articles Ratings /ratings/en/research/articles/201216-credit-trends-bbb-pulse-fallen-angels-tally-remains-flat-in-november-11777973 content esgSubNav
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

In This List
COMMENTS

Credit Trends: 'BBB' Pulse: Fallen Angels Tally Remains Flat In November

COMMENTS

Credit Trends: Risky Credits: U.S. And Canadian Upgrades Outpace Downgrades In 'CCC' Category As Issuers Access Debt

COMMENTS

Credit Trends: Review Of Ratings Performance Highlights Resilience In 2020

COMMENTS

Default, Transition, and Recovery: Revenue Pressures Continue To Weigh On Consumer-Related Weakest Links

COMMENTS

Default, Transition, and Recovery: Two European Corporate Defaults Push The 2021 Global Tally To 11


Credit Trends: 'BBB' Pulse: Fallen Angels Tally Remains Flat In November

(Editor's Note: This article is the last in our "'BBB' Pulse: Potential Fallen Angels" series for 2020. We will resume the monthly series in January 2021. For more detailed analysis on potential fallen angels, see "'BBB' Pulse: Fallen Angels Should Remain Elevated As COVID-19 Cases Rise," published Dec. 2, and "Potential Fallen Angels Decrease As Immediate Downgrade Risks Recede" published Oct. 30.)

There were no new fallen angels in November, leaving the total for the year so far at 47. The proportion of the investment-grade universe that has become fallen angels appears to have peaked for now. Fallen angels are issuers downgraded to speculative grade ('BB+' or below) from investment grade ('BBB-' or above).

Chart 1

image

There have been two more rising stars since our October report, bringing the 2020 total to seven--this is still on track to be the lowest annual count of rising stars on record. However, we have added five issuers to our potential rising stars list since our last report, bringing the total to 17. Rising stars are issuers upgraded to investment grade from speculative grade. And potential rising stars are issuers rated 'BB+' by S&P Global Ratings with positive outlooks or ratings on CreditWatch with positive implications.

Chart 2

image

Other Key Observations For November

  • Potential fallen angels fell to 107 at the end of November from 111 as of Oct. 12. We added four issuers to our list and removed eight. As downgrades have eased more generally, so have potential fallen angels, with six of the eight removals attributed to revisions in outlook (to stable) without any downgrade. The balance was one issuer that had discontinued ratings after being acquired and repaying all debt, and one issuer whose parent company ratings were placed on CreditWatch positive. Potential fallen angels are issuers rated 'BBB-' by S&P Global Ratings with negative outlooks or ratings on CreditWatch with negative implications.
  • The proportion of potential fallen angels on CreditWatch negative to those with negative outlooks dropped below 1%, following a record high of 27% in April. This is the lowest proportion since 2008 and suggests that downgrade risk for potential fallen angels is much less immediate than what we saw a few months earlier.
  • The differential in cost of borrowing between the 'BBB-' and 'BB+' ratings categories has tightened, but remains significant.

Chart 3

image

Chart 4

image

Table 1

No Fallen Angels In November
Date Issuer To From Sector/subsector Country Rated debt affected (mil. $)
10/30/2020

FirstEnergy Corp.

BB+ BBB Utilities U.S. 18,373
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

International Consolidated Airlines Group, S.A.

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

Deutsche Lufthansa AG

BB+ BBB- Transportation Germany 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 UnLtd.

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
Note: Fallen angels are issuers currently with bonds outstanding that have been downgraded to speculative grade ('BB+' or below) from investment grade ('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 Nov. 30, 2020. Source: S&P Global Ratings Research.

Table 2

Potential Fallen Angels Count Dipped To 107
'BBB-' rated issuers with negative outlooks or 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 7,277
Utilities

Abertis Infraestructuras S.A.

Negative Spain Europe 20,222
Financial institutions

Ally Financial Inc.

Negative U.S. U.S. 17,873
Media and entertainment

Amadeus IT Group S.A.

Negative Spain Europe 4,780
Metals, mining, and steel

ArcelorMittal

Negative Luxembourg Europe 13,287
Financial institutions

Argo Group International Holdings Ltd.

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

Ashtead Group PLC

Negative U.K. Europe 3,000
Transportation

Aviation Capital Group LLC

Negative U.S. U.S. 4,428
High technology

Avnet Inc.

Negative U.S. U.S. 1,200
Transportation

Avolon Holdings Ltd.

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

Bank of Ireland Group PLC

Negative Ireland Europe 7,796
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 4,401
Aerospace and defense

Boeing Co.

Negative U.S. U.S. 50,248
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
Metals, mining, and steel

Cameco Corp.

Negative Canada Canada 1,079
Retail/restaurants

Capri Holdings Ltd.

Negative British Virgin Islands Europe 450
Metals, mining, and steel

Carpenter Technology Corp.

Negative U.S. U.S. 600
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 1,740
Media and entertainment

Choice Hotels International Inc.

Negative U.S. U.S. 1,250
Homebuilders/real estate companies

Citycon Oyj

Negative Finland Europe 2,324
Retail/restaurants

Darden Restaurants Inc.

Negative U.S. U.S. 1,250
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 9,350
Utilities

Eesti Energia AS

Negative Estonia Europe 598
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. 47,902
Media and entertainment

Expedia Group Inc.

Negative U.S. U.S. 7,027
Financial institutions

FCE Bank PLC

Negative U.K. Europe 7,651
Financial institutions

Financiera de Desarrollo Territorial S.A. FINDETER

Negative Colombia Latin America 500
Transportation

FirstGroup PLC

Negative U.K. Europe 1,167
Capital goods

Flowserve Corp.

Negative U.S. U.S. 1,898
Capital goods

Fluor Corp.

Negative U.S. U.S. 1,698
Automotive

GKN Holdings Ltd.

Negative U.K. Europe 1,001
Utilities

Gas Natural de Lima y Callao S.A.

Negative Peru Latin America 320
Financial institutions

Golub Capital BDC Inc.

Negative 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
Aerospace and defense

Hexcel Corp.

Negative Yes U.S. U.S. 700
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 2,198
Consumer products

ISS A/S

Negative Yes Denmark Europe 3,107
Media and entertainment

ITV PLC

Negative U.K. Europe 2,032
Utilities

Indigo Group S.A.

Negative France Europe 2,360
Media and entertainment

Informa PLC

Negative U.K. Europe 2,811
Merchant Power

Innergex Renewable Energy Inc.

Negative Canada Canada 123
Midstream

Inter Pipeline Ltd.

Negative Canada Canada 3,834
Media and entertainment

InterContinental Hotels Group PLC

Negative U.K. Europe 2,826
Financial institutions

Intercorp Financial Services Inc.

Negative Peru Latin America 600
Media and entertainment

JCDecaux S.A.

Negative Yes France Europe 2,330
Sovereign

Kingdom of Morocco

Negative Morocco Eastern Europe/Middle East/Africa 5,835
Retail/restaurants

Kohl's Corp.

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

Las Vegas Sands Corp.

Negative 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 1,135
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 2,002
Capital goods

Metso Outotec Oyj

Negative Finland Europe 837
Consumer products

Molson Coors Beverage Co.

Negative U.S. U.S. 7,356
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 16,588
Financial institutions

Nova Ljubljanska Banka D.D.

Negative Slovenia Europe 287
Chemicals, packaging, and environmental services

OCP S.A.

Negative Morocco Eastern Europe/Middle East/Africa 2,850
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. 3,535
Automotive

Peugeot S.A.

Negative France Europe 18,822
Financial institutions

Prospect Capital Corp.

Negative U.S. U.S. 5,714
Utilities

Puget Energy Inc.

Negative U.S. U.S. 6,278
High technology

Rakuten Inc.

Negative Japan Asia/Pacific 800
Sovereign

Republic of Colombia

Negative Colombia Latin America 28,003
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 44,069
Oil and gas

SK Innovation Co. Ltd.

Negative Yes Korea Asia/Pacific 500
Media and entertainment

SKYCITY Entertainment Group Ltd.

Negative New Zealand Asia/Pacific 336
Transportation

Stagecoach Group PLC

Negative U.K. Europe 534
Forest products and building materials

Standard Industries Inc.

Negative U.S. U.S. 5,006
Consumer products

Steelcase Inc.

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

Suedzucker AG

Negative Germany Europe 1,793
Forest products and building materials

Suzano S.A.

Negative Brazil Latin America 5,900
Financial institutions

Synchrony Financial

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

Synovus Financial Corp.

Negative U.S. U.S. 2,130
Consumer products

Sysco Corp.

Negative U.S. U.S. 12,073
Financial institutions

Tanner Servicios Financieros S.A.

Negative Chile Latin America 359
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 4,874
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.

Negative China Asia/Pacific 3,857
Transportation

easyJet PLC

Negative U.K. Europe 1,793
Note: Potential fallen angels are issuers rated 'BBB-' by S&P Global Ratings with negative outlooks or ratings on CreditWatch with negative implications, and that 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 Nov. 30, 2020. Source: S&P Global Ratings Research.

Table 3

Rising Stars In Year-To-Date 2020
Date Issuer To From Sector/subsector Country Rated debt affected (mil. $)
23-Jan-20

WellCare Health Plans Inc.

BBB- BB Insurance U.S. 1,950
1-Jun-20

FGL Holdings

BBB- BB+ Insurance Cayman Islands 550
18-Aug-20

Sobeys Inc. (Empire Co. Ltd.)

BBB- BB+ Retail/restaurants Canada 717
21-Aug-20

Mediacom Communications Corp.

BBB BB+ Telecommunications U.S. 20,700
17-Sep-20

Mobile TeleSystems PJSC (Sistema (PJSFC))

BBB- BB+ Telecommunications Russia 1,000
2-Nov-20

AES Corp. (The)

BBB- BB+ Utilities U.S. 8,206
18-Nov-20

Ericsson (Telefonaktiebolaget L.M.)

BBB- BB+ High technology Sweden 2,184
Note: Rising stars are issuers currently with bonds outstanding that have been upgraded to investment grade ('BBB-' and above) from speculative grade ('BB+' and below). 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 Nov. 30, 2020. Source: S&P Global Ratings Research.

Table 4

Potential Rising Stars
Subsector Issuer Outlook/CreditWatch change New to the list this month Country Debt amount (mil. US$)
High technology

Advanced Micro Devices Inc.

Watch Positive U.S. 1,305
Financial institutions

CIT Group Inc.

Watch Positive U.S. 5,651
Automotive

Fiat Chrysler Automobiles N.V.

Watch Positive Netherlands 24,923
Financial institutions

FleetCor Technologies Inc.

Positive U.S. 3,040
Metals, mining & steel

Gold Fields Ltd.

Positive South Africa 1,000
Capital goods

HD Supply Inc.

Watch Positive Yes U.S. 1,820
Utilities

Hrvatska Elektroprivreda d.d.

Positive Croatia 550
Consumer products

JDE Peet's N.V.

Positive Netherlands 5,825
Homebuilders/real estate companies

Lennar Corp.

Positive U.S. 5,400
Insurance

Magellan Health Inc.

Watch Positive U.S. 400
Homebuilders/real estate companies

MDC Holdings Inc.

Positive U.S. 900
Forest products and building materials

PulteGroup Inc.

Positive U.S. 2,997
Homebuilders/real estate companies

Shimao Group Holdings Ltd.

Positive Cayman Islands 2,700
Forest products and building materials

Smurfit Kappa Group PLC

Positive Yes Ireland 2,091
Transportation

Sovcomflot PAO

Positive Russia 750
Utilities

Vistra Corp.

Positive U.S. 10,198
Metals, mining & steel

Yamana Gold Inc.

Positive Canada 1,800
Note: Potential rising stars are issuers rated 'BB+' by S&P Global Ratings with positive outlooks or ratings on CreditWatch with positive implications, and that 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 Nov. 30, 2020. Source: S&P Global Ratings Research.

Definitions

Fallen angels, rising stars, potential fallen angels, and potential rising stars

The lists include 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 (MTN), 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.

Outlooks and CreditWatch

Negative outlooks carry a 1-in-3 chance of a downgrade within two years for issuers with investment-grade ratings. CreditWatch with negative implications carries a 50% chance of a downgrade within 90 days.

Positive outlooks carry a 1-in-3 chance of an upgrade within one year for issuers with speculative-grade ratings. CreditWatch with positive implications carries a 50% chance of an upgrade within 90 days.

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

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

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

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

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

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

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


Register with S&P Global Ratings

Register now to access exclusive content, events, tools, and more.

Go Back