articles Ratings /ratings/en/research/articles/200318-covid-19-coronavirus-related-public-rating-actions-on-non-financial-corporations-to-date-11393186 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In This List
COMMENTS

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


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

In response to investors' growing interest in the COVID-19 coronavirus 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 support charts. For this report, we have also included a summary of project finance rating actions. These are public ratings where we mention the COVID-19 coronavirus as one factor or in combination with others.

Chart 1

image

Chart 2

image

Chart 3

image

Chart 4

image

Chart 5

image

Chart 6

image

image

image

Chart 7

image

Chart 8

image

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
  • 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
  • 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
  • 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

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
Alex P Herbert, London (44) 20-7176-3616;
alex.herbert@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

No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.

Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses.

To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw or suspend such acknowledgment at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.

S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.

S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees.

Any Passwords/user IDs issued by S&P to users are single user-dedicated and may ONLY be used by the individual to whom they have been assigned. No sharing of passwords/user IDs and no simultaneous access via the same password/user ID is permitted. To reprint, translate, or use the data or information other than as provided herein, contact S&P Global Ratings, Client Services, 55 Water Street, New York, NY 10041; (1) 212-438-7280 or by e-mail to: research_request@spglobal.com.