Revised Down To Stable As Pandemic Damages Profitability Prospects; 'A' Rating Affirmed
• Outlooks On Bangkok Bank, Bank of Ayudhya Revised To Stable From Positive Following Sovereign Action; Ratings Affirmed
• Polymer Additives Holdings Inc. Downgraded To 'CCC' On Expected Weaker Earnings And Covenant Pressure; Outlook Negative
• PTT LC Rating Outlook Revised To Negative On Industry Headwinds; FC Rating Outlook Revised To Stable; Ratings Affirmed
• Range Parent Inc. (Robertshaw Controls Co.) Rating Lowered To 'CCC+'; Outlook Negative
• Shea Homes L.P. Outlook Revised To Negative From Stable; Ratings Affirmed
• Shift4 Payments LLC Downgraded To 'B-' On Macroeconomic Weakness From COVID-19; Outlook Negative
• Signature Aviation Outlook To Negative As COVID-19 Measures Reduce Demand For Its Services; 'BB' Rating Affirmed
• Spirit AeroSystems Inc. Downgraded To 'BB-' On Lower Air Travel And Aircraft Demand Due To Coronavirus; Outlook Negative
• Steelcase Inc. Downgraded To 'BBB-'; Ratings Put On CreditWatch Negative
• Taiwan-Based Shipping Firm Wan Hai Lines Ltd. Outlook Revised To Negative On Weak Demand, Rising Debt; Rating Affirmed
• Tata Steel Rating Lowered To 'B+' On Expected Rise In Leverage; Outlook Negative
• The Hillman Cos. Inc. Outlook Revised To Negative On Increased Operating Headwinds Stemming From The Coronavirus
• The Neiman Marcus Group LLC Downgraded To 'CCC-' On Headwinds From The Coronavirus And Unsustainable Capital Structure
• Trader Corp. On CreditWatch Negative On Uncertainty Of COVID-19 Impact On Cash Flows
• Transcendia Holdings Inc. Downgraded To 'CCC+' On Unsustainably High Leverage; Outlook Negative
• U.K.-Based Retailer Matalan’s Parent Lowered To 'CCC' On COVID-19 Disruption And Weak Credit Metrics; Outlook Negative
• Underlying Ratings And Outlooks On 17 U.K. Hospital PFI Projects Affirmed

April 13, 2020 

• 407 International Inc. Ratings Affirmed On Adequate Liquidity To Mitigate Coronavirus-Related Impact
• 95 Express Lanes LLC Downgraded To 'BBB-' And Placed On CreditWatch Negative On COVID-19 Concerns
• Athabasca Oil Corp. Downgraded To 'CCC' From 'CCC+' On Very Weak Cash Flow Metrics; Outlook Negative
• Autopistas Metropolitanas De Puerto Rico LLC Ratings Placed On Watch Negative
• Baytex Energy Corp. Downgraded To 'B' From 'BB' On Weakened Cash Flow, Financial Risk Profile; Outlook Negative
• Bruin E&P Partners LLC Downgraded To 'CCC-' Following Advisor Hires, Curtailed Drilling; Outlook Negative
• Drive Chassis Holdco LLC Downgraded To 'B' On Weaker Credit Metrics, Trade Expectations; Outlook Negative
• Ecuador Ratings Lowered To 'SD/SD' On Expectation Of Missed Interest Payment And Distressed Exchange
• Elizabeth River Crossings Opco LLC Downgraded To 'BBB-', Outlook Negative, On COVID-19 Concerns
• Endeavor Operating Co. LLC Lowered To ‘CCC+’, Negative Outlook; UFC Holdings LLC ‘B’ Rating Remains On Watch Negative
• Fossil Group Downgraded To 'B' On COVID-19-Related Store Closures And Deteriorating Credit Metrics; On Watch Negative
• Frasers Centrepoint Trust Downgraded To 'BBB' As COVID-19 Weakens Leverage; Ratings Placed On Watch Negative
• Freedom Mortgage Corp. Outlook Revised To Negative On Expected Strain On Liquidity From COVID-19; 'B-' Ratings Affirmed
• Global Eagle Entertainment Rating Lowered To 'CCC-' On Business Impact Of COVID-19; Outlook Negative
• H.B. Fuller Co. Downgraded To 'BB' On Expected Weaker Earnings; Outlook Negative
• Hanesbrands Inc. Outlook Revised To Negative On Sales And Profitability Declines; 'BB' Rating Affirmed
• HGIM Corp. Downgraded To 'CCC+' On Unsustainable Leverage, Weak Market Conditions; Outlook Negative
• ITR Concession Co. Ratings Affirmed As Heavy Truck Traffic Has Alleviated The Impact From COVID-19
• Jacobs Entertainment Inc. Rating Lowered To 'B-'; Ratings Remain On CreditWatch Negative
• MoneyGram International Inc. Outlook Revised To Negative Due To Economic Impact Of COVID-19; 'B' Ratings Affirmed
• Mr. Cooper Group Inc. Outlook Revised To Negative On Economic Impact From COVID-19; 'B' Ratings Affirmed
• Natural Resource Partners L.P. Rating Lowered To 'B' On Distressed Lessees; Outlook Negative
• New Enterprise Stone & Lime Co. Inc. Ratings Placed On CreditWatch Negative On Risks Related To The Coronavirus Pandemic
• Nouvelle Autoroute 30 'BBB+' Rating Affirmed As Fixed Revenues Alleviate COVID-19-Related Toll Revenue Decline
• Ocwen Financial Corp. Ratings Placed On CreditWatch Negative On Potential Liquidity Strain From COVID-19
• PHD Group Holdings LLC Downgraded To 'CCC' On Strained Capital Structure Amid Coronavirus Disruption, Outlook Negative
• Project Boost Purchaser LLC Outlook Revised To Negative From Stable On Macroeconomic Weakness Due To COVID-19
• Ryman Hospitality Properties Inc. Downgraded To 'B' On Detrimental Effects Of The Coronavirus Pandemic, Outlook Negative
• Sabre Corp. Downgraded To 'B+' On Pressures Expected From Pandemic Fallout And Economic Downturn; Outlook Negative
• Salem Media Group Inc. Downgraded To 'CCC' On Expected Negative Pressure Stemming From The Coronavirus, Outlook Negative
• Thailand Outlook Revised To Stable On COVID-19 Uncertainty; 'BBB+/A-2' Ratings Affirmed
• Toll Road Investors Partnership II LP Debt Ratings Put On CreditWatch Negative Amid COVID-19 Concerns
• USS Ultimate Holdings Inc. Rating Lowered To 'B-' From 'B'; Outlook Negative
• Wand NewCo 3 Lowered To 'B-' On Expectations Of Weaker Demand Due To Coronavirus; Outlook Negative
• WireCo WorldGroup Inc. Downgraded To 'B-' On Expected Lower Oil & Gas Volumes, Credit Metrics Weakness; Outlook Negative
• Wyndham Hotels & Resorts Inc. Downgraded To 'BB' On COVID-19 Travel Downturn And Recession; Negative Outlook
• Yak Access LLC Downgraded To 'CCC+' On Tightening Liquidity, Uncertain Demand; Outlook Negative

April 10, 2020 

• Bojangles' Inc. Outlook Revised To Negative On Anticipated Headwinds From Coronavius Outbreak; Ratings Affirmed
• Brinker International Inc. Rating Lowered To 'B+' On Coronavirus Challenges, Ratings Remain On CreditWatch
• Calceus Acquisition Inc. (Cole Haan) Ratings Put On CreditWatch Negative Due To Fallout From COVID-19 Pandemic
• Cameroon Downgraded To 'B-' From 'B' On Rising External And Still-High Sociopolitical Risks; Outlook Stable
• Dhanani Group Inc. Outlook Revised To Negative On Operating Disruption Stemming From The Coronavirus, Ratings Affirmed
• Ethiopia Outlook Revised To Negative On Rising Pressure On Debt And External Positions; 'B/B' Ratings Affirmed
• France-Based Socram Banque Downgraded To 'BBB' On Uncertain Business Prospects And Transformation; Outlook Negative
• France's Capital Paris Outlook Revised To Negative On Operating Performance Pressure; 'AA/A-1+' Ratings Affirmed
• General Electric Co. Outlook To Negative On Unclear Aviation Recovery, Possible Deleveraging Delay; Ratings Affirmed
• Los Angeles-Based Aircraft Lessor Air Lease Corp. Outlook Revised To Negative From Stable; Ratings Affirmed
• Outlooks On Two Georgian Banks Revised As Economy Heads Toward Recession; Ratings On Three Affirmed
• Ring Container Technologies Group LLC Downgraded To 'B-' On Expectation For Reduced Demand, Outlook Negative
• Rockies Express Pipeline LLC Rating Lowered To 'BB+'; Outlook Negative
• Shape Technologies Group Inc. Downgraded To 'CCC+' On Sustained High Leverage Amid COVID-19 Pandemic; Outlook Negative
• Stryker Corp. Outlook Revised To Negative From Stable On Coronavirus-Related Credit Factors; Ratings Affirmed
• The Tensar Corp. 'B-' Rating Placed On CreditWatch Negative Due To Increased Refinancing Risk
• The Wendy's Co. Outlook Revised To Negative On Expected Operating Weakness Due To Coronavirus; Ratings Affirmed
• Turkish TV And Household Appliance Manufacturer Vestel Downgraded To 'SD' From 'CCC+' On Debt Postponement

April 9, 2020 

• ABN AMRO Bank N.V. Outlook Revised To Negative On Weaker Expected Earnings Amid COVID-19 Outbreak; Ratings Affirmed
• Airline Caterer gategroup Downgraded To 'B' And Put On CreditWatch Negative As COVID-19 Heightens Liquidity Risk
• Aruba Investments Inc. Outlook Revised To Stable From Positive; Ratings Affirmed
• Callaway Golf Co. Ratings Lowered To 'B+' On Expected Lower Sales And EBITDA; Ratings Placed On CreditWatch Negative
• French Auto Manufacturer Peugeot Affirmed At 'BBB-'; Outlook Revised To Negative On COVID-19 Impact
• French Automaker Renault Downgraded To 'BB+/B' On Weaker Metrics Due To COVID-19; Outlook Negative
• Golden Nugget Inc. Downgraded To 'B-' On Weakened Performance From Coronavirus; Outlook Negative
• Harman International Industries Inc. Downgraded To 'A-' On Reduced Cash Flow Due To The Coronavirus, Outlook Negative
• HeidelbergCement Outlook Revised To Stable From Positive On Effects Of COVID-19 Pandemic-Induced Recession
• IRB Holding Corp. Downgraded To 'B' On Coronavirus-Related Challenges And The Weakening Economy, Outlook Negative
• Methanex Corp. Downgraded To 'BB' On Weak Economic Conditions; Outlook Negative
• Mirae Asset Daewoo Outlook Revised To Negative On Narrowing Capital Buffers; 'BBB/A-2' Ratings Affirmed
• PT Gajah Tunggal Rating Lowered To 'CCC+' On Refinancing Risks Amid Unfavorable Operating Conditions; Outlook Negative
• PVH Corp. Outlook Revised To Negative On Potential For Slow Recovery From COVID-19-Related Store Closures
• Saga PLC Outlook Revised To Stable On Increased Covenant Headroom; 'B' Ratings Affirmed
• Star UK Midco Ltd. (Sundyne) Downgraded To 'B-' On Expected Lower Demand; Outlook Negative
• Swedish Beauty And Wellness Group Walnut Bidco (Oriflame) Downgraded To ‘B’ On Depressed Volumes; Outlook Negative
• The Dow Chemical Co. Downgraded To 'BBB-' On Global Economic Downturn; Outlook Stable
• Ukrainian Railways JSC Downgraded To 'CCC' On Weakening Liquidity; Outlook Negative
• Wesco Aircraft Holdings Inc. Outlook Revised To Negative On Weaker Credit Metrics Due To Coronavirus; Ratings Affirmed

April 8, 2020 

• AerCap Holdings N.V. Outlook Revised To Negative From Stable On Lower-Than-Expected Revenues; Ratings Affirmed
• Arctic Glacier Group Holdings Downgraded To 'CCC+' On Expected Demand Decline Due To The Coronavirus, Outlook Negative
• AutoNation Inc. Outlook Revised To Negative On Expected Pressures From The Coronavirus Pandemic; 'BBB-' Rating Affirmed
• Banco Comercial Portugues Outlook Revised To Stable From Positive On Sharp Economic Contraction; 'BB/B' Ratings Affirmed
• Bank Polska Kasa Opieki S.A. Outlook Revised To Stable Following Action On Shareholder PZU; 'BBB+/A-2' Ratings Affirmed
• BEP Ulterra Holdings Inc. Outlook Revised To Negative On Diminishing Exploration And Production Activity
• Big Ass Fans Inc. Downgraded To 'CCC+' On Expected Leverage Increase Amid Recessionary Pressures; Outlook Negative
• Booking Holdings Inc. Outlook Revised To Negative From Stable On COVID-19 Impact; 'A-' Issuer Rating Affirmed
• Brookfield Property Partners L.P. Outlook Revised To Negative On Pressure To Core Retail Assets
• Cincinnati Bell Inc. Ratings Lowered On High Leverage Amid Economic Uncertainty; Outlook Stable
• Cinemark Holdings Inc. Downgraded To 'BB-' From 'BB'; Ratings Remain On CreditWatch Negative
• Concesionaria Mexiquense 'BBB' Ratings Affirmed, Outlook Negative; OPI Downgraded To 'mxA' And On Watch Negative
• Congo-Brazzaville Outlook Revised To Negative Following Sharp Oil Price Decline; 'B-/B' Ratings Affirmed
• Corp Group Banking Downgraded To 'CC' From 'CCC-' On Expiring Grace Period For Interest Payment, Outlook Still Negative
• EnVen Energy Corp. Downgraded To 'B-' On Weaker Credit Metrics; Outlook Negative
• Fieldwood Energy LLC Downgraded To 'CCC' On Weakening Financial Measures, Liquidity Concerns; Outlook Negative
• French Food Service Provider Elior Group S.A. Outlook Revised To Negative Amid COVID-19 Pandemic; 'BB' Ratings Affirmed
• Global Toll Road Operator Abertis Outlook Revised To Negative On COVID-19 Traffic Disruption; 'BBB-' Rating Affirmed
• Group 1 Automotive Inc. Outlook Revised To Negative On Business Disruptions Stemming From The Coronavirus Pandemic
• Hilton Worldwide Holdings Inc. Downgraded To 'BB' On COVID-19-Related Travel Downturn And Recession; Outlook Negative
• Johnson Electric Holdings Ltd. 'BBB' Ratings Placed On CreditWatch Negative On COVID-19 Risks
• Knowlton Development HoldCo Inc. Downgraded To 'B-' From 'B' On Significant Demand Decline Following COVID-19 Outbreak
• Latin American Oil And Gas Company GeoPark Ltd. 'B+' Ratings Affirmed And Removed From Watch Negative, Outlook Negative
• Lear Corp. Outlook Revised To Negative Due To Pandemic Risks
• Mavis Tire Express Services Corp. Downgraded To 'B-' On Business Disruption From The Coronavirus, Outlook Negative
• MWI Holdings Inc. Downgraded To 'CCC+' On Expected Leverage Increase Amid Recessionary Pressures
• Neenah Inc. Outlook Revised To Negative From Positive On Weak Economic Conditions; Ratings Affirmed
• Nexteer Automotive Group Placed On CreditWatch Negative On COVID-19-Related Uncertainty
• Pearl Holding III Ltd. Ratings Lowered To 'CCC+' On Heightened Liquidity Risk; Placed On CreditWatch Negative
• Penske Automotive Group Inc. Outlook Revised To Negative On Expected Pressures From The Pandemic; 'BB' Rating Affirmed
• Pinnacle Bidco (Pure Gym) Downgraded To 'B-' And Put On CreditWatch Negative As COVID-19 Exacerbates High Leverage
• Portugal-Based Haitong Bank Outlook Revised To Negative From Stable On Emerging Economic Downturn; Ratings Affirmed
• Rated Argentine Banks Removed From Watch Negative On Sovereign Foreign Currency Rating Cut To 'SD', Outlook Negative
• Rating Actions Taken On Three INEOS Group Petrochemical Companies Amid COVID-19 Disruption
• Sable Permian Resources Finance LLC Downgraded To 'D' On Missed Interest Payment
• Seven Generations Energy Ltd. Issuer Credit Rating Lowered To 'BB-' On Difficult Industry Conditions; Outlook Negative
• Switzerland-Based Kongsberg Automotive Downgraded To 'B-' On Liquidity Concerns Due To COVID 19; Still On Watch Negative
• Teine Energy Ltd. Outlook Revised To Negative On Revised Oil Price Assumptions; 'B' Issuer Credit Rating Affirmed
• Thermon Group Holdings Inc. Rating Lowered To 'B' On Expected Lower Demand; Outlook Negative
• Transurban Finance Outlook Revised To Negative Following COVID-19 Outbreak, Government Restrictions; Ratings Affirmed
• Unigel Outlook Revised To Negative From Positive On Expected Pressures From COVID-19, 'B+' And 'brAA' Ratings Affirmed
• Varsity Brands Holding Co. Inc. Rating Lowered To 'CCC+' On Expected Lower Revenue And Profit; Outlook Negative
• Vesta Energy Corp. Issuer Credit Rating Lowered To 'CCC+' From 'B-' On Challenging Industry Conditions; Outlook Negative
• W&T Offshore Inc. Downgraded To 'CCC+' From 'B-' On Weak Financial Measures, Market Conditions; Outlook Negative
• West Fraser Timber Co. Ltd. Outlook To Negative On Uncertain Prospects For Leverage Improving Amid COVID-19 Outbreak
• Yanfeng Global Automotive Interior Systems Outlook Revised To Negative On Challenging Conditions; 'BBB-' Rating Affirmed
• Zellis Holdings Ltd. Downgraded To 'CCC+' On Unsustainable Capital Structure Amid COVID-19 Uncertainty; Outlook Stable

April 7, 2020 

• Airservices Australia Outlook Revised To Negative On Sovereign Action; 'AAA/A-1+' Ratings Affirmed; SACP To 'bbb+'
• AIS HoldCo LLC Outlook Revised To Negative On Slow Growth And Economic Uncertainty; Ratings Affirmed
• Amer Sports Holding 1 Oy Downgraded To 'B-' On Declining Demand Amid COVID-19 Pandemic; Outlook Negative
• AP Gaming Holdings LLC Downgraded To 'B' Due To Disruption From Coronavirus; Ratings Remain On CreditWatch Negative
• Argentina Foreign Currency Ratings Lowered To 'SD' On Postponement Of U.S.-Dollar Principal And Interest Payments
• Australia Outlook Revised To Negative As COVID-19 Outbreak Weakens Fiscal Outcomes; 'AAA/A-1+' Ratings Affirmed
• Australian Capital Territory Outlook Revised To Negative After Similar Action On The Sovereign; Ratings Affirmed
• Australian State Of Victoria Outlook Revised To Negative After Similar Action On The Sovereign; Ratings Affirmed
• Ceridian HCM Holdings Inc. Outlook Revised To Negative From Stable On Forecast Lower EBITDA Generation; Ratings Affirmed
• Curo Group Holdings Corp. Outlook Revised To Stable From Positive On COVID-19 Impact; 'B-' Ratings Affirmed
• Defence Housing Australia Outlook Revised To Negative After Similar Sovereign Rating Action; 'AA+/A-1+' Ratings Affirmed
• Delhi International Airport Rating Lowered To 'BB-', Stays On Watch Negative On Likely Weaker Traffic, CPD Payment Delay
• Donnelley Financial Solutions Inc. Downgraded To 'B+' On Expected Leverage Increase, Limited Covenant Cushion
• ENA Sur Trust Rating Cut To 'BBB-' And Placed On Watch Negative On Expected Drop In Traffic Amid COVID-19 Lockdowns
• Enable Midstream Partners L.P. Outlook Revised To Negative From Stable On Pressured Credit Metrics; Ratings Affirmed
• Energy Holdings (Cayman) Ltd. Outlook Revised To Negative On Weaker-Than-Anticipated Demand; Ratings Affirmed
• EQM Midstream Partners L.P. Downgraded To 'BB-'; Outlook Negative
• Fire (BC) S.a r.l. (Italmatch) Downgraded To 'B-' On Weaker Expected Credit Metrics For 2020; Outlook Stable
• Fly Leasing Ltd. Outlook Revised To Negative From Stable; Ratings Affirmed
• GICSA Ratings Lowered To 'BB-' And 'mxA-' On Higher Leverage And Growing Risk From COVID-19; Ratings On Watch Negative
• GMR Hyderabad International Airport Rating Lowered To 'BB' Due To Tariff And Traffic Drop; Outlook Negative
• Heidelberger Druckmaschinen AG Outlook Revised To Negative On COVID-19 Uncertainty; 'B-' Rating Affirmed
• High Liner Foods Inc. Outlook Revised To Negative From Stable On Demand Decline Stemming From COVID-19 Outbreak
• Hilcorp Downgraded To 'BB-' On Weak Credit Metrics, Ratings Remain On CreditWatch Negative On Proposed BP Acquisition
• Italy-Based Nexi SpA Outlook Revised To Stable From Positive On COVID-19 Consumption Impact; 'BB-' Ratings Affirmed
• Kenan Advantage Group Inc. Issuer Credit Rating Lowered To 'CCC+' On Coronavirus Impact; Outlook Negative
• Kingfisher PLC Rating Lowered To 'BBB-' On COVID-19-Related Business Disruption; Placed On CreditWatch Negative
• Kosmos Energy Ltd. Downgraded To 'B' On Weaker Measures From Steep Decline In Commodity Prices; Outlook Negative
• Kutxabank Outlook Revised To Stable On Economic Downturn Stemming From COVID-19 Pandemic; 'BBB/A-2' Ratings Affirmed
• Lions Gate Entertainment Corp. Ratings Affirmed, Outlook Revised To Negative
• Liqui-Box Holdings Inc. Downgraded To 'CCC+' On Expectation For Elevated Leverage And Covenant Issues, Outlook Negative
• Magnolia Oil & Gas Corp. Outlook Revised To Negative On Weaker Credit Measures In 2020; Ratings Affirmed
• Major Australian Banks And Macquarie Bank Outlooks Revised To Negative, Mirroring Sovereign Outlook; Ratings Affirmed
• Millar Western Forest Products Ltd. Downgraded To 'CCC+' From 'B' On Uncertainty Of COVID-19 Impact; Outlook Negative
• NCR Corp. Rating Lowered To 'BB-' On Expectation That Leverage Will Rise In 2020; Outlook Stable
• Negative Rating Actions On Five European Specialty Retailers Due To COVID-19 Confinement Measures
• New South Wales Outlook Revised To Negative After Similar Action On The Sovereign; Ratings Affirmed
• Outlook On 15 Brazilian Financial Services Companies Revised To Stable From Positive On Similar Action On Sovereign
• Prospect Capital 'BBB-' Ratings Put On CreditWatch Negative On Potential Modified Asset Coverage And Lower Asset Quality
• Reynolds Group Holdings Ltd. Ratings Affirmed; Outlook Revised To Negative
• Sally Beauty Holdings Inc. Outlook Revised To Negative On Expectation For Weaker Demand Amid COVID-19
• Southwestern Energy Co. Downgraded To 'BB-' From 'BB' On Weaker Cash Flow And Leverage Metrics; Outlook Negative
• Swiss Manufacturer VAT Group AG Outlook Revised To Negative On Potential COVID-19 Pandemic Effects; 'BB' Rating Affirmed
• Tenneco Inc. Downgraded To 'B' From 'B+' Due To Pandemic-Related Risks; Ratings Placed On CreditWatch Negative
• Terex Corp. Downgraded To 'BB-' On Expected Lower Nonresidential Construction Activity, Weaker Demand; Outlook Negative
• The Weir Group Ratings Lowered To 'BB+'; Outlook Remains Stable
• TPC Group Inc. Downgraded To 'B-' On Reduced Demand; Ratings Off CreditWatch; Outlook Negative
• Transact Holdings Inc. Ratings Lowered To 'CCC+'; Outlook Negative On Elevated Liquidity Risk
• Volvo Car Outlook Revised To Stable From Positive On Weaker Cash flow Prospects Due To COVID-19; Affirmed At 'BB+'
• Zenith Energy U.S. Logistics Holdings LLC Ratings Lowered To 'B-' From 'B' On Revised Forecasts, Outlook Negative

April 6, 2020 

• Abercrombie & Fitch Co. Downgraded To 'B+' From 'BB-' On Expectation For Weaker Credit Metrics; Outlook Negative
• American Axle Manufacturing Holdings Inc. Downgraded To 'B+', Ratings Placed On CreditWatch Negative
• American Renal Associates Holdings Inc. Outlook Revised To Negative On Covenant Tightness; 'B-' Rating Affirmed
• Avolon Holdings Ltd. Outlook Revised To Negative From Stable; Ratings Affirmed
• Bass Pro Group LLC Ratings Lowered To 'B' On Uncertainty Surrounding Coronavirus Impact; Outlook Negative
• Blackhawk Network Holdings Inc. Downgraded To 'B-' On Rising Uncertainty About Consumer Spending Amid COVID-19
• Blue Yonder Parent BY Crown Parent LLC Downgraded To 'B-' On Weakened Credit Metrics And COVID-19 Risk; Outlook Stable
• Brazil Outlook Revised To Stable From Positive On Uncertainty Related To COVID-19; 'BB-/B' Ratings Affirmed
• Century Aluminum Co. Downgraded To 'CCC+'; On CreditWatch Negative On Weak Market Conditions, Refinancing Risk
• DriveTime Automotive Group Inc. Ratings Lowered To 'CCC+' On Weakening Trends From COVID-19 Impact; Outlook Negative
• Embraer Downgraded To 'BBB-' On Expected COVID-19 Impact On Financial Results; Issue-Level Watch Is Developing
• ENA Norte Trust 'BBB' Rating Placed On CreditWatch Negative On Weaker Revenue Prospects Due To COVID-19 Outbreak
• ENA Sur Trust Rating Cut To 'BBB-' And Placed On Watch Negative On Expected Drop In Traffic Amid COVID-19 Lockdowns
• Envision Healthcare Corp. Downgraded To 'CC' On Proposed Distressed Exchange Offer; Outlook Negative
• Everi Payments Inc. Downgraded To 'B' On Disruption From Coronavirus; Ratings Remain On Watch Negative
• FE Investments Ltd. Ratings Lowered To 'D/D' Following Placement Into Receivership
• Fender Musical Instruments Corp. 'B' Rating Placed On CreditWatch Negative On Pandemic
• Grupo Kaltex, S.A. de C.V. Ratings Cut To 'CCC' From 'B-' And Placed On Watch Negative On Increasing Liquidity Pressure
• IXS Holdings Inc. Ratings Placed On CreditWatch Negative Due To Coronavirus-Related Risks
• K-Mac Holdings Corp. Outlook Revised To Negative On Operating Disruption Amid Coronavirus Outbreak; Ratings Affirmed
• KKR Financial Holdings LLC Outlook Revised To Negative On Expected Portfolio Deterioration; 'BBB' Ratings Affirmed
• Magna International Inc. Placed On CreditWatch Negative On Risks Related To The COVID-19 Pandemic
• Modernland Realty Downgraded To 'B-' On Weaker Sales Prospect And Liquidity Erosion; Placed On CreditWatch Negative
• Narita International Airport 'A+/A-1' Ratings Placed On CreditWatch Negative Amid Sharp Decline In Passengers
• Oceaneering International Inc. Ratings Lowered To 'B+' On Weaker Credit Metrics; Outlook Negative
• Outlook On Ignition Topco BV, Parent Of IGM Resins, Revised To Negative On Weaker Revenue Prospects; 'B' Rating Affirmed
• Poland-Based PZU Group Outlook Revised To Stable From Positive On Weaker Business Conditions; Affirmed At 'A-'
• Polaris Intermediate Corp. Outlook Revised To Negative On Heightened Risk; 'B+' Rating Affirmed
• Pyxus International Inc. Downgraded To 'CCC-' From 'CCC', Outlook Negative; Debt Ratings Lowered
• Ralph Lauren Corp. Ratings Placed On CreditWatch Negative On Pandemic
• Solera Parent Holding LLC Outlook Revised To Negative On Weak Economic Forecast, Ratings Affirmed
• Tacala LLC Outlook Revised To Negative On Operating Disruption Amid Coronavirus Outbreak; Ratings Affirmed
• The Coca-Cola Co. Outlook Revised To Negative From Stable On Potential Coronavirus Fallout; Ratings Affirmed
• Timken Co. Ratings Placed On CreditWatch Negative On Expected Decline In Operating Performance And Covenant Constraints
• Tivity Health Inc. Downgraded To 'B' On Lower Earnings Due To Underperformance, Pandemic Pressures; On Watch Negative
• Tupperware Brands Corp. Downgraded On Coronavirus Impact And Refinancing Risk; Outlook Negative
• U.K.-Based BBD Bidco (BCA Marketplace Ltd.) Downgraded To 'B-' As COVID-19 Measures Weigh On Sales; Outlook Negative
• Various Rating Actions Taken On Three Chilean Toll Roads On Expected Traffic Slump Due To COVID-19
• Various REIT Outlooks Revised To Stable From Positive
• YRC Worldwide Inc. Rating Lowered To 'CCC+' On Weaker-Than-Expected Operating Prospects; Outlook Negative

April 3, 2020 

• Ahern Rentals Inc. Downgraded To 'CCC+' On Expected Demand Challenges, Low Covenant Headroom; Outlook Negative
• Akorn Inc. Rating Lowered To 'CC' And Placed On CreditWatch Negative On Impending Bankruptcy Filing
• American Bath Group LLC Outlook Revised To Negative; 'B' Rating Affirmed
• Aretec Group Inc. Downgraded To 'B-' On Expectation Earnings Will Suffer From The Impact Of COVID-19; Outlook Stable
• Beijing Automotive Group And BAIC Motor 'BBB+' Ratings Placed On CreditWatch Negative On COVID-19 Uncertainty
• Berry Petroleum Corp. Rating Lowered To 'B-' On Lower Commodity Prices; Outlook Negative
• Boston Scientific Corp. Outlook To Stable From Positive On Revised Revenue Guidance; Ratings Affirmed
• Carter's Inc. Outlook Revised To Negative On Deteriorating Credit Metrics As Stores Remain Closed; Ratings Affirmed
• Celanese US Holdings LLC Downgraded To 'BBB-'; Outlook Stable
• Cirque Du Soleil Group Ratings Lowered To 'D' From 'CCC-' On Missed Principal And Interest Payments
• CommScope Holding Co. Inc. Outlook Revised To Negative As Macro Risks May Delay Customer Capital Spending
• Coronado Global Resources Outlook Revised To Negative On Potential Material End-Market Disruption; 'B+' Rating Affirmed
• Covia Holdings Corp. Downgraded To 'CCC+' On Lower Oil & Gas Prices And Support Limitations; Outlook Negative
• CP VI Bella Midco LLC Outlook Revised To Negative, 'B' Ratings Affirmed Due To Impact Of COVID-19
• Dillard's Inc. Ratings Lowered To 'BB-' On Uncertainty Surrounding Coronavirus Impact; Outlook Negative
• Europcar Mobility Group Downgraded To 'B-' From 'BB-' On COVID-19 Effects And Weakening Liquidity; On Watch Negative
• Extraction Oil & Gas Inc. Rating Lowered To 'CCC+' From 'B-' On Lower Price Assumptions; Outlook Negative
• Fairfax Financial Holdings Ltd. Outlook Revised To Stable From Positive; Ratings Affirmed On Strong Capitalization
• Fogo de Chao Inc. Downgraded To 'CCC+' From 'B' On Coronavirus And Covenant Concerns, Outlook Negative
• Forum Energy Technologies Inc. Downgraded To 'CCC' On Unsustainable Leverage, Refinancing Risk; Outlook Negative
• France-Based Equipment Company Kapla Holding (Kiloutou) Downgraded To 'B' On COVID-19 Uncertainties; Outlook Negative
• Franklin Ireland Topco Ltd. (Planet) Downgraded To 'B-' Amid COVID-19-Related Disruption; Outlook Negative
• French Auto Spare Parts Distributor Parts Holding Europe Downgraded To 'B-'; On Impact From COVID-19 Outlook Negative
• French Auto Supplier Valeo 'BBB-/A-3' Ratings Placed On CreditWatch Negative On COVID-19 Impact
• G-III Apparel Group Ltd. Ratings Placed On CreditWatch Negative On Fallout From The Coronavirus Pandemic
• German Auto Systems Maker ZF Friedrichshafen Downgraded To 'BB+' On COVID-19 Impact; Outlook Negative
• Hyster-Yale Materials Handling Inc. Downgraded To 'B' On Weaker Demand; Outlook Negative
• Investment Holding Company Georgia Capital Downgraded To 'B' On Increased Leverage Ratio Due To COVID-19; Outlook Stable
• Ithaca Energy Downgraded To 'B-' Based On Weakened Creditworthiness Of Parent And Kept On CreditWatch Negative
• Jefferies Finance LLC 'BB-' Rating Placed On CreditWatch Negative On Weak Business Prospects And Liquidity Strain
• Kronos Worldwide Inc. Downgraded To 'B-' On Expected Weaker Demand Amid Global Economic Slowdown; Outlook Negative
• Laredo Petroleum Inc. Downgraded To 'B-' From 'B+' On Expected Weaker Credit Metrics; Outlook Negative
• Learning Care Group (US) No. 2 Inc. Downgraded To 'CCC' On COVID-19 Impact, Outlook Negative
• LyondellBasell Industries N.V. Downgraded To 'BBB' On Expected Deterioration In Credit Measures; Outlook Negative
• Moss Creek Resources Holdings Inc. Downgraded To 'CCC+' After Steep Drop In Commodity Prices; Outlook Negative
• Natel Engineering Co. Inc. Downgraded To 'CCC+' On Macroeconomic Weakness Due To COVID-19, Outlook Negative
• Negative Rating Actions Taken On Six Brazilian Sugarcane Processors On Pressured Credit Metrics And Liquidity
• Newell Brands Inc. Outlook Revised To Negative On Expected Revenue Decline Due To The Coronavirus And Related Recession
• NexTier Oilfield Solutions Inc. Downgraded To 'B' As Oilfield Services Demand Collapses; Outlook Negative
• Northern Oil and Gas Inc. Downgraded To ‘CCC+’ From ‘B-’ On Lower Commodity Prices; Outlook Negative
• Nostrum Oil and Gas PLC Downgraded To 'CCC-' On Distressed Exchange Risk; Outlook Negative
• Outcomes Group Holdings Outlook Revised To Negative On Heightened Risk Of Credit Metrics Eroding; 'B' Rating Affirmed
• Outlook On 11 Chilean Financial Entities Revised To Negative On Higher Economic Risk, Ratings Affirmed
• Outlooks On Four Australian Retail REITs Revised To Negative, One To Stable; Ratings On Eight REITs Affirmed
• Par Petroleum LLC Outlook Revised To Stable From Positive; 'B+' Rating Affirmed
• PDC Energy Inc. 'BB' Rating Affirmed; Outlook Negative Due To Weaker Commodity Prices
• Pregis TopCo Corp. Downgraded To 'B-' On Expectation For Lower Demand; Outlook Negative
• ProFrac Services LLC Downgraded To 'CCC' On Tightening Liquidity, Outlook Negative
• Quidditch Acquisition,Inc. Downgraded To 'CCC+' On COVID-19 Related Operating Disruption; Outlook Negative
• Schaeffler AG 'BBB-' Ratings Placed On CreditWatch Negative On Weaker Earnings Due To The COVID-19 Pandemic
• Serba Dinamik Ratings Placed On CreditWatch Negative On Highly Uncertain Free Operating Cash Flows
• Societe Generale Outlook To Stable As Profitability Prospects Falter In The Face Of COVID-19; 'A/A-1' Ratings Affirmed
• Swedish Municipality Of Orebro Outlook Revised To Negative; Ratings Affirmed At 'AA+/A-1+' And 'K-1'
• The Greenbrier Cos. Inc. Outlook Revised To Negative On Expected Weaker Railcar Demand
• The Hong Kong and China Gas Co. Ltd. Outlook Revised To Negative On Minimal Financial Headroom; 'A' Rating Affirmed
• Various Rating Actions Taken On China-Based Automakers On Challenging Industry Conditions And COVID-19 Uncertainty

April 2, 2020 

• AMC Entertainment Holdings Inc. Downgraded To 'CCC-' From 'B-'; Outlook Negative
• Antero Midstream Partners L.P. Downgraded To 'B-' On Parent Rating Action; Outlook Negative
• BMC Acquisition Inc. Downgraded To 'CCC+' On Weak Expected Performance And Liquidity Pressure, CreditWatch Developing
• Brazos Permian II LLC Downgraded To 'CCC+'; Outlook Stable
• Callon Petroleum Co. Downgraded To 'B-' On Weakening Financials; Outlook Negative
• CB Poly Investments LLC Downgraded To 'B-' From 'B'; Debt Ratings Lowered; Outlook Negative
• CenterPoint Energy Inc. Outlook Revised To Negative Following Midstream Dividend Cut; Ratings Affirmed
• CHG PPC Intermediate II LLC Downgraded To 'B-' Over Expected Profitability Hit Due To Coronavirus; Outlook Negative
• Cooper-Standard Holdings Inc. Downgraded To 'B-' On The Effects Of The Coronavirus Pandemic, Outlook Negative
• Elo Touch Solutions Inc. Downgraded To 'B' On Pressures Facing Restaurant And Retail End Markets; Outlook Negative
• Endeavor Energy Resources L.P. Outlook Revised To Negative On Weaker Leverage Metrics And Expected Cash Outflows
• Entercom Communications Corp.'s Rating Lowered To 'B' On Expected Coronavirus-Related Pressures; Outlook Negative
• Four Seasons Holdings Inc. Ratings Placed On CreditWatch Negative On Coronavirus-Related Recession And Travel Downturn
• FR Flow Control Midco Limited Downgraded To 'B-' On Difficult Market Conditions; Outlook Negative
• France-Based Textile And Appliance Firm Elis Downgraded To 'BB' On COVID-19 Impact; Outlook Negative
• Grupo KUO 'BB' Global And 'mxA' National Scale Ratings Placed On Watch Negative On Concerns Over Deleveraging
• Harley-Davidson Inc. Downgraded To 'BBB' On 2020 Headwinds; Liquidity Strong, 'A-2' Rating Affirmed; Outlook Negative
• Hyatt Hotels Corp. Downgraded To 'BBB-', On CreditWatch Negative Due To Deep Q2 Contraction, Ongoing Travel Downturn
• Hyundai Capital Services 'BBB+' Ratings Placed On CreditWatch Negative Following Similar Action On Parents
• Jaguar Land Rover Automotive Downgraded To 'B' On Weaker Credit Metrics Due To COVID-19 Uncertainty; Outlook Negative
• Lamar Advertising Co. Downgraded to 'BB-' On Expected Coronavirus Pressures; Outlook Negative
• Laredo Petroleum Inc. Downgraded To 'B-' From 'B+' On Expected Weaker Credit Metrics; Outlook Negative
• Marriott International Inc. Ratings Lowered To 'BBB-', Put On CreditWatch Negative On COVID-19-Related Travel Downturn
• Mercer International Inc. Downgraded To 'B+' From 'BB-' On Elevated Leverage; Outlook Negative
• Mister Car Wash Holdings Inc. Downgraded To 'CCC+' From 'B-', Outlook Negative
• Oman Electricity Transmission Co. Downgraded To 'BB-' On Similar Sovereign Action; Outlook Negative
• Outfront Media Inc. Downgraded To 'B+' On Expected Coronavirus Pressures; Outlook Negative
• Pesquera Exalmar S.A.A. Ratings Lowered To 'B-' From 'B' And Placed On CreditWatch Negative On Weak Liquidity
• Restaurant Brands International Outlook Revised To Negative On Expected Operating Underperformance Due To Coronavirus
• Royal Caribbean Cruises Ltd. Ratings Lowered To 'BB', Removed From CreditWatch; Outlook Negative
• Service Properties Trust Downgraded To 'BB+' And Bonds Remain 'BBB-' But Placed On CreditWatch Negative Due To COVID-19
• Staffing Provider House of HR Downgraded To 'B' As COVID-19 Measures Limit Recruitment; Outlook Negative
• Sunshine Luxembourg VII (Galderma) Downgraded To 'B-' On Expected Weakening In Credit Metrics; Outlook Stable
• Tata Motors Downgraded To 'B' On Weaker-Than-Expected Credit Metrics; Outlook Stable
• TransDigm Inc. Outlook Revised To Negative On Weaker Credit Metrics Due To Coronvirus; Notes Rated 'B+'
• Trinseo S.A. Downgraded To 'B' From 'B+' On Recession Concerns; Outlook Negative
• UAE Based School Operator GEMS Menasa Outlook Revised To Negative From Stable Due To COVID-19 Uncertainty
• Under Armour Inc. Outlook Revised To Negative; 'BB' Ratings Affirmed
• Unite Group Outlook Revised From Positive To Negative On Falling Student Housing Demand; 'BBB' Ratings Affirmed
• USF Holdings LLC Downgraded To 'CCC' From 'B' On Expected Coronavirus Impact; On CreditWatch Negative
• Various Rating Actions Taken In Business Services Sector
• Weatherford International plc Downgraded To 'CCC+' On Weak Market Conditions; Outlook Negative
• Woodside Petroleum 'BBB+' Ratings Affirmed, Removed From CreditWatch; Outlook Negative On Projected Weaker Cash Flow
• Zephyr Midco 2, Parent Of Zoopla And uSwitch, Lowered To 'B-' On Delayed Deleveraging Due To COVID-19; Outlook Stable

April 1, 2020 

• Bahrain Telecommunications Outlook Revised To Stable From Positive In Line With Sovereign; 'B+/B' Ratings Affirmed
• Canadian Airport Authorities, NAV Canada, And The Federal Bridge Corp. Ratings Affirmed; Outlooks Revised To Negative
• Carnival Corp. Downgraded To 'BBB-'; Ratings Remain On CreditWatch With Negative Implications
• CEC Entertainment Rating Lowered To 'CCC' On Upcoming Note Maturities Amid Weak Economic Environment; Outlook Negative
• Celestica Inc. Downgraded To 'BB-' From 'BB' On Macroeconomic Weakness From COVID-19 Outbreak; Outlook Stable
• CEMEX Ratings Placed On CreditWatch Negative Due To Heightened Financial Risks Stemming From Coronavirus Pandemic
• Cornerstone Building Brands Inc. Ratings Placed On CreditWatch Negative On Reduced Demand Expectation, Elevated Leverage
• CPG International LLC d/b/a/ The Azek Co. Ratings Put On CreditWatch Negative On Increased Refinancing Risk
• CPI Property Group Outlook Revised To Negative On Tighter Leverage Headroom; 'BBB' Ratings Affirmed
• Croatia-Based Zagrebacki Holding 'B+' Rating On Watch Negative On Tightening Liquidity
• Darden Restaurants Inc. Rating Lowered To 'BBB-' On Expected Pressure On Operating Results; Outlook Negative
• DTE Energy Center LLC Ratings Lowered To 'BBB+'; Outlook Negative
• Edmonton Regional Airports Authority Ratings Affirmed; Outlook Revised To Negative Due To COVID-19
• EQT Corp. Downgraded To 'BB-' On Difficult Market Conditions; Outlook Negative
• Evoca S.p.A. Outlook Revised To Negative From Stable On Slowdown In Demand; 'B' Ratings Affirmed
• Gavilan Resources LLC Downgraded To 'CCC-' On Likely Borrowing Base Deficiency; Outlook Negative
• Germany-Based Kirk Beauty Downgraded To 'CCC+' On COVID-19 Uncertainty And Heightened Refinancing Risk; Outlook Negative
• Halifax International Airport Authority Ratings Affirmed; Outlook Revised To Negative Due To COVID-19
• Hyundai Motor Group Companies Ratings Placed On CreditWatch Negative Due To COVID-19 Pandemic
• iHeartMedia Inc. Rating Lowered To 'B' On Expected Coronavirus Pressures; Outlook Negative
• Italy-Based Magnet Gasket Maker Ilpea 'B' Ratings Put On Watch Negative Due To Potential COVID-19 Impact
• JELD-WEN Inc. Outlook Revised To Negative On Reduced Demand Expectations
• KC Culinarte Holdings L.P. Downgraded To 'CCC+' On Coronavirus Fallout; Outlook Negative
• Kontoor Brands Inc. Downgraded To 'B+' Due To Coronavirus Fallout; Outlook Negative
• Maxeda Downgraded To 'CCC+' From 'B-' On Weaker Liquidity And Refinancing Risk; Outlook Revised To Negative
• MEG Energy Corp. Downgraded To 'CCC+' From 'B+' On Drastically Lower Oil Price Assumptions; Outlook Negative
• MI Windows And Doors LLC Outlook Revised To Negative; Ratings Affirmed
• Miller's Ale House Inc. Rating Lowered To 'CCC' On Coronavirus And Covenant Pressure; Outlook Negative
• Nabors Industries Ltd. Downgraded To 'B-' From 'BB-' On Weak Market Conditions; Outlook Negative
• NAV CANADA Ratings Affirmed; Outlook Revised To Negative Due To COVID-19
• Newmont Corp. Outlook Revised To Stable From Positive On Mine Curtailments; 'BBB' Ratings Affirmed
• Ottawa Macdonald-Cartier International Airport Authority Ratings Affirmed; Outlook Revised To Negative Due To COVID-19
• Peer Holding Outlook Revised To Negative On COVID-19-Related Business Disruption; 'B+' Ratings Affirmed
• PGT Innovations Inc. Outlook Revised To Stable On Improbable Earnings Growth; 'B+' Rating Affirmed
• Pitney Bowes Inc. Outlook Revised To Negative On Increased Macroeconomic Risk From COVID-19
• Pronovias Downgraded To 'CCC+' On Unsustainable Capital Structure Due To COVID-19; Outlook Negative
• QEP Resources Inc. Downgraded To 'B' On Weaker Credit Measures After Sharp Decline In Commodity Prices; Outlook Negative
• Rating Actions Taken On Several Corporate Issuers With Exposure To Nigeria Following Sovereign Downgrade
• Retailer B&M Downgraded To 'B+' On Increased Refinancing Risk Amid COVID-19 Uncertainty; Placed On CreditWatch Negative
• Rockwood Service Corp. Outlook Revised To Negative; Ratings Affirmed
• Selecta Group B.V. Downgraded To 'B-' On Expected Continued Negative Free Operating Cash Flow; Outlook Negative
• Shopping Center Owner NEPI Rockcastle PLC Outlook Revised To Negative From Stable; 'BBB' Ratings Affirmed
• SM Energy Co. Downgraded To 'B-' On Increased Refinancing Risk After Steep Drop In Commodity Prices; Outlook Negative
• Spanish Retailer El Corte Ingles Ratings Placed On CreditWatch Negative Due To COVID-19 Uncertainty
• Sweden-Based Capital Goods Company Alfa Laval AB Outlook Revised To Negative From Stable; 'BBB+' Ratings Affirmed
• Sweden-Based Transcom Downgraded To 'CCC+' On Additional Debt Funding Raised To Support Operations; Outlook Negative
• T-Mobile US Inc. Downgraded To 'BB' On Weaker Credit Metrics Following Acquisition Of Sprint; Outlook Stable
• The Federal Bridge Corp. Ltd. Ratings Affirmed; Outlook Revised To Negative Due To COVID-19
• Two Trinidadian Banks Downgraded To 'BBB-/A-3' From 'BBB/A-2' On Lower Hydrocarbon Prices And COVID-19 Outbreak
• Vancouver Airport Authority Ratings Affirmed; Outlook Revised To Negative Due To COVID-19
• Various Rating Actions Taken In Business Services Sector
• Victoria PLC Outlook Revised To Negative From Stable On Projected Weaker Demand; 'BB-' Ratings Affirmed
• Whiting Petroleum Corp. Downgraded To 'D' From 'CCC+' On Announced Commencement Of Chapter 11 Bankruptcy Proceedings
• Winnipeg Airports Authority Inc. Ratings Affirmed; Outlook Revised To Negative Due To COVID-19

March 31, 2020 

• 361 Degrees International Ltd. Downgraded To 'B+' On Weak Consumer Spending; Outlook Negative
• Canadian Tire Corp. Ltd. And CT REIT Downgraded To 'BBB' From 'BBB+' On Pressured Leverage From COVID-19 Concerns
• CEZ a.s. Outlook Revised To Negative On Tight Financial Headroom Amid Market Turmoil; Ratings Affirmed
• Chongqing Nan'an Urban Construction Outlook Revised To Negative; 'BBB' Ratings Affirmed
• Cohu Inc. Downgraded To 'B-' On Weaker Credit Metrics And Macroeconomic Impact From COVID-19; Outlook Negative
• CPI International Inc. Downgraded To 'B-' On Elevated Leverage Expectations; Outlook Stable
• Dometic Group AB Ratings Lowered To 'BB-', Placed On CreditWatch Negative On Macroeconomic Impact From COVID-19
• EPR Properties Outlook Revised To Negative On Pressured Operating Performance
• FGI Acquisition Corp. Downgraded To ‘CCC+’ On End Market Pressure; Outlook Negative
• GameStop Corp. Downgraded To 'B-' From 'B+' On COVID-19 Hurdles And Refinancing Risk; Outlook Developing
• GK Holdings Inc. Downgraded To 'CC' On Near-Term Maturities And Headwinds From The Coronavirus, Outlook Negative
• Global Auto Parts Supplier Robert Bosch GmbH Downgraded To 'A+' On COVID-19 impact; Outlook Negative
• H&R Block Inc. Outlook Revised To Negative; Ratings Affirmed
• InterCement Brasil Downgraded To 'B-' From 'B' And Placed On Watch Negative On Weaker Earnings Due To COVID-19's Impact
• International Design Group Outlook Revised To Negative Amid COVID-19 Outbreak; 'B' Ratings Affirmed
• International Seaways Inc. Outlook Revised To Negative On The Coronavirus' Expected Impact On Tanker Markets
• Invepar Group Ratings Lowered To 'CCC' And 'brB-' As Refinancing Risk Increases Amid Challenging Market Conditions
• KUEHG Corp. Downgraded To 'CCC+' On COVID-19 Disruption; Outlook Negative
• Loxam SAS Rating Lowered To 'B' On Expected Negative Impact Of COVID-19 On Financial Results; Outlook Negative
• Luxembourg-Based 4finance Holding S.A. Outlook Revised To Negative; 'B+' Rating Affirmed
• Mack-Cali Realty Corp. Rating Lowered To 'B+'; Outlook Negative
• Maoye International Holdings Ltd. Downgraded To 'B-' On Limited Liquidity Cushion; Outlook Stable
• MEDNAX Inc. Downgraded To 'BB-' On Economic Fallout From COVID-19; Outlook Remains Negative
• Next PLC Rating Lowered To 'BBB-' On COVID-19-Related Business Disruption; Placed On CreditWatch Negative
• Outdoor Advertising Company JCDecaux S.A. Ratings Placed On CreditWatch Negative On COVID-19 Impact
• Rating Actions Taken On Four Russian And European Steel Companies As A Bad 2019 Turns Into A Worse 2020
• Ratings On Three European Theme Park Operators Put On CreditWatch Negative As COVID-19 Pandemic Continues
• Rutas de Lima Downgraded To 'CCC' From 'B' On Expected Worsening Of Financial Performance, Placed On Watch Negative
• Sierra Enterprises LLC Downgraded To 'B-' On The Negative Effects Of The Coronavirus Pandemic, Ratings On Watch Negative
• Steen & Strom AS Outlook Revised To Negative; 'A-' Rating Affirmed Following Same Action On Parent
• Tailwind Smith Cooper Holding Corp. Downgraded To 'B-' On Expected High Leverage; Outlook Negative; Debt Ratings Lowered
• Tata Chemicals North America Inc. Ratings Placed On CreditWatch Negative As Refinancing Risk Increases
• The Estee Lauder Cos. Inc. Outlook Revised To Negative On Store Closures And Other Impacts From Coronavirus
• Three Brazilian Auto Suppliers Placed On CreditWatch Negative On Pandemic's Potential Impact On The Automotive Industry
• Toro Private Holdings I Ltd. (Travelport) Downgraded To 'B-' On COVID-19 Outbreak; Outlook Negative
• UFS Holdings Inc. Downgraded To 'CCC' From 'B-' On Elevated Likelihood For A Covenant Breach, Outlook Negative
• Various Rating Actions Taken On U.S. Outpatient Physical Therapy Providers Amid Potential Disruption From COVID-19
• Vincent Topco BV NL Downgraded To 'B-' From 'B' On Closure Of Some Sites Amid COVID-19; Outlook Stable
• Voyager Aviation Holdings LLC Downgraded To 'B' And Placed On WatchNeg On Weak Operating Performance, Liquidity Concerns

March 30, 2020 

• Adler Pelzer Holding Downgraded To 'B-' On Liquidity Concerns Due To COVID-19; Ratings On CreditWatch Negative
• ADMI Corp. Ratings On CreditWatch Negative On Likely Weakening Demand Amid Coronavirus Pandemic
• Advisor Group Downgraded To 'B-' On Expected Impact Of Rate Cuts And Declining Markets; Outlook Stable
• Afflelou Downgraded To 'B-' On Low Covenant Headroom And Sharp Decline In Volumes Linked To COVID-19; Outlook Negative
• Affordable Care Holding Corp. Downgraded To 'CCC+'; Ratings Placed On CreditWatch Negative
• American Dental Partners Inc. On CreditWatch Negative On Likey Weakening Demand Amid COVID-19 Pandemic
• Ammega Group B.V. Downgraded To 'B-' On Likely Delay In Deleveraging Due To The Coronavirus Pandemic; Outlook Stable
• Ascent Resources Utica Holdings LLC Downgraded To 'CCC+'; Outlook Negative
• ASP NAPA Downgraded To 'CCC' On Expected Liquidity Issues Amid Coronavirus-Related Volume Declines; Outlook Negative
• Avation PLC Downgraded To 'B', Placed On Watch Negative, On Deteriorating Operating Conditions, Growing Refinancing Risk
• Blucora Inc. Outlook Revised To Negative On COVID-19-Related Impact To Performance; 'BB' Ratings Affirmed
• BOC Aviation Outlook Revised To Negative On COVID-19 Impact On Customer Airlines; 'A-' Rating Affirmed
• Boral Ltd. Outlook Revised To Negative On Weaker Cash Flow And Revenue Prospects Due To COVID-19; 'BBB' Ratings Affirmed
• BRF Outlook Revised To Stable From Positive On Potential Volatility Due To COVID-19, 'BB-' and 'brAA+' Ratings Affirmed
• Buena Vista Gaming Authority Downgraded To 'CC' From 'CCC+' On Likely Default; Outlook Negative
• Cardif Colombia Seguros Generales S.A. Outlook Revised To Negative On Similar Action On Colombia; 'BBB' Ratings Affirmed
• Carestream Dental Parent Ltd. Outlook Revised To Negative On Potential Impact From Coronavirus
• CFS Brands LLC Rating Lowered To 'B-' On Expectations Of Weaker Demand; Debt Ratings Lowered; Outlook Negative
• Colombia Telecomunicaciones S.A. E.S.P Outlook Revised To Negative Amid Expected Higher Leverage; 'BB+' Ratings Affirmed
• Constellation Brands Inc. Outlook Revised To Negative From Stable; Ratings Affirmed
• Continental AG Ratings Lowered To 'BBB' On COVID-19 Impact, Outlook Negative
• Corsair Group (Cayman) LP Outlook Revised To Negative On Likely Weaker Credit Metrics Amid COVID-19 Outbreak
• Crew Energy Inc. Issuer Credit Rating Lowered To 'CCC+' From 'B-' On Weak Industry Conditions; Outlook Negative
• Dell Technologies Inc., VMware Inc. Outlooks Revised To Negative From Stable; Ratings Affirmed
• Dentalcorp Health Services ULC 'B-' Rating Placed On CreditWatch Negative On Likely Weakening Demand Amid COVID-19
• DENTSPLY SIRONA Inc. Outlook Revised To Negative On Potential Impact From Coronavirus
• Flexential Intermediate Corp. Downgraded To 'CCC+' On Impact From COVID-19; Outlook Negative
• Hamburg Commercial Bank AG Outlook Revised To Negative On Challenging Macro Environment; 'BBB/A-2' Ratings Affirmed
• Harsco Corp. Downgraded To 'BB-' From 'BB' On Macroeconomic Weakness; Outlook Negative
• Heartland Dental LLC Downgraded To 'CCC+'; Outlook Negative
• HNVR Midco Ltd. (Hotelbeds) Downgraded To 'CCC+' On COVID-19 Impact; Outlook Negative
• Home Appliances Group Arcelik Downgraded To 'BB' On Expected Less Demand Due To COVID-19; Outlook Negative
• II-VI Inc. Downgraded To 'B+' On Macroeconomic Weakness From Coronavirus; Outlook Stable
• Kestra Advisor Services Holdings A Inc. Ratings Lowered To 'B' On Rate Cuts And Declining Markets; Outlook Stable
• Kiwi VFS SUB 1 S.a.r.l. Downgraded To 'B' As COVID-19 Leads To Global Travel Disruption; Outlook Negative
• Livingston International Inc. Outlook Revised To Negative On Lower Anticipated Trade Volumes
• MB Aerospace Holdings II Corp Downgraded To 'CCC+' On Weak Liquidity And COVID-19 Uncertainty; On CreditWatch Negative
• MRO Holdings Inc. Downgraded To 'B' From 'B+' On Expected Lower Demand Due To The Coronavirus; Outlook Negative
• Nippon Life, Dai-ichi Life Outlooks Revised Down To Stable As Pandemic Roils Financial Markets; Ratings Affirmed
• Oppenheimer Holdings Inc. Outlook Revised To Stable From Positive On Lower Rates, Market Conditions; Ratings Affirmed
• Park-Ohio Industries Inc. Downgraded To 'B' On Lower Earnings Due To COVID-19 Pressures; On CreditWatch Negative
• Premier Dental Services Inc. Downgraded To 'CCC+'; Ratings Placed On CreditWatch Negative
• Project Silverback Holding Corp.(dba Sparta Systems Inc.) Outlook Revised To Negative From Stable; Ratings Affirmed
• Ratings On Three Toyota-Affiliated Suppliers Placed On CreditWatch Negative Following Same Action On Toyota Motor
• Seguros De Vida Suramericana And Seguros Generales Suramericana Outlook Revised To Negative On Same Action On Colombia
• Sensata Technologies B.V. Ratings Placed On CreditWatch Negative Due To Coronavirus-Related Production Disruption
• Sequa Corp. Outlook Revised To Negative On Weaker Credit Metrics Due To Coronavirus; Ratings Affirmed
• Signet Jewelers Ltd. Downgraded To 'B+' On Coronavirus Pandemic-Related Performance Challenges, Outlook Negative
• S-Oil Outlook Revised To Negative On Weakening Profitability And Financials; 'BBB' Rating Affirmed
• South Africa-Based Chemicals Group Sasol Downgraded To 'BB/B' On Slumping Oil And Chemicals Markets; Outlook Negative
• SSH Holdings Inc. (Spencer Spirit) Outlook Revised To Negative On Expected COVID-19 Impact; 'B' Rating Affirmed
• Stena AB Outlook To Negative On COVID-19-Related Earnings' Pressure; 'B+' Affirmed
• Taiju Life And Nippon Wealth Life Outlooks Revised Down To Stable After Same Action On Nippon Life; Ratings Affirmed
• The Talbots Inc. Downgraded To 'CCC+' On Liquidity Concerns Amid Coronavirus Outbreak; Outlook Negative
• Three Colombian Financial Institution Outlooks Revised To Negative After Similar Action On Sovereign; Ratings Affirmed
• Toyota Tsusho And Singapore Unit 'A+' Ratings Placed On CreditWatch Negative Following Similar Action On Toyota Motor
• USA Compression Partners L.P. Outlook Revised To Negative On Difficult Market Conditions; 'B+' Ratings Affirmed
• Vermilion Energy Inc. Issuer Credit Rating Lowered To 'B' From 'BB-' On Weak Industry Conditions; Outlook Stable
• YI Group Holdings LLC Downgraded To 'CCC+'; Ratings Placed On CreditWatch With Negative Implications
• Zest Acquisition Corp. Ratings Placed On CreditWatch Negative On Potential Impact Related To COVID-19

March 27, 2020 

• 21 Mexican Financial Institutions Downgraded On Same Action On Sovereign And Increasing Economic Risks For The Sector
• ACI Airport Sudamerica Downgraded To 'BB' From 'BBB' On Sharp Drop In Traffic Amid COVID-19, Placed On Watch Neg
• Adient PLC Ratings Placed On CreditWatch Negative Due To Pandemic Risks
• Airbus 'A+/A-1+' Ratings Put On Watch Negative On Aircraft Delivery Delays Linked To COVID-19
• Alliance Resource Partners L.P. Downgraded To 'BB-'; Outlook Stable
• Altarea Outlook Revised To Negative On COVID-19 Impact On Retail REIT And Development Activity; Affirmed At 'BBB'
• Aptiv PLC Ratings Placed On CreditWatch Negative On COVID-19 Pandemic Uncertainty
• Array Canada Inc. Ratings Placed On CreditWatch Negative On COVID-19 Concerns
• Ashton Woods USA LLC Outlook Revised To Stable From Positive On Likely U.S. Recession; Ratings Affirmed
• Automaker Volkswagen Outlook Revised To Negative On Weaker Revenue Prospects Due To COVID-19; Affirmed At 'BBB+/A-2'
• BCPE Empire Holdings Inc. Outlook Revised To Negative From Stable On Profitability Pressure; Ratings Affirmed
• BDF Acquisition Corp. Downgraded To 'CCC+' From 'B' On Expected Weak Performance, Liquidity Pressure; Outlook Negative
• Bed Bath & Beyond Inc. Rating Lowered To 'B+' On Operational Headwinds Exacerbated By Coronavirus; Outlook Negative
• Bertelsmann Outlook Revised To Negative On Weaker Growth Prospects; 'BBB+/A-2' Ratings Affirmed
• Bogota Outlook Revised To Negative Following Same Action On Colombia; 'BBB-' Ratings Affirmed
• Boral Ltd. Outlook Revised To Negative On Weaker Cash Flow And Revenue Prospects Due To COVID-19; 'BBB' Ratings Affirmed
• Botswana Ratings Lowered To 'BBB+/A-2' On Expected Prolonged Fiscal And External Deficits; Outlook Stable
• Bright Horizons Family Solutions LLC Outlook Revised To Negative From Positive Amid COVID-19; 'BB-' Rating Affirmed
• Brown Jordan International Inc. Downgraded To 'CCC+' From 'B' Over Coronavirus Impact; Outlook Negative
• Burlington Stores Inc. Downgraded To 'BB' On Operational Pressures Amid Coronavirus Outbreak; Outlook Negative
• Challenger Life Co. Ltd. Outlook Revised To Stable; 'A' Ratings Affirmed
• China Jinmao Outlook Revised To Negative On Weaker Profitability Leading To Higher Leverage; 'BBB-' Ratings Affirmed
• Choice Hotels International Inc. Outlook Revised To Negative Due To COVID-19-Related Travel Downturn; Ratings Affirmed
• Cirque Du Soleil Group Rating Lowered To 'CCC-' On Significant Liquidity Pressure; Outlook Negative
• Dayco LLC Downgraded To 'CCC+' Due To The Effects Of The Coronavirus Pandemic, Outlook Negative
• DuPont de Nemours Inc. Downgraded To 'BBB+' On Weaker Macroeconomic Conditions; On Watch Negative; Debt Ratings Lowered
• Eight North American Homebuilder Outlooks Revised To Stable As Recession Forecast Pauses Positive Rating Momentum
• EmployBridge LLC Ratings Placed On CreditWatch Negative Due To Potential Fallout From The Coronavirus Pandemic
• Empresa de Transporte de Pasajeros Metro Outlook Revised To Negative Amid COVID-19 Pandemic, 'A+' Ratings Affirmed
• FCE Bank Ratings Placed On CreditWatch Negative Following Action On Parent Ford Motor Co.
• Form Technologies LLC Rating Lowered To ‘CCC’ On Operating Performance And Refinancing Risk; Outlook Negative
• Fortis Inc. And Most Subsidiary Outlooks Remain Negative; Outlook On Caribbean Utilities Revised To Negative
• Gartner Inc. Outlook Revised To Negative Due To Leverage Increase From COVID-19; 'BB' Issuer Credit Rating Affirmed
• Intermediate Capital Group Outlook Revised To Stable From Positive On Increased Market Uncertainty; Affirmed At 'BBB-'
• International Car Wash Group Ltd. Rating Lowered To 'B-' On Impact Of COVID-19 On Traffic Levels; Outlook Stable
• Kennametal Inc. Outlook Revised To Negative On Expected Drop In Demand; 'BBB' Rating Affirmed
• L Brands Inc. Rating Lowered To 'B+' On Expectation For Weak Demand Amid COVID-19; Outlook Negative
• La Poste, La Banque Postale Outlooks To Stable As COVID-19 Impact Offsets New Structure Benefits; Affirmed At 'A/A-1'
• Logix Intermediate Holding Corp. Downgraded To 'CCC' On Economic Impact Of The Coronavirus; Outlook Negative
• LSF9 Balta Issuer S.A. Downgraded To 'B-' On Cash Flow Generation Uncertainty And Refinancing Risks; Outlook Negative
• Mattamy Group Corp. Outlook Revised To Stable On Likely U.S. Recession, COVID-19 Uncertainty; Ratings Affirmed
• MDC Holdings Inc. Outlook Revised To Stable On Likely U.S. Recession; Ratings Affirmed
• Meritage Homes Corp. Outlook Revised To Stable From Positive On Likely U.S. Recession; Ratings Affirmed
• Merlin Properties Outlook Revised To Stable From Positive On Challenging Retail Environment; 'BBB' Ratings Affirmed
• Molson Coors Beverage Co. Outlook Revised To Negative From Stable; Ratings Affirmed
• Mountain Province Diamonds Inc. Downgraded To 'CCC+' From 'B-' On Cash Flow Uncertainty And Limited Liquidity
• National Amusements Inc. Downgraded To 'B-' From 'B+' On Reduced Liquidity, Ratings Remain On CreditWatch Negative
• Outlook On Marubeni Revised Downward To Stable On Sizeable Net Loss; 'BBB' Ratings Affirmed
• Outlooks On Four Greek Banks Revised To Stable From Positive On COVID-19's Impact On NPE Cleanup Efforts
• Outlooks On Four Mexican Local And Regional Governments Revised To Negative From Stable; Ratings Affirmed
• Praesidiad Group Downgraded To 'CCC' On Thin Covenant Headroom And COVID-19 Uncertainty; Placed On CreditWatch Negative
• Premier Brands Group Holdings LLC Outlook Revised To Negative From Positive, 'B-' Issuer Credit Rating Affirmed
• PS Holdco LLC Ratings Lowered To 'B' From 'B+' On Weaker-Than-Expected Credit Metrics; Outlook Negative
• Road Infrastructure Investment Holdings Inc. Outlook Revised To Negative; 'CCC+' Rating Affirmed
• Rolls-Royce PLC 'BBB-' Ratings Placed On CreditWatch Negative Due To Expected Impact Of COVID-19 On Financial Results
• Ross Stores Inc. Downgraded To 'BBB+' On Performance Challenges Stemming From The Coronavirus Pandemic, Outlook Negative
• Samsonite International S.A. Downgraded To 'BB-' Due To The Impact Of Coronavirus On Travel; Outlook Negative
• Shopping Center Owner Carmila S.A. Outlook Revised To Negative From Stable; 'BBB/A-2' Ratings Affirmed
• Six Insurers Operating in Mexico Downgraded After Similar Action On The Sovereign; Negative Outlook On Eight Insurers
• Specialty Building Products Holdings LLC Downgraded To 'B-' On Impact From COVID-19 And Recessionary Pressures
• Specialty Chemicals International B.V. Outlook Revised To Stable From Positive On Weaker Market Demand; Ratings Affirmed
• Tanger Factory Outlet Centers Inc. Outlook Revised To Negative On Reduced Expected Rent Payments Due To The Coronavirus
• The NORDAM Group LLC Downgraded To 'B' On Possible Coronavirus Ramifications; Outlook Stable
• Thor Industries Inc. Issuer Credit Rating Lowered To ‘BB-’ On Anticipated COVID-19 Impact; Outlook Negative
• Three South American Airlines Downgraded And Remain On CreditWatch Negative As COVID-19 Pandemic Escalates
• TJX Cos. Inc. Downgraded To 'A' On COVID-19 Related Operating Disruption, Weakened Credit Metrics; Outlook Negative
• Tronox Ltd. Outlook Revised To Negative From Stable On Difficult Market Conditions; Ratings Affirmed
• UC Holdings Inc. Ratings Placed On CreditWatch Negative Due To Coronavirus-Related Production Disruption
• Winnebago Industries Inc. Issuer Rating Lowered To 'B+' On Anticipated COVID-19 Impact; Outlook Negative

March 26, 2020 

• Airbus 'A+/A-1+' Ratings Put On Watch Negative On Aircraft Delivery Delays Linked To COVID-19
• Algoma Steel Inc. Ratings Placed On CreditWatch Negative On Liquidity Concerns
• American Equity Investment Life Outlook Revised To Negative Following Asset Stress Test; Ratings Affirmed
• Amynta Holdings LLC Outlook Revised To Negative On Reduced EBITDA Due To COVID-19 Impact; 'B-' Ratings Affirmed
• Apache Corp. Downgraded To 'BB+', Outlook Negative
• APCO Holdings LLC Ratings Lowered To 'B-' On Severe Operating Challenges, Placed On CreditWatch Negative
• At Home Group Downgraded To 'CCC+' From 'B' On Weak Expected Performance Due To Coronavirus Pandemic, Outlook Negative
• Atlantic Aviation FBO Inc. Ratings Placed On CreditWatch Negative Due To The Uncertainty From The Coronavirus Pandemic
• Autokiniton US Holdings Inc. Downgraded To 'B' On Impact From The Coronavirus; Ratings Placed On CreditWatch Negative
• Automaker BMW Downgraded To 'A' On Weaker Cash Flow And Revenue Prospects Due To COVID-19; Outlook Negative
• Automaker Daimler Downgraded To 'BBB+' On Weaker Prospects Due To COVID-19; Outlook Negative
• Banca Popolare dell'Alto Adige – Volksbank Outlook Revised To Negative On Sharp Economic Contraction; Ratings Affirmed
• Bermuda-Based Aspen Insurance Downgraded To 'A-'; Outlook Stable
• Clarios Global L.P.'s Rating Lowered To 'B' Due To Higher-Than-Expected Debt Leverage; Outlook Stable
• Conuma Coal Resources Limited Issuer Credit Rating Lowered To 'CCC+' From 'B' On Liquidity Concerns; Outlook Negative
• Cvent Inc. Downgraded To 'CCC+' On Macroeconomic Weakness From Coronavirus Fallout; Outlook Developing
• Cyxtera DC Holdings Inc. Downgraded To 'CCC' On COVID-19 Impact, Less Than Adequate Liquidity; Outlook Negative
• Dana Inc. Ratings Placed On CreditWatch Negative On COVID-19 Pandemic Uncertainty
• Daseke Inc. Downgraded To 'B-' On Expected COVID-19 Impact On Company's End Markets; Outlook Negative
• Eight North American Homebuilder Outlooks Revised To Stable As Recession Forecast Pauses Positive Rating Momentum
• Equipment Rental Provider Ashtead Group PLC Outlook Revised To Negative On COVID-19 Uncertainty; 'BBB-' Rating Affirmed
• Finning International Inc. Ratings Placed On CreditWatch Negative On Industry Headwinds
• Gateway Casinos & Entertainment Ltd. Downgraded To 'B-' From 'B' And Put On CreditWatch Negative On COVID-19 Uncertainty
• Genworth MI Canada Inc. Outlook Revised To Negative On Increased Credit Risk From COVID-19; 'BBB+' Ratings Affirmed
• Granite U.S. Holdings Corp. Rating Lowered To 'CCC+' On Covenant Concerns; Debt Ratings Also Lowered; Outlook Negative
• Greenhill & Co. Inc. Outlook Revised To Negative On Potential Impact From Weaker Economic Outlook; 'BB' Ratings Affirmed
• Grubhub Inc. Ratings Placed On CreditWatch Negative Due To The Economic Fallout From The Coronavirus Pandemic
• Grupo Antolin Downgraded To 'B-' On COVID-19 Impact; Outlook Negative
• IDH Group Downgraded To 'CCC' On Unsupportive Operating Environment And COVID-19 Uncertainty; Outlook Remains Negative
• International Brewer Anheuser-Busch InBev 'A-' Rating Placed On CreditWatch Negative; 'A-2' Rating Affirmed
• Italian Iccrea Cooperative Banking Group Outlook Revised To Negative On Sharp Economic Contraction; Ratings Affirmed
• Jazz Acquisition Inc. Outlook Revised To Negative On Weaker Credit Metrics Due To Coronavirus; Ratings Affirmed
• Loancore Capital Markets LLC Outlook Revised To Negative On Economic Impact From COVID-19; 'B+' Rating Affirmed
• LTI Holdings Downgraded To 'CCC+' On Unsustainable Capital Structure; Outlook Negative On Expected End-Market Weakness
• Mabel Topco Ltd. (Wagamama) Ratings Downgraded To 'B-' On COVID-19 Disruption; Placed On CreditWatch Negative
• Marks & Spencer Downgraded To ‘BB+’; On Watch Negative On Decline In Nonfood Sales Amid COVID-19 Uncertainties
• Neenah Enterprises Inc. Downgraded To 'CCC+' On Limited Covenant Headroom; Ratings Placed On CreditWatch Negative
• Negative Rating Actions Taken On European Airports Due To COVID-19 Restrictions
• Outlook On Marubeni Revised Downward To Stable On Sizeable Net Loss; 'BBB' Ratings Affirmed
• Outlooks On Five U.S. Private Mortgage Insurers Revised To Negative Due To Elevated Credit Risk From COVID-19
• Patrick Industries Inc. Ratings Placed On CreditWatch Negative Due To COVID-19 Impact
• Rating Actions On Commercial Real Estate Finance Companies Reflect Funding And Liquidity Risks Because Of COVID-19
• Rating Actions Taken On Four U.K.-Based Pub And Casual Dining Restaurant Operators Following COVID-19 Lockdown
• Spirit AeroSystems Inc. Ratings Placed On CreditWatch Negative Due To Possible Coronavirus Impact
• Stanley Black & Decker Inc. Outlook Revised To Negative On Potential Effects From The Coronavirus And Elevated Leverage
• The Container Store Group Inc. Downgraded To 'B-', Ratings On Watch Negative On Weak Expected Demand Due To Coronavirus
• Toyota Motor 'AA-/A-1+' Ratings Placed On CreditWatch Negative On COVID-19 Pandemic
• Triumph Group Inc. Outlook Revised To Negative From Stable, Ratings Affirmed On Possible Coronavirus Impact
• U.S. Steel Corp. Rating Lowered To 'B-' On Weaker Cash Flow; Outlook Negative
• Various Rating Actions On Hydrocarbon-Exporting Sovereigns After Revision To Our Oil Price Assumptions
• Various Rating Actions Taken In Business Services Sector
• Various Rating Actions Taken On Dubai-Based Real Estate Firms On Economic Pressure And COVID-19 Uncertainty
• Virgin Australia Holdings Downgraded To 'CCC' On Fleet Grounding; Placed On CreditWatch Developing
• VW Bank GmbH 'A-/A-2' Ratings Affirmed Following Parent Volkswagen's Outlook Revision To Negative On COVID-19 Effects

March 25, 2020 

• Acadia Healthcare Co. Inc. 'B' Ratings On CreditWatch Negative On Economic Fallout From COVID-19
• Aeroports de Paris Downgraded To 'A' On Traffic Drop Amid COVID-19; Outlook Negative
• AgroFresh Inc. Downgraded To 'B-' On Weak Credit Metrics, Ratings On CreditWatch Negative Due To Upcoming Maturities
• Alliance HealthCare Services Ratings Placed On CreditWatch Negative On Liquidity Concerns Due Spread Of The Coronavirus
• Ares Capital Corp. Outlook Revised To Stable From Positive On Economic Impact Of COVID-19; 'BBB-' Ratings Affirmed
• Banco Hipotecario S.A. Downgraded To 'CCC' From 'B-' On Weakening Financial Conditions; Still On CreditWatch Negative
• BASF SE 'A/A-1' Ratings Placed On CreditWatch Negative Due To COVID-19 Impact
• BlackRock TCP Capital Corp. 'BBB-' Ratings Put On Watch Negative Due To COVID-19-Related Economic Effects
• Capri Holdings Ltd. Outlook Revised To Negative Due To Business Disruptions From Coronavirus; Ratings Affirmed
• CI Financial Corp. Ratings Lowered To 'BBB' From 'BBB+' On Increased Leverage; Outlook Stable
• Cimpress PLC Downgraded To 'B+' On Expected Pressures From COVID-19; Outlook Negative
• Connect Bidco Ltd. (Inmarsat) Ratings Placed On CreditWatch Negative Due To Operating Risks From COVID-19
• Covenant Surgical Partners Inc. Ratings Placed On CreditWatch Negative Due To COVID-19-Related Liquidity Issues
• Danfoss 'BBB/A-2' Ratings On CreditWatch Negative On Balance Sheet Concerns And Margin Decline Related To COVID-19
• Debt Purchaser AnaCap Financial Europe S.A. Downgraded To 'B+'; Outlook Stable
• Diebold Nixdorf Inc. Outlook Revised To Negative On Macroeconomic Uncertainties
• Dynamic Precision Group Inc. Rating Lowered To 'CCC+' On Refinancing Risk; Outlook Developing
• E-House Downgraded To 'BB-' On Faster Debt Expansion, Slower Revenue Growth Amid COVID-19; Outlook Stable
• Ecuador Ratings Lowered To 'CCC-/C' And Placed On CreditWatch Negative On Risks To Debt Service
• ENGIE Rating Placed On CreditWatch Negative Amid COVID-19 Outbreak Due To Tight Financial Headroom And Governance Change
• First Eagle Investment Management LLC Ratings Lowered To 'BB' On Expectations For Increased Leverage; Outlook Stable
• Focus Financial Partners Outlook Revised To Stable From Positive On Increased Market Volatility; 'BB-' Ratings Affirmed
• Ford Motor Co. And Subsidiary Ratings Lowered To 'BB+' And Placed On CW Negative Due To Weaker Metrics, Pandemic Risk
• Future Retail Preliminary Rating Lowered To 'B-' Amid Heightened Liquidity Risk; Ratings Placed On Watch Negative
• General Motors Co. And Subsidiary Ratings Placed On CreditWatch Negative On Risks Related To The Coronavirus Pandemic
• GLP And GLP China Placed On CreditWatch Negative On Proposed Li & Fung Acquisition
• Honda Motor 'A/A-1' On CreditWatch Negative On COVID-19 Pandemic
• IBERIABANK Outlook Revised To Negative, First Horizon National Corp. Ratings Removed From CreditWatch Positive
• Icahn Enterprises Outlook Revised To Negative On Rise In Leverage Because Of Market Volatility; 'BB+' Ratings Affirmed
• Hexion Inc. Downgraded To 'B-' On Expected Lower Demand, Earnings; Outlook Negative
• Italian Auto Maker Piaggio & C. SpA Downgraded To 'B+' Due To Coronavirus Impact; Outlook Negative
• Lazard Group LLC Downgraded To 'BBB+' On Projected Lower Earnings; Outlook Is Stable
• Li & Fung Outlook Revised To Negative Amid COVID-19 Hit; 'BBB' Rating Affirmed
• LifePoint Health Inc. Outlook Revised To Stable From Positive On Economic Fallout From COVID-19; Ratings Affirmed
• LTI Holdings Downgraded To 'CCC+' On Unsustainable Capital Structure; Outlook Negative On Expected End-Market Weakness
• Macy's Downgraded To 'BB' As Economic Uncertainty Weakens Credit Metrics; Outlook Negative
• Main Street Capital Corp. Rating Lowered To 'BBB-' On COVID-19 Related Economic Impact; Outlook Stable
• McDonald's Corp. Outlook Revised To Negative On Coronavirus-Related Stress On Credit Quality; New Debt Rated 'BBB+'
• Metso Corp. (Neles) Downgraded To 'BBB-/A-3'; Ratings Remain On CreditWatch Negative
• Mitsubishi Motors 'BB+' Rating Placed On CreditWatch Negative On COVID-19 Pandemic
• Nissan Motor 'BBB+/A-2' Ratings Placed On CreditWatch Negative On COVID-19 Pandemic
• Outlook On Gerdau Revised To Stable From Positive On Expected Volatile Metrics; 'BBB-' And 'brAAA' Ratings Affirmed
• Outlooks On Six Banks Revised To Stable From Positive On Emerging Economic Downturn; Ratings Affirmed
• Posadas Downgraded To 'CCC+' On Travel Downturn From COVID-19 Outbreak; Outlook Still Negative On Refinancing Risks
• Revlon Inc. Ratings Lowered To 'CCC-' On Expected Liquidity Pressures; Outlook Negative
• Russell Investments Cayman Midco Ltd. Outlook Revised To Negative On Expected Higher Leverage; 'BB-' Ratings Affirmed
• Russia-Based CentroCredit Bank Outlook Revised To Negative On Potential Capital And Liquidity Constraints
• Sodexo S.A. Outlook Revised To Negative Amid COVID-19 Effects; 'A-' Rating Affirmed
• Spain-Based Education And Media Group Prisa Downgraded To 'B-' On High Leverage And Weaker Cash Flows; On Watch Negative
• Specialty Chemicals Producer Atotech Downgraded To 'B-' On COVID-19 Disruptions; Outlook Stable
• Surgery Partners Inc. Ratings Placed On CreditWatch Negative On Liquidity Concerns Related To The Coronavirus Pandemic
• Tapestry Inc. Outlook Revised To Negative From Stable On Weak Demand Amid COVID-19 Pandemic; Ratings Affirmed
• Tenet Healthcare Corp. Outlook Revised To Stable From Positive On Coronavirus Impact; Ratings Affirmed
• Textron Inc. Ratings On Watch Negative On Expected Decline In Business Jet And Industrial Demand Due To The Coronavirus
• The Commonwealth of The Bahamas Outlook Revised To Negative From Stable On Increased Debt Burden; 'BB+' Rating Affirmed
• The Michaels Cos. Inc. Downgraded To 'B' On Anticipated Weakness Amid Coronavirus Outbreak; Outlook Negative
• United Airlines Holdings Inc. Downgraded To 'BB-' As COVID-19 Fears Spark Steep Demand Decline; On CreditWatch Negative
• Various Rating Actions Taken On Four U.S. Retail Brokers Following Fed Rate Cuts And Stock Prices' Sudden Decline
• Virgin Australia Holdings Downgraded To 'CCC' On Fleet Grounding; Placed On CreditWatch Developing
• Visteon Corp. Downgraded To 'BB-' On Weakening Credit Metrics, Ratings Placed On CreditWatch Negative
• Winebow Group LLC Downgraded To 'CCC' As Debt Maturities Approach Amid Economic And Market Uncertainty
• Zimmer Biomet Holdings Inc. Outlook Revised To Negative On COVID-19-Related Risks To Operating Performance

March 24, 2020 

• Hoffmaster Group Inc. Rating Lowered To 'CCC+', Outlook Negative Due Coronavirus Fallout
• Prometric Holdings Inc. Rating Lowered To 'B-' On Pressures Stemming From The Coronavirus; Outlook Negative
• Emera Inc. And TECO Downgraded On Weak Financials, Outlook Stable; Subsidiaries Ratings Affirmed
• Taseko Mines Ltd. Downgraded To 'CCC+' From 'B-' On Liquidity Concerns And Refinancing Risk
• Bombardier Inc. Downgraded To 'CCC+' On Weaker Economy, Likely Unsustainable Capital Structure; Outlook Negative
• Varnsen Industries Holdings Outlook Revised To Negative As Weak Economic Conditions Threaten Ability To Delever
• Aramark Downgraded To 'BB' From 'BB+' On Economic Fallout From Coronavirus, Placed On CreditWatch Negative
• PPG Industries Inc. Downgraded To 'BBB+' On Expected Demand, Earnings Drop; Outlook Negative
• HudBay Minerals Inc. Outlook To Negative From Stable On Operations and Economic Uncertainty; 'B' Rating Affirmed
• Coty Inc. Issuer Credit Rating Lowered To 'B', Placed On CreditWatch Negative Due To Impact Of The Spread Of COVID-19
• Hawaiian Holdings Downgraded To 'B' On Government Restrictions, Continued Decline In Demand
• Cabot Corp. Credit Rating Downgraded To 'BBB-' On Weakness In Auto Sector
• Falabella Downgraded To 'BBB' From 'BBB+' And Placed On CreditWatch Negative Amid Business Disruptions From COVID-19
• Werner FinCo L.P. Downgraded To 'B-' From 'B' On COVID-19 Issues And Continued Weak Performance; Outlook Negative
• IHG (Intercontinental) Outlook Revised To Negative On COVID-19 Impact; 'BBB' Rating Affirmed
• B&B Hotels Parent Casper MidCo Placed On CreditWatch Negative Amid COVID-19 Uncertainty
• Amadeus 'BBB' Rating Placed On CreditWatch Negative Due To COVID-19 Uncertainty
• Accor Outlook Revised To Negative On COVID-19 Impact; 'BBB-' Rating Affirmed
• Thame And London Ltd. (Travelodge) Ratings Lowered To 'CCC+' And Placed On CreditWatch Negative On COVID-19 Impact
• PT Alam Sutera Realty Tbk. Ratings Placed On CreditWatch Negative On Slower-Than-Expected Refinancing Progress
• Global IT Service Provider Capgemini Downgraded To 'BBB' On Acquisition Of Altran; Outlook Stable
• WestJet Airlines Ltd. Downgraded To 'B' From 'B+' And Kept On CreditWatch Negative On COVID-19 Uncertainty
• Truck Holdings Inc. Outlook Revised To Negative From Stable On Weaker Demand; Ratings Affirmed
• SK HoldCo LLC Downgraded To 'CCC+' From 'B-' On Elevated Refinancing Risk; Outlook Negative
• Easyhome Outlook Revised To Negative On Weakening Operating Conditions; Ratings Affirmed At 'BB+'
• Red Star Macalline Group Outlook Revised To Negative On COVID-19-Induced Income Volatility; 'BB+' Rating Affirmed
• ISS Outlook Revised To Negative From Stable On Continuing Pressure On Credit Metrics; 'BBB' Rating Affirmed
• Bahia De Las Isletas Rating Lowered To 'B-' On Weaker Earnings And Liquidity; Outlook Negative
• Chevron Phillips Chemical Co. LLC Downgraded To 'BBB+' On Expected Lower Demand And Earnings; Outlook Negative
• Delta Air Lines Downgraded To 'BB' From 'BBB-' On Steep Demand Decline Due To Coronavirus, Ratings Remain On CreditWatch
• Salini Impregilo SpA 'BB-' Ratings Placed On CreditWatch Negative On Disappointing Operating Cash Flow
• Crown Resorts Ltd. Placed On CreditWatch Negative On Casino Closures
• TEGNA Inc. Rating Lowered To 'BB-' On Expected Pressures Stemming From The Coronavirus; Outlook Negative
• Food Service Provider Compass Group PLC Outlook Revised To Negative Amid COVID-19 Outbreak; 'A/A-1' Ratings Affirmed
• The Cook & Boardman Group LLC Outlook Revised To Negative On Expectation For Reduced Demand And Elevated Leverage
• Skycity Entertainment Group Placed On CreditWatch Negative On Casino Closures
• Welbilt Inc. Rating Lowered To 'B-'; Placed On CreditWatch Negative Due To Coronavirus Fallout
• Tabcorp Holdings Outlook Revised To Negative Amid COVID-19 Outbreak And Government Restrictions; 'BBB-' Ratings Affirmed
• SGL Carbon Downgraded To 'CCC+' On Continued Weak Market Conditions; Outlook Stable

March 23, 2020 

• The Coronavirus Outbreak Has Led To Uncertainty And Cash Flow Pressures For Some Project-Financed Arenas And Stadiums
• Yankee Stadium LLC Bond Ratings Placed On Watch Negative On COVID-19 Related Uncertainties
• Queens Ballpark Co. LLC Placed On CreditWatch Negative Due To Concerns About The Potential Effects Of The Coronavirus
• Louisville Arena Authority Inc. 'A-' Rating On CreditWatch Negative On Coronavirus Fallout
• Greater Columbus Convention Center Hotel Expansion Project 2019 Revenue 'BBB-' Bond Placed On CreditWatch Negative
• Austin Convention Enterprises Inc. Senior Secured And Subordinated Bond Ratings Placed On CreditWatch Negative
• Denver Convention Center Hotel Authority's Senior Revenue Refunding Bonds 'BBB-' Ratings Placed On CreditWatch Negative
• Coronavirus Pressuring Cash Flows At Four U.S. Project Finance Conference Center Hotels
• Crosby Worldwide Ltd. Outlook Revised to Negative Given End Market Decline and Expected High Leverage; Ratings Affirmed
• Minsur S.A. 'BBB-' Ratings Placed On Watch Negative On Suspension Of Mining Activities And Uncertain Impact On Leverage
• Wyndham Hotels & Resorts Inc. Ratings Placed On CreditWatch Negative On COVID-19 Travel Downturn
• Aegis Toxicology Sciences Corp. Outlook Revised To Negative On Economic Fallout From COVID-19
• NEP/NCP Holdco Inc. Rating Lowered To 'B-' On Severe Operating Challenges, Remain On CreditWatch Negative
• Electronics For Imaging Inc. Outlook Revised To Negative On Macroeconomic Impact From COVID-19
• Minerva S.A. Outlook Revised To Stable From Positive On Expected Metrics Volatility; 'BB-' And 'brAA+' Ratings Affirmed
• Parker-Hannifin Corp. Downgraded To 'BBB+' Based On High Leverage; Outlook Negative
• Travelex Holdings Ltd. Downgraded To 'CC' From 'CCC' On Insolvency Risk; Outlook Negative
• CAR Inc. Outlook Revised To Negative On Falling Profitability After COVID-19 Outbreak; 'B+' Rating Affirmed
• eHi Car Services Outlook Revised To Negative On Lingering COVID-19 Impact; 'B+' Ratings Affirmed
• Enjoy S.A. 'B-' Ratings Placed On CreditWatch Negative As COVID-19 Pandemic Forces Casino Shutdowns
• Mattel Inc. Rating Lowered To 'B+' On Consumer-Driven Recession; Outlook Negative
• Zinc-Polymer Parent Holdings LLC Downgraded To 'CCC+' On Expected Elevated Leverage; Outlook Negative
• Crackle Intermediate Corp. Downgraded To 'B-' On Macroeconomic Weakness From Coronavirus; Outlook Negative
• IGD Siiq S.P.A Downgraded To 'BB+' On Challenging Italian Retail Environment; Outlook Negative
• Kohl's Corp. Downgraded To 'BBB-' On Weak Forecast Due To Coronavirus Impact And Economic Uncertainty; Outlook Negative
• Nordstrom Inc. Rating Lowered To 'BBB-' From 'BBB' Due To Business Disruptions From Coronavirus; Outlook Negative
• Carrols Restaurant Group Inc. Downgraded To 'B-' On Anticipated Operating Headwinds; Placed On CreditWatch Negative
• Rough Country LLC Outlook Revised To Negative On Weaker Demand Prospects, 'B' Issuer Credit Rating Affirmed
• WeWork Companies LLC Downgraded To 'CCC+' On Mounting Cash Flow And Liquidity Pressure; On CreditWatch Negative
• K&N Parent Inc. Downgraded To ' CCC+'; Placed On Creditwatch Negative Liquidity And COVID-19 Risk
• EQUATE Petrochemical Co K.S.C.C. Downgraded To 'BBB' On Expected Higher Leverage Amid Global Downturn; Outlook Negative
• Danish Metallic Parts Enhancement Firm Norican Downgraded To 'B-' On Difficult Market Conditions; Outlook Negative
• Jinjiang International Placed On CreditWatch Negative On Occupancy And Revenue Decline Related To COVID-19

March 20, 2020 

• Various Ratings Actions Taken In Gaming Sectors
• Avianca Downgraded To 'CCC' And On Watch Negative On Tightening Liquidity; LifeMiles Downgraded To 'B-', Outlook Stable
• Tailored Brands Inc. Cut To 'CCC+' On Operational Headwinds, Potentially Unsustainable Capital Structure; Outlook Neg
• Harley-Davidson Inc. 'BBB+' Ratings On Watch Negative On Expected Lower Margin; 'A-2' CP Rating Affirmed
• YS Garments LLC Downgraded To 'B-' On Lower Expected Industry Demand Amid Pandemic; Outlook Negative
• Martin Midstream Partners L.P. Downgraded To 'CCC-' On Potential Acceleration Of The RCF Maturity Date; Outlook Negative
• Air Canada Downgraded To 'BB' From 'BB+' And Placed On Watch Negative On COVID-19 Uncertainty
• The Chemours Co. Rating Lowered To 'B+' From 'BB-' On Anticipated Weaker Credit Metrics, Outlook Negative
• Washington Prime Group Inc. Downgraded To 'CCC+' On Operating Performance And Covenant Headroom Issues; Outlook Negative
• Performance Food Group Inc. Downgraded To 'B+', Ratings On CreditWatch Negative Due To Effects From COVID-19
• Various Ratings Actions Taken On 34 Companies In The Lodging And Leisure Sector
• ACProducts Inc. Outlook Revised To Stable From Positive
• Carrier Global Corp. Outlook Revised To Stable From Positive On Expected Demand Disruption, Delayed Leverage Reduction
• SuperMoose NewCo Inc. Downgraded To 'CCC+' On Macroeconomic Weakness Stemming From Coronavirus; Outlook Negative
• American Airlines Group And Subsidiary Downgraded To 'B' On Steeply Lower Demand Due To Coronavirus; Remain On Watch Neg
• GNC Holdings Inc. Downgraded To 'CC' On Likely Inability To Repay Debt; Ratings Placed On CreditWatch Negative
• Becton Dickinson & Co. Outlook Revised To Negative From Stable On Increasing Coronavirus Risk; Ratings Affirmed
• Hurtigruten Group Downgraded To 'CCC+' As COVID-19 Pandemic Weakens Demand; Outlook Negative
• eDreams ODIGEO Placed On CreditWatch Negative Amid COVID-19 Uncertainty
• TruGreen L.P. 'B' Rating Affirmed; Outlook Revised To Negative
• The Chefs' Warehouse Inc. Downgraded To 'B-'; Ratings On CreditWatch Negative
• Saga PLC Rating Lowered To 'B' And Placed On CreditWatch Negative As Travel Business Expected To Be Tested
• Ferrellgas Partners L.P. Downgraded To 'CC' As Notes Approach Default; Outlook Negative
• Red Lobster Intermediate Holdings LLC Downgraded To 'CCC+'; Ratings Placed On CreditWatch Negative On COVID-19 Hurdles
• Tribe Buyer LLC Ratings Placed On CreditWatch Negative On Underperformance Amid COVID-19 Outbreak
• General Dynamics Ratings Placed On Watch Negative On The Expected Decline In Business Jet Demand Due To The Coronavirus
• Ratings On Indian Airports Placed On Watch Negative Amid Delay In Regulatory Resets And COVID-19 Outbreak
• easyJet PLC Ratings Lowered One Notch; Issuer Rating 'BBB'; On CreditWatch Negative
• Ryanair Holdings PLC Ratings Lowered One Notch; Issuer Rating 'BBB'; On CreditWatch Negative
• British Airways PLC Ratings Lowered One Notch; Issuer Rating 'BBB-'; On CreditWatch Negative
• Deutsche Lufthansa AG Ratings Lowered One Notch; Issuer Rating 'BBB-'; On CreditWatch Negative
• International Consolidated Airlines Group S.A. (IAG) Ratings Lowered One Notch; Issuer Rating 'BBB-'; On CreditWatch Negative
• Air Baltic Corporation AS Ratings Lowered One Notch; Issuer Rating 'B+'; On CreditWatch Negative
• SAS AB Ratings Lowered One Notch; Issuer Rating 'B'; On CreditWatch Negative
• Turk Hava Yollari A.O. (Turkish Airlines) Ratings Lowered One Notch; Issuer Rating 'B'; On CreditWatch Negative
• Cassini SAS, Parent Of Comexposium, Downgraded To 'B-' On COVID-19 Impact And Delayed Deleveraging; Outlook Negative
• China National Chemical Corp. Ltd. Outlook Revised To Negative On Earnings Weakness; 'BBB' Ratings Affirmed
• China National Bluestar (Group) Co. Ltd. Outlook Revised To Negative On Weakening Parent Earnings; 'BBB' Rating Affirmed
• Airport Authority HK Stand-Alone Credit Profile Lowered On Traffic Slump Amid COVID-19; 'AA+' Rating Affirmed
• Cinema Operator Vue Outlook Revised To Negative On Closure Of Cinemas Due To COVID-19; 'B-' Ratings Affirmed
• Taoyuan International Airport Corp. Affirmed At 'A+' With Stable Outlook; SACP Revised Down To 'bbb+'
• Skycity Entertainment Group Outlook Revised To Negative On Government Restrictions; 'BBB-' Ratings Affirmed
• Alfa Outlook Revised To Negative On Likely Weaker Credit Metrics, Same Action On Subsidiaries; Ratings Affirmed
• Grupo Aeromexico Downgraded To 'B+' From 'BB-' On Reduced Travel Demand; Placed On CreditWatch Negative
• Six Brazilian Car Rental And Transportation Companies On CreditWatch Negative On COVID-19 Uncertainty
• Australian And New Zealand Airports Placed On CreditWatch Negative

March 19, 2020 

• ACCO Brands Corp. Outlook Revised To Negative Due To Economic Fallout From COVID-19
• Oak Holdings LLC Outlook Revised To Negative On Expected Demand Declines Due To COVID-19 Pandemic
• SBP Holding LP Ratings On Watch Negative Over Looming Debt Maturities Amid Economic And Market Uncertainty
• Sonoco Products Co. Downgraded To 'BBB' On Underperformance; Outlook Negative
• National CineMedia Inc. Ratings Placed On CreditWatch Negative On Theater Closures Due To The Coronavirus
• Screenvision LLC Ratings Placed On CreditWatch Negative On Theater Closures Due To The Coronavirus
• Edward Don & Co. Holdings LLC Rating Lowered To 'B-', Placed On CreditWatch Negative On COVID-19 Impact
• Jo-Ann Stores Holdings Inc. Downgraded To 'CCC' On Weak Expected Performance Amid COVID-19 Outbreak; Outlook Negative
• Various Negative Rating Actions Taken On U.S.-Based Casual Dining Issuers On Coronavirus Pandemic
• Tempur Sealy International Inc. Outlook Revised To Stable From Positive, Ratings Affirmed On Heightened Economic Risk
• Holley Purchaser Inc. Outlook Revised To Negative From Stable On Weaker Expected Demand; 'B-' Rating Affirmed
• Libbey Inc. Downgraded To 'CCC' From 'B-' On Constrained Liquidity And Current Maturity, Outlook Negative
• PDC Beauty & Wellness Co. Outlook Revised To Negative On Likely Weakening Demand Amid Coronavirus Pandemic And Recession
• Steinway Musical Instruments Outlook Revised To Stable From Positive On Weakening Economic Forecast, Rating Affirmed
• Wok Holdings Inc. Downgraded To 'CCC+' From 'B' On Operational Hurdles From Pandemic; Outlook Negative
• Hornblower HoldCo LLC Ratings Lowered To 'CCC+' Following Suspended Operations; Outlook Developing
• Party City Holdings Inc. Downgraded To 'CCC+' On Weak Fourth-Quarter Results And Coronavirus Concerns, Outlook Negative
• Cast & Crew Payroll LLC Ratings Placed On CreditWatch Negative On COVID-19 Production Cancellations And Suspensions
• TGP Holdings III LLC Outlook Revised To Negative Due To Lower Demand Expectations Given Elevated Macroeconomic Risks
• Latham Pool Products Inc. Outlook Revised To Negative On Expected Weakness In Construction Activity; Ratings Affirmed
• Lifetime Brands Inc. Outlook Revised To Negative On Potential Declining Demand Due To COVID-19
• Tui AG Ratings Lowered To 'B-' On Coronavirus Effect On Liquidity And Cash Flow; Ratings Placed On CreditWatch Negative
• Sinclair Broadcast Group Outlook Revised To Negative From Positive On Potential Pressures Stemming From The Coronavirus
• The Octave Music Group Inc. Downgraded To 'B-' And Placed On Watch Negative
• U.K. Broadcaster ITV Outlook To Negative On Lower Profitability And Expected Higher Leverage; 'BBB-' Rating Affirmed
• Japan-Based Universal Entertainment Put On CreditWatch Negative As COVID-19 Pandemic Forces Manila Casino Suspension

March 18, 2020 

• Southwest Airlines Co. Rating Lowered To 'BBB', Placed On CreditWatch Negative On Coronavirus Impact
• Banff Parent Inc. Ratings Placed On CreditWatch Negative On Macroeconomic Concerns Stemming From The New Coronavirus
• Sysco Corp. Rating Lowered To 'BBB-', Placed On CreditWatch Negative Due To Effects From COVID-19
• Natura 'BB-' And Avon 'B+' Ratings Placed On CreditWatch Negative On Potential Impact Of COVID-19
• Whirlpool Corp. Outlook Revised to Negative On Expected Drop In Demand Stemming From COVID-19; 'BBB' Rating Affirmed
• Lands' End Inc. 'B' Rating Placed On CreditWatch Negative As Market Conditions Reduce Refinancing Prospects
• Embraer S.A. 'BBB' Issue Ratings Placed On CreditWatch Negative Following Downgrade Of Boeing Co.
• Switzerland-Based Travel Retailer Dufry Downgraded To 'BB-' On Global Travel Disruption; Remains On Watch Negative
• Main Event Entertainment Inc. Downgraded To 'CCC+' On Revised Expectations Amid Coronavirus Outbreak; Outlook Negative
• JetBlue Airways Corp. Ratings Lowered To 'BB-', Placed On Watch Negative On Falling Demand Resulting From Pandemic
• Lindblad Expeditions Holdings Inc. Rating Lowered To 'B+', Placed On CreditWatch Negative
• Clarion Events Placed On CreditWatch Negative On Show Cancellations Due To Coronavirus
• Cineworld Group PLC Downgraded To 'B' On Closure Of Cinemas Due To COVID-19; Remains On CreditWatch Negative
• Greek Infrastructure Group Ellaktor S.A. Downgraded To 'B-' On Slower Leverage Reduction; Outlook Negative
• Ticketek Outlook Revised To Negative On Mass-Gathering Restrictions Amid COVID-19 Outbreak; 'B' Ratings Affirmed

March 17, 2020 

• Alandia Forsakring Abp 'A-' Ratings Placed On CreditWatch Negative After Negative Underwriting Performance
• Alaska Air Group Inc. Downgraded To 'BB' From 'BB+' On Reduced Travel Demand; Rating On CreditWatch Negative
• Avis Budget Group Inc. Ratings Placed On CreditWatch Negative On Reduced Travel
• Hertz Global Holdings Inc. Ratings Placed On CreditWatch Negative On Reduced Travel
• CBL & Associates Properties Inc. Downgraded To 'CCC+'; Ratings Withdrawn At Issuer Request
• International Game Technology PLC's Ratings Lowered To 'BB' And Placed On CreditWatch Negative
• Allegiant Travel Co. Downgraded To 'B+' On Reduced Demand For Air Travel, Ratings Placed On CreditWatch Negative
• IRSA And Subsidiary Downgraded To 'CCC+'; Placed On CreditWatch Negative On Weak Liquidity
• KCIBT Holdings L.P. Downgraded To 'CCC+' On Reduced Travel Demand Due To Coronavirus, Outlook Negative
• Brinker International Inc. Downgraded To 'BB-' On Weakened Credit Metrics, Ratings Placed On CreditWatch Negative
• Go Wireless Holdings Inc. 'B' Rating Placed On CreditWatch Negative On Performance Challenges Related To COVID-19
• A2Z Wireless Holdings Inc. 'B' Rating Placed On CreditWatch Negative On COVID-19-Related Performance Challenges
• Gol Linhas Aereas Inteligentes S.A. 'B' And 'brA' Ratings Placed On CreditWatch Negative On COVID-19 Turmoil
• Wheel Pros Rating Lowered To 'B-' On Expectations Of Weaker Demand; Debt Ratings Lowered; Outlook Negative
• Latam Airlines Group Ratings On CreditWatch Negative On Sharply Reduced Operations Due To COVID-19
• Azul S.A. 'B+' And 'brAA' Ratings Placed On CreditWatch Negative On COVID-19 Impact To Its Operations
• WestJet Airlines Ltd. Ratings Placed On CreditWatch Negative On Reduced Demand From COVID-19 Concerns
• Casablanca Global Intermediate Holdings L.P. Downgraded To 'CCC+', Outlook Negative On Disruption From Coronavirus
• Aston Martin Holdings (UK) Downgraded To 'CCC-' On Weak Liquidity; Ratings On Watch Negative On COVID-19 Uncertainty
• GBT III B.V. Ratings Placed On CreditWatch Negative Amid COVID-19, Uncertain Travel Conditions
• Caleres Inc. Downgraded To 'BB-' From 'BB' On Expectation For Weaker Credit Metrics; Outlook Negative
• CBAC Borrower LLC Downgraded To 'CCC+' On Closure Of Horseshoe Baltimore Due To COVID-19, Ratings Placed On CreditWatch
• Spanish Gaming Company Codere Downgraded To 'CCC+' From 'B-' On Heightened Refinancing Risk; Outlook Negative
• Informa PLC Downgraded To 'BBB-' From 'BBB' On Expected Releveraging Due To Effect Of Coronavirus; Outlook Stable

March 16, 2020 

• Baltimore Hotel Corp.'s Bond Rating Lowered To 'BB+' And Placed On CreditWatch Negative
• Peru LNG Ratings Lowered To 'B' From 'BB+' On Significant Gas Price Pressure And Volatile Cash Flows; Outlook Stable
• Boeing Co. Rating Lowered To 'BBB' On Weaker Cash Flows Due To MAX Grounding
• Del Monte Foods Inc. Downgraded On Current Maturities; Outlook Revised to Negative
• Emerald X, Inc. Ratings Placed On Watch Negative Over Pressures On Trade Show Industry From Pandemic
• Endeavor Operating Co. LLC And UFC Holdings LLC Ratings On CreditWatch Negative Due To Impact Of Event Cancellations
• AVSC Holding Corp. Ratings Placed On CreditWatch Negative Amid COVID-19 Related Event Cancellations
• Spirit Airlines Downgraded To 'B+', Ratings Placed On Watch Negative On Reduced Travel Demand Due To The Coronavirus
• Amphora/Accolade Wines Rating Lowered To 'B-' On Operational Difficulties; Outlook Stable
• Getty Images Inc. Ratings Placed On CreditWatch Negative On Underperformance And Coronavirus-Related Effects
• Cinemark Holdings Inc. Ratings Placed On Watch Negative On Weak Expected Theater Attendance Due To Coronavirus
• AMC Entertainment Inc. Ratings Placed On Watch Negative On Weak Expected Theater Attendance Due To Coronavirus
• Live Nation Entertainment Inc. Ratings Placed On CreditWatch Negative On Coronavirus-Related Effects On Live Events
• Virgin Australia Downgraded To 'B-' On Deteriorating Domestic Market Conditions; Placed On CreditWatch Negative

March 15, 2020 

• Outlook On United Airlines Holdings And Subsidiary Revised To Negative On Weaker Credit Metrics From Coronavirus

March 13, 2020 

• American Airlines Group Inc., American Airlines Inc. 'BB-' Issuer Credit Ratings On Watch Neg On Coronavirus Fallout
• Carlson Travel Inc. Ratings Placed On CreditWatch Negative Amid COVID-19 Uncertainty
• Cedar Fair L.P. Ratings Lowered Two Notches; Issuer Rating 'B+'; On CreditWatch Developing
• Delta Air Lines Inc. Ratings Placed On CreditWatch Negative On Reduced Air Travel
• Hawaiian Holdings Inc. Issuer Credit And Debt Ratings Placed On CreditWatch Negative On Weak Market Conditions
• Hoya Midco LLC Ratings Placed On CreditWatch Negative As The Coronavirus Outbreak Threatens Event Attendance
• Pugnacious Endeavors Inc. Ratings Placed On CreditWatch Negative On Coronavirus-Related Risks To Live Events
• SeaWorld Parks & Entertainment Inc. Ratings Lowered Two Notches; Issuer Rating 'B-'; On CreditWatch Developing
• Six Flags Entertainment Corp. Rating Lowered Two Notches; Issuer Rating 'B+'; On CreditWatch Negative
• MetLife Ltd. Downgraded To 'BBB' On Deteriorating Business Position; Outlook Developing
• Momentive Performance Materials Downgraded To 'B+', Outlook Negative On Declining EBITDA Due To Weak Siloxane Prices
• Carnival Corp. Ratings Lowered To 'BBB'; Ratings Remain On CreditWatch Negative
• NEP/NCP Holdco Inc. Ratings Placed On CreditWatch Negative Due To COVID-19-Related Event Disruptions
• Auris Luxembourg II S.a.r.l. (WS Audiology) Downgraded To 'B' On Delayed Deleveraging; Outlook Negative
• Gogo's Ratings Placed On CreditWatch Negative On Lower Passenger Volumes From The Global Coronavirus Pandemic

March 12, 2020 

• The Walt Disney Co. Outlook Revised To Negative On Event Cancellations And Travel Restrictions Due To The Coronavirus
• 24 Hour Fitness Worldwide Downgraded To 'CCC+' On Heightened Economic Uncertainty; Outlook Negative
• Natel Engineering Co. Inc. Downgraded To 'B' On Elevated Leverage And Cash Flow Weakness, Outlook Negative
• Viking Cruises Ltd. Placed On CreditWatch Negative On Temporary Suspension Of River And Ocean Cruises Due To Coronavirus
• Olin Corp. Downgraded To 'BB', Outlook Negative On Declining EBITDA Due To Weak Caustic Soda Prices
• Garrett Motion Outlook Revised To Negative On Expected EBITDA Loss And Narrowing Covenant Headroom; Ratings Affirmed

March 11, 2020 

• GPS Hospitality Holding Co. LLC Downgraded To 'CCC+' On Thinning Covenant Cushion And Cash Flow; Outlook Negative
• Yuexiu REIT Outlook Revised To Negative On Slow Deleveraging; 'BBB-' Ratings Affirmed
• Genting Bhd. And Subsidiary Resorts World Las Vegas Outlook Revised To Negative; Ratings Affirmed

March 10, 2020 

• Clearwater Seafoods Inc. Put On CreditWatch Negative On Potential For Increased Leverage Following Strategic Review
• Big Lots Inc. Downgraded To 'BB+' From 'BBB-' On Weakening Competitive Position; Outlook Negative
• Sabre Corp. Downgraded To 'BB-' On Increased Leverage From Elevated Technology Spending; Outlook Negative
• Aimbridge Acquisition Co. Inc. On CreditWatch Negative On Anticipated RevPAR Decline In 2020
• Nexeo Plastics Parent Inc. Outlook Revised To Negative On Weaker-Than-Expected Operating Performance, Ratings Affirmed
• NCL Corp. Ltd. Ratings Placed On CreditWatch Negative On Reduced Cruise Demand And Higher Expected Leverage
• National Amusements Inc. Ratings Placed On Watch Negative On Covenant Violation And Weak Expected Theater Attendance
• EG Group Ltd. Outlook Revised To Negative On Weaker Operating Performance And Increased Leverage; 'B' Ratings Affirmed
• Carnival Ratings On Watch Negative On Higher Expected Leverage From Lower Bookings And Yields Due To The Coronavirus
• Royal Caribbean Cruises Ltd. Ratings On Watch Negative On Potential Heightened Leverage Because Of Lower Cruise Demand
• Xinjiang Zhongtai (Group) Co. Ltd. Outlook Revised To Negative On Demand Uncertainty; 'BB+' Ratings Affirmed

March 9, 2020 

• Infrastructure Projects Dependent On Discretionary Spending Could Face Negative Cash Flows Amid COVID-19 Outbreak
• Ryman Hospitality Properties Ratings Placed On CreditWatch Negative On Significant Coronavirus-Related Cancellations
• Promontoria Holding 264 B.V. Outlook Revised To Negative On Weak Cash Flow Profile; Ratings Affirmed
• Gestamp Automocion Outlook Revised To Negative On Waning Performance Amid Difficult Market Conditions; Ratings Affirmed

March 6, 2020 

• US Foods Inc. Ratings Placed On CreditWatch Negative On Smart Foodservice Acquisition
• Whiting Petroleum Corp. Downgraded To 'CCC+' On Heightened Refinancing Risk; Outlook Negative
• Hanjin International Corp. Ratings Placed On CreditWatch Negative Due To Worsening Liquidity
• Dongfeng Motor Group Co. Ltd. Outlook Revised To Negative On Margin Pressure; 'A' Ratings Affirmed

March 5, 2020 

• Continental AG Outlook Revised To Negative; 'BBB+/A-2' Ratings Affirmed

March 4, 2020 

• Kongsberg Automotive ASA Ratings Lowered To 'B' From 'B+' And Placed On CreditWatch Negative
• Travelex Ratings Lowered To 'CCC' And Placed On CreditWatch Negative On Profit Warning And Event Risks

March 3, 2020 

• Outlook On Nippon Steel Revised To Negative On Weakened Profitability; Ratings Affirmed
• U.K.-Based Health Hygiene Home Products Maker Reckitt Benckiser Outlook Revised To Negative On Risks To Turnaround Plan
• Samsonite International S.A. Ratings Placed On CreditWatch Negative On The Potential Fallout From The New Coronavirus
• Oceanwide Holdings Rating Lowered To 'CCC' Due To Asset Sales Delay Amid Coronavirus Outbreak; Placed On CreditWatch Neg

March 2, 2020 

• Planet Outlook Revised To Negative On Weaker Operating Performance Amid Coronavirus; 'B' Ratings Affirmed

Feb. 28, 2020 

• Virgin Australia Outlook Revised To Negative On Industry Downturn; Ratings Affirmed
• Tui AG Ratings Lowered To 'BB-' From 'BB' On Ongoing Aircraft Grounding And External Risks; Outlook Negative

Feb. 27, 2020 

• Cooper-Standard Holdings Inc. Rating Lowered To 'B' On Deteriorating Credit Metrics; Outlook Negative
• Petra Diamonds Outlook Revised To Negative; 'CCC+' Ratings Affirmed
• Sabre Corp. Ratings Placed On CreditWatch Negative On Increased Technology Spending And Potential Effects Of Coronavirus
• Aeroports de Paris Outlook Revised To Negative On GMR Airports Acquisition; 'A+' Rating Affirmed

Feb. 26, 2020 

• Tenneco Inc. Downgraded To 'B+' On Lower-Than-Anticipated Cash Flow; Outlook Stable

Feb. 25, 2020 

• Hanwha General Insurance Co. Ltd. Outlook Revised To Negative On Group’s Weaker Profitability; 'A' Ratings Affirmed
• Samvardhana Motherson Automotive Systems Group B.V. Outlook Revised To Negative; 'BB+' Rating Affirmed

Feb. 24, 2020 

• Yuexiu Transport Infrastructure Outlook Revised To Negative On Sharp Revenue Decline; 'BBB-' Rating Affirmed

Feb. 21, 2020  

• 3M Downgraded To 'A+' On Continued End-Market Pressure, High Leverage; Outlook Negative

Feb. 20, 2020 

• Corning Inc. Outlook Revised To Negative; Ratings Affirmed
• GOME Retail Ratings Put On Watch Negative On Virus Hit

Feb. 19, 2020 

• E-MART Inc. Outlook Revised To Negative Due To Weak Profitability And Rising Debt; 'BBB-' Rating Affirmed

Feb. 18, 2020 

• IFC Development Ltd. Outlook Revised To Stable Amid Hong Kong Headwinds; 'A' Rating Affirmed

Feb. 14, 2020 

• Shandong Sanxing Group Co. Ltd. Downgraded To 'B' On Diminishing Liquidity; Ratings Remain On CreditWatch Negative

Feb. 12, 2020 

• Tapestry Inc. Outlook Revised To Stable From Positive On Continued Weakness At Kate Spade; 'BBB-' Rating Affirmed
• CEVA Logistics AG Outlook Revised To Negative Following Similar Revision On Parent CMA CGM S.A.; Ratings Affirmed
• Container Shipping Company CMA CGM S.A. Outlook Revised To Negative On Difficult Trading Conditions; Ratings Affirmed

Feb. 6, 2020 

• Melco Resorts And Studio City Ratings Placed On CreditWatch Negative As Macau Visitation Plunges On Coronavirus Outbreak

Feb. 3, 2020 

• Wynn Resorts Ltd. Ratings Placed On CreditWatch Negative On Severe Decline In Macau Visitation Due To Virus Outbreak

Credit Markets Research:	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
Secondary Contacts:	Jeanne L Shoesmith, CFA, Chicago (1) 312-233-7026; jeanne.shoesmith@spglobal.com
	Anthony J Flintoff, Melbourne (61) 3-9631-2038; anthony.flintoff@spglobal.com
	Ben L Macdonald, CFA, Centennial (1) 303-721-4723; ben.macdonald@spglobal.com
	Diego H Ocampo, Buenos Aires (54) 114-891-2116; diego.ocampo@spglobal.com