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In This List
COMMENTS

COVID-19- And Oil Price-Related Public Rating Actions On Corporations, Sovereigns, And Project Finance To Date

COMMENTS

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Economic Research: Pandemic Won’t Derail European Housing Price Rises


COVID-19- And Oil Price-Related Public Rating Actions On Corporations, Sovereigns, And Project Finance To Date

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 rating actions. These are public ratings where we cite the coronavirus pandemic, oil prices, or both as a factor. This information is as of Oct. 12, 2020, 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 Sept. 18, 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. In fact, the tally of negative actions related to the COVID-19 pandemic and the oil-price dislocation declined to 12 this week--roughly 7% 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.

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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

Oct. 12 

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This report does not constitute a rating action.

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

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