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In This List
COMMENTS

Credit Trends: The Potential Fallen Angels Tally Reaches A New High At 126

COMMENTS

Credit Trends: 'BBB' Pulse: Potential Fallen Angels Remain Stable In August, With Five Outlook Revisions To Stable And Just One Downgrade

COMMENTS

Default, Transition, and Recovery: Oil And Gas Defaults Continue To Climb

COMMENTS

Credit Trends: Risky Credits: The Number Of 'CCC' Category Ratings Stabilizes

COMMENTS

Credit Trends: U.S. Corporate Bond Yields As Of Sept. 17, 2020


Credit Trends: The Potential Fallen Angels Tally Reaches A New High At 126

So far in 2020, there have been 30 fallen angels, or issuers downgraded to speculative grade ('BB+' or lower) from investment grade ('BBB-' or higher), with over $300 billion in rated debt (as of May 31). Four of the six additions to this tally in May were from the transportation sector, and three of these were airlines. Meanwhile, the number of potential fallen angels (issuers rated 'BBB-' with negative outlooks or ratings on CreditWatch with negative implications) reached a record high of 126 globally, from a high of 111 the previous month and nearly triple the total of 44 in January. This increase shows considerable room for more downgrades to speculative grade.

The broad trends in potential fallen angels have not changed since our last report, despite the increase in the tally (see "Potential Fallen Angels Hit A Record-High 111"). Among nonfinancial corporate issuers, the highest downgrade potential remains in the sectors most exposed to business disruptions from COVID-19-related social distancing measures, as well as oil and gas. The auto as well as leisure and lodging sectors show the most immediate downgrade potential, with the highest number of ratings on CreditWatch with negative implications. Financial institutions still have the highest count of potential fallen angels, reflecting exposure to their weakened clients, but most are on negative outlooks instead of CreditWatch negative. CreditWatch negative placements typically have a 50% likelihood of downgrade, whereas negative outlooks show a roughly 1 in 3 likelihood and over a longer time horizon.

At the same time, the count of potential rising stars (issuers rated 'BB+' with positive outlooks or ratings on CreditWatch with positive implications) fell to eight in May. Moreover, there has been just a single rising star since the COVID-19 pandemic began: FGL Holdings, which was upgraded on June 1 following the January upgrade of WellCare Health Plans. Note that the exhibits in this report are as of May 31, 2020; thus, subsequent rating actions will be addressed in future reports.

Lockdowns And Travel Restrictions Hit Transportation Hard

Six corporate issuers became fallen angels since our last report: British Airways PLC, International Consolidated Airlines Group S.A., Deutsche Lufthansa AG, Trinity Industries Inc., Multibank Inc. y Subsidiarias, and Rolls-Royce PLC. Of these, the first three are airline operators, while Trinity Industries Inc. provides rail transportation products and services. This raises the number of fallen angels in transportation to five, the sector's highest-ever tally. This increase led to an uptick in the sector's ratio of fallen angels to investment-grade issuers, but a higher number of issuers in the sector overall kept the ratio below peaks seen over the past 15 years.

The transportation sector has felt adverse pressure on revenue as measures to prevent the spread of the COVID-19 pandemic, including a halt in travel, social distancing measures, and many governments closing their borders, created consequences for the sector and many others.

Chart 1

image

Chart 2

image

Financial Institutions And Lodging And Leisure Lead Potential Fallen Angels

Of the 19 additions to the potential fallen angels list since our last report, six are financial institutions, four are in capital goods, three are in transportation, and one each is in forest products and building materials, homebuilders and real estate, media and entertainment, retail and restaurants, utilities, and midstream.

Financial institutions continue to top the list of potential fallen angels, with 21. This is in line with risk trend adjustments made to S&P Global Ratings' Banking Industry Country Risk Assessment (BICRA) in recent months (see "Banking Industry Country Risk Assessment Update: May 2020"). One of those adjustments has been the U.S.'s economic risk trend, which was revised to negative from stable. Indeed, five of the six new financial additions to the list of potential fallen angels were U.S. financial services firms, including Ally Financial, CIT Bank N.A. (whose operating bank is rated 'BBB-' with a negative outlook), Discover Financial Services, and Synchrony Financial.

Chart 3

image

On the bright side, only one potential fallen angel in the financial institutions sector is on CreditWatch negative, implying less immediate downgrade risk for this sector because the time horizon for negative outlooks is generally one to two years for investment-grade issuers, and presumably temporary dislocations in markets and the economy may improve, at least in part, by then. Moreover, the number of financial institutions on the list partly reflects the larger number of rated entities globally within that sector. Only 7% of the total number of investment-grade financial institutions are potential fallen angels.

By region, the U.S. holds the largest count and debt volume of potential fallen angels, with 58 issuers accounting for $300 billion in rated debt, followed by Europe with 30 issuers and $151 billion in rated debt. Asia-Pacific and Latin America are considerably smaller, with Asia-Pacific at 15 potential fallen angels with $21 billion in rated debt and Latin America at 15 issuers with $75 billion in rated debt.

Chart 4

image

Beyond financial institutions, the lodging and leisure sector has also seen a surge in potential fallen angels, alongside a rise in negative bias (the proportion of issuers with negative outlooks or ratings on CreditWatch with negative implications) for investment-grade issuers in the sector. This has brought its largest subsector, media and entertainment, to an all-time high of 13 potential fallen angels. This also brings lodging and leisure close to the highest ratio of potential fallen angels to investment-grade issuers, at 25%. The only sector with a higher ratio is merchant power at 33%, but that accounts for just two out of only six investment-grade issuers. As mentioned in our last report, this trend for lodging and leisure reflects the declines in revenue caused by restrictions on travel and consumer activity over recent months.

Chart 5

image

Lodging And Leisure Also Shows The Highest Immediate Fallen Angel Risk

Potential fallen angels on CreditWatch with negative implications carry a more immediate risk of downgrade--a timeline of 90 days, compared with one to two years for those with negative outlooks.

Last month, two issuers joined the list of potential fallen angels on CreditWatch with negative implications, bringing the total to 24. These were Norwegian property developer Samhallsbyggnadsbolaget i Norden AB, which was placed on CreditWatch with negative implications owing to uncertainties around the company's management (see "Swedish Property Company Samhallsbyggnadsbolaget i Norden 'BBB-' Rating On CreditWatch Negative After Governance Concern," May 8, 2020), and U.K.-based airline operator easyJet PLC, which was downgraded and placed on CreditWatch negative due to the impact of the coronavirus outbreak on the industry (see "Six European Airlines Downgraded As COVID-19 Impact Erodes Credit Metrics; Majority Still On Watch Negative," May 20, 2020).

The share of these issuers among total potential fallen angels decreased to just under one-fifth in May, from close to one-quarter in April, due in part to the resolution of some previous CreditWatch placements (that is, issuer downgrades), as well as the fewer additions in May. Nonetheless, the ratio remains high relative to the experience of the past two years and bears watching for signs of reversing toward the recent peak.

Chart 6

image

The sector distribution of potential fallen angels on CreditWatch negative did not change much from our last report. Lodging and leisure clearly led the pack with seven, five of which were in the U.S. The auto sector followed with four, while consumer products had three. Transportation saw all three of last month's CreditWatch negative placements resolved by downgrades, while there was only one addition (easyJet).

Chart 7

image

The Gap Between Potential Fallen Angels And Potential Rising Stars Reaches A Record High

While potential fallen angels stand at a record high, potential rising stars fell to their lowest count since 1995 in May. Both records point to gloomy outlooks for ratings performance. Of the current potential rising stars, three are on CreditWatch with positive implications, whereas the remaining five are assigned positive outlooks. By region, the U.S. still contributes the most, with five out of eight potential rising stars, whereas by sector, the financial institutions sector leads with two issuers.

Chart 8

image

The rising stars count this year through May 31 remained at one--U.S. insurance company WellCare Health Plans Inc.--and is far behind the fallen angels count at 30. At this point in 2019 and 2018, there were eight and 28 rising stars, respectively. The ratio of rising stars to total speculative-grade issuers declined further to 0.4% in May 2020, far below its 10-year average of 1.2%.

Table 1

Six Fallen Angels In May Take Overall Count For 2020 To 30
Date Issuer To From Sector/subsector Country Rated debt affected (mil. $)
5/28/2020

Rolls-Royce PLC (Rolls-Royce Holdings PLC)

BB BBB- Aerospace and defense U.K. 3,996
5/26/2020

Multibank Inc. y Subsidiarias

BB+ BBB Financial institutions Panama 300
5/22/2020

Trinity Industries Inc.

BB+ BBB- Transportation U.S. 400
5/20/2020

Deutsche Lufthansa AG

BB+ BBB- Transportation Germany 1,086
5/20/2020

International Consolidated Airlines Group S.A.

BB BBB- Transportation Spain 1,086
5/20/2020

British Airways PLC

BB BBB- Transportation U.K. 806
4/20/2020

Hillenbrand Inc.

BB+ BBB- Capital goods U.S. 1,250
4/10/2020

Rockies Express Pipeline LLC

BB+ BBB- Midstream U.S. 2,050
4/9/2020

Renault S.A.

BB+ BBB- Automotive France 24,979
4/3/2020

ZF Friedrichshafen AG

BB+ BBB- Automotive Germany 7,027
4/2/2020

Service Properties Trust

BB+ BBB- Homebuilders/real estate companies U.S. 5,350
4/2/2020

Royal Caribbean Cruises Ltd.

BB BBB- Media and entertainment U.S. 1,750
3/27/2020

Continental Resources Inc.

BB+ BBB- Oil and gas U.S. 5,200
3/27/2020

Esselunga SpA

BB+ BBB- Retail/restaurants Italy 1,105
3/27/2020

Trinidad Generation Unlimited

BB+ BBB- Utilities Trinidad and Tobago 600
3/26/2020

Apache Corp.

BB+ BBB Oil and gas U.S. 11,080
3/26/2020

Western Midstream Operating L.P. (Occidental Petroleum Corp.)

BB+ BBB- Midstream U.S. 8,120
3/26/2020

Marks & Spencer PLC (Marks & Spencer Group PLC)

BB+ BBB- Retail/restaurants U.K. 2,068
3/26/2020

Patterson-UTI Energy Inc.

BB+ BBB Oil and gas U.S. 875
3/25/2020

Ford Motor Co.

BB+ BBB- Automotive U.S. 113,862
3/25/2020

Occidental Petroleum Corp.

BB+ BBB Oil and gas U.S. 43,913
3/24/2020

Delta Air Lines Inc.

BB BBB- Transportation U.S. 4,550
3/23/2020 Immobiliare Grande Distribuzione SIIQ S.p.A. BB+ BBB- Homebuilders/real estate companies Italy 855
2/24/2020

Ruby Pipeline LLC

BB BBB- Midstream U.S. 825
2/18/2020

Macy's Inc.

BB+ BBB- Retail/restaurants U.S. 7,149
2/14/2020

Kraft Heinz Co. (The)

BB+ BBB- Consumer products U.S. 31,539
2/4/2020

EQM Midstream Partners LP

BB+ BBB- Utilities U.S. 3,500
2/3/2020

EQT Corp.

BB+ BBB- Utilities U.S. 4,945
1/31/2020

Spirit AeroSystems Inc.

BB BBB- Aerospace and defense U.S. 1,900
1/13/2020

Atlantia SpA

BB- BBB- Utilities Italy 16,297
Fallen angels are defined as investment-grade issuers currently with bonds outstanding that have been downgraded into speculative grade (i.e., to 'BB+' or below from 'BBB-' or above). Includes all rated issuers with valid outstanding debt at the time of the rating action. Valid debt includes issuer-level debt (both secured and unsecured), bank loans, subordinated debt, medium-term notes, preferred stock, convertible debt, and drawdowns under MTN programs and excludes commercial paper programs, shelf registrations, certificates of deposit, and debt rated on a confidential basis. Data as of May 31, 2020. Source: S&P Global Ratings Research.

Table 2

Potential Fallen Angels Count Increased To 126
'BBB-' rated issuers with negative outlooks or ratings on CreditWatch with negative implications
Subsector Issuer CreditWatch negative/negative outlook New to the list this month Country Region Debt amount (mil. US$)
Financial institutions

AIB Group PLC

Negative Ireland Europe 5,047
Transport infrastructure

Abertis Infraestructuras S.A.

Negative Spain Europe 15,573
Lodging and leisure

Accor S.A.

Negative France Europe 5,100
Oil and gas

Aker BP ASA

Negative Norway Europe 3,150
Financial institutions

Ally Financial Inc.

Negative Yes U.S. U.S. 19,453
Chemicals, packaging, and environmental services

Alpek S.A.B. de C.V.

Negative Mexico Latin America 1,450
Insurance

American Equity Investment Life Holding Co.

Negative U.S. U.S. 900
Metals, mining, and steel

ArcelorMittal

Negative Luxembourg Europe 13,771
Financial institutions

Argo Group US Inc.

Negative U.S. U.S. 125
Capital goods

Ashtead Group PLC

Negative U.K. Europe 3,000
Retail/restaurants

Auchan Holding

Negative France Europe 7,542
Automotive

AutoNation Inc.

Negative U.S. U.S. 2,000
Transportation

Aviation Capital Group LLC

Negative U.S. U.S. 4,028
Transportation

Avolon Holdings Ltd.

Negative Cayman Islands U.S. 10,649
Financial institutions

Axis Bank Ltd.

Negative India Asia-Pacific 1,095
Financial institutions

Bank of Ireland Group PLC

Negative Ireland Europe 6,201
Homebuilders/real estate companies

Beijing Capital Group Co. Ltd.

Negative China Asia-Pacific 500
Telecommunications

Bharti Airtel Ltd.

Negative India Asia-Pacific 4,329
Chemicals, packaging, and environmental services

Braskem S.A.

Negative Brazil Latin America 4,150
Financial institutions

BrightSphere Investment Group Inc.

Negative U.S. U.S. 400
Homebuilders/real estate companies

Brookfield Property REIT Inc.

Negative U.S. U.S. 13,700
Lodging and leisure

Brunswick Corp.

Watch Neg U.S. U.S. 832
Financial institutions

CIT Bank N.A.

Negative Yes U.S. U.S. 550
Metals, mining, and steel

Cameco Corp.

Negative Canada Canada 724
Retail/restaurants

Capri Holdings Ltd.

Negative British Virgin Islands Europe 450
Lodging and leisure

Carnival Corp.

Watch Neg Panama Latin America 9,214
Forest products and building materials

Celulosa Arauco y Constitucion S.A. (ARAUCO)

Negative Chile Latin America 3,900
Oil and gas

Cenovus Energy Inc.

Negative Canada Canada 4,824
Homebuilders/real estate companies

China Jinmao Holdings Group Ltd.

Negative Hong Kong Asia-Pacific 1,724
Lodging and leisure

Choice Hotels International Inc.

Negative U.S. U.S. 800
Oil and gas

Cimarex Energy Co.

Negative U.S. U.S. 2,000
Homebuilders/real estate companies

Citycon Oyj

Negative Finland Europe 2,464
Consumer products

Conagra Brands Inc.

Negative U.S. U.S. 13,816
Homebuilders/real estate companies

DIFC Investments Ltd.

Negative United Arab Emirates Eastern Europe/Middle East/Africa 1,400
Retail/restaurants

Darden Restaurants Inc.

Negative U.S. U.S. 1,250
Oil and gas

Devon Energy Corp.

Negative U.S. U.S. 7,550
Oil and gas

Diamondback Energy Inc

Negative U.S. U.S. 6,435
Financial institutions

Discover Financial Services

Negative Yes U.S. U.S. 12,689
Homebuilders/real estate companies

EPR Properties

Negative U.S. U.S. 3,486
Forest products and building materials

Eagle Materials Inc.

Watch Neg U.S. U.S. 350
Oil and gas

Ecopetrol S.A.

Negative Colombia Latin America 7,850
Homebuilders/real estate companies

Emaar Properties PJSC

Watch Neg United Arab Emirates Eastern Europe/Middle East/Africa 3,250
Aerospace and defense

Embraer S.A.

Watch Neg Brazil Latin America 500
Utilities

Empresa Nacional del Petroleo

Negative Chile Latin America 2,980
Merchant Power

Enable Midstream Partners L.P.

Negative U.S. U.S. 1,850
Midstream

Energy Transfer L.P.

Negative Yes U.S. U.S. 49,902
Lodging and leisure

Expedia Group Inc.

Negative U.S. U.S. 7,714
Financial institutions

FCE Bank PLC

Watch Neg U.K. Europe 9,221
Financial institutions

Financiera de Desarrollo Territorial S.A. FINDETER

Negative Colombia Latin America 500
Transportation

FirstGroup PLC

Negative Yes U.K. Europe 1,069
Capital goods

Flowserve Corp.

Negative Yes U.S. U.S. 1,350
Capital goods

Fluor Corp.

Negative Yes U.S. U.S. 1,650
Automotive

GKN Holdings Ltd.

Negative U.K. Europe 916
Metals, mining, and steel

Gerdau S.A.

Negative Brazil Latin America 3,150
Utilities

Grupo Energia Bogota S.A.E.S.P.

Negative Colombia Latin America 1,070
Diversified

Grupo de Inversiones Suramericana S.A.

Negative Colombia Latin America 850
Oil and gas

Hess Corp.

Negative U.S. U.S. 7,600
Lodging and leisure

Host Hotels & Resorts Inc.

Watch Neg U.S. U.S. 4,450
Aerospace and defense

Howmet Aerospace Inc

Negative U.S. U.S. 8,182
Lodging and leisure

Hyatt Hotels Corp.

Watch Neg U.S. U.S. 2,100
Financial institutions

ICICI Bank Ltd.

Negative India Asia-Pacific 3,696
Automotive

IHO Verwaltungs GmbH

Watch Neg Germany Europe 8,329
Media and entertainment

ITV PLC

Negative U.K. Europe 1,868
Utilities

Indigo Group S.A.S.

Negative Yes France Europe 2,171
Merchant power

Innergex Renewable Energy Inc.

Negative Canada Canada 116
Midstream

Inter Pipeline Ltd.

Negative Canada Canada 3,962
Retail/restaurants

Kingfisher PLC

Watch Neg U.K. Europe 55
Retail/restaurants

Kohl's Corp.

Negative U.S. U.S. 2,600
Lodging and leisure

Las Vegas Sands Corp.

Watch Neg U.S. U.S. 9,500
Automotive

Lear Corp.

Negative U.S. U.S. 2,300
Oil and gas

Marathon Oil Corp.

Negative U.S. U.S. 5,252
Lodging and leisure

Marriott International Inc.

Watch Neg U.S. U.S. 10,337
Retail/restaurants

Metro AG

Negative Yes Germany Europe 1,841
Capital goods

Metso Corp.

Watch Neg Finland Europe 440
Metals, mining, and steel

Minsur S.A.

Watch Neg Peru Latin America 450
Consumer products

Molson Coors Beverage Co.

Negative U.S. U.S. 7,641
Oil and gas

National Fuel Gas Co.

Negative U.S. U.S. 2,154
Financial institutions

Nelnet Inc.

Negative U.S. U.S. 200
Consumer products

Next PLC

Watch Neg U.K. Europe 1,374
Automotive

Nexteer Automotive Group Ltd.

Watch Neg Cayman Islands U.S. 250
Oil and gas

Noble Energy Inc.

Negative U.S. U.S. 5,884
Retail/restaurants

Nordstrom Inc.

Negative U.S. U.S. 3,566
Financial institutions

Nova Ljubljanska Banka D.D.

Negative Yes Slovenia Europe 264
Consumer products

Ocean Spray Cranberries Inc.

Negative U.S. U.S. 150
Financial institutions

Ohio National Financial Services Inc.

Negative U.S. U.S. 975
Oil and gas

Ovintiv Inc.

Negative U.S. U.S. 6,450
Utilities

PT Pelabuhan Indonesia III (Persero)

Negative Indonesia Asia-Pacific 500
Utilities

PT Perusahaan Gas Negara Tbk.

Negative Indonesia Asia-Pacific 1,975
Consumer products

PVH Corp.

Negative U.S. U.S. 2,677
Financial institutions

Permanent TSB PLC

Negative Ireland Europe 8
Automotive

Peugeot S.A.

Negative France Europe 9,671
Forest products and building materials

PotlatchDeltic Corp.

Negative U.S. U.S. 1,752
Financial institutions

Power Finance Corp. Ltd.

Negative India Asia-Pacific 400
Financial institutions

Prospect Capital Corp.

Negative U.S. U.S. 5,587
Utilities

Puget Energy Inc.

Negative U.S. U.S. 6,728
High technology

Rakuten Inc.

Negative Japan Asia-Pacific 800
Sovereign

Colombia

Negative Colombia Latin America 25,345
Lodging and leisure

Resorts World Las Vegas LLC

Negative Yes U.S. U.S. 1,400
Homebuilders/real estate companies

Retail Opportunity Investments Corp.

Negative U.S. U.S. 500
Sovereign

Romania

Negative Romania Europe 37,503
Lodging and leisure

SKYCITY Entertainment Group Ltd.

Watch Neg New Zealand Asia-Pacific 320
Homebuilders/real estate companies

Samhallsbyggnadsbolaget i Norden AB (publ)

Watch Neg Yes Sweden Europe 2,803
Transportation

Stagecoach Group PLC

Negative Yes U.K. Europe 488
Forest products and building materials

Standard Industries Inc.

Negative Yes U.S. U.S. 4,799
Consumer products

Steelcase Inc.

Watch Neg U.S. U.S. 450
Consumer products

Suedzucker AG

Negative Germany Europe 1,649
Forest products and building materials

Suzano S.A.

Negative Brazil Latin America 5,300
Financial institutions

Synchrony Financial

Negative Yes U.S. U.S. 8,000
Financial institutions

Synovus Financial Corp.

Negative Yes U.S. U.S. 1,930
Consumer products

Sysco Corp.

Watch Neg U.S. U.S. 12,775
Lodging and leisure

Tabcorp Holdings Ltd.

Negative Australia Asia-Pacific 1,511
Financial institutions

Tanner Servicios Financieros S.A.

Negative Chile Latin America 438
Consumer products

Tapestry Inc.

Negative U.S. U.S. 1,600
High technology

Tech Data Corp.

Watch Neg U.S. U.S. 1,750
Capital goods

Timken Co. (The)

Negative Yes U.S. U.S. 850
High technology

VMware Inc.

Negative U.S. U.S. 6,000
Metals, mining, and steel

Vale S.A.

Negative Brazil Latin America 7,450
Automotive

Valeo S.A.

Watch Neg France Europe 3,872
Financial institutions

Virgin Money UK PLC

Negative U.K. Europe 3,914
Forest products and building materials

West Fraser Timber Co. Ltd.

Negative Canada Canada 300
Capital goods

Westinghouse Air Brake Technologies Corp.

Negative Yes U.S. U.S. 3,500
Utilities

Yangzhou Urban Construction State-owned Assets Holding (Group) Co. Ltd.

Negative China Asia-Pacific 300
Homebuilders/real estate companies

Yuexiu Real Estate Investment Trust

Negative Hong Kong Asia-Pacific 400
Automotive

Zhejiang Geely Holding Group Co. Ltd.

Watch Neg China Asia-Pacific 3,028
Metals, mining, and steel

Zijin Mining Group Co. Ltd.

Negative China Asia-Pacific 350
Transportation

easyJet PLC

Watch Neg Yes U.K. Europe 1,649
Potential fallen angels are defined as issuers rated 'BBB-' by S&P Global Ratings with negative outlooks or ratings on CreditWatch with negative implications, and which currently have bonds outstanding. Includes all rated issuers with valid outstanding debt at the time of the rating action. Valid debt includes issuer-level debt (both secured and unsecured), bank loans, subordinated debt, medium-term notes, preferred stock, convertible debt, and drawdowns under MTN programs and excludes commercial paper programs, shelf registrations, certificates of deposit, and debt rated on a confidential basis. Data as of May 31, 2020. Source: S&P Global Ratings Research.

Table 3

About 40% Of Fallen Angels In 2020 So Far Have Resulted From Multinotch Downgrades
(%)
Rating BB+ BB BB- B+ B B- CCC/C D
AAA 0 0 0 0 0 0 0 0
AA+ 0 0 0 0 0 0 0 0
AA 0 0 0 0 0 0 0 0
AA- 0 0 0 0 0 0 0 0
A+ 0 0 0 0 0 0 0 0
A 0 0 0 0 0 0 0 0
A- 0 0 0 0 0 0 0 0
BBB+ 0 0 0 0 0 0 0 0
BBB 13 0 0 0 0 0 0 0
BBB- 60 23 3 0 0 0 0 0
Fallen angels are defined as investment-grade issuers currently with bonds outstanding that have been downgraded into speculative grade (i.e., to 'BB+' or below from 'BBB-' or above). Data as of May 31, 2020. Source: S&P Global Ratings Research.

Table 4

Potential Rising Stars Count Decreased To Eight
Subsector Issuer New to the list this month Country Debt amount (mil. US$)
Automotive

Fiat Chrysler Automobiles N.V.

Netherlands 19,397
Financial institutions

FGL Holdings

Cayman Islands 550
Financial institutions

FleetCor Technologies Inc.

U.S. 3,040
High technology

Ericsson (Telefonaktiebolaget L.M.)

Sweden 2,112
Insurance

Magellan Health Inc.

Yes U.S. 400
Retail

Sobeys Inc.

Canada 688
Transportation

Triton International Ltd.

Bermuda 6,551
Utilities

AES Corp. (The)

U.S. 10,246
Data as of May 31, 2020. Source: S&P Global Ratings Research.

Related Research

  • Banking Industry Country Risk Assessment Update: May 2020, May 27, 2020
  • Rolls-Royce PLC Downgraded To 'BB'; Outlook Negative, May 27, 2020
  • Multibank Inc. Ratings Lowered To 'BB+/B' From 'BBB/A-2' On Acquisition By Banco De Bogota; Outlook Stable, May 26, 2020
  • Trinity Industries Inc. Downgraded To 'BB+' From 'BBB-' On Lower Rail Volume; Outlook Stable, May 22, 2020
  • Six European Airlines Downgraded As COVID-19 Impact Erodes Credit Metrics; Majority Still On Watch Negative, May 20, 2020
  • Potential Fallen Angels Hit A Record-High 111, May 14, 2020
  • Swedish Property Company Samhallsbyggnadsbolaget i Norden 'BBB-' Rating On CreditWatch Negative After Governance Concern, May 8, 2020

This report does not constitute a rating action.

Credit Markets Research:Vincent R Conti, Singapore + 65 6216 1188;
vincent.conti@spglobal.com
Sarah Limbach, Paris + 33 14 420 6708;
Sarah.Limbach@spglobal.com
Sudeep K Kesh, New York (1) 212-438-7982;
sudeep.kesh@spglobal.com
Research Contributors:Lyndon Fernandes, CRISIL Global Analytical Center, an S&P affiliate, Mumbai
Shripati Pranshu, Mumbai;
shripati.pranshu@spglobal.com

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