articles Ratings /ratings/en/research/articles/210709-credit-trends-downgrade-potential-continues-to-decline-across-all-sectors-12032031 content esgSubNav
In This List
COMMENTS

Credit Trends: Downgrade Potential Continues To Decline Across All Sectors

COMMENTS

Credit Trends: Risky Credits: North American ‘CCC’ Rated Population Is Improving, But Still Has A Long Way To Go

COMMENTS

Default, Transition, and Recovery: China-Based Sinic Holdings' Missed Bond Payment Pushes The 2021 Global Corporate Default Tally To 63

COMMENTS

Credit Trends: U.S. Corporate Bond Yields As Of Oct. 20, 2021

COMMENTS

Default, Transition, and Recovery: 2020 Annual Australia And New Zealand Corporate Default And Rating Transition Study


Credit Trends: Downgrade Potential Continues To Decline Across All Sectors

The number of potential bond downgrades (defined as issuers rated 'AAA' to 'B-' by S&P Global Ratings with either negative rating outlooks or ratings on CreditWatch with negative implications) decreased by 87, to 757 as of May 31, from 844 in April. This represents the ninth consecutive month of a declining potential downgrade count. Since April, we have removed 109 issuers from our list. Of these, 104 were driven by positive outlook revisions, 19 of which were accompanied by downgrades and five of which were accompanied by upgrades. Meanwhile, we added 22 issuers to our list--15 of these were driven by revisions in the outlook or CreditWatch placement, and two were accompanied by downgrades (see table 1). Financial institutions saw the most significant reduction in their tally of potential bond downgrades with 16 net removals, followed by capital goods, with 15 net removals.

At the same time, the tally of potential bond upgrades (defined as issuers rated 'AA+' to 'B-' by S&P Global Ratings with either positive rating outlooks or ratings on CreditWatch with positive implications) increased to 299 as of end-May, from 268 in the previous month. The number of potential upgrades has been rising consistently since July 2020, when it had reached its trough of 98, and now stands at its highest since March 2019.

Chart 1

image

Negative Bias Decreased Across All Sectors In May

Between April and May, negative bias dropped across all sectors, pointing to a deceleration in the pace of downgrades looking forward and, consequently, a decrease in the respective downgrade proportions. As of May 31, all sectors have a negative bias near the 12-month low. Automotive, oil and gas, and retail have seen the most significant drops in negative bias from May 2020, with 52 percentage points (ppts), 43 ppts and 40 ppts respectively (see chart 2).

Chart 2

image

Nearly 60% Of Potential Downgrades Are Rated Speculative-Grade

Nearly 60%--448 out of 757--of potential downgrade are rated speculative-grade. The media and entertainment sector alone contributes 92 of these. Among investment-grade issuers, utilities (including merchant power and midstream) has the highest contribution, with 70, followed by financial institutions, with 69. 'B' rated entities (including 'B+', 'B' and 'B-') continue to contribute the most issuers on our list with 124, while the number of total rated issuers within this category fell to 290 in May 2021 from 331 a month earlier.

Chart 3

image

As Positive Outlook and CreditWatch Revisions Outnumber Negative Ones, Downgrade Potential Decreases And Upgrade Potential Increases

The rating trends in 2020 were dominated by negative actions on ratings and outlooks as well as negative CreditWatch placements. This year so far, positive rating actions outnumbered the negative ones. Since our last report, 85 removals from our list of potential downgrades were due to revisions in outlook or CreditWatch, five of which were accompanied by upgrades. This count does not include revisions in outlook or CreditWatch while the issuer was simultaneously downgraded. In the meantime, only 13 potential downgrades were added due to negative revisions in outlook or negative CreditWatch placements. Also, the number of potential bond upgrades climbed to 299 in May from 268 a month earlier, to its highest count since March 2019 (see chart 3). This hints at an acceleration in the pace of upgrades looking forward.

Chart 4

image

Media And Entertainment Continues To Be The Sector With The Highest Credit Quality Deterioration From The Pandemic

Media and entertainment is the sector that has been, and continues to be, hurt the most by the shocks related to the pandemic and the measures to contain it. The sector leads the tally of potential bond downgrades with 110 issuers, followed by financial institutions at 109. While the elevated count of media and entertainment firms on our list is due to the pandemic's impact, the relatively high number of financial institutions on the list is related to the size of that rated universe.

The elevated downgrade proportion over the past 12 months, as well as the differential with its long-term average, further illustrates the particular vulnerabilities of media and entertainment corporates to pandemic-related restrictions (see chart 5).

Chart 5

image

Table 1

Most Entities Were Added And Removed After Outlook And CreditWatch Revisions
--Potential bond downgrade removals-- --Potential bond downgrade additions--
Reason for removal Issuer count Reason for addition Issuer count
OLCW change 80 OLCW change 13
Downgraded and OLCW change 19 Parent 4
Upgraded and OLCW change 5 Newly rated issuer 1
Ratings withdrawn 3 Newly rated debt 2
Downgraded 1 Downgraded and OLCW change 2
No outstanding debt 1 Upgraded and OLCW change 0
Default 0 Upgraded 0
Parent 0 Downgraded 0
Selective default (SD) 0
Upgraded 0
Total 109 Total 22
Data as of May 31, 2021. OLCW--Outlook or CreditWatch. Source: S&P Global Ratings Research.

Table 2

Media And Entertainment, Utilities, And Financial Institutions Have The Highest Negative Bias Contribution To The Total Potential Bond Downgrade Portfolio (%)
Sector Trailing-12-month downgrade count (no. of downgrades) Trailing-12-month downgrade ratio Current negative bias Historical average negative bias Gap between current and historical average negative bias Negative bias contribution to total potential bond downgrade portfolio
Aerospace and defense 23 85.19 37.10 21.40 (15.70) 2.38
Media and entertainment 105 70.95 40.79 26.88 (13.91) 14.53
Transportation 28 60.87 33.93 21.94 (11.98) 4.49
Oil and gas 70 72.92 26.54 20.64 (5.90) 3.17
Utilities 83 76.85 23.91 20.47 (3.44) 14.40
Homebuilders and real estate companies 32 58.18 17.51 15.70 (1.81) 5.02
Automotive 12 42.86 28.43 26.73 (1.70) 3.04
Financial institutions 48 73.85 20.91 20.27 (0.63) 14.40
Sovereign 20 83.33 14.78 14.43 (0.35) 2.38
Capital goods 20 54.05 21.93 22.05 0.12 4.49
Consumer products 61 58.10 24.60 25.03 0.43 8.45
Health care 18 42.86 16.79 17.89 1.10 4.76
Telecommunications 18 62.07 16.43 20.25 3.82 3.30
Chemicals, packaging, and environmental services 32 53.33 15.15 19.51 4.36 3.43
Forest products and building materials 17 54.84 16.67 22.53 5.86 2.25
Insurance 6 42.86 9.84 16.60 6.76 1.72
Retail and restaurants 25 34.72 18.52 25.34 6.83 3.04
Metals, mining, and steel 24 70.59 17.56 24.75 7.19 2.11
High technology 27 43.55 9.79 21.30 11.51 2.64
Diversified 3 100.00 0.00 18.14 18.14 0.00
Data as of May 31, 2021. Source: S&P Global Ratings Research.

Table 3

Issuers On CreditWatch/Outlook Negative ('AAA' Through 'B-' Ratings)
Rating Issuer Parent company Sector/Subsector New to the list this month OLCW change Country
AAA/Negative Airservices Australia Utilities Australia
AAA/Negative Commonwealth of Australia Sovereign Australia
AAA/Negative Johnson & Johnson Health care U.S.
AA-/Watch Neg Merck & Co. Inc. Health care U.S.
AA-/Negative Australia and New Zealand Banking Group Ltd. Financial institutions Australia
AA-/Negative Commonwealth Bank of Australia Financial institutions Australia
AA-/Negative DZ BANK AG Deutsche Zentral-Genossenschaftsbank Cooperative Banking Sector Germany Financial institutions Germany
AA-/Negative Deutsche Apotheker- und Aerztebank eG Cooperative Banking Sector Germany Financial institutions Germany
AA-/Negative Deutsche Bahn AG Utilities Germany
AA-/Negative Exxon Mobil Corp. Oil and gas U.S.
AA-/Negative National Australia Bank Ltd. Financial institutions Australia
AA-/Negative Societe nationale SNCF S.A. Utilities France
AA-/Negative State of Kuwait Sovereign Kuwait
AA-/Negative Tokyo Gas Co. Ltd. Utilities Japan
AA-/Negative Westpac Banking Corp. Financial institutions Australia
A+/Negative 3M Co. Capital goods U.S.
A+/Negative American States Water Co. Utilities U.S.
A+/Negative BNP Paribas Financial institutions France
A+/Negative BPCE Financial institutions France
A+/Negative Bristol-Myers Squibb Co. Health care U.S.
A+/Negative Central Japan Railway Co. Utilities Japan
A+/Negative China Southern Power Grid Co. Ltd. Utilities China
A+/Negative Coca-Cola Co. (The) Consumer products U.S.
A+/Negative Compagnie Financiere Richemont S.A. Consumer products Switzerland
A+/Negative Cooperatieve Rabobank U.A. Financial institutions Netherlands
A+/Negative Credit Agricole S.A. Financial institutions France
A+/Negative DekaBank Deutsche Girozentrale Deutscher Sparkassen- und Giroverband e.V. Financial institutions Germany
A+/Negative East Japan Railway Co. Utilities Yes Japan
A+/Negative Eli Lilly & Co. Health care U.S.
A+/Negative Flughafen Zurich AG Utilities Switzerland
A+/Negative LVMH Moet Hennessy Louis Vuitton S.E. Consumer products France
A+/Negative Macquarie Bank Ltd. Macquarie Group Ltd. Financial institutions Australia
A+/Negative NATS (En Route) PLC Transportation U.K.
A/Watch Neg Canadian National Railway Co. Transportation Yes Canada
A/Watch Neg Hitachi Ltd., Capital goods Japan
A/Negative Aeroports de Paris Utilities France
A/Negative Airbus SE Aerospace and defense Netherlands
A/Negative Avinor AS Utilities Norway
A/Negative BASF SE Chemicals, packaging, and environmental services Germany
A/Negative BMW AG Automotive Germany
A/Negative Banco Santander S.A. Financial institutions Spain
A/Negative Caisse Centrale du Credit Mutuel Financial institutions France
A/Negative Compass Group PLC Consumer products U.K.
A/Negative Connecticut Light & Power Co. Eversource Energy Utilities Yes U.S.
A/Negative Dongfeng Motor Group Co. Ltd. Dongfeng Motor Corporation Automotive China
A/Negative EVN AG Utilities Austria
A/Negative Genworth Financial Mortgage Insurance Pty Ltd. Genworth Financial Inc. Insurance Yes Australia
A/Negative Hormel Foods Corp. Consumer products U.S.
A/Negative Kingdom of Spain Sovereign Spain
A/Negative Landesbank Hessen-Thueringen Girozentrale Deutscher Sparkassen- und Giroverband e.V. Financial institutions Germany
A/Negative London Stock Exchange Group PLC Financial institutions U.K.
A/Negative Middlesex Water Co. Utilities U.S.
A/Negative Mitsui Fudosan Co. Ltd. Homebuilders/real estate companies Japan
A/Negative Oberbank AG Financial institutions Austria
A/Negative Oracle Corp. High technology U.S.
A/Negative Proximus S.A. Telecommunications Belgium
A/Negative Qatar Insurance Co. Q.S.P.C. Insurance Qatar
A/Negative Royal Schiphol Group N.V. Utilities Netherlands
A/Negative SUEZ Water Resources LLC Suez Environment Co. Utilities U.S.
A/Negative Scentre Group Homebuilders/real estate companies Australia
A/Negative Schlumberger Ltd. Oil and gas Curacao
A/Negative Seven & i Holdings Co. Ltd., Retail/restaurants Yes Japan
A/Negative Singapore Telecommunications Ltd. Telecommunications Singapore
A/Negative Societe Generale Financial institutions France
A/Negative Swiss Re Ltd. Insurance Switzerland
A/Negative The Hong Kong and China Gas Co. Ltd. Utilities Hong Kong
A/Negative VP Bank AG Financial institutions Liechtenstein
A-/Watch Neg AmerisourceBergen Corp. Consumer products U.S.
A-/Watch Neg Biogen Inc. Health care U.S.
A-/Watch Neg Deutsche Wohnen SE Homebuilders/real estate companies Yes Germany
A-/Watch Neg Western Power Distribution PLC PPL Corp. Utilities U.K.
A-/Negative ATCO Ltd. Utilities Canada
A-/Negative AXIS Capital Holdings Ltd. Insurance Bermuda
A-/Negative American Electric Power Co. Inc. Utilities U.S.
A-/Negative Arch Capital Group Ltd. Insurance Bermuda
A-/Negative Atmos Energy Corp. Utilities U.S.
A-/Negative Australian Prime Property Fund Retail Homebuilders/real estate companies Australia
A-/Negative BP PLC Oil and gas U.K.
A-/Negative Baker Hughes Co. Oil and gas U.S.
A-/Negative Banco Bilbao Vizcaya Argentaria, S.A. Financial institutions Spain
A-/Negative Banco de Credito e Inversiones Financial institutions Chile
A-/Negative Booking Holdings Inc. Media and entertainment U.S.
A-/Negative Bouygues S.A. Telecommunications France
A-/Negative Central Bank of Savings Banks Finland PLC Savings Banks Group Finland Financial institutions Finland
A-/Negative Consolidated Edison Inc. Utilities U.S.
A-/Negative Deutsche Pfandbriefbank AG Financial institutions Germany
A-/Negative Eni SpA Oil and gas Italy
A-/Negative Federal Realty Investment Trust Homebuilders/real estate companies U.S.
A-/Negative Fomento Economico Mexicano, S. A. B. de C. V. Retail/restaurants Mexico
A-/Negative Hitachi Capital (U.K.) PLC Mitsubishi UFJ Financial Group Inc., Financial institutions U.K.
A-/Negative Honda Motor Co. Ltd. Automotive Japan
A-/Negative ING Groep N.V. Financial institutions Netherlands
A-/Negative KBC Group N.V. Financial institutions Belgium
A-/Negative LQ Inversiones Financieras S.A. Financial institutions Chile
A-/Negative M&T Bank Corp. Financial institutions U.S.
A-/Negative Magna International Inc. Automotive Canada
A-/Negative Malayan Banking Berhad Financial institutions Malaysia
A-/Negative Malaysia Sovereign Malaysia
A-/Negative National Rural Utilities Cooperative Finance Corp Financial institutions U.S.
A-/Negative ORIX Corp. Financial institutions Japan
A-/Negative PartnerRe Ltd. Insurance Bermuda
A-/Negative Principal Financial Group Inc., Insurance U.S.
A-/Negative QIC Shopping Centre Fund Homebuilders/real estate companies Australia
A-/Negative Raiffeisen Bank International AG Financial institutions Austria
A-/Negative Ralph Lauren Corp. Consumer products U.S.
A-/Negative Raytheon Technologies Corp Aerospace and defense U.S.
A-/Negative S.F. Holding Co. Ltd., Transportation Yes China
A-/Negative Sociedad Concesionaria Autovia de la Plata S.A. Utilities Spain
A-/Negative Southern Co. Utilities U.S.
A-/Negative Stryker Corp. Health care U.S.
A-/Negative Telekom Malaysia Berhad Telecommunications Malaysia
A-/Negative Vier Gas Transport GmbH Utilities Germany
A-/Negative Volkswagen Bank GmbH Volkswagen AG Financial institutions Germany
A-/Negative daa PLC Utilities Ireland
BBB+/Watch Neg American International Group Inc. Insurance U.S.
BBB+/Watch Neg China Huarong Asset Management Co. Ltd. Financial institutions China
BBB+/Watch Neg General Electric Co. Capital goods U.S.
BBB+/Watch Neg KASIKORNBANK PCL. Financial institutions Thailand
BBB+/Watch Neg RSA Insurance Group PLC Insurance U.K.
BBB+/Watch Neg Rogers Communications Inc. Telecommunications Canada
BBB+/Negative America Movil S.A.B. de C.V. Telecommunications Mexico
BBB+/Negative Anheuser-Busch InBev S.A./N.V. Consumer products Belgium
BBB+/Negative Aozora Bank Ltd. Financial institutions Japan
BBB+/Negative Australia Pacific Airports Corp. Ltd. Utilities Australia
BBB+/Negative Banco de Credito del Peru Credicorp Ltd. Financial institutions Peru
BBB+/Negative Bankinter S.A. Financial institutions Spain
BBB+/Negative Bausparkasse Wuestenrot AG Financial institutions Yes Austria
BBB+/Negative Broadridge Financial Solutions Inc. Media and entertainment U.S.
BBB+/Negative Caribbean Utilities Co. Ltd. Fortis Inc. Utilities Cayman Islands
BBB+/Negative Coca-Cola Femsa, S.A.B. de C.V. Consumer products Mexico
BBB+/Negative Commerzbank AG Financial institutions Germany
BBB+/Negative Credit Suisse Group AG Financial institutions Switzerland
BBB+/Negative Enagas S.A. Utilities Spain
BBB+/Negative Exelon Corp. Utilities U.S.
BBB+/Negative GPT Wholesale Shopping Centre Fund Homebuilders/real estate companies Australia
BBB+/Negative Gilead Sciences Inc., Health care U.S.
BBB+/Negative Grenke AG Financial institutions Germany
BBB+/Negative Grupo Televisa, S. A. B. Telecommunications Mexico
BBB+/Negative Halliburton Co. Oil and gas U.S.
BBB+/Negative Heineken N.V. Consumer products Netherlands
BBB+/Negative Huntington Bancshares Inc. Financial institutions U.S.
BBB+/Negative Hyundai Motor Co. Automotive Korea, Republic of
BBB+/Negative Johnson Controls International Public Ltd. Co. Forest products and building materials Ireland
BBB+/Negative Kimberly-Clark de Mexico S.A.B. de C.V. Consumer products Mexico
BBB+/Negative Lloyds Banking Group PLC Financial institutions U.K.
BBB+/Negative MDU Resources Group Inc. Utilities U.S.
BBB+/Negative Mohawk Industries Inc. Forest products and building materials U.S.
BBB+/Negative NIBC Bank N.V. Financial institutions Netherlands
BBB+/Negative NOV Inc. Oil and gas U.S.
BBB+/Negative Northumbrian Water Ltd. CK Hutchison Holdings Ltd. Utilities U.K.
BBB+/Negative Nouvelle Autoroute 30, S.E.N.C. Utilities Canada
BBB+/Negative OGE Energy Corp. Utilities U.S.
BBB+/Negative ONE Gas Inc., Utilities U.S.
BBB+/Negative PPG Industries Inc. Chemicals, packaging, and environmental services U.S.
BBB+/Negative Phillips 66 Utilities U.S.
BBB+/Negative RHB Bank Berhad Financial institutions Malaysia
BBB+/Negative Ratch Group Public Co. Ltd. Electricity Generating Authority of Thailand Utilities Thailand
BBB+/Negative Sempra Energy Utilities U.S.
BBB+/Negative Siam Commercial Bank Public Co. Ltd. Financial institutions Thailand
BBB+/Negative Sodexo S.A. Consumer products France
BBB+/Negative Southern Cross Airports Corp. Holdings Ltd. Utilities Australia
BBB+/Negative Suncor Energy Inc. Oil and gas Canada
BBB+/Negative Takeda Pharmaceutical Co. Ltd. Health care Japan
BBB+/Negative Telus Corp. Telecommunications Canada
BBB+/Negative Transurban Finance Co. Pty Ltd. Transurban Group Utilities Australia
BBB+/Negative Unibail-Rodamco-Westfield SE Homebuilders/real estate companies France
BBB+/Negative Van Lanschot Kempen Wealth Management N.V. Financial institutions Netherlands
BBB+/Negative Ventas Inc. Homebuilders/real estate companies U.S.
BBB+/Negative Welltower Inc. Homebuilders/real estate companies U.S.
BBB+/Negative Woodside Petroleum Ltd. Oil and gas Australia
BBB/Watch Neg CPI Property Group S.A. Homebuilders/real estate companies Luxembourg
BBB/Watch Neg Crown Resorts Ltd. Media and entertainment Australia
BBB/Watch Neg DIRECTV AT&T Inc. Telecommunications Yes U.S.
BBB/Watch Neg Millennium Parking Garages LLC Utilities U.S.
BBB/Watch Neg Warner Media, LLC AT&T Inc. Media and entertainment Yes U.S.
BBB/Negative AEON Co. Ltd. Retail/restaurants Japan
BBB/Negative Adelaide Airport Ltd. Utilities Australia
BBB/Negative AerCap Holdings N.V. Transportation Netherlands
BBB/Negative American Campus Communities Inc. Homebuilders/real estate companies U.S.
BBB/Negative Babcock International Group PLC Consumer products U.K.
BBB/Negative Banco Inbursa S.A. Institucion de Banca Multiple Grupo Financiero Inbursa Grupo Financiero Inbursa Financial institutions Mexico
BBB/Negative Banco Mercantil del Norte, S.A. Institucion de Banca Multiple Grupo Financiero Banorte Grupo Financiero Banorte S.A.B. de C.V. y Subsidiarias Financial institutions Mexico
BBB/Negative Banco de Sabadell S.A. Financial institutions Spain
BBB/Negative Beijing Automotive Group Co. Ltd. Automotive China
BBB/Negative BorgWarner Inc. Automotive U.S.
BBB/Negative Brisbane Airport Corp. Pty Ltd. BAC Holdings Ltd. Utilities Australia
BBB/Negative Brookfield Property Partners L.P. Brookfield Asset Management Inc. Homebuilders/real estate companies Bermuda
BBB/Negative CE Oaxaca Cuatro, S. de R.L. de C.V. Utilities Mexico
BBB/Negative CE Oaxaca Dos, S. de R.L. de C.V. Utilities Mexico
BBB/Negative CI Financial Corp. Financial institutions Canada
BBB/Negative Carmila S.A. Homebuilders/real estate companies France
BBB/Negative Centrica PLC Utilities U.K.
BBB/Negative Chongqing Nan'an Urban Construction & Development (Group) Co. Ltd. Homebuilders/real estate companies China
BBB/Negative Crane Co. Capital goods U.S.
BBB/Negative DEPFA Bank PLC FMS Wertmanagement Anstalt des oeffentlichen Rechts Financial institutions Ireland
BBB/Negative Dairy Farmers of America Inc. Consumer products U.S.
BBB/Negative Drawbridge Special Opportunities Fund LP Financial institutions U.S.
BBB/Negative Edison International Utilities U.S.
BBB/Negative El Puerto de Liverpool, S. A. B. de C. V. Retail/restaurants Mexico
BBB/Negative Ellevio AB Utilities Sweden
BBB/Negative Entergy New Orleans, LLC Entergy Corp Utilities U.S.
BBB/Negative Euronet Worldwide Inc. Financial institutions U.S.
BBB/Negative Falabella S.A. Retail/restaurants Chile
BBB/Negative Fermaca Enterprises S. de R.L. de C.V. Utilities Mexico
BBB/Negative Ferrovie dello Stato Italiane S.p.A Utilities Italy
BBB/Negative Fideicomiso 209635 (Matehuala) Transportation Mexico
BBB/Negative Fortum Oyj Utilities Finland
BBB/Negative General Motors Co. Automotive U.S.
BBB/Negative Genting Bhd. Media and entertainment Malaysia
BBB/Negative Infraestructura Energetica Nova, S. A. B. de C. V. Utilities Mexico
BBB/Negative International Flavors & Fragrances Inc. Consumer products U.S.
BBB/Negative Kennametal Inc. Capital goods U.S.
BBB/Negative Koninklijke FrieslandCampina N.V. Consumer products Netherlands
BBB/Negative Marathon Petroleum Corp. Utilities U.S.
BBB/Negative Mercialys Homebuilders/real estate companies France
BBB/Negative Motiva Enterprises LLC Utilities U.S.
BBB/Negative NEPI Rockcastle PLC Homebuilders/real estate companies Isle of Man
BBB/Negative NIPPON STEEL Corp. Metals, mining, and steel Japan
BBB/Negative NatWest Group plc Financial institutions U.K.
BBB/Negative Naturgy Energy Group S.A. Utilities Spain
BBB/Negative Orica Ltd. Chemicals, packaging, and environmental services Australia
BBB/Negative Origin Energy Ltd. Utilities Australia
BBB/Negative Otter Tail Corp. Utilities U.S.
BBB/Negative Perth Airport Pty Ltd. Perth Airport Development Group Pty Ltd Utilities Australia
BBB/Negative Republic of Indonesia Sovereign Indonesia
BBB/Negative Royal Mail plc Transportation U.K.
BBB/Negative Ryanair Holdings PLC Transportation Ireland
BBB/Negative Seminole Tribe of Florida Media and entertainment U.S.
BBB/Negative SiriusPoint Ltd. Insurance Bermuda
BBB/Negative Solar Star Funding LLC Berkshire Hathaway Inc. Utilities U.S.
BBB/Negative Sonoco Products Co. Chemicals, packaging, and environmental services U.S.
BBB/Negative South Staffordshire PLC Utilities U.K.
BBB/Negative Southwest Airlines Co. Transportation U.S.
BBB/Negative TMB Bank Public Co. Ltd. Financial institutions Thailand
BBB/Negative Technip Energies Oil and gas France
BBB/Negative Textron Inc. Aerospace and defense U.S.
BBB/Negative Transurban Queensland Finance Pty Ltd. Transurban Group Utilities Australia
BBB/Negative UniCredit SpA Financial institutions Italy
BBB/Negative Unite Group PLC Homebuilders/real estate companies U.K.
BBB/Negative United Mexican States Sovereign Mexico
BBB/Negative Valero Energy Corp. Utilities U.S.
BBB/Negative Walgreens Boots Alliance Inc., Retail/restaurants U.S.
BBB/Negative Wellington International Airport Ltd. Utilities New Zealand
BBB/Negative Workspace Group PLC Homebuilders/real estate companies U.K.
BBB/Negative Xylem Inc. Capital goods U.S.
BBB-/Watch Neg BrightSphere Investment Group Inc. Financial institutions Yes U.S.
BBB-/Watch Neg Domtar Corp. Forest products and building materials Yes U.S.
BBB-/Watch Neg Rakuten Group Inc., High technology Japan
BBB-/Watch Neg Standard Industries Inc. Forest products and building materials U.S.
BBB-/Negative AIB Group PLC Financial institutions Ireland
BBB-/Negative Abertis Infraestructuras S.A. Utilities Spain
BBB-/Negative Amadeus IT Group S.A. Media and entertainment Spain
BBB-/Negative Argo Group International Holdings Ltd. Financial institutions U.S.
BBB-/Negative Autopistas Metropolitanas de Puerto Rico LLC Atlantia SpA Utilities U.S.
BBB-/Negative Avolon Holdings Ltd. Transportation Cayman Islands
BBB-/Negative Bank of Ireland Group PLC Financial institutions Ireland
BBB-/Negative Beijing Haidian State-Owned Asset Investment Group Co. Ltd. Chemicals, packaging, and environmental services China
BBB-/Negative Bharti Airtel Ltd. Telecommunications India
BBB-/Negative Boeing Co. Aerospace and defense U.S.
BBB-/Negative CAS Holding No.1 Ltd. PCCW Ltd. Telecommunications British Virgin Islands
BBB-/Negative Cameco Corp. Metals, mining, and steel Canada
BBB-/Negative Capri Holdings Ltd. Retail/restaurants British Virgin Islands
BBB-/Negative Carpenter Technology Corp. Metals, mining, and steel U.S.
BBB-/Negative China Jinmao Holdings Group Ltd. Sinochem Group Homebuilders/real estate companies Hong Kong
BBB-/Negative Choice Hotels International Inc. Media and entertainment U.S.
BBB-/Negative Citycon Oyj Homebuilders/real estate companies Finland
BBB-/Negative Denver Convention Ctr Hotel Auth Media and entertainment U.S.
BBB-/Negative Eesti Energia AS Utilities Estonia
BBB-/Negative Enable Midstream Partners, LP Utilities U.S.
BBB-/Negative Expedia Group Inc., Media and entertainment U.S.
BBB-/Negative FirstGroup PLC Transportation U.K.
BBB-/Negative Flowserve Corp. Capital goods U.S.
BBB-/Negative Fluor Corp. Capital goods U.S.
BBB-/Negative Golub Capital BDC Inc., Financial institutions U.S.
BBB-/Negative Hyatt Hotels Corp. Media and entertainment U.S.
BBB-/Negative ICICI Bank Ltd. Financial institutions India
BBB-/Negative ISS A/S Consumer products Denmark
BBB-/Negative ITV PLC Media and entertainment U.K.
BBB-/Negative Immofinanz AG Homebuilders/real estate companies Austria
BBB-/Negative Indigo Group S.A. Utilities France
BBB-/Negative Informa PLC Media and entertainment U.K.
BBB-/Negative InterContinental Hotels Group PLC Media and entertainment U.K.
BBB-/Negative Intercorp Financial Services Inc. Intercorp Peru Ltd. Financial institutions Peru
BBB-/Negative JCDecaux S.A. Media and entertainment France
BBB-/Negative Jets Stadium Development, LLC Media and entertainment U.S.
BBB-/Negative Las Vegas Sands Corp. Media and entertainment U.S.
BBB-/Negative Madrilena Red de Gas, S.A.U. Utilities Spain
BBB-/Negative Marex Group PLC Financial institutions U.K.
BBB-/Negative Marriott International Inc. Media and entertainment U.S.
BBB-/Negative Meituan Consumer products Cayman Islands
BBB-/Negative Metro AG Retail/restaurants Germany
BBB-/Negative Molson Coors Beverage Co. Consumer products U.S.
BBB-/Negative Nexteer Automotive Group Ltd. Aviation Industry Corporation of China, Ltd. Automotive Cayman Islands
BBB-/Negative Nissan Motor Co. Ltd. Automotive Japan
BBB-/Negative PVH Corp. Consumer products U.S.
BBB-/Negative Perrigo Co. plc Health care Ireland
BBB-/Negative Prospect Capital Corp. Financial institutions U.S.
BBB-/Negative SK Innovation Co. Ltd., Oil and gas Korea, Republic of
BBB-/Negative SL Green Realty Corp. Homebuilders/real estate companies U.S.
BBB-/Negative Sociedad Concesionaria Vespucio Norte Express S.A. Transportation Chile
BBB-/Negative Stagecoach Group PLC Transportation U.K.
BBB-/Negative Steelcase Inc. Consumer products U.S.
BBB-/Negative Suedzucker AG Consumer products Germany
BBB-/Negative Tanner Servicios Financieros S.A. Financial institutions Chile
BBB-/Negative UPL Corp. Ltd. UPL Ltd Chemicals, packaging, and environmental services Mauritius
BBB-/Negative Virgin Money UK PLC Financial institutions U.K.
BBB-/Negative Westinghouse Air Brake Technologies Corp. Capital goods U.S.
BBB-/Negative Zhejiang Geely Holding Group Co. Ltd., Automotive China
BBB-/Negative easyJet PLC Transportation U.K.
BB+/Watch Neg Adani Green Energy (UP) Ltd. Utilities India
BB+/Watch Neg CoreLogic Australia Pty Ltd CoreLogic Inc. High technology Australia
BB+/Watch Neg Parampujya Solar Energy Private Ltd. Restricted Group Utilities India
BB+/Watch Neg Prayatna Developers Private Ltd. Utilities India
BB+/Negative Accor S.A. Media and entertainment France
BB+/Negative Akropolis Group UAB Vilniaus Prekyba Homebuilders/real estate companies Yes Lithuania
BB+/Negative Apache Corp. Oil and gas U.S.
BB+/Negative Ashland Global Holdings Inc. Chemicals, packaging, and environmental services U.S.
BB+/Negative Austin Convention Enterprises Inc. Utilities Yes U.S.
BB+/Negative Beijing Easyhome Investment Holding Group Co. Ltd., Homebuilders/real estate companies China
BB+/Negative CDK Global Inc. Media and entertainment U.S.
BB+/Negative Cementos Pacasmayo S.A.A. Forest products and building materials Peru
BB+/Negative China Water Affairs Group Ltd. Utilities Bermuda
BB+/Negative EPR Properties Homebuilders/real estate companies U.S.
BB+/Negative El Corte Ingles, S.A. Retail/restaurants Spain
BB+/Negative Emaar Properties PJSC Homebuilders/real estate companies U.A.E.
BB+/Negative Ford Motor Co. Automotive U.S.
BB+/Negative Hexcel Corp. Aerospace and defense U.S.
BB+/Negative Host Hotels & Resorts Inc. Media and entertainment U.S.
BB+/Negative Howmet Aerospace Inc. Aerospace and defense U.S.
BB+/Negative Ibercaja Banco S.A. Caja de Ahorros y Monte de Piedad de Zaragoza, Aragon y Rioja (IBERCAJA) Financial institutions Spain
BB+/Negative Immobiliare Grande Distribuzione SIIQ S.p.A. Homebuilders/real estate companies Italy
BB+/Negative Intertrust N.V. Consumer products Netherlands
BB+/Negative Kennedy-Wilson Holdings Inc., Homebuilders/real estate companies U.S.
BB+/Negative Marks & Spencer PLC Marks & Spencer Group PLC Retail/restaurants U.K.
BB+/Negative Maxima Grupe UAB Vilniaus Prekyba Retail/restaurants Lithuania
BB+/Negative Moog Inc. Aerospace and defense U.S.
BB+/Negative PCI Gaming Authority Media and entertainment U.S.
BB+/Negative PHOENIX Pharmahandel GmbH & Co. KG Health care Germany
BB+/Negative Patterson-UTI Energy Inc., Oil and gas U.S.
BB+/Negative Promontoria MMB SAS Financial institutions France
BB+/Negative Renault S.A. Automotive France
BB+/Negative Ritchie Bros. Auctioneers Inc. Capital goods Canada
BB+/Negative SNC-Lavalin Group Inc. Capital goods Canada
BB+/Negative Southeast Supply Header, LLC Utilities U.S.
BB+/Negative TechnipFMC Plc Oil and gas U.K.
BB+/Negative Telecom Italia SpA Telecommunications Italy
BB+/Negative Toll Road Investors Partnership II LP Transportation U.S.
BB+/Negative Travis Perkins PLC Forest products and building materials U.K.
BB+/Negative ZF Friedrichshafen AG Automotive Germany
BB/Watch Neg Adtalem Global Education Inc. Media and entertainment U.S.
BB/Watch Neg Cardtronics plc High technology U.K.
BB/Watch Neg FirstEnergy Corp. Utilities U.S.
BB/Watch Neg Hilton Grand Vacations Inc. Media and entertainment U.S.
BB/Watch Neg Rexnord LLC Capital goods U.S.
BB/Watch Neg Signature Aviation PLC Transportation U.K.
BB/Watch Neg W.R. Grace & Co. Chemicals, packaging, and environmental services U.S.
BB/Watch Neg j2 Global Inc., High technology U.S.
BB/Negative Blucora Inc., HDV Holdings Inc., Financial institutions U.S.
BB/Negative British Airways PLC Transportation U.K.
BB/Negative CEMEX S.A.B. de C.V. Forest products and building materials Mexico
BB/Negative CYDSA, S.A.B. de C.V. Chemicals, packaging, and environmental services Mexico
BB/Negative China Aluminum International Engineering Corp. Ltd. Aluminum Corp. of China Capital goods China
BB/Negative Churchill Downs Inc. Media and entertainment U.S.
BB/Negative Colfax Corp. Capital goods U.S.
BB/Negative Colombia Telecomunicaciones, S.A. E.S.P Telefonica S.A. Telecommunications Colombia
BB/Negative DaVita Inc. Health care U.S.
BB/Negative Delek US Holdings Inc., Oil and gas U.S.
BB/Negative Delta Air Lines Inc. Transportation U.S.
BB/Negative Doosan Bobcat Inc. Doosan Infracore Co. Ltd. Capital goods Korea, Republic of
BB/Negative Edgewell Personal Care Co. Consumer products U.S.
BB/Negative Embraer S.A. Aerospace and defense Brazil
BB/Negative FEH Inc., Financial institutions U.S.
BB/Negative Fosun International Ltd. Metals, mining, and steel Hong Kong
BB/Negative Four Seasons Holdings Inc. Media and entertainment Canada
BB/Negative Government of Georgia Sovereign Georgia
BB/Negative Greenhill & Co. Inc., Financial institutions U.S.
BB/Negative Haitong Bank S.A. Haitong Securities Co. Ltd. Financial institutions Portugal
BB/Negative Hanesbrands Inc. Consumer products U.S.
BB/Negative Hilton Worldwide Holdings Inc. Media and entertainment U.S.
BB/Negative Icahn Enterprises L.P. Financial institutions U.S.
BB/Negative Iccrea Banca SpA Financial institutions Italy
BB/Negative International Consolidated Airlines Group, S.A. Transportation Spain
BB/Negative International Game Technology Plc Media and entertainment U.K.
BB/Negative Intrum AB (publ) Financial institutions Sweden
BB/Negative KazMunayGas NC JSC Oil and gas Kazakhstan
BB/Negative Matthews International Corp. Health care U.S.
BB/Negative Melco Resorts (Macau) Ltd. Melco International Development Ltd. Media and entertainment Macau
BB/Negative Midland Cogeneration Venture L.P. Utilities U.S.
BB/Negative Muthoot Finance Ltd Financial institutions India
BB/Negative NASCAR Holdings, LLC Media and entertainment U.S.
BB/Negative Novomatic AG Media and entertainment Austria
BB/Negative OCI N.V. Chemicals, packaging, and environmental services Netherlands
BB/Negative Spie SA Consumer products France
BB/Negative Taylor Morrison Home Corp. Homebuilders/real estate companies U.S.
BB/Negative Termocandelaria Power Ltd. Utilities Colombia
BB/Negative Topaz Solar Farms LLC Berkshire Hathaway Inc. Utilities U.S.
BB/Negative Trinidad Petroleum Holdings Ltd. Oil and gas Trinidad and Tobago
BB/Negative Wyndham Hotels & Resorts Inc., Media and entertainment U.S.
BB/Negative iStar Inc. Financial institutions U.S.
BB-/Watch Neg Arrow Global Group PLC Financial institutions U.K.
BB-/Watch Neg Atlantic Power Corp. Utilities Canada
BB-/Watch Neg Euskaltel S.A. Telecommunications Spain
BB-/Watch Neg Ferro Corp. Chemicals, packaging, and environmental services Yes U.S.
BB-/Watch Neg II-VI Inc. High technology U.S.
BB-/Watch Neg Rolls-Royce Holdings PLC Aerospace and defense U.K.
BB-/Watch Neg Telesat Canada Telesat Holdings Inc. Telecommunications Canada
BB-/Watch Neg William Hill PLC Media and entertainment U.K.
BB-/Watch Neg Wynn Resorts Ltd. Media and entertainment U.S.
BB-/Negative ACCO Brands Corp. Consumer products U.S.
BB-/Negative AES Andres B.V AES Corp. (The) Utilities Dominican Republic
BB-/Negative Avia Solutions Group Plc Transportation Lithuania
BB-/Negative Banca Mifel S.A. Financial institutions Mexico
BB-/Negative Boluda Towage S.L. Transportation Spain
BB-/Negative Borets International Ltd. Capital goods U.A.E.
BB-/Negative Cable & Wireless Communications Ltd. Liberty Latin America Ltd. Telecommunications U.K.
BB-/Negative CoreCivic Inc., Consumer products U.S.
BB-/Negative Crestwood Equity Partners LP Crestwood Holdings LLC Utilities U.S.
BB-/Negative Deutsche Lufthansa AG Transportation Germany
BB-/Negative Diversified Healthcare Trust Homebuilders/real estate companies U.S.
BB-/Negative Dominican Republic Sovereign Dominican Republic
BB-/Negative E-House (China) Enterprise Holdings Ltd. Consumer products China
BB-/Negative EFS Cogen Holdings I LLC Utilities Yes U.S.
BB-/Negative EP Bco S.A. Utilities Netherlands
BB-/Negative Elior Group S.A. Consumer products France
BB-/Negative Empresa Generadora de Electricidad Itabo, S. A. Utilities Dominican Republic
BB-/Negative Energizer Holdings Inc. Consumer products U.S.
BB-/Negative GMR Hyderabad International Airport Ltd. Utilities India
BB-/Negative Getlink S.E. Utilities France
BB-/Negative Grupo Unicomer Corp. Retail/restaurants Panama
BB-/Negative Guacolda Energia S.A Utilities Chile
BB-/Negative Harsco Corp. Capital goods U.S.
BB-/Negative Hunt Cos. Inc., Financial institutions U.S.
BB-/Negative Ipoteka Bank JSCM Financial institutions Uzbekistan
BB-/Negative Iron Mountain Inc. Media and entertainment U.S.
BB-/Negative Jefferies Finance LLC Jefferies Financial Group Inc Financial institutions U.S.
BB-/Negative KKR Real Estate Finance Trust Inc. Financial institutions U.S.
BB-/Negative Ladder Capital Finance Holdings LLLP Financial institutions U.S.
BB-/Negative MEIF 5 Arena Holdings SLU Utilities Spain
BB-/Negative Mannington Mills Inc. Forest products and building materials U.S.
BB-/Negative Matador Bidco S.a r.l. Oil and gas Luxembourg
BB-/Negative Micro Focus International PLC High technology U.K.
BB-/Negative Natgasoline, LLC Utilities U.S.
BB-/Negative National Bank For Foreign Economic Activity Of The Republic Of Uzbekistan Financial institutions Uzbekistan
BB-/Negative Operadora de Servicios Mega, S.A. de C.V. SOFOM, E.R. Financial institutions Mexico
BB-/Negative PG&E Corp. Utilities U.S.
BB-/Negative Panama Canal Railway Co. Transportation Cayman Islands
BB-/Negative Permanent TSB Group Holdings PLC Financial institutions Ireland
BB-/Negative Playtech Plc Media and entertainment U.K.
BB-/Negative Q-Park Holding I BV Utilities Netherlands
BB-/Negative Republic of Uzbekistan Sovereign Uzbekistan
BB-/Negative Schweitzer-Mauduit International Inc., Forest products and building materials U.S.
BB-/Negative Service Properties Trust Homebuilders/real estate companies U.S.
BB-/Negative SisalPay Group S.p.A. Intesa Sanpaolo SpA Financial institutions Italy
BB-/Negative Speedway Motorsports LLC Media and entertainment U.S.
BB-/Negative Starwood Property Trust Inc. Financial institutions U.S.
BB-/Negative Studio City Co. Ltd. Melco International Development Ltd. Media and entertainment British Virgin Islands
BB-/Negative The Commonwealth of The Bahamas Sovereign Bahamas
BB-/Negative Travel + Leisure Co. Media and entertainment U.S.
BB-/Negative Tripadvisor Inc., Media and entertainment U.S.
BB-/Negative US Ecology Inc. Chemicals, packaging, and environmental services U.S.
BB-/Negative Unifin Financiera, S.A.B. de C.V. Financial institutions Mexico
BB-/Negative Uzpromstroybank Financial institutions Uzbekistan
BB-/Negative Victoria PLC Consumer products U.K.
BB-/Negative WEPA Hygieneprodukte GmbH Consumer products Yes Germany
BB-/Negative WEX Inc. Financial institutions U.S.
BB-/Negative ams AG High technology Austria
BB-/Negative thyssenkrupp AG Capital goods Germany
B+/Watch Neg Cooke Omega Investments Inc. Cooke Aquaculture, Inc. Consumer products Canada
B+/Watch Neg Extended Stay America Inc. Media and entertainment U.S.
B+/Watch Neg Gamesys Group PLC Media and entertainment U.K.
B+/Watch Neg Guala Closures S.p.A. GCL Holdings S.C.A. Chemicals, packaging, and environmental services Italy
B+/Negative AMG Advanced Metallurgical Group N.V. Metals, mining, and steel Netherlands
B+/Negative Air Canada ACE Aviation Holdings Inc. Transportation Canada
B+/Negative Alliance Resource Partners, L.P. Metals, mining, and steel U.S.
B+/Negative Apollo Commercial Real Estate Finance Inc., Financial institutions U.S.
B+/Negative AppLovin Corp. High technology U.S.
B+/Negative Bausch Health Cos. Inc. Health care Yes Canada
B+/Negative Blackstone Mortgage Trust Inc. Financial institutions U.S.
B+/Negative CCM Merger Inc. Media and entertainment U.S.
B+/Negative CVR Energy Inc., Utilities U.S.
B+/Negative China SCE Group Holdings Ltd. Homebuilders/real estate companies Cayman Islands
B+/Negative Claros Mortgage Trust Inc., Financial institutions U.S.
B+/Negative Connect Bidco Ltd. Telecommunications Guernsey
B+/Negative Consolidated Energy Ltd. Chemicals, packaging, and environmental services Trinidad and Tobago
B+/Negative Dufry AG Retail/restaurants Switzerland
B+/Negative Financiera Independencia S.A.B. de C.V. SOFOM E.N.R. Financial institutions Mexico
B+/Negative Fleet Topco Ltd. Media and entertainment U.K.
B+/Negative Frontera Energy Corp. Oil and gas Canada
B+/Negative Genesis Energy, L.P. Utilities U.S.
B+/Negative GeoProMining Investment (CYP) Ltd. Metals, mining, and steel Yes Cyprus
B+/Negative Georgian Railway JSC Utilities Georgia
B+/Negative ICH Intermediate Holdings II, L.P. Financial institutions U.S.
B+/Negative Inversiones Atlantida, S.A. Financial institutions Honduras
B+/Negative J.B. Poindexter & Co. Inc. Capital goods U.S.
B+/Negative Jamaica Sovereign Jamaica
B+/Negative JetBlue Airways Corp. Transportation U.S.
B+/Negative KAEFER Isoliertechnik GmbH & Co. KG Capital goods Germany
B+/Negative Kingdom of Bahrain Sovereign Yes Bahrain
B+/Negative Lightstone HoldCo LLC Utilities U.S.
B+/Negative Limetree Bay Terminals, LLC Utilities U.S.
B+/Negative Lorca Telecom Bidco S.A.U. Telecommunications Yes Spain
B+/Negative MGM Resorts International Media and entertainment U.S.
B+/Negative Mack-Cali Realty Corp. Homebuilders/real estate companies U.S.
B+/Negative Marriott Vacations Worldwide Corp. Media and entertainment U.S.
B+/Negative Mercer International Inc. Forest products and building materials U.S.
B+/Negative Midwest Gaming Borrower, LLC Media and entertainment U.S.
B+/Negative Miller Homes Group Holdings PLC Homebuilders/real estate companies U.K.
B+/Negative NewDay Group (Jersey) Ltd. Financial institutions U.K.
B+/Negative Novem Group GmbH Automotive Germany
B+/Negative Outfront Media Inc. Media and entertainment U.S.
B+/Negative Oxbow Carbon LLC Metals, mining, and steel U.S.
B+/Negative PBF Holding Co. LLC PBF Energy Inc. Utilities U.S.
B+/Negative PBF Logistics LP PBF Energy Inc. Utilities U.S.
B+/Negative Plurinational State of Bolivia Sovereign Bolivia
B+/Negative Rain Carbon Inc. Rain Industries Ltd. Chemicals, packaging, and environmental services U.S.
B+/Negative Republic of Rwanda Sovereign Rwanda
B+/Negative Resolute Investment Managers Inc., American Beacon Advisors Inc., Financial institutions U.S.
B+/Negative Revere Power, LLC Utilities U.S.
B+/Negative Sinclair Broadcast Group Inc. Media and entertainment U.S.
B+/Negative Springer Nature AG & Co. KGaA Media and entertainment Germany
B+/Negative Stena AB Oil and gas Sweden
B+/Negative TMK PAO Metals, mining, and steel Russia
B+/Negative Techem Verwaltungsgesellschaft 674 mbH Consumer products Germany
B+/Negative Teekay Corp. Transportation Marshall Islands
B+/Negative TransDigm Inc. Aerospace and defense U.S.
B+/Negative USA Compression Partners, LP Utilities U.S.
B+/Negative United Airlines Holdings Inc., Transportation U.S.
B+/Negative West Deptford Energy Holdings, LLC Utilities U.S.
B+/Negative Wilsonart, LLC Forest products and building materials U.S.
B/Watch Neg Gopher Resource, LLC ECP Gopher Holdings, L.P. Metals, mining, and steel U.S.
B/Watch Neg Kantar Global Holdings S.a r.l. Media and entertainment Luxembourg
B/Watch Neg Talen Energy Supply LLC Talen Energy Corporation Utilities U.S.
B/Negative 4finance Holding S.A. Financial institutions Luxembourg
B/Negative ADMI Corp. Health care U.S.
B/Negative AI Convoy (Luxembourg) S.a.r.l. Aerospace and defense U.K.
B/Negative AIS HoldCo LLC Insurance U.S.
B/Negative AP Gaming Holdings LLC Media and entertainment U.S.
B/Negative ARS Intermediate Holdings LLC Consumer products U.S.
B/Negative Access CIG, LLC Media and entertainment U.S.
B/Negative Ai Sirona (Luxembourg) Acquisition Sarl Health care Luxembourg
B/Negative Albaraka Turk Katilim Bankasi AS Al Baraka Banking Group B.S.C. Financial institutions Turkey
B/Negative Albea Beauty Holdings S.A. Hercule Debtco S.a r.l. Chemicals, packaging, and environmental services France
B/Negative Allegheny Technologies Inc. Metals, mining, and steel U.S.
B/Negative Allnex (Luxembourg) & Cy SCA Chemicals, packaging, and environmental services Luxembourg
B/Negative Alterra Mountain Co. Media and entertainment U.S.
B/Negative Altice France S.A. Altice Europe N.V. Telecommunications France
B/Negative Altice International S.a.r.l. Altice Europe N.V. Telecommunications Luxembourg
B/Negative Amentum Holdings LLC Aerospace and defense U.S.
B/Negative Athena Bidco GmbH High technology Germany
B/Negative Athletico Holdings, LLC Health care U.S.
B/Negative Audacy Inc. Media and entertainment U.S.
B/Negative Azalea TopCo Inc., Health care Yes U.S.
B/Negative BME Group Holding BV Forest products and building materials Netherlands
B/Negative BVI Holdings Mayfair Ltd. Health care U.K.
B/Negative Balboa Intermediate Holdings LLC High technology U.S.
B/Negative Banijay Group SAS Media and entertainment France
B/Negative Bella Holding Co, LLC Health care U.S.
B/Negative Braskem Idesa, S.A.P.I. and subsidiary Chemicals, packaging, and environmental services Yes Mexico
B/Negative CNT Holdings I Corp. Retail/restaurants U.S.
B/Negative Caesars Entertainment Inc., Media and entertainment U.S.
B/Negative Callaway Golf Co. Consumer products U.S.
B/Negative CareerBuilder, LLC Media and entertainment U.S.
B/Negative Carnival Corp. Media and entertainment Panama
B/Negative Casino Guichard - Perrachon S.A. Retail/restaurants France
B/Negative Cerelia Participation Holding SAS Consumer products France
B/Negative Charter Next Generation Inc. Chemicals, packaging, and environmental services U.S.
B/Negative Cinemark Holdings Inc. Media and entertainment U.S.
B/Negative CityCenter Holdings, LLC Media and entertainment U.S.
B/Negative Credivalores - Crediservicios SAS Financial institutions Colombia
B/Negative Curium Midco S.a r.l. Health care Luxembourg
B/Negative DISH Network Corp. Telecommunications U.S.
B/Negative DLG Acquisitions Ltd. Media and entertainment U.K.
B/Negative Damac Real Estate Development Ltd. Homebuilders/real estate companies U.A.E.
B/Negative Diok Real Estate AG Homebuilders/real estate companies Germany
B/Negative Element Materials Technology Ltd. Consumer products U.K.
B/Negative Emerald X Inc., Media and entertainment U.S.
B/Negative Endeavor Operating Co., LLC Media and entertainment U.S.
B/Negative Endo International PLC Health care Ireland
B/Negative EyeCare Partners, LLC Health care U.S.
B/Negative First Heartland Jusan Bank JSC Financial institutions Kazakhstan
B/Negative Fossil Group Inc., Consumer products U.S.
B/Negative Foundation Building Materials Inc., Forest products and building materials U.S.
B/Negative Galaxy Finco Ltd. (Domestic & General) Consumer products Jersey
B/Negative Galileo Global Education Finance Sarl Media and entertainment Luxembourg
B/Negative Garda World Security Corp. Transportation Canada
B/Negative Genesis Care Pty Ltd. Health care Australia
B/Negative Go Wireless Holdings Inc., Retail/restaurants U.S.
B/Negative Golden Entertainment Inc., Media and entertainment U.S.
B/Negative Herschend Entertainment Co. LLC Media and entertainment U.S.
B/Negative House of HR N.V. Consumer products Belgium
B/Negative IRIS Midco Ltd. High technology U.K.
B/Negative IWH UK Finco Ltd. Health care U.K.
B/Negative IXS Holdings Inc., Automotive U.S.
B/Negative Jaguar Land Rover Automotive PLC Tata Motors Ltd. Automotive Yes U.K.
B/Negative K+S Aktiengesellschaft Chemicals, packaging, and environmental services Germany
B/Negative KAR Auction Services Inc. Automotive U.S.
B/Negative Koos Holding Cooperatief U.A. Media and entertainment Netherlands
B/Negative Kosmos Energy Ltd., Oil and gas U.S.
B/Negative LABL Inc LABL Intermediate Holding Corporation Chemicals, packaging, and environmental services U.S.
B/Negative LSFX Flavum Bidco S.A. Forest products and building materials Spain
B/Negative LifeScan Global Corp. Health care U.S.
B/Negative Lions Gate Entertainment Corp. Media and entertainment Canada
B/Negative Live Nation Entertainment Inc. Media and entertainment U.S.
B/Negative Lonestar II Generation Holdings LLC Utilities U.S.
B/Negative MAG DS Corp. Aerospace and defense U.S.
B/Negative MRO Holdings Inc., Aerospace and defense Panama
B/Negative MTN Infrastructure TopCo Inc., Telecommunications U.S.
B/Negative Magenta Buyer LLC High technology U.S.
B/Negative Mirion Technologies Inc., Mirion Technologies (Finance), LLC Capital goods U.S.
B/Negative Mobilux 2 S.A.S. Retail/restaurants France
B/Negative Momentive Performance Materials Inc. Chemicals, packaging, and environmental services U.S.
B/Negative NCL Corp. Ltd. Media and entertainment Bermuda
B/Negative NFP Corp. National Financial Partners Holdings A Corp. Insurance U.S.
B/Negative NFP Holdings, LLC Insurance U.S.
B/Negative NGL Energy Partners LP Utilities U.S.
B/Negative Natural Resource Partners L.P. Metals, mining, and steel U.S.
B/Negative Neptune Holdco S.a.r.l. Forest products and building materials Luxembourg
B/Negative New Enterprise Stone & Lime Co. Inc. Forest products and building materials U.S.
B/Negative Newport Group Holdings II Inc., Media and entertainment U.S.
B/Negative NexTier Oilfield Solutions Inc. Oil and gas U.S.
B/Negative Park Hotels & Resorts Inc. Media and entertainment U.S.
B/Negative Park-Ohio Industries Inc. Capital goods U.S.
B/Negative Penn National Gaming Inc. Media and entertainment U.S.
B/Negative Phoenix Services International LLC Metals, mining, and steel U.S.
B/Negative Precision Drilling Corp. Precision Drilling Trust Oil and gas Canada
B/Negative Q Holdco Ltd. Health care U.S.
B/Negative Republic of Belarus Sovereign Belarus
B/Negative Republic of Costa Rica Sovereign Costa Rica
B/Negative Royal Caribbean Cruises Ltd. Media and entertainment U.S.
B/Negative SGLT Holding I LP Transportation Cayman Islands
B/Negative Sabre Corp. Media and entertainment U.S.
B/Negative Samsonite International S.A. Consumer products Luxembourg
B/Negative Scientific Games Corp. Media and entertainment U.S.
B/Negative Shift4 Payments Inc., High technology U.S.
B/Negative Sisal Group S.p.A Schumann S.p.A. Media and entertainment Italy
B/Negative Sixsigma Networks Mexico, S.A. De C.V.(KIO Networks) High technology Mexico
B/Negative Sovos Brands Intermediate Inc., Consumer products Yes U.S.
B/Negative Staples Inc. Media and entertainment U.S.
B/Negative Target Hospitality Corp. Consumer products U.S.
B/Negative TecoStar Holdings Inc., Health care U.S.
B/Negative Tendam Brands S.A.U. Consumer products Spain
B/Negative The Cook & Boardman Group, LLC Forest products and building materials U.S.
B/Negative The Knot Worldwide Inc. Media and entertainment U.S.
B/Negative The Manitowoc Co. Inc., Capital goods U.S.
B/Negative Thermon Group Holdings Inc., Capital goods U.S.
B/Negative Trader Corp. Consumer products Canada
B/Negative USF Holdings LLC Automotive U.S.
B/Negative Varex Imaging Corp. Health care U.S.
B/Negative Vida Capital Inc., Financial institutions U.S.
B/Negative White Cap Supply Holdings, LLC White Cap Parent, LLC Capital goods U.S.
B/Negative Wrench Group, LLC Consumer products U.S.
B/Negative Zest Acquisition Corp Health care U.S.
B/Negative iHeartMedia Inc. Media and entertainment U.S.
B-/Watch Neg 18 Fremont Street Acquisition, LLC Media and entertainment U.S.
B-/Watch Neg Federal Democratic Republic of Ethiopia Sovereign Ethiopia
B-/Watch Neg Independent State of Papua New Guinea Sovereign Papua New Guinea
B-/Watch Neg Sichuan Languang Development Co. Ltd., Homebuilders/real estate companies Yes China
B-/Watch Neg Spectacle Gary Holdings, LLC Media and entertainment U.S.
B-/Watch Neg Transportes Aereos Portugueses, SGPS, S.A. Transportation Portugal
B-/Watch Neg Universal Entertainment Corp. Media and entertainment Yes Japan
B-/Negative 361 Degrees International Ltd. Consumer products Cayman Islands
B-/Negative AAG FH LP Retail/restaurants Canada
B-/Negative API Holdings III Corp. Aerospace and defense U.S.
B-/Negative APX Group Holdings Inc. Media and entertainment U.S.
B-/Negative ASM Global Parent Inc., Media and entertainment U.S.
B-/Negative Aerial Parent Corp. Telecommunications U.S.
B-/Negative Alvogen Pharma US Inc., Alvogen Lux Holdings S.a.r.l. Health care U.S.
B-/Negative American Airlines Group Inc. Transportation U.S.
B-/Negative American Dental Partners Inc., Health care U.S.
B-/Negative Arbor Pharmaceuticals Inc. Health care U.S.
B-/Negative Arch Resources Inc., Metals, mining, and steel U.S.
B-/Negative Associated Asphalt Partners LLC Road Holdings III, LLC Utilities U.S.
B-/Negative Avison Young (Canada) Inc. Financial institutions Canada
B-/Negative BURGER KING France SAS NewCo GB SAS Retail/restaurants France
B-/Negative Ball Metalpack Finco LLC Chemicals, packaging, and environmental services U.S.
B-/Negative Bowlero Corp. Media and entertainment U.S.
B-/Negative Brand Industrial Services Inc., Capital goods U.S.
B-/Negative CFS Brands LLC Capital goods U.S.
B-/Negative CIRCOR International Inc., Capital goods U.S.
B-/Negative Calceus Acquisition Inc., Consumer products U.S.
B-/Negative Calumet Specialty Products Partners LP Utilities U.S.
B-/Negative Cedar Fair L.P. Media and entertainment U.S.
B-/Negative Century Casinos Inc., Media and entertainment U.S.
B-/Negative Chefs' Warehouse Inc., (The) Consumer products U.S.
B-/Negative Chinos Intermediate 2 LLC Consumer products U.S.
B-/Negative Cirsa Enterprises S.L.U. LHMC Finco 2 S.a.r.l. Media and entertainment Spain
B-/Negative ConvergeOne Holdings Inc. Media and entertainment U.S.
B-/Negative Cooper-Standard Holdings Inc., Automotive U.S.
B-/Negative Coronado Global Resources Inc. Metals, mining, and steel Yes Australia
B-/Negative Coty Inc. Consumer products U.S.
B-/Negative Dave & Buster's Inc. Dave & Buster's Entertainment, Inc. Retail/restaurants U.S.
B-/Negative Dynasty Acquisition Co. Inc., Aerospace and defense U.S.
B-/Negative EagleView Technology Corp. Media and entertainment U.S.
B-/Negative Edward Don & Co. Holdings, LLC Consumer products U.S.
B-/Negative EnTrans International, LLC Automotive U.S.
B-/Negative Energy Holdings (Cayman) Ltd., Capital goods Cayman Islands
B-/Negative EnergySolutions Inc. Chemicals, packaging, and environmental services U.S.
B-/Negative F-Brasile S.p.A Aerospace and defense Italy
B-/Negative First American Payment Systems LP High technology U.S.
B-/Negative FleetPride Inc., Fastlane Parent Co. Inc., Automotive U.S.
B-/Negative Fort Dearborn Holding Co. Inc. Chemicals, packaging, and environmental services U.S.
B-/Negative GBT JerseyCo Ltd. Media and entertainment U.K.
B-/Negative Genuine Financial Holdings, LLC Consumer products U.S.
B-/Negative Greenway Health, LLC Health care U.S.
B-/Negative Guitar Center Inc. Guitar Center Holdings Inc. Retail/restaurants U.S.
B-/Negative Halo Buyer Inc. Consumer products U.S.
B-/Negative Hubbard Radio, LLC Media and entertainment U.S.
B-/Negative IM Growth SAS Consumer products France
B-/Negative Infogroup Inc. Media and entertainment U.S.
B-/Negative Intrado Corp. Telecommunications U.S.
B-/Negative JSG I Inc. Capital goods U.S.
B-/Negative Kirk Beauty One GmbH Retail/restaurants Germany
B-/Negative Kiwi VFS SUB I S.ar.l Consumer products Luxembourg
B-/Negative Knowlton Development HoldCo Inc., Consumer products Canada
B-/Negative LSCS Holdings Inc., Health care U.S.
B-/Negative Lannett Co. Inc., Health care U.S.
B-/Negative Lindblad Expeditions Holdings Inc. Media and entertainment U.S.
B-/Negative MYOB Invest Co. Pty Ltd. High technology Australia
B-/Negative Marcolin SpA Consumer products Italy
B-/Negative Martin Midstream Partners L.P. Utilities U.S.
B-/Negative Monitronics International Inc. Media and entertainment U.S.
B-/Negative Moran Foods, LLC SAL Acquisition Corp. Retail/restaurants U.S.
B-/Negative NEP/NCP Holdco Inc. Media and entertainment U.S.
B-/Negative Northpole Newco S.a.r.l. Triangle Holdings S.A. High technology Luxembourg
B-/Negative Oak Holdings, LLC Consumer products U.S.
B-/Negative Peak Jersey Holdco Ltd. Media and entertainment Jersey
B-/Negative Perstorp Holding AB (publ) Chemicals, packaging, and environmental services Sweden
B-/Negative PlayPower Holdings Inc. Media and entertainment U.S.
B-/Negative Procera I, LP High technology Canada
B-/Negative Project Boost Purchaser LLC High technology U.S.
B-/Negative Prometric Holdings Inc., Media and entertainment U.S.
B-/Negative Promontoria Holding 264 B.V. Transportation Netherlands
B-/Negative Pugnacious Endeavors Inc Media and entertainment U.S.
B-/Negative QualTek LLC Capital goods U.S.
B-/Negative Quality Distribution Inc. Transportation U.S.
B-/Negative RGIS Holdings LLC Consumer products U.S.
B-/Negative Recess Holdings Inc., Media and entertainment U.S.
B-/Negative Rubix Group Holdings Ltd. Capital goods U.K.
B-/Negative Ryman Hospitality Properties Inc., Media and entertainment U.S.
B-/Negative Salient CRGT Inc., Aerospace and defense U.S.
B-/Negative SeaWorld Parks & Entertainment Inc. Media and entertainment U.S.
B-/Negative Six Flags Entertainment Corp. Media and entertainment U.S.
B-/Negative Star UK Midco Ltd. Capital goods U.K.
B-/Negative Sugarhouse HSP Gaming Prop. Mezz. L.P. Media and entertainment U.S.
B-/Negative TEG Pty Ltd Media and entertainment Australia
B-/Negative TNT Crane & Rigging LLC Capital goods U.S.
B-/Negative TPro Acquisition Corp. Automotive U.S.
B-/Negative Team Health Holdings Inc., Health care U.S.
B-/Negative The Octave Music Group Inc. Media and entertainment U.S.
B-/Negative The Pasha Group Transportation U.S.
B-/Negative U.S. TelePacific Holdings Corp. Telecommunications U.S.
B-/Negative Vincent Topco BV (NL) Consumer products Netherlands
B-/Negative Welltec A/S Oil and gas Denmark
B-/Negative WestJet Airlines Ltd. Transportation Canada
B-/Negative WireCo WorldGroup Inc. Metals, mining, and steel U.S.
B-/Negative Xenia Hotels & Resorts Inc., Media and entertainment U.S.
B-/Negative pH Beauty Holdings I Inc., Consumer products U.S.
Data as of May 31, 2021. OLCW--Outlook or CreditWatch. Source: S&P Global Ratings Research.

Related Research

This report does not constitute a rating action.

Credit Markets Research: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 Contributor: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