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


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COVID-19 Impact: Key Takeaways From Our Articles

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

In response to investors' growing interest in the coronavirus pandemic and its credit effects on companies, S&P Global Ratings is publishing a regularly updated list of rating actions we have taken globally on corporations and sovereigns (see list of article titles below) as well as summary table and supporting charts. Also included is a summary of project finance and international public finance rating actions. These are public ratings where we cite the coronavirus pandemic, oil prices, or both as a factor. This information is as of Nov. 16, 2020, unless stated otherwise.

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

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

Rating actions have declined considerably since the highs in late March and early April. In fact, the tally of negative actions related to the COVID-19 pandemic and the oil-price dislocation decreased to 13 this week--roughly 5% of the peak weekly amount. Most of the more recent negative rating actions have been downgrades, and most of these downgrades affected companies that had either negative outlooks or ratings on CreditWatch negative.

There are some sector-specific trends, notably:

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

Chart 1


Chart 2


Chart 3


Chart 4


Chart 5


Chart 6


Chart 7


Chart 8


Chart 9


Chart 10


Chart 11


Chart 12


Chart 13


Chart 14


Chart 15


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.

Nov. 16 

Nov. 13 

Nov. 12 

Nov. 11 

Nov. 10 

Nov. 9 

Nov. 6 

Nov. 5 

Nov. 4 

Nov. 3 

Nov. 2 

Oct. 30 

Oct. 29 

Oct. 28 

Oct. 27 

Oct. 26 

Oct. 23 

Oct. 22 

Oct. 21 

Oct. 20 

Oct. 19 

Oct. 16 

Oct. 15 

Oct. 14 

Oct. 12 

Oct. 9 

Oct. 8 

Oct. 7 

Oct. 6 

Oct. 5 

Oct. 2 

Oct. 1 

Sept. 30 

Sept. 29 

Sept. 28 

Sept. 25 

Sept. 24 

Sept. 23 

Sept. 22 

Sept. 21 

Sept. 18 

Sept. 17 

Sept. 16 

Sept. 15 

Sept. 14 

Sept. 11 

Sept. 10 

Sept. 9 

Sept. 8 

Sept. 7 

Sept. 4 

Sept. 3 

Sept. 2 

Sept. 1 

Aug. 31 

Aug. 28 

Aug. 27 

Aug. 26 

Aug. 25 

Aug. 24 

Aug. 21 

Aug. 20 

Aug. 19 

Aug. 18 

Aug. 17 

Aug. 14 

Aug. 13 

Aug. 12 

Aug. 11 

Aug. 10 

Aug. 7 

Aug. 6 

Aug. 5 

Aug. 4 

Aug. 3 

July 31 

July 30 

July 29 

July 28 

July 27, 2020 

July 24, 2020 

July 23, 2020 

July 22, 2020 

July 21, 2020 

July 20, 2020 

July 17, 2020 

July 16, 2020 

July 15, 2020 

July 14, 2020 

July 13, 2020 

July 10, 2020 

July 9, 2020 

July 8, 2020 

July 7, 2020 

July 6, 2020 

July 3, 2020 

July 2, 2020 

July 1, 2020 

June 30, 2020 

June 29, 2020 

June 26, 2020 

June 25, 2020 

June 24, 2020 

June 23, 2020 

June 22, 2020 

June 19, 2020 

June 18, 2020 

June 17, 2020 

June 16, 2020 

June 15, 2020 

June 12, 2020 

June 11, 2020 

June 10, 2020 

June 9, 2020 

June 8, 2020 

June 5, 2020 

June 4, 2020 

June 3, 2020 

June 2, 2020 

June 1, 2020 

May 29, 2020 

May 28, 2020 

May 27, 2020 

May 26, 2020 

May 25, 2020 

May 22 

May 21, 2020 

May 20, 2020 

May 19, 2020 

May 18, 2020 

May 15, 2020 

May 14, 2020 

May 13, 2020 

May 12, 2020 

May 11, 2020 

May 8, 2020 

May 7, 2020 

May 6, 2020 

May 5, 2020 

May 4, 2020 

May 1, 2020 

April 29, 2020 

April 28, 2020 

April 27, 2020 

April 24, 2020 

April 23, 2020 

April 22, 2020 

April 21, 2020 

April 20, 2020 

April 17, 2020 

April 16, 2020 

April 15, 2020 

April 14, 2020 

April 13, 2020 

April 10, 2020 

April 9, 2020 

April 8, 2020 

April 7, 2020 

April 6, 2020 

April 3, 2020 

April 2, 2020 

April 1, 2020 

March 31, 2020 

March 30, 2020 

March 27, 2020 

March 26, 2020 

March 25, 2020 

March 24, 2020 

March 23, 2020 

March 20, 2020 

March 19, 2020 

March 18, 2020 

March 17, 2020 

March 16, 2020 

March 15, 2020 

March 13, 2020 

March 12, 2020 

March 11, 2020 

March 10, 2020 

March 9, 2020 

March 6, 2020 

March 5, 2020 

March 4, 2020 

March 3, 2020 

March 2, 2020 

Feb. 28, 2020 

Feb. 27, 2020 

Feb. 26, 2020 

Feb. 25, 2020 

Feb. 24, 2020 

Feb. 21, 2020  

Feb. 20, 2020 

Feb. 19, 2020 

Feb. 18, 2020 

Feb. 14, 2020 

Feb. 12, 2020 

Feb. 6, 2020 

Feb. 3, 2020 

This report does not constitute a rating action.

Credit Markets Research:Nicole Serino, New York + 1 (212) 438 1396;
Sudeep K Kesh, New York (1) 212-438-7982;
Secondary Contacts:Jeanne L Shoesmith, CFA, Chicago (1) 312-233-7026;
Anthony J Flintoff, Melbourne (61) 3-9631-2038;
Ben L Macdonald, CFA, Centennial (1) 303-721-4723;
Diego H Ocampo, Buenos Aires (54) 114-891-2116;

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