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

COMMENTS
20 May, 2020 | 22:47
Latin America, Canada, APAC, APAC, EMEA, United States of America

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 May 19, 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 For The Week Ending May 15, 2020."

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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

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
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
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
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
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
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
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
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
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
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

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

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
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
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
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
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
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

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