articles Ratings /ratings/en/research/articles/211130-credit-trends-potential-downgrades-fall-while-potential-upgrades-stall-12208198 content esgSubNav
In This List
COMMENTS

Credit Trends: Potential Downgrades Fall While Potential Upgrades Stall

COMMENTS

Credit Trends: Risky Credits: Bright Outlook For North American 'CCC' Issuers After Falling Over 40% In 2021

COMMENTS

Default, Transition, and Recovery: Slower Start To 2022 As ION Geophysical Corp. Becomes First Default Of The Year

COMMENTS

Credit Trends: U.S. Corporate Bond Yields As Of Jan. 12, 2022

COMMENTS

Default, Transition, and Recovery: Global Corporate Defaults Drop Nearly 70% In 2021


Credit Trends: Potential Downgrades Fall While Potential Upgrades Stall

Note: The data in this report is as of Oct. 31, 2021, and does not include any rating actions taken since that date.

The number of potential bond downgrades (defined as corporate, financial, or sovereign issuers rated 'AAA' to 'B-' by S&P Global Ratings with either negative rating outlooks or ratings on CreditWatch with negative implications) decreased by 33, to 528 as of Oct. 31, 2021, from 561 as of Sept. 30, 2021. This net decline--the 15th consecutive month of decline--was driven by 59 removals and 26 additions to our list of potential downgrades. As a result, the potential downgrade count has decreased by nearly 55% year to date.

Meanwhile, the count of potential upgrades (defined as corporate, financial, or sovereign issuers rated 'AA+' to 'B-' by S&P Global Ratings with either positive rating outlooks or ratings on CreditWatch with positive implications) increased to 352, eight more than a month earlier, following 32 removals and 40 additions. The pace of potential upgrades has slowed considerably from previous months, with the net addition of eight in October. Despite fewer potential upgrades added in October, the gap between potential downgrades and upgrades is narrowing, indicating that future credit deterioration may be lower.

Chart 1

image

Monthly Trends: Financial Institutions And Media And Entertainment Drive Positive Momentum

The financial institutions and media and entertainment sectors led both in terms of new additions to potential upgrades (see chart 2a) and removals from potential downgrades during the month of October. The utilities sector, primarily due to elevated mergers and acquisitions activity as well as challenging market and operating conditions, was responsible for the largest number of new additions to the potential downgrade list (see chart 2b).

Chart 2a

image

Chart 2b

image

Chart 3

image

Chart 4a

image

Chart 4b

image

Rating Distribution: Media And Entertainment Is The Most Vulnerable Sector

Despite progress in October, the media and entertainment sector remains the most vulnerable. The utilities sector has the highest number of potential downgrades, but 77% of issuers are rated investment grade. In contrast, 77% of the media and entertainment issuers are rated in the speculative-grade category and are more vulnerable to further credit deterioration.

Chart 5

image

We monitor potential downgrades because they are the most likely to be downgraded in the short to medium term, and their aggregate number indicates the direction of potential rating changes. Potential downgrade or potential upgrade numbers relate specifically to Corporate IFR, Sovereign, and Financial Institution public ratings. Furthermore, potential downgrade or potential upgrade numbers relate to issuer credit ratings unless one is unavailable, and issuers with no outstanding debt have been excluded from our numbers. All calculations in this report are based on the count of issuers if not stated otherwise. Timely and ongoing surveillance of issuers at risk of being downgraded can be valuable to investors in their sector credit-allocation process, as well as in hedging against potential capital losses arising from a downgrade.

Appendix

Table 1

Most Potential Downgrades Were Added And Removed After Outlook And CreditWatch Revisions
Potential downgrade removals Potential downgrade additions
Reason for removal Issuer count Reason for addition Issuer count
OLCW change 38 OLCW change 19
Downgraded and OLCW change 10 Downgraded and OLCW change 4
Ratings withdrawn 5 Newly rated debt 2
No outstanding debt 3 Newly rated issuer 1
Upgraded and OLCW change 2 Upgraded and OLCW change 0
Parent 1 Downgraded 0
Downgraded 0 Parent 0
Default 0 Upgraded 0
Selective default (SD) 0
Upgraded 0
Total 59 Total 26
*Issuer removed due to subsidiary relationship with parent company, which now qualifies as potential downgrade. Data as of Oct. 31, 2021. OLCW--Outlook or CreditWatch. Source: S&P Global Ratings Research.

Table 2

Utilities Contribute The Highest Share To The Potential Downgrades
Sector Trailing-12-month downgrade count 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 13 72.22 31.15 21.53 (9.61) 2.69
Utilities 60 58.82 21.83 20.49 (1.34) 17.56
Sovereign 14 87.50 15.52 14.44 (1.08) 3.23
Transportation 15 42.86 21.24 21.98 0.75 4.12
Homebuilders and real estate companies 31 55.36 14.17 15.70 1.53 5.02
Health care 18 32.14 15.87 17.87 2.00 6.27
Media and entertainment 53 46.09 24.16 26.91 2.75 10.75
Oil and gas 41 50.62 14.79 20.65 5.86 2.51
Insurance 3 25.00 9.84 16.50 6.66 1.79
Consumer products 39 43.33 17.83 24.97 7.15 9.32
Financial institutions 40 57.97 13.04 20.19 7.15 10.75
Automotive 5 19.23 18.56 26.66 8.11 2.33
Telecommunications 15 51.72 11.59 20.17 8.58 3.23
Capital goods 15 37.50 12.99 21.98 8.99 3.76
Chemicals, packaging, and environmental services 20 30.30 8.61 19.40 10.79 2.15
Retail and restaurants 9 14.75 12.43 25.19 12.77 2.87
Metals, mining, and steel 13 39.39 11.45 24.60 13.15 1.61
Forest products and building materials 12 42.86 7.63 22.36 14.73 1.61
High technology 19 27.54 5.69 21.12 15.43 2.15
Diversified
Data as of Oct. 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 Johnson & Johnson Health care U.S.
AA-/Watch Neg Alliander N.V. Utilities Netherlands
AA-/Negative Deutsche Bahn AG Utilities Germany
AA-/Negative Exxon Mobil Corp. Oil and gas U.S.
AA-/Negative Societe nationale SNCF S.A. Utilities France
AA-/Negative Tokyo Gas Co. Ltd. Utilities Japan
A+/Watch Neg Enexis Holding N.V. Utilities Netherlands
A+/Negative 3M Co. Capital goods U.S.
A+/Negative American States Water Co. Utilities U.S.
A+/Negative Australian Postal Corp. Commonwealth of Australia Transportation Australia
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 East Japan Railway Co. Utilities 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 NATS (En Route) PLC Transportation U.K.
A+/Negative State of Kuwait Sovereign Kuwait
A+/Negative U.S. Bancorp Financial institutions U.S.
A/Watch Neg BHP Group Ltd. Metals, mining, and steel Australia
A/Negative Aeroports de Paris Utilities France
A/Negative Airbus SE Aerospace and defense Netherlands
A/Negative Alectra Inc. Utilities Canada
A/Negative Avinor AS Utilities Norway
A/Negative Canadian National Railway Co. Transportation Yes Canada
A/Negative Compass Group PLC Consumer products U.K.
A/Negative EVN AG Utilities Austria
A/Negative GPT Group Homebuilders/real estate companies Yes Australia
A/Negative Genworth Financial Mortgage Insurance Pty Ltd. Genworth Financial Inc. Insurance Australia
A/Negative Hitachi Ltd., Capital goods Japan
A/Negative Hormel Foods Corp. Consumer products U.S.
A/Negative Kimberly-Clark Corp. Consumer products Yes U.S.
A/Negative Kingdom of Spain Sovereign Spain
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 Norinchukin Bank Financial institutions Japan
A/Negative Oberbank AG Financial institutions Austria
A/Negative Proximus S.A. Telecommunications Belgium
A/Negative Qatar Insurance Co. Q.S.P.C. Insurance Qatar
A/Negative Rockwell Automation Inc. Capital goods U.S.
A/Negative Royal Schiphol Group N.V. Utilities Netherlands
A/Negative SUEZ Water Resources LLC Suez Environment Co. Utilities U.S.
A/Negative Scotiabank Chile Bank of Nova Scotia Financial institutions Chile
A/Negative Seven & i Holdings Co. Ltd., Retail/restaurants Japan
A/Negative Singapore Telecommunications Ltd. Telecommunications Singapore
A/Negative Swiss Re Ltd. Insurance Switzerland
A/Negative VP Bank AG Financial institutions Liechtenstein
A-/Watch Neg Assa Abloy AB Capital goods Sweden
A-/Watch Neg Baxter International Inc., Health care U.S.
A-/Watch Neg Pinnacle West Capital Corp. Utilities Yes U.S.
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 Autoridad del Canal de Panama Utilities Panama
A-/Negative BP PLC Oil and gas U.K.
A-/Negative Biogen Inc. Health care U.S.
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 China Great Wall Asset Management Co. Ltd. Financial institutions China
A-/Negative Consolidated Edison Inc. Utilities U.S.
A-/Negative Evergy Inc., Utilities U.S.
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 LQ Inversiones Financieras S.A. Financial institutions Chile
A-/Negative Malayan Banking Berhad Financial institutions Malaysia
A-/Negative Malaysia Sovereign Malaysia
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 China
A-/Negative Savings Bank Mutual Life Insurance Co. of Massachusetts (The) Insurance U.S.
A-/Negative Security Benefit Life Insurance Co. SBL Holdings Inc. Insurance U.S.
A-/Negative Shanghai Electric (Group) Corp. Capital goods Yes China
A-/Negative Telekom Malaysia Berhad Telecommunications Malaysia
A-/Negative Vier Gas Transport GmbH Utilities Germany
A-/Negative daa PLC Utilities Ireland
BBB+/Watch Neg American International Group Inc. Insurance U.S.
BBB+/Watch Neg Elenia Verkko Oyj Utilities Yes Finland
BBB+/Watch Neg General Electric Co. Capital goods U.S.
BBB+/Watch Neg Parker-Hannifin Corp. Capital goods U.S.
BBB+/Watch Neg Rogers Communications Inc. Telecommunications Canada
BBB+/Negative Alliance Pipeline LP Alliance Pipeline Ltd. Partnership Oil and gas U.S.
BBB+/Negative America Movil S.A.B. de C.V. Telecommunications Mexico
BBB+/Negative AmerisourceBergen Corp. Consumer products U.S.
BBB+/Negative Aozora Bank Ltd. Financial institutions Japan
BBB+/Negative Australia Pacific Airports Corp. Ltd. Utilities Australia
BBB+/Negative Banco BBVA Peru Banco Bilbao Vizcaya Argentaria S.A. Financial institutions Yes Peru
BBB+/Negative Banco BICE Financial institutions Yes Chile
BBB+/Negative Bausparkasse Wuestenrot AG Financial institutions 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 China Orient Asset Management Co. Ltd. Financial institutions China
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 Deutsche Pfandbriefbank AG Financial institutions Germany
BBB+/Negative Enagas S.A. Utilities Spain
BBB+/Negative EnergyAustralia Holdings Ltd. Utilities Yes Australia
BBB+/Negative Exelon Corp. Utilities U.S.
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 Heineken N.V. Consumer products Netherlands
BBB+/Negative Huntington Bancshares Inc. Financial institutions U.S.
BBB+/Negative KASIKORNBANK PCL. Financial institutions Yes Thailand
BBB+/Negative Kimberly-Clark de Mexico S.A.B. de C.V. Consumer products Mexico
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 Oracle Corp. High technology U.S.
BBB+/Negative PPG Industries Inc. Chemicals, packaging, and environmental services U.S.
BBB+/Negative Phillips 66 Utilities U.S.
BBB+/Negative Republic of Peru Sovereign Yes Peru
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 Telus Corp. Telecommunications Canada
BBB+/Negative Transportadora de Gas del Peru S.A. Utilities Yes Peru
BBB+/Negative UniCredit Bank AG UniCredit SpA Financial institutions Germany
BBB+/Negative UniCredit Bank Austria AG UniCredit SpA Financial institutions Austria
BBB+/Negative Unibail-Rodamco-Westfield SE Homebuilders/real estate companies France
BBB+/Negative Ventas Inc. Homebuilders/real estate companies U.S.
BBB+/Negative Woodside Petroleum Ltd. Oil and gas Australia
BBB/Watch Neg Dominion Energy Questar Pipeline LLC, Dominion Energy Inc. Utilities Yes U.S.
BBB/Watch Neg Warner Media, LLC AT&T Inc. Media and entertainment U.S.
BBB/Negative AEON Co. Ltd. Retail/restaurants Japan
BBB/Negative Adelaide Airport Ltd. Utilities Australia
BBB/Negative Akelius Residential Property AB Homebuilders/real estate companies Sweden
BBB/Negative Algonquin Power & Utilities Corp. Utilities Yes Canada
BBB/Negative American Campus Communities Inc. Homebuilders/real estate companies U.S.
BBB/Negative BBVA Bancomer, S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Bancomer y Subsidiarias Banco Bilbao Vizcaya Argentaria S.A. Financial institutions Mexico
BBB/Negative Banco General, S.A. Financial institutions Panama
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 Nacional De Panama Financial institutions Panama
BBB/Negative BorgWarner Inc. Automotive U.S.
BBB/Negative Brisbane Airport Corp. Pty Ltd. BAC Holdings Ltd. Utilities Australia
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 CPI Property Group S.A. Homebuilders/real estate companies Luxembourg
BBB/Negative Carrefour Banque BNP Paribas Financial institutions France
BBB/Negative Centrica PLC Utilities U.K.
BBB/Negative China Huarong Asset Management Co. Ltd. Financial institutions Yes China
BBB/Negative Computershare Ltd. Consumer products Australia
BBB/Negative Credicorp Ltd. Financial institutions Yes Bermuda
BBB/Negative Crown Resorts Ltd. Media and entertainment Yes Australia
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 El Puerto de Liverpool, S. A. B. de C. V. Retail/restaurants Mexico
BBB/Negative Euronet Worldwide Inc. Financial institutions U.S.
BBB/Negative Fastighets AB Balder Homebuilders/real estate companies Yes Sweden
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 General Motors Co. Automotive U.S.
BBB/Negative Haidilao International Holding Ltd. Retail/restaurants China
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 Marathon Petroleum Corp. Utilities U.S.
BBB/Negative Millennium Parking Garages LLC Utilities U.S.
BBB/Negative Motiva Enterprises LLC Utilities U.S.
BBB/Negative Orica Ltd. Chemicals, packaging, and environmental services Australia
BBB/Negative Otter Tail Corp. Utilities U.S.
BBB/Negative PerkinElmer Inc. Health care 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 Republic of Panama Sovereign Panama
BBB/Negative RioCan Real Estate Investment Trust Homebuilders/real estate companies Canada
BBB/Negative Ryanair Holdings PLC Transportation Ireland
BBB/Negative SiriusPoint Ltd. Insurance Bermuda
BBB/Negative Sonoco Products Co. Chemicals, packaging, and environmental services U.S.
BBB/Negative South Staffordshire PLC Utilities U.K.
BBB/Negative Textron Inc. Aerospace and defense U.S.
BBB/Negative United Mexican States Sovereign Mexico
BBB/Negative Valero Energy Corp. Utilities U.S.
BBB/Negative Workspace Group PLC Homebuilders/real estate companies U.K.
BBB-/Watch Neg Domtar Corp. Forest products and building materials U.S.
BBB-/Watch Neg Hyatt Hotels Corp. Media and entertainment U.S.
BBB-/Negative 95 Express Lanes LLC Transurban Group Utilities U.S.
BBB-/Negative AIB Group PLC Financial institutions Ireland
BBB-/Negative Abertis Infraestructuras S.A. Utilities Spain
BBB-/Negative Adani Electricity Mumbai Ltd. Adani Transmission Ltd. (Consolidated) Utilities India
BBB-/Negative Altarea SCA Homebuilders/real estate companies France
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 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 China Jinmao Holdings Group Ltd. Sinochem Holdings Corp. Ltd. Homebuilders/real estate companies Hong Kong
BBB-/Negative Cleco Corporate Holdings LLC Utilities U.S.
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 First Capital Real Estate Investment Trust Homebuilders/real estate companies Canada
BBB-/Negative FirstGroup PLC Transportation U.K.
BBB-/Negative Fluor Corp. Capital goods U.S.
BBB-/Negative Huntington Ingalls Industries Inc. Aerospace and defense U.S.
BBB-/Negative ISS A/S Consumer products Denmark
BBB-/Negative ITV PLC Media and entertainment U.K.
BBB-/Negative Informa PLC Media and entertainment U.K.
BBB-/Negative Inter Pipeline Ltd. Utilities Yes Canada
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 Las Vegas Sands Corp. Media and entertainment U.S.
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 National Gas Co. of Trinidad & Tobago Ltd. (The) Utilities Trinidad and Tobago
BBB-/Negative Nissan Motor Co. Ltd. Automotive Japan
BBB-/Negative Republic of Trinidad and Tobago Sovereign Trinidad and Tobago
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 Southwest Gas Holdings Inc Utilities Yes U.S.
BBB-/Negative Steelcase Inc. Consumer products U.S.
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 Zhejiang Geely Holding Group Co. Ltd., Automotive China
BBB-/Negative easyJet PLC Transportation U.K.
BB+/Watch Neg Avast Holding B.V. High technology Netherlands
BB+/Watch Neg PHOENIX Pharmahandel GmbH & Co. KG Health care Germany
BB+/Watch Neg Ritchie Bros. Auctioneers Inc. Capital goods Canada
BB+/Negative Accor S.A. Media and entertainment France
BB+/Negative Austin Convention Enterprises Inc., Utilities U.S.
BB+/Negative Avantor Inc., Health care U.S.
BB+/Negative Beijing Easyhome Investment Holding Group Co. Ltd., Homebuilders/real estate companies China
BB+/Negative China Water Affairs Group Ltd. Utilities Bermuda
BB+/Negative El Corte Ingles, S.A. Retail/restaurants Spain
BB+/Negative Ford Motor Co. Automotive U.S.
BB+/Negative Grosvenor Capital Management Holdings LLLP Financial institutions 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 Immobiliare Grande Distribuzione SIIQ S.p.A. Homebuilders/real estate companies Italy
BB+/Negative Marks & Spencer PLC Marks & Spencer Group PLC Retail/restaurants U.K.
BB+/Negative PCI Gaming Authority Media and entertainment U.S.
BB+/Negative Patterson-UTI Energy Inc., Oil and gas U.S.
BB+/Negative Rakuten Group Inc., High technology Japan
BB+/Negative Renault S.A. Automotive France
BB+/Negative Standard Industries Inc. Forest products and building materials U.S.
BB+/Negative TechnipFMC Plc Oil and gas U.K.
BB+/Negative Telecom Italia SpA Telecommunications Italy
BB+/Negative Trinidad Generation UnLtd. Utilities Trinidad and Tobago
BB+/Negative ZF Friedrichshafen AG Automotive Germany
BB/Watch Neg Daily Mail & General Trust PLC Media and entertainment U.K.
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 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 Doosan Bobcat Inc. Doosan Infracore Co. Ltd. Capital goods Korea, Republic of
BB/Negative Embraer S.A. Aerospace and defense Brazil
BB/Negative FEH Inc., Financial institutions U.S.
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 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 International Consolidated Airlines Group, S.A. Transportation Spain
BB/Negative Invenergy Thermal Operating I LLC Utilities Yes U.S.
BB/Negative KazMunayGas NC JSC Oil and gas Kazakhstan
BB/Negative Matthews International Corp. Health care U.S.
BB/Negative Muthoot Finance Ltd Financial institutions India
BB/Negative Novomatic AG Media and entertainment Austria
BB/Negative Orazul Energy Peru S.A. Nautilus Energy Holdings LLC Utilities Peru
BB/Negative Spie SA Consumer products France
BB/Negative Toll Road Investors Partnership II LP Transportation U.S.
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-/Watch Neg Ferro Corp. Chemicals, packaging, and environmental services U.S.
BB-/Watch Neg II-VI Inc. High technology U.S.
BB-/Watch Neg Telesat Canada Telesat Holdings Inc. Telecommunications Canada
BB-/Negative ACCO Brands Corp. Consumer products U.S.
BB-/Negative AES Andres B.V AES Corp. (The) Utilities Dominican Republic
BB-/Negative Al Baraka Banking Group B.S.C. Financial institutions Bahrain
BB-/Negative Aramark Consumer products U.S.
BB-/Negative Astoria Energy LLC Utilities U.S.
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 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 EFS Cogen Holdings I LLC Utilities 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 Fly Leasing Ltd. Transportation Bermuda
BB-/Negative GMR Hyderabad International Airport Ltd. Utilities India
BB-/Negative Getlink S.E. Utilities France
BB-/Negative Grifols S.A. Health care Spain
BB-/Negative Grupo Unicomer Corp. Retail/restaurants Panama
BB-/Negative Harsco Corp. Capital goods U.S.
BB-/Negative Iron Mountain Inc. Media and entertainment U.S.
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 Melco Resorts (Macau) Ltd. Melco International Development Ltd. Media and entertainment Macao
BB-/Negative Micro Focus International PLC High technology U.K.
BB-/Negative Natgasoline, LLC Utilities U.S.
BB-/Negative Ontex Group N.V. Consumer products Belgium
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 Savage Enterprises, LLC Consumer products U.S.
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 Southeast Supply Header, LLC Utilities U.S.
BB-/Negative The Commonwealth of The Bahamas Sovereign Bahamas
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 WEPA Hygieneprodukte GmbH Consumer products 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 Adler Group S.A. ADO Group Ltd. Homebuilders/real estate companies Yes Luxembourg
B+/Watch Neg Cooke Omega Investments Inc. Cooke Inc. Consumer products Canada
B+/Watch Neg Guacolda Energia S.A Utilities Chile
B+/Watch Neg Inovalon Holdings Inc., Health care U.S.
B+/Watch Neg Kindred Healthcare LLC Health care U.S.
B+/Watch Neg MGM Resorts International Media and entertainment Yes U.S.
B+/Watch Neg Teekay Corp. Transportation Yes Marshall Islands
B+/Negative AMG Advanced Metallurgical Group N.V. Metals, mining, and steel Netherlands
B+/Negative Affidea B.V. Health care Netherlands
B+/Negative Air Canada ACE Aviation Holdings Inc. Transportation Canada
B+/Negative Bahrain Mumtalakat Holding Co. Financial institutions Bahrain
B+/Negative Bausch Health Cos. Inc. Health care Canada
B+/Negative CVR Energy Inc., Utilities U.S.
B+/Negative Central China Real Estate Ltd. Homebuilders/real estate companies Cayman Islands
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 Forest City Realty Trust Inc. Brookfield Asset Management Inc. Homebuilders/real estate companies U.S.
B+/Negative GeoProMining Investment (CYP) Ltd. Metals, mining, and steel Cyprus
B+/Negative Georgian Railway JSC Utilities Georgia
B+/Negative Greenland Holding Group Co. Ltd. Homebuilders/real estate companies Yes China
B+/Negative Inversiones Atlantida, S.A. Financial institutions Honduras
B+/Negative J.B. Poindexter & Co. Inc. Capital goods U.S.
B+/Negative Kingdom of Bahrain Sovereign Bahrain
B+/Negative Midwest Gaming Borrower, LLC Media and entertainment U.S.
B+/Negative ModivCare Inc. Health care U.S.
B+/Negative Outfront Media Inc. Media and entertainment U.S.
B+/Negative Plurinational State of Bolivia Sovereign Bolivia
B+/Negative RLJ Lodging Trust Media and entertainment 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 Studio City Co. Ltd. Melco International Development Ltd. Media and entertainment British Virgin Islands
B+/Negative TMK PAO Metals, mining, and steel Russia
B+/Negative Techem Verwaltungsgesellschaft 674 mbH Consumer products Germany
B+/Negative TransDigm Inc. Aerospace and defense U.S.
B+/Negative USA Compression Partners, LP Utilities U.S.
B+/Negative Warrior Met Coal Inc., Metals, mining, and steel U.S.
B+/Negative Wynn Resorts Ltd. Media and entertainment Yes U.S.
B+/Negative iQera Group SAS Financial institutions France
B/Watch Neg Air Baltic Corp AS Transportation Latvia
B/Watch Neg CPG Intermediate LLC Chemicals, packaging, and environmental services U.S.
B/Watch Neg Gopher Resource, LLC ECP Gopher Holdings, L.P. Metals, mining, and steel U.S.
B/Negative ADMI Corp. Health care U.S.
B/Negative AP Gaming Holdings LLC 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 Audacy Inc. Media and entertainment U.S.
B/Negative Azalea TopCo Inc., Health care U.S.
B/Negative BME Group Holding BV Forest products and building materials Netherlands
B/Negative Bella Holding Co, LLC Health care U.S.
B/Negative Callaway Golf Co. Consumer products 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 China Aoyuan Group Ltd. Homebuilders/real estate companies Yes Cayman Islands
B/Negative China South City Holdings Ltd. Homebuilders/real estate companies Hong Kong
B/Negative Credivalores - Crediservicios SAS Financial institutions Colombia
B/Negative Curia Global Inc. Health care U.S.
B/Negative Curium Midco S.a r.l. Health care Luxembourg
B/Negative DISH Network Corp. Telecommunications U.S.
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 E-House (China) Enterprise Holdings Ltd. Consumer products Yes China
B/Negative Emerald X Inc., Media and entertainment U.S.
B/Negative Empire Today LLC Retail/restaurants U.S.
B/Negative Endeavor Group Holdings Inc., Media and entertainment U.S.
B/Negative EyeCare Partners, LLC Health care 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 Genesis Care Pty Ltd. Health care Australia
B/Negative Heritage Power, LLC Utilities 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 Illuminate Merger Sub Corp. Consumer products U.S.
B/Negative Lions Gate Entertainment Corp. Media and entertainment Canada
B/Negative Lonestar II Generation Holdings LLC Utilities U.S.
B/Negative MAG DS Corp. Aerospace and defense U.S.
B/Negative Madison IAQ LLC Madison Industries Holdings LLC Forest products and building materials U.S.
B/Negative Magenta Buyer LLC High technology U.S.
B/Negative Mamba Purchaser Inc., Health care U.S.
B/Negative Mongolian Mortgage Corp. HFC LLC Mongolia Financial institutions Mongolia
B/Negative NCL Corp. Ltd. Media and entertainment Bermuda
B/Negative NFP Holdings, LLC Insurance U.S.
B/Negative NGL Energy Partners LP Utilities U.S.
B/Negative NMN Holdings III Corp. Health care U.S.
B/Negative NSM Top Holdings Corp Health care Yes 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 NexTier Oilfield Solutions Inc. Oil and gas U.S.
B/Negative Nitrogenmuvek Zrt. Chemicals, packaging, and environmental services Yes Hungary
B/Negative Osmosis Holdings, LP Consumer products 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 PM General Purchaser LLC Aerospace and defense 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 Phoenix Services International LLC Metals, mining, and steel U.S.
B/Negative Platform Bidco Consumer products Yes Ireland
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 Sabre Corp. Media and entertainment U.S.
B/Negative Samsonite International S.A. Consumer products Luxembourg
B/Negative Shift4 Payments Inc., High technology 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 The Cook & Boardman Group, LLC Forest products and building materials U.S.
B/Negative Trader Corp. Consumer products Canada
B/Negative UniFin SAS Health care France
B/Negative White Cap Supply Holdings, LLC White Cap Parent LLC Capital goods U.S.
B/Negative Zest Acquisition Corp Health care U.S.
B/Negative iHeartMedia Inc. Media and entertainment U.S.
B-/Watch Neg Transportes Aereos Portugueses, SGPS, S.A. Transportation Portugal
B-/Negative 8th Avenue Food & Provisions Inc., Consumer products U.S.
B-/Negative AAG FH LP Retail/restaurants Canada
B-/Negative API Holdings III Corp. Aerospace and defense U.S.
B-/Negative ATI Physical Therapy Inc., Health care 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 Avison Young (Canada) Inc. Financial institutions Canada
B-/Negative Brand Industrial Services Inc., Capital goods U.S.
B-/Negative CB Poly Investments LLC, Consumer products U.S.
B-/Negative CFS Brands LLC Capital goods U.S.
B-/Negative Calumet Specialty Products Partners LP Utilities U.S.
B-/Negative CareerBuilder, LLC Media and entertainment U.S.
B-/Negative Chefs' Warehouse Inc., (The) Consumer products U.S.
B-/Negative ConvergeOne Holdings Inc. Media and entertainment U.S.
B-/Negative Cooper-Standard Holdings Inc., Automotive U.S.
B-/Negative Crockett Cogeneration, A California Ltd. Partnership Utilities U.S.
B-/Negative Data Axle Inc. Media and entertainment 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 F-Brasile S.p.A Aerospace and defense Italy
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 Guitar Center Inc. Guitar Center Holdings Inc. Retail/restaurants U.S.
B-/Negative Halo Buyer Inc. Consumer products U.S.
B-/Negative Hanjin International Corp. Korean Air Lines Co. Ltd. Media and entertainment Korea, Republic of
B-/Negative IXS Holdings Inc., Automotive U.S.
B-/Negative Independent State of Papua New Guinea Sovereign Papua New Guinea
B-/Negative Intrado Corp. Telecommunications U.S.
B-/Negative JHW Alphia Holdings Inc. Consumer products Yes 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 Corp. Inc., Knowlton Development Corp. Inc. Consumer products Yes Canada
B-/Negative Lannett Co. Inc., Health care U.S.
B-/Negative Lightstone HoldCo LLC Utilities 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 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 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 Promontoria Holding 264 B.V. Transportation Netherlands
B-/Negative QualTek LLC Capital goods U.S.
B-/Negative Republic of El Salvador Sovereign Yes El Salvador
B-/Negative Ryman Hospitality Properties Inc., Media and entertainment U.S.
B-/Negative Standard Profil Automotive GmbH Automotive Germany
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 TPro Acquisition Corp. Automotive U.S.
B-/Negative Team Health Holdings Inc., Health care U.S.
B-/Negative Vida Capital Inc., Financial institutions U.S.
B-/Negative Vincent Topco BV (NL) Consumer products Netherlands
B-/Negative West Deptford Energy Holdings, LLC Utilities U.S.
B-/Negative WestJet Airlines Ltd. Transportation Canada
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 Oct. 31, 2021. Source: S&P Global Ratings Research.

This report does not constitute a rating action.

Primary Credit Analyst:Sarah Limbach, Paris + 33 14 420 6708;
Sarah.Limbach@spglobal.com
Credit Markets Research:Patrick Drury Byrne, Dublin (00353) 1 568 0605;
patrick.drurybyrne@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 acknowledgement 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 nonpublic 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.spglobal.com/ratings (free of charge), and www.ratingsdirect.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.spglobal.com/usratingsfees.


Register with S&P Global Ratings

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

Go Back