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Credit Trends: Potential Fallen Angels Decrease As Immediate Downgrade Risks Recede

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Credit Trends: Potential Fallen Angels Decrease As Immediate Downgrade Risks Recede

Five companies have become fallen angels (issuers downgraded to 'BB+' or below from 'BBB-' or higher) since our last report, pushing this year's count to 46 (as of Oct. 12), representing $366 billion in rated debt. These recent fallen angels were from five different sectors:

  • Washington-based fashion retailer Nordstrom Inc.
  • Pennsylvania-based aerospace engineering company Howmet Aerospace Inc.
  • Peruvian mining company Minsur S.A.
  • Delaware midstream company Southeast Supply Header LLC
  • Missouri-based real estate investment trust EPR Properties

All but Southeast Supply Header LLC have been downgraded due to the impact from the coronavirus pandemic. As a result, the ratio of fallen angels to total investment-grade-rated ('BBB-' or higher) issuers ticked up further, staying above its 10-year average for the sixth consecutive month.

Chart 1

image

Credit Trends In The 'BBB' Category Continue To Stabilize

Following their downgrades into speculative grade ('BB+' or lower), these five companies were removed from our list of potential fallen angels. (Potential fallen angels are issuers rated 'BBB-' with negative outlooks or ratings on CreditWatch with negative implications.) In addition, we've removed another seven from the list, four--Devon Energy Corp., Gerdau S.A., Marathon Oil Corp., and Next PLC--due to outlook revisions, as opposed to downgrades or rating withdrawals.

We added four issuers, one each from the financial institutions; media and entertainment; sovereign; and chemicals, packaging, and environmental services sectors. All were assigned negative outlooks as a consequence of the impact from the coronavirus pandemic. This brings our total tally of potential fallen angels to 111 as of Oct. 12, down from 119 in August and a record high of 126 in May and June. This downward trend illustrates stabilization of credit trends in the 'BBB' rating category.

Immediate Downgrade Potential Eases Significantly For Potential Fallen Angels

Only five potential fallen angels (less than 5% of the total) are placed on CreditWatch negative, compared with 106 assigned negative outlooks. In August, this share was 11%, after peaking at 27% in April. The reduction of this ratio points to less immediate downgrade risk and, potentially, a slower pace of new fallen angels in the near term. The estimated time frame of a potential downgrade is 90 days for a negative CreditWatch placement, compared with six to 24 months for a negative outlook (see "Guide To Credit Rating Essentials"). Put differently, a negative outlook leaves more time for the issuer to recover from current challenges.

Chart 2

image

Fallen angel risk as measured by potential fallen angels is stabilizing due to downgrades and revisions of outlooks and CreditWatch placements. While we certainly expect capital market volatility in the weeks and months ahead due to a combination of the resurging COVID-19 pandemic and uncertainty surrounding the U.S. political climate, there is less sectoral concentration among potential fallen angels than in prior months. Specifically, sectors that saw four or five fallen angel downgrades this year now each contribute fewer than 10 potential fallen angels to our list, and none with a negative CreditWatch placement except for the automotive sector (China-based Zhejiang Geely Holding Group Co. Ltd. has been on CreditWatch negative since April 3).

Media and entertainment (including lodging) remains the most vulnerable sector to global social distancing measures but is also seeing an improved trend. As of Oct. 12, this sector had only 12 potential fallen angels, only one on CreditWatch negative (Las Vegas Sands Corp.). The sector has seen three fallen angel downgrades so far this year. The gradual reopening of economies around the world over the summer seems to have mitigated near-term risk in the hospitality sector, with U.S. hotel companies Marriott International Inc., Hyatt Hotels Corp., and Host Hotels & Resorts Inc. taken off CreditWatch negative, although S&P Global Ratings does maintain negative outlooks for these companies.

The remaining three potential fallen angels on CreditWatch negative are from the technology sector (Avnet Inc. and Sunrise Communications Group AG) and forest products and building materials (U.S.-based Eagle Materials Inc.).

Chart 3a

image

Chart 3b

image

This Year's Fallen Angels Reflect The Impact Of The Pandemic

The auto and transportation sectors, two of the three sectors with the highest number of fallen angels so far this year, had highly stable investment-grade segments over the two years leading up to the pandemic, with only one fallen angel in transportation in 2019. The impact of the pandemic led to sharp increases for both sectors, with the number of fallen angels rising to five in each. With potential fallen angels gradually stabilizing--though still at exceptionally high levels--we expect new fallen angels in these sectors to slow.

Chart 4

image

Cost Of Falling Into Speculative Grade Down From Record Highs In March

In March, the incremental cost of borrowing for issuers dropping into speculative grade reached an all-time high. This has since changed, with this cost now marginally below the 2009 peak, though it remains far above its pre-COVID-19 level.

Despite incremental costs staying high, spreads for the current potential fallen angels have continued to show easing risk premia compared with the peak at the end of March.

Chart 5

image

Chart 6

image

Rising Stars At Five This Year; Potential Rising Stars Tick Up To 12

With a new addition to our list of rising stars (issuers upgraded to investment grade from speculative grade) in September, this year's count increased to five as of Oct. 12. Mobile TeleSystems PJSC was upgraded following the upgrade of its parent, Sistema PJSFC. This issuer is the first rising star outside of North America this year and the second from the telecommunications sector. Despite this addition, the count of rising stars remains by far at its lowest level since 1995.

Chart 7

image

Meanwhile, five new potential rising stars (issuers rated 'BB+' with positive outlooks or ratings on CreditWatch positive) have increased the tally to 12. All the additions are from the U.S., three of them--Lennar Corp., MDC Holdings Inc., and Shimao Group Holdings Ltd.--from the homebuilders and real estate sector. The two remaining additions are forest products supplier PulteGroup Inc. and power producer Vistra Corp.

Except for Vistra Corp., which we added following its upgrade to 'BB+', these issuers became potential rising stars thanks to outlook revisions. Following the new additions, forest products and homebuilders are the two leading sectors in potential rising stars. The geographic breakdown of potential rising stars shows that eight of the total 12 are from the U.S., three are from Europe, and one is from Russia.

Chart 8

image

Table 1

Five New Fallen Angels Push This Year's Count To 46
Date Issuer To From Sector/subsector Country Rated debt affected (mil. $)
10/12/2020

EPR Properties

BB+ BBB- Homebuilders/real estate companies U.S. 3,486
9/22/2020

Southeast Supply Header LLC

BB+ BBB- Midstream U.S. 400
9/21/2020

Minsur S.A. (Breca Mineria S.A.C. and Subsidiaries)

BB+ BBB- Metals, mining, and steel Peru 450
9/9/2020

Howmet Aerospace Inc

BB+ BBB- Aerospace and defense U.S. 7,182
9/3/2020

Nordstrom Inc.

BB+ BBB- Retail/restaurants U.S. 3,566
8/17/2020

Accor S.A.

BB+ BBB- Media and entertainment France 5,490
7/31/2020

Valeo S.A.

BB+ BBB- Automotive France 4,108
7/20/2020

IHO Verwaltungs GmbH

BB+ BBB- Automotive Germany 8,608
7/14/2020

Zijin Mining Group Co. Ltd.

BB+ BBB- Metals, mining, and steel China 350
7/9/2020

Emaar Properties PJSC

BB+ BBB- Homebuilders/real estate companies U.A.E. 3,250
7/9/2020

DIFC Investments Ltd.

BB+ BBB- Homebuilders/real estate companies U.A.E. 1,400
7/8/2020

Braskem S.A. (Odebrecht S.A.)

BB+ BBB- Chemicals, packaging, and environmental services Brazil 4,150
6/26/2020

Axis Bank Ltd.

BB+ BBB- Financial institutions India 1,095
6/23/2020

Carnival Corp.

BB- BBB- Media and entertainment Panama 9,265
6/15/2020

Tech Data Corp.

BB BBB- High technology U.S. 3,750
6/15/2020

Embraer S.A.

BB+ BBB- Aerospace and defense Brazil 500
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 LP (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 issuers currently with bonds outstanding that have been downgraded to speculative grade from investment grade (that is, 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 Oct. 12, 2020. Source: S&P Global Ratings Research.

Table 2

Potential Fallen Angels Count Drops To 111
'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 7,218
Utilities

Abertis Infraestructuras S.A.

Negative Spain Europe 18,521
Financial institutions

Ally Financial Inc.

Negative U.S. U.S. 17,850
Media and entertainment

Amadeus IT Group S.A.

Negative Spain Europe 4,729
Metals, mining, and steel

ArcelorMittal

Negative Luxembourg Europe 13,233
Financial institutions

Argo Group International Holdings Ltd.

Negative U.S. U.S. 275
Capital goods

Ashtead Group PLC

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

Auchan Holding

Negative France Europe 8,999
Automotive

AutoNation Inc.

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

Aviation Capital Group LLC

Negative U.S. U.S. 5,028
High technology

Avnet Inc.

Watch Neg U.S. U.S. 1,200
Transportation

Avolon Holdings Ltd.

Negative Cayman Islands U.S. 10,149
Financial institutions

Bank of Ireland Group PLC

Negative Ireland Europe 7,716
Homebuilders/real estate companies Beijing Capital Group Co. Ltd. Negative China Asia-Pacific 500
Chemicals, packaging, and environmental services

Beijing Haidian State-Owned Asset Investment Group Co. Ltd.

Negative China Asia-Pacific 500
Telecommunications

Bharti Airtel Ltd.

Negative India Asia-Pacific 4,392
Aerospace and defense

Boeing Co.

Negative U.S. U.S. 45,698
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
Financial institutions

CIT Bank N.A.

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

Cameco Corp.

Negative Canada Canada 761
Retail/restaurants Capri Holdings Ltd. Negative British Virgin Islands Europe 450
Metals, mining, and steel

Carpenter Technology Corp.

Negative U.S. U.S. 850
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 5,824
Homebuilders/real estate companies

China Jinmao Holdings Group Ltd.

Negative Hong Kong Asia-Pacific 1,737
Media and entertainment

Choice Hotels International Inc.

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

Cimarex Energy Co.

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

Citycon Oyj

Negative Finland Europe 2,296
Retail/restaurants

Darden Restaurants Inc.

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

Diamondback Energy Inc

Negative U.S. U.S. 6,935
Financial institutions

Discover Financial Services

Negative U.S. U.S. 11,939
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 9,850
Utilities

Eesti Energia AS

Negative Estonia Europe 946
Utilities

Empresa Nacional del Petroleo

Negative Chile Latin America 2,480
Merchant Power Enable Midstream Partners LP Negative U.S. U.S. 1,850
Midstream

Energy Transfer LP

Negative U.S. U.S. 46,302
Media and entertainment Expedia Group Inc. Negative U.S. U.S. 7,019
Financial institutions

FCE Bank PLC

Negative U.K. Europe 8,802
Financial institutions

Financiera de Desarrollo Territorial S.A. FINDETER

Negative Colombia Latin America 500
Transportation

FirstGroup PLC

Negative U.K. Europe 1,137
Capital goods

Flowserve Corp.

Negative U.S. U.S. 1,891
Capital goods

Fluor Corp.

Negative U.S. U.S. 1,691
Automotive GKN Holdings Ltd. Negative U.K. Europe 975
Utilities Gas Natural de Lima y Callao S.A. Negative Peru Latin America 320
Financial institutions Golub Capital BDC Inc. Negative Yes U.S. U.S. 400
Diversified

Grupo de Inversiones Suramericana S.A.

Negative Colombia Latin America 850
Oil and gas Hess Corp. Negative U.S. U.S. 7,600
Media and entertainment

Host Hotels & Resorts Inc.

Negative U.S. U.S. 5,200
Media and entertainment

Hyatt Hotels Corp.

Negative U.S. U.S. 2,950
Financial institutions

ICICI Bank Ltd.

Negative India Asia-Pacific 3,197
Media and entertainment

ITV PLC

Negative U.K. Europe 2,010
Utilities

Indigo Group S.A.

Negative France Europe 2,335
Media and entertainment

Informa PLC

Negative Yes U.K. Europe 2,577
Merchant Power

Innergex Renewable Energy Inc.

Negative Canada Canada 122
Midstream

Inter Pipeline Ltd.

Negative Canada Canada 3,788
Media and entertainment

InterContinental Hotels Group PLC

Negative U.K. Europe 2,771
Financial institutions

Intercorp Financial Services Inc.

Negative Peru Latin America 600
Sovereign Morocco Negative Yes Morocco Eastern Europe/Middle East/Africa 5,797
Retail/restaurants

Kohl's Corp.

Negative U.S. U.S. 3,200
Media and entertainment

Las Vegas Sands Corp.

Watch Neg U.S. U.S. 10,300
Automotive

Lear Corp.

Negative U.S. U.S. 2,300
Utilities

Madrilena Red de Gas, S.A.U.

Negative Spain Europe 1,123
Financial institutions Marex Spectron Group Ltd. Negative U.K. Europe 6
Media and entertainment

Marriott International Inc.

Negative U.S. U.S. 10,587
Retail/restaurants

Metro AG

Negative Germany Europe 1,980
Capital goods Metso Outotec Oyj Negative Finland Europe 473
Consumer products Molson Coors Beverage Co. Negative U.S. U.S. 7,346
Chemicals, packaging, and environmental services Mosaic Co. (The) Negative U.S. U.S. 4,870
Financial institutions

Nelnet Inc.

Negative U.S. U.S. 200
Automotive

Nexteer Automotive Group Ltd.

Negative Cayman Islands U.S. 250
Automotive

Nissan Motor Co. Ltd.

Negative Japan Asia-Pacific 16,559
Financial institutions

Nova Ljubljanska Banka D.D.

Negative Slovenia Europe 284
Chemicals, packaging, and environmental services

OCP S.A.

Negative Yes Morocco Eastern Europe/Middle East/Africa 2,850
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. 3,514
Automotive

Peugeot S.A.

Negative France Europe 18,621
Financial institutions

Prospect Capital Corp.

Negative U.S. U.S. 5,508
Utilities

Puget Energy Inc.

Negative U.S. U.S. 6,278
High technology Rakuten Inc. Negative Japan Asia-Pacific 800
Sovereign Colombia Negative Colombia Latin America 27,941
Media and entertainment

Resorts World Las Vegas LLC

Negative 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 40,754
Media and entertainment

SKYCITY Entertainment Group Ltd.

Negative New Zealand Asia-Pacific 331
Transportation

Stagecoach Group PLC

Negative U.K. Europe 520
Forest products and building materials

Standard Industries Inc.

Negative U.S. U.S. 4,646
Consumer products

Steelcase Inc.

Negative U.S. U.S. 450
Consumer products

Suedzucker AG

Negative Germany Europe 1,773
High technology

Sunrise Communications Group AG

Watch Neg Switzerland Europe 3,752
Forest products and building materials

Suzano S.A.

Negative Brazil Latin America 5,400
Financial institutions

Synchrony Financial

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

Synovus Financial Corp.

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

Sysco Corp.

Negative U.S. U.S. 12,066
Financial institutions

Tanner Servicios Financieros S.A.

Negative Chile Latin America 466
Consumer products Tapestry Inc. Negative U.S. U.S. 1,600
Capital goods Timken Co. (The) Negative U.S. U.S. 850
Chemicals, packaging, and environmental services

UPL Corp. Ltd.

Negative Mauritius Eastern Europe/Middle East/Africa 1,700
High technology

VMware Inc.

Negative U.S. U.S. 4,750
Metals, mining, and steel

Vale S.A.

Negative Brazil Latin America 7,450
Financial institutions

Virgin Money UK PLC

Negative U.K. Europe 4,757
Forest products and building materials

West Fraser Timber Co. Ltd.

Negative Canada Canada 300
Capital goods

Westinghouse Air Brake Technologies Corp.

Negative U.S. U.S. 3,500
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 3,217
Transportation

easyJet PLC

Negative U.K. Europe 1,773
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 Oct. 12, 2020. Source: S&P Global Ratings Research.

Table 3

30% Of Fallen Angels In 2020 So Far Have Resulted From Multinotch Downgrades
(%)
Rating BB+ BB BB- B+ B B- CCC/C D
AAA 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
AA+ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
AA 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
AA- 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A+ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A- 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
BBB+ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
BBB 8.70 0.00 0.00 0.00 0.00 0.00 0.00 0.00
BBB- 69.57 17.39 4.35 0.00 0.00 0.00 0.00 0.00
Fallen angels are defined as issuers currently with bonds outstanding that have been downgraded to speculative grade from investment grade (that is, to 'BB+' or below from 'BBB-' or above). Data as of Oct. 12, 2020. Source: S&P Global Ratings Research.

Table 4

Rising Stars Increase To Five So Far This Year
Date Issuer To From Sector/subsector Country Rated debt affected (mil. $)
1/23/2020

WellCare Health Plans Inc.

BBB- BB Insurance U.S. 1,950
6/1/2020

FGL Holdings

BBB- BB+ Insurance Cayman Islands 550
8/18/2020

Sobeys Inc. (Empire Co. Ltd.)

BBB- BB+ Retail/restaurants Canada 717
8/21/2020

Mediacom Communications Corp.

BBB BB+ Telecommunications U.S. 20,700
9/17/2020

Mobile TeleSystems PJSC (Sistema (PJSFC))

BBB- BB+ Telecommunications Russia 1,000
Data as of Oct. 12, 2020. Source: S&P Global Ratings Research.

Table 5

With Five Additions Since Our Last Report, We Now Count 12 Potential Rising Stars
Subsector Issuer New to the list this month Country Debt amount (mil. US$)
Automotive

Fiat Chrysler Automobiles N.V.

Netherlands 24,673
Consumer products

JDE Peet's N.V.

Netherlands 5,769
Financial institutions

FleetCor Technologies Inc.

U.S. 3,040
Forest products and building materials

PulteGroup Inc.

Yes U.S. 2,997
High technology

Ericsson (Telefonaktiebolaget L.M.)

Sweden 2,182
Homebuilders/real estate companies

Lennar Corp.

Yes U.S. 5,400
Homebuilders/real estate companies

MDC Holdings Inc.

Yes U.S. 900
Homebuilders/real estate companies

Shimao Group Holdings Ltd.

Yes Cayman Islands 2,700
Insurance

Magellan Health Inc.

U.S. 400
Transportation

Sovcomflot PAO

Russia 750
Utilities

AES Corp. (The)

U.S. 8,206
Utilities

Vistra Corp.

Yes U.S. 10,198
Data as of Oct. 12, 2020. Source: S&P Global Ratings Research.

Related Research

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, CRISIL Global Analytical Center, an S&P affiliate, Mumbai

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