The number of potential bond downgrades (issuers rated 'AAA' to 'B-' by S&P Global Ratings with negative rating outlooks or ratings on CreditWatch with negative implications) increased since June 2018 to 642 as of January 2020. Regionally, Latin America experienced the sharpest year-over-year rise in potential bond downgrades to 53 issuers from 28. This represents an 89% increase, owing to knock-on effects of the weak economy and uncertain political landscape in Argentina, and the disappointing economic growth prospects for the next two years and lack of investor and business confidence in Mexico.
Chart 1
The Number Of Downgrades Picked Up In 2019, And Further Credit Deterioration Is Expected In 2020
- The number of downgrades in 2019 increased to 753 from just 594 in 2018. Signs of further credit deterioration are emerging as the global negative bias increased by more than 3% year over year.
- Since January 2019, every region (with the exception of Canada) has seen a yearly rise in potential bond downgrades.
- As the number of potential bond downgrades has increased, potential bond upgrades declined to 260 in January, from 370 as of September 2018 (see chart 3).
- The utilities sector continues to lead potential bond downgrades with 81 issuers, followed by financial institutions with 72 (see chart 4).
The Median Rating Of Argentina Corporate Issuers Drops To 2017 Levels
Although the median rating of Mexico-based corporate issuers has remained relatively stable at 'BB+' over the last year, the median rating of Argentina-based corporate issuers has decreased to 'B-' from 'B+' in October 2018 and is the lowest among all Latin American countries. All 12 potential bond downgrades in Argentina are rated 'B-'. The majority of them are in the utilities sector and have issuer credit ratings that are closely tied to the sovereign credit rating.
Argentina's economy under newly sworn-in President Alberto Fernandez is expected to contract for a third consecutive year in 2020, amid the combination of high inflation and weak investment confidence due to challenging fiscal and debt dynamics.
On Jan. 21, 2020, S&P Global Ratings lowered its local currency sovereign credit ratings on Argentina following a voluntary exchange offer of peso-denominated short-term paper on Jan. 20, 2020. The credit ratings on Argentina reflect its unfavorable debt dynamics, a volatile exchange rate (which has sharply depreciated recently), high inflation, and a deep economic recession (see "Argentina Local Currency Ratings Lowered To 'SD' On Distressed Debt Exchange; 'CCC-/C' Foreign Currency Ratings Affirmed").
Chart 2
Chart 3
Chart 4
Table 1
Oil And Gas And Automotive Sectors Face Higher Downgrade Risks In The Near Term | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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 (%) | ||||||||
Oil and gas | 83 | 79.05 | 30.73 | 19.15 | (11.58) | 4.83 | ||||||||
Automotive | 27 | 93.10 | 32.69 | 25.32 | (7.37) | 4.98 | ||||||||
Health care | 48 | 77.42 | 22.88 | 17.45 | (5.43) | 7.17 | ||||||||
Aerospace and defense | 13 | 59.09 | 24.59 | 20.47 | (4.12) | 2.49 | ||||||||
Telecommunications | 38 | 74.51 | 23.65 | 20.23 | (3.42) | 4.05 | ||||||||
Retail and restaurants | 49 | 71.01 | 27.44 | 24.53 | (2.91) | 4.52 | ||||||||
Chemicals, packaging, and environmental services | 37 | 68.52 | 20.28 | 18.85 | (1.43) | 5.45 | ||||||||
Capital goods | 51 | 85.00 | 21.78 | 21.28 | (0.49) | 4.83 | ||||||||
Consumer products | 99 | 88.39 | 23.87 | 24.42 | 0.56 | 9.66 | ||||||||
Media and entertainment | 85 | 75.89 | 23.91 | 25.69 | 1.77 | 10.44 | ||||||||
Homebuilders and real estate companies | 27 | 56.25 | 13.18 | 15.44 | 2.26 | 4.67 | ||||||||
Utilities | 42 | 49.41 | 15.40 | 20.22 | 4.82 | 12.62 | ||||||||
Sovereign | 9 | 32.14 | 9.24 | 14.28 | 5.03 | 1.40 | ||||||||
Financial institutions | 23 | 37.10 | 14.73 | 19.94 | 5.21 | 11.21 | ||||||||
Metals, mining, and steel | 33 | 73.33 | 16.18 | 24.69 | 8.51 | 2.80 | ||||||||
Forest products and building materials | 19 | 86.36 | 13.49 | 22.21 | 8.72 | 2.02 | ||||||||
High technology | 34 | 62.96 | 12.03 | 21.46 | 9.43 | 4.05 | ||||||||
Insurance | 12 | 41.38 | 6.75 | 16.79 | 10.04 | 1.56 | ||||||||
Transportation | 21 | 67.74 | 7.20 | 21.10 | 13.90 | 1.09 | ||||||||
Diversified | 0 | 0.00 | 0.00 | 18.25 | 18.25 | 0.16 | ||||||||
Data as of Jan. 27, 2020. Source: S&P Global Ratings Research. |
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. 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. For unabridged analysis of potential bond downgrades, please refer to our most recent quarterly report, "Leisure, Media, And Consumer Products Have The Highest Downgrade Potential," published Feb. 4, 2020.
Table 2
Issuers On CreditWatch/Outlook Negative ('AAA' Through 'B-' Ratings) | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Rating | Issuer | Parent company | Sector/subsector | New to the list this month | Outlook/CreditWatch change | Country | ||||||||
B-/Negative | Republic of Angola | Sovereign | Angola | |||||||||||
B-/Negative | Aeropuertos Argentina 2000 S.A. | Utilities | Argentina | |||||||||||
B-/Negative | AES Argentina Generacion S.A | AES Corp. (The) | Utilities | Argentina | ||||||||||
B-/Watch Neg | Banco De Galicia Y Buenos Aires S.A.U. | Financial institutions | Argentina | |||||||||||
B-/Watch Neg | Banco Hipotecario S.A. | Financial institutions | Argentina | |||||||||||
B-/Negative | CAPEX S.A. | Utilities | Argentina | |||||||||||
B-/Negative | Compania de Transporte de Energia Electrica en Alta Tension TRANSENER S.A. | Utilities | Argentina | |||||||||||
B-/Negative | Compania General de Combustibles S.A. | Oil and gas | Argentina | |||||||||||
B-/Negative | IRSA Inversiones y Representaciones S.A. | Cresud S.A.C.I.F. y A. | Homebuilders/real estate companies | Argentina | ||||||||||
B-/Negative | Pampa Energia S.A. | Utilities | Argentina | |||||||||||
B-/Negative | Telecom Argentina S.A. | Telecommunications | Argentina | |||||||||||
B-/Negative | Transportadora de Gas del Sur S.A. (TGS) | Compania De Inversiones de Energia S.A. | Utilities | Argentina | ||||||||||
B-/Negative | YPF S.A | Oil and gas | Argentina | |||||||||||
BBB+/Negative | AMP Ltd. | Insurance | Australia | |||||||||||
A+/Negative | Australian Postal Corp. | Commonwealth of Australia | Transportation | Australia | ||||||||||
A+/Negative | Australian Prime Property Fund Retail | Homebuilders/real estate companies | Australia | |||||||||||
BBB+/Negative | Caltex Australia Ltd. | Oil and gas | Australia | |||||||||||
B+/Watch Neg | Genesis Care Pty Ltd. | Health care | Australia | |||||||||||
A-/Negative | GPT Wholesale Shopping Centre Fund | Homebuilders/real estate companies | Australia | |||||||||||
BBB/Negative | Incitec Pivot Ltd. | Chemicals, packaging, and environmental services | Australia | |||||||||||
BB/Negative | Nufarm Ltd. | Chemicals, packaging, and environmental services | Australia | |||||||||||
B-/Negative | Speedcast International Ltd. | Telecommunications | Australia | |||||||||||
BBB+/Negative | UniCredit Bank Austria AG | UniCredit SpA | Financial institutions | Austria | ||||||||||
BB/Negative | Al Baraka Banking Group B.S.C. | Financial institutions | Bahrain | |||||||||||
BBB+/Negative | Aspen Insurance Holdings Ltd. | Insurance | Bermuda | |||||||||||
BBB/Negative | Bunge Ltd. | Consumer products | Bermuda | |||||||||||
BB+/Negative | China Water Affairs Group Ltd. | Utilities | Bermuda | |||||||||||
B-/Negative | GCL New Energy Holdings Ltd. | GCL-Poly Energy Holdings Ltd. | Utilities | Bermuda | ||||||||||
B+/Negative | GOME Retail Holdings Ltd. | Retail/restaurants | Bermuda | |||||||||||
BB-/Negative | Nabors Industries Ltd. | Oil and gas | Bermuda | |||||||||||
BB-/Negative | Plurinational State of Bolivia | Sovereign | Bolivia | |||||||||||
BBB-/Negative | Braskem S.A. | Odebrecht S.A. | Chemicals, packaging, and environmental services | Brazil | ||||||||||
BBB/Watch Neg | Embraer S.A. | Aerospace and defense | Brazil | |||||||||||
B/Negative | Oi S.A. | Telecommunications | Brazil | |||||||||||
BBB-/Negative | Suzano S.A. | Forest products and building materials | Brazil | |||||||||||
BBB-/Negative | Vale S.A. | Metals, mining, and steel | Brazil | |||||||||||
B-/Watch Neg | Casablanca Global Intermediate Holdings L.P. | Media and entertainment | British Virgin Islands | |||||||||||
BB-/Negative | Zhongrong International Holdings Ltd. | Zhongrong International Trust Co. Ltd. | Financial institutions | British Virgin Islands | ||||||||||
B/Negative | Republic of Cameroon | Sovereign | Cameroon | |||||||||||
B-/Negative | Algoma Steel Inc. | Metals, mining, and steel | Canada | |||||||||||
B/Negative | AutoCanada Inc. | Retail/restaurants | Canada | |||||||||||
B-/Negative | Bombardier Inc. | Aerospace and defense | Yes | Canada | ||||||||||
B/Negative | CDS Group | Media and entertainment | Canada | |||||||||||
BB/Negative | Celestica Inc. | High technology | Canada | |||||||||||
BBB+/Negative | CI Financial Corp. | Financial institutions | Canada | |||||||||||
B+/Negative | Clearwater Seafoods Inc. | Consumer products | Canada | |||||||||||
BBB+/Negative | Emera Inc. | Utilities | Canada | |||||||||||
A-/Negative | Fortis Inc. | Utilities | Canada | |||||||||||
B/Negative | Gateway Casinos & Entertainment Ltd. | Media and entertainment | Canada | |||||||||||
B-/Negative | Give and Go Prepared Foods Corp. | Consumer products | Canada | |||||||||||
BBB-/Watch Neg | Innergex Renewable Energy Inc. | Utilities | Canada | |||||||||||
BBB+/Negative | Inter Pipeline Ltd. | Utilities | Canada | |||||||||||
BBB/Negative | Laurentian Bank of Canada | Financial institutions | Canada | |||||||||||
BB+/Negative | SNC-Lavalin Group Inc. | Capital goods | Canada | |||||||||||
BBB+/Negative | Telus Corp. | Telecommunications | Canada | |||||||||||
B-/Negative | Vesta Energy Corp. | Oil and gas | Canada | |||||||||||
B-/Negative | Xplornet Communications Inc. | Telecommunications | Canada | |||||||||||
BB-/Negative | 361 Degrees International Ltd. | Consumer products | Cayman Islands | |||||||||||
BBB+/Watch Neg | ENN Energy Holdings Ltd. | Utilities | Cayman Islands | |||||||||||
B/Negative | Jingrui Holdings Ltd. | Homebuilders/real estate companies | Cayman Islands | |||||||||||
B+/Negative | KWG Group Holdings Ltd. | Homebuilders/real estate companies | Cayman Islands | |||||||||||
BB-/Negative | Yuzhou Properties Co. Ltd. | Homebuilders/real estate companies | Cayman Islands | |||||||||||
A+/Negative | Corporacion Nacional del Cobre de Chile | Metals, mining, and steel | Chile | |||||||||||
BBB/Negative | Empresas Copec S.A. (E-Copec) | AntarChile S.A. | Diversified | Chile | ||||||||||
B-/Negative | Enjoy S.A. | Media and entertainment | Chile | |||||||||||
BBB+/Negative | Falabella S.A. | Retail/restaurants | Chile | |||||||||||
BB-/Negative | Guacolda Energia S.A | Utilities | Chile | |||||||||||
BBB+/Watch Neg | Sociedad Concesionaria Vespucio Norte Express S.A. | Utilities | Chile | |||||||||||
BBB+/Negative | Beijing Automotive Group Co. Ltd. | Automotive | China | |||||||||||
BBB-/Negative | Beijing Capital Group Co. Ltd., | Homebuilders/real estate companies | China | |||||||||||
BB+/Negative | China Aluminum International Engineering Corp. Ltd. | Aluminum Corp. of China | Capital goods | China | ||||||||||
A+/Negative | China Southern Power Grid Co. Ltd. | Utilities | China | |||||||||||
B/Negative | Jiayuan International Group Ltd. | Homebuilders/real estate companies | China | |||||||||||
B-/Negative | Pearl Holding III Ltd. | Automotive | China | |||||||||||
A-/Negative | S.F. Holding Co. Ltd., | Transportation | China | |||||||||||
B+/Watch Neg | Shandong Sanxing Group Co. Ltd. | Consumer products | China | |||||||||||
A/Negative | Shanghai Electric (Group) Corp. | Capital goods | China | |||||||||||
B/Negative | Xinhu Zhongbao Co. Ltd. | Homebuilders/real estate companies | China | |||||||||||
B/Negative | Xinjiang Guanghui Industry Investment (Group) Co. Ltd. | Homebuilders/real estate companies | China | |||||||||||
BBB-/Watch Neg | Zijin Mining Group Co. Ltd. | Metals, mining, and steel | China | |||||||||||
B+/Negative | Republic of Costa Rica | Sovereign | Costa Rica | |||||||||||
A+/Negative | Schlumberger Ltd. | Oil and gas | Curacao | |||||||||||
BB-/Negative | Sazka Group A.S. | Media and entertainment | Yes | Czech Republic | ||||||||||
BBB/Negative | Danfoss A/S | Capital goods | Yes | Denmark | ||||||||||
B+/Negative | DKT Holdings ApS | Telecommunications | Denmark | |||||||||||
BBB-/Negative | Citycon Oyj | Homebuilders/real estate companies | Finland | |||||||||||
BBB/Watch Neg | Fortum Oyj | Utilities | Finland | |||||||||||
BBB/Watch Neg | Metso Corp. | Capital goods | Finland | |||||||||||
BB+/Negative | Nokia Corp. | High technology | Finland | |||||||||||
BB+/Watch Neg | Teollisuuden Voima Oyj | Utilities | Finland | |||||||||||
B-/Negative | Acropole Holding | Consumer products | Yes | France | ||||||||||
BBB+/Negative | Atos SE | High technology | France | |||||||||||
BBB-/Negative | Auchan Holding | Retail/restaurants | France | |||||||||||
B+/Watch Neg | Banijay Group SAS | Media and entertainment | France | |||||||||||
BBB+/Watch Neg | Capgemini SE | High technology | France | |||||||||||
B/Negative | Casino Guichard - Perrachon S.A. | Retail/restaurants | France | |||||||||||
A-/Negative | Electricite de France S.A. | Utilities | France | |||||||||||
BB-/Negative | Europcar Mobility Group S.A. | Media and entertainment | France | |||||||||||
B/Negative | Financiere Colisee SAS | Health care | France | |||||||||||
B/Negative | Financiere N | Health care | France | |||||||||||
BB/Negative | Getlink S.E. | Utilities | France | |||||||||||
B-/Negative | Idemia France SAS | High technology | France | |||||||||||
BBB/Watch Neg | Imerys SA | Chemicals, packaging, and environmental services | France | |||||||||||
B/Negative | La Financiere Atalian SAS | Consumer products | France | |||||||||||
BB-/Negative | Loxam SAS | Capital goods | France | |||||||||||
B/Negative | LSF10 Wolverine Investments SCA | Forest products and building materials | France | |||||||||||
BBB/Negative | Mercialys | Homebuilders/real estate companies | France | |||||||||||
BB/Negative | Nexans S.A. | Capital goods | France | |||||||||||
B/Negative | Novafives | Capital goods | France | |||||||||||
B+/Negative | Obol France 3 SAS | Obol France 1 SAS | Consumer products | France | ||||||||||
BB+/Negative | Orano | Oil and gas | France | |||||||||||
B/Negative | Parts Holding Europe SAS | Dakar Finance S.A. | Automotive | France | ||||||||||
BBB-/Negative | Renault S.A. | Automotive | France | |||||||||||
AA/Negative | Sanofi | Health care | France | |||||||||||
B/Negative | Soco 1 | Media and entertainment | France | |||||||||||
A-/Negative | Thales S.A. | Aerospace and defense | France | |||||||||||
A/Negative | Unibail-Rodamco-Westfield SE | Homebuilders/real estate companies | France | |||||||||||
B-/Negative | Vallourec | Oil and gas | France | |||||||||||
B+/Negative | Adler Pelzer Holding GmbH | Automotive | Germany | |||||||||||
A+/Negative | BMW AG | Automotive | Germany | |||||||||||
A-/Negative | Commerzbank AG | Financial institutions | Germany | |||||||||||
A-/Negative | Daimler AG | Automotive | Germany | |||||||||||
A+/Negative | DekaBank Deutsche Girozentrale | Deutscher Sparkassen- und Giroverband e.V. | Financial institutions | Germany | ||||||||||
AA-/Negative | Deutsche Apotheker- und Aerztebank eG | Cooperative Banking Sector Germany | Financial institutions | Germany | ||||||||||
A-/Negative | Deutsche Pfandbriefbank AG | Financial institutions | Germany | |||||||||||
BBB+/Watch Neg | Deutsche Telekom AG | Telecommunications | Germany | |||||||||||
A-/Negative | Deutsche Wohnen SE | Homebuilders/real estate companies | Germany | |||||||||||
AA-/Negative | DZ BANK AG Deutsche Zentral-Genossenschaftsbank | Cooperative Banking Sector Germany | Financial institutions | Germany | ||||||||||
B/Negative | GHD Verwaltung GesundHeits GmbH Deutschland GmbH | Health care | Germany | |||||||||||
BBB-/Negative | IHO Verwaltungs GmbH | Automotive | Germany | |||||||||||
BBB/Watch Neg | Infineon Technologies AG | High technology | Germany | |||||||||||
BB+/Negative | PHOENIX Pharmahandel GmbH & Co. KG | Health care | Germany | |||||||||||
B/Negative | Platin 1425. GmbH | Capital goods | Germany | |||||||||||
AA-/Negative | Robert Bosch GmbH | Automotive | Germany | |||||||||||
B/Negative | Schur Flexibles GmbH | Chemicals, packaging, and environmental services | Germany | |||||||||||
B-/Negative | SGL Carbon SE | Metals, mining, and steel | Germany | |||||||||||
BBB-/Negative | Suedzucker AG | Consumer products | Germany | |||||||||||
B+/Negative | Techem Verwaltungsgesellschaft 674 mbH | Consumer products | Germany | |||||||||||
BB/Negative | TUI AG | Media and entertainment | Germany | |||||||||||
BBB+/Negative | UniCredit Bank AG | UniCredit SpA | Financial institutions | Germany | ||||||||||
A-/Negative | Volkswagen Bank GmbH | Volkswagen AG | Financial institutions | Germany | ||||||||||
BBB-/Negative | ZF Friedrichshafen AG | Automotive | Germany | |||||||||||
BBB/Negative | Hong Kong Telecommunications (HKT) Ltd. | PCCW Ltd. | Telecommunications | Hong Kong | ||||||||||
BBB+/Negative | Arion Bank | Financial institutions | Iceland | |||||||||||
BBB+/Negative | Islandsbanki hf | Financial institutions | Iceland | |||||||||||
BBB+/Negative | Landsbankinn hf. | Financial institutions | Iceland | |||||||||||
BBB-/Watch Neg | Bharti Airtel Ltd. | Telecommunications | India | |||||||||||
BB-/Negative | Glenmark Pharmaceuticals Ltd. | Health care | India | |||||||||||
BB/Negative | IDBI Bank Ltd. | Financial institutions | India | |||||||||||
BB+/Negative | Shriram Transport Finance Co. Ltd. | Financial institutions | India | |||||||||||
B+/Negative | Tata Motors Ltd. | Tata Sons Pte. Ltd. | Automotive | India | ||||||||||
B-/Negative | PT Alam Sutera Realty Tbk. | Homebuilders/real estate companies | Indonesia | |||||||||||
B/Negative | PT Kawasan Industri Jababeka Tbk. | Homebuilders/real estate companies | Indonesia | |||||||||||
B-/Negative | PT Lippo Karawaci Tbk. | Homebuilders/real estate companies | Yes | Indonesia | ||||||||||
B-/Negative | PT MNC Investama Tbk. | Media and entertainment | Indonesia | |||||||||||
B/Negative | PT Modernland Realty Tbk. | Homebuilders/real estate companies | Indonesia | |||||||||||
B+/Negative | Adient plc | Automotive | Ireland | |||||||||||
A-/Negative | DEPFA Bank PLC | FMS Wertmanagement Anstalt des oeffentlichen Rechts | Financial institutions | Ireland | ||||||||||
B/Negative | Endo International PLC | Health care | Ireland | |||||||||||
B-/Negative | Weatherford International plc | Oil and gas | Ireland | |||||||||||
BB/Watch Neg | Teva Pharmaceutical Industries Ltd. | Health care | Israel | |||||||||||
BBB/Negative | AMCO - Asset Management Co. S.p.A. | Financial institutions | Italy | |||||||||||
BB-/Watch Neg | Atlantia SpA | Utilities | Italy | |||||||||||
BBB-/Watch Neg | Esselunga SpA | Retail/restaurants | Italy | |||||||||||
BBB/Negative | FCA Bank SpA | Credit Agricole S.A. | Financial institutions | Italy | ||||||||||
BBB/Negative | Ferrovie dello Stato Italiane S.p.A | Utilities | Italy | |||||||||||
BBB/Negative | FinecoBank S.p.A. | Financial institutions | Italy | |||||||||||
B+/Watch Neg | Gamenet Group S.p.A. | Media and entertainment | Italy | |||||||||||
BBB-/Negative | Immobiliare Grande Distribuzione SIIQ S.p.A. | Homebuilders/real estate companies | Italy | |||||||||||
BBB/Negative | Intesa Sanpaolo SpA | Financial institutions | Italy | |||||||||||
BBB/Negative | Mediobanca Banca di Credito Finanziario S.p.A | Financial institutions | Italy | |||||||||||
BBB/Negative | MM SpA | Utilities | Italy | |||||||||||
B/Watch Neg | Pro.Gest SpA | Forest products and building materials | Italy | |||||||||||
B+/Negative | Sisal Group S.p.A | Schumann S.p.A. | Media and entertainment | Italy | ||||||||||
BBB/Negative | Societa Cattolica di Assicurazione | Insurance | Italy | |||||||||||
BBB+/Negative | Terna SpA | Utilities | Italy | |||||||||||
BBB+/Negative | Aozora Bank Ltd. | Financial institutions | Japan | |||||||||||
A/Negative | Chiba Bank Ltd. | Financial institutions | Japan | |||||||||||
AA-/Negative | Japan Tobacco Inc. | Consumer products | Japan | |||||||||||
BBB+/Negative | Nissan Motor Co. Ltd. | Automotive | Japan | |||||||||||
A-/Negative | ORIX Corp. | Financial institutions | Japan | |||||||||||
A-/Negative | Panasonic Corp. | High technology | Japan | |||||||||||
BBB-/Negative | Rakuten Inc., | High technology | Japan | |||||||||||
BBB+/Negative | Takeda Pharmaceutical Co. Ltd. | Health care | Japan | |||||||||||
BB-/Negative | Universal Entertainment Corp. | Media and entertainment | Japan | |||||||||||
BB-/Negative | Delphi Technologies PLC | Automotive | Jersey | |||||||||||
B-/Negative | Nurbank JSC | Financial institutions | Kazakhstan | |||||||||||
BBB+/Negative | GS Caltex Corp. | Oil and gas | Korea, Republic of | |||||||||||
B-/Negative | Hanjin International Corp. | Korean Air Lines Co. Ltd. | Media and entertainment | Korea, Republic of | ||||||||||
A-/Negative | SK Telecom Co. Ltd. | Telecommunications | Korea, Republic of | |||||||||||
BBB+/Negative | Ignitis Group UAB | Utilities | Lithuania | |||||||||||
B/Negative | Ai Sirona (Luxembourg) Acquisition Sarl | Health care | Luxembourg | |||||||||||
BBB-/Negative | ArcelorMittal | Metals, mining, and steel | Luxembourg | |||||||||||
B+/Negative | Auris Luxembourg II S.A. | Health care | Luxembourg | |||||||||||
B+/Negative | FAGE International S.A | Consumer products | Luxembourg | |||||||||||
B+/Negative | Garfunkelux Holdco 2 S.A. | Financial institutions | Luxembourg | |||||||||||
B-/Negative | Kleopatra Holdings 1 S.C.A. | Chemicals, packaging, and environmental services | Luxembourg | |||||||||||
BB+/Negative | Samsonite International S.A. | Consumer products | Luxembourg | |||||||||||
B-/Negative | SK Invictus Intermediate II S.a r.l. | Chemicals, packaging, and environmental services | Yes | Luxembourg | ||||||||||
A-/Negative | America Movil S.A.B. de C.V. | Telecommunications | Mexico | |||||||||||
BB/Negative | Banca Mifel S.A. | Financial institutions | Mexico | |||||||||||
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 | ||||||||||
A-/Negative | Coca-Cola Femsa, S.A.B. de C.V. | Consumer products | Mexico | |||||||||||
BB+/Negative | Credito Real, S.A.B. de C.V., SOFOM, E.N.R. | Futu Iem, S.A.P.I. de C.V. | Financial institutions | Mexico | ||||||||||
BB/Negative | CYDSA, S.A.B. de C.V. | Chemicals, packaging, and environmental services | Mexico | |||||||||||
BBB+/Negative | El Puerto de Liverpool, S. A. B. de C. V. | Retail/restaurants | Mexico | |||||||||||
BB/Watch Neg | Elementia S.A.B. de C.V. | Forest products and building materials | Mexico | |||||||||||
BB-/Negative | Financiera Independencia S.A.B. de C.V. SOFOM E.N.R. | Financial institutions | Mexico | |||||||||||
BBB/Negative | Grupo Bimbo, S.A.B. de C.V. | Consumer products | Mexico | |||||||||||
B-/Negative | Grupo Kaltex, S.A. de C.V. | Consumer products | Mexico | |||||||||||
B/Negative | Grupo Posadas, S. A. B. de C. V. | Media and entertainment | Mexico | |||||||||||
BBB/Negative | Infraestructura Energetica Nova, S. A. B. de C. V. | Utilities | Mexico | |||||||||||
A-/Negative | Kimberly-Clark de Mexico S.A.B. de C.V. | Consumer products | Mexico | |||||||||||
BB-/Watch Neg | Mexarrend, S.A.P.I. de C.V. | Financial institutions | Mexico | |||||||||||
BB/Negative | Unifin Financiera, S.A.B. de C.V. | Financial institutions | Mexico | |||||||||||
BBB+/Negative | United Mexican States | Sovereign | Mexico | |||||||||||
A-/Negative | AEGON N.V. | Insurance | Netherlands | |||||||||||
B/Negative | Altice Europe N.V. | Telecommunications | Netherlands | |||||||||||
BB-/Negative | AMG Advanced Metallurgical Group N.V. | Metals, mining, and steel | Netherlands | |||||||||||
B+/Negative | LBC Tank Terminals Holding Netherlands BV | Utilities | Netherlands | |||||||||||
BBB+/Negative | LyondellBasell Industries N.V. | Chemicals, packaging, and environmental services | Netherlands | |||||||||||
BB/Negative | OCI N.V. | Chemicals, packaging, and environmental services | Netherlands | |||||||||||
B+/Negative | Kongsberg Automotive ASA | Automotive | Norway | |||||||||||
BB/Negative | BankMuscat S.A.O.G. | Financial institutions | Oman | |||||||||||
BB/Negative | Oman Electricity Transmission Co. | Utilities | Oman | |||||||||||
BB/Negative | Sultanate of Oman | Sovereign | Oman | |||||||||||
BB/Negative | AES Panama S.R.L. | Utilities | Panama | |||||||||||
BBB/Negative | Banco Latinoamericano de Comercio Exterior S.A. | Financial institutions | Panama | |||||||||||
A-/Negative | Carnival Corp. | Media and entertainment | Panama | |||||||||||
BBB/Watch Neg | Multibank Inc. y Subsidiarias | Financial institutions | Panama | |||||||||||
B-/Negative | Corporacion Azucarera del Peru S. A. | Consumer products | Peru | |||||||||||
BBB-/Negative | Minsur S.A. | Breca Mineria S.A.C. and Subsidiaries | Metals, mining, and steel | Peru | ||||||||||
BB+/Negative | Peru LNG S.R.L. | Utilities | Peru | |||||||||||
B/Negative | Rutas de Lima S.A.C | Utilities | Peru | |||||||||||
B/Negative | Ezdan Holding Group Q.S.C. | Homebuilders/real estate companies | Qatar | |||||||||||
A/Negative | Qatar Insurance Co. S.A.Q. | Insurance | Qatar | |||||||||||
BBB-/Negative | Romania | Sovereign | Romania | |||||||||||
A-/Negative | Saudi Electric Co. | Kingdom of Saudi Arabia | Utilities | Saudi Arabia | ||||||||||
B-/Negative | Geo Energy Resources Ltd. | Metals, mining, and steel | Singapore | |||||||||||
BBB/Negative | GLP Pte. Ltd. | Homebuilders/real estate companies | Yes | Singapore | ||||||||||
A-/Watch Neg | RCS Trust | Homebuilders/real estate companies | Yes | Singapore | ||||||||||
A+/Negative | Singapore Telecommunications Ltd. | Telecommunications | Singapore | |||||||||||
B+/Negative | African Bank Ltd. | Financial institutions | South Africa | |||||||||||
B+/Negative | FirstRand Ltd. | Financial institutions | South Africa | |||||||||||
BB+/Negative | MTN Group Ltd. | Telecommunications | South Africa | |||||||||||
BB/Negative | Rand Water | Utilities | South Africa | |||||||||||
BB/Negative | Republic of South Africa | Sovereign | South Africa | |||||||||||
B+/Negative | Sibanye Gold Ltd. | Metals, mining, and steel | South Africa | |||||||||||
BB/Negative | Transnet SOC Ltd. | Utilities | South Africa | |||||||||||
BBB-/Watch Neg | Abertis Infraestructuras S.A. | Utilities | Yes | Spain | ||||||||||
A-/Negative | Banco Bilbao Vizcaya Argentaria, S.A. | Financial institutions | Spain | |||||||||||
BBB+/Negative | Bankinter S.A. | Financial institutions | Spain | |||||||||||
B/Negative | Grupo Antolin Irausa SA | Automotive | Spain | |||||||||||
BBB/Negative | Madrilena Red de Gas, S.A.U. | Utilities | Spain | |||||||||||
BBB-/Negative | NorteGas Energia Distribucion, S.A.U. | Utilities | Spain | |||||||||||
B/Negative | Placin Sarl | Consumer products | Spain | |||||||||||
A-/Negative | Sociedad Concesionaria Autovia de la Plata S.A. | Utilities | Spain | |||||||||||
B/Negative | Democratic Socialist Republic of Sri Lanka | Sovereign | Yes | Sri Lanka | ||||||||||
BBB/Negative | Ellevio AB | Utilities | Sweden | |||||||||||
BB+/Negative | Intrum AB (publ) | Financial institutions | Sweden | |||||||||||
B/Negative | Perstorp Holding AB (publ) | Chemicals, packaging, and environmental services | Sweden | |||||||||||
BBB+/Negative | Scania AB (publ.) | Volkswagen AG | Automotive | Sweden | ||||||||||
AA-/Negative | Swedbank AB | Financial institutions | Sweden | |||||||||||
A/Negative | ABB Ltd. | Capital goods | Switzerland | |||||||||||
A-/Negative | Cembra Money Bank AG | Financial institutions | Switzerland | |||||||||||
B/Negative | Sunshine Luxembourg VII S.a r.l. | Consumer products | Switzerland | |||||||||||
A-/Negative | Formosa Plastics Corp. | Chemicals, packaging, and environmental services | Taiwan | |||||||||||
BB/Negative | Consolidated Energy Ltd. | Chemicals, packaging, and environmental services | Trinidad and Tobago | |||||||||||
B/Negative | Arab Tunisian Bank | Arab Bank Group | Financial institutions | Tunisia | ||||||||||
B/Watch Neg | Banque Tuniso - Koweitienne | BPCE | Financial institutions | Tunisia | ||||||||||
BB+/Negative | Arcelik A.S. | Consumer products | Turkey | |||||||||||
B+/Negative | Damac Real Estate Development Ltd. | Homebuilders/real estate companies | U.A.E. | |||||||||||
BB+/Negative | NMC Health PLC | Health care | Yes | U.A.E. | ||||||||||
B+/Negative | Amigo Loans Ltd. | Financial institutions | U.K. | |||||||||||
B/Negative | CD&R Firefly 4 Ltd. (Motor Fuel Group) | Retail/restaurants | U.K. | |||||||||||
BB-/Watch Neg | Cineworld Group PLC | Media and entertainment | U.K. | |||||||||||
B/Watch Neg | Ei Group PLC | Retail/restaurants | U.K. | |||||||||||
B/Negative | Element Materials Technology Ltd. | Consumer products | U.K. | |||||||||||
BBB-/Negative | GKN Holdings Ltd. | Automotive | U.K. | |||||||||||
A+/Negative | GlaxoSmithKline PLC | Health care | U.K. | |||||||||||
A/Negative | HSBC Holdings PLC | Financial institutions | U.K. | |||||||||||
B/Negative | Indivior plc | Health care | U.K. | |||||||||||
BBB/Negative | Informa PLC | Media and entertainment | U.K. | |||||||||||
B/Negative | IWH UK Finco Ltd. | Health care | U.K. | |||||||||||
BBB/Negative | Kingfisher PLC | Retail/restaurants | U.K. | |||||||||||
B-/Negative | L1R HB Finance Ltd | Retail/restaurants | Yes | U.K. | ||||||||||
A/Watch Neg | London Stock Exchange Group PLC | Financial institutions | U.K. | |||||||||||
BBB-/Negative | Marks & Spencer PLC | Marks & Spencer Group PLC | Retail/restaurants | U.K. | ||||||||||
B/Negative | MB Aerospace Holdings II Corp. | Aerospace and defense | U.K. | |||||||||||
B/Negative | McLaren Group Ltd. | Automotive | U.K. | |||||||||||
B+/Negative | Motion Midco Ltd. | Media and entertainment | U.K. | |||||||||||
A+/Negative | NATS (En Route) PLC | Transportation | U.K. | |||||||||||
BBB/Negative | Next PLC | Consumer products | U.K. | |||||||||||
BB/Watch Neg | Nielsen Holdings PLC | Media and entertainment | U.K. | |||||||||||
BBB+/Negative | Northumbrian Water Ltd. | CK Hutchison Holdings Ltd. | Utilities | U.K. | ||||||||||
BBB/Negative | Pearson PLC | Media and entertainment | Yes | U.K. | ||||||||||
B/Watch Neg | Pinnacle Bidco PLC | Media and entertainment | U.K. | |||||||||||
BBB/Negative | Portsmouth Water Ltd. | Utilities | U.K. | |||||||||||
B-/Negative | Richmond UK Holdco Ltd. | Media and entertainment | U.K. | |||||||||||
BBB-/Negative | Rolls-Royce PLC | Rolls-Royce Holdings PLC | Aerospace and defense | U.K. | ||||||||||
B/Negative | Rubix Group Holdings Ltd. | Capital goods | U.K. | |||||||||||
B-/Negative | Sapphire Midco B.V. | Media and entertainment | U.K. | |||||||||||
B-/Negative | Solenis UK International Ltd. | Chemicals, packaging, and environmental services | U.K. | |||||||||||
BBB/Negative | South Staffordshire PLC | Utilities | U.K. | |||||||||||
BBB+/Negative | Sutton and East Surrey Water PLC | East Surrey Holdings PLC | Utilities | U.K. | ||||||||||
BBB+/Watch Neg | TechnipFMC Plc | Oil and gas | U.K. | |||||||||||
B-/Watch Neg | Travelex Holdings Ltd. | Media and entertainment | Yes | U.K. | ||||||||||
BB+/Negative | Travis Perkins PLC | Forest products and building materials | U.K. | |||||||||||
B-/Negative | Triton UK Midco Ltd. | High technology | U.K. | |||||||||||
B/Negative | Tullow Oil PLC | Oil and gas | U.K. | |||||||||||
B-/Negative | Turnstone Midco 2 Ltd. | Health care | U.K. | |||||||||||
BBB+/Negative | United Utilities PLC | Utilities | U.K. | |||||||||||
B+/Negative | Venator Materials PLC | Chemicals, packaging, and environmental services | U.K. | |||||||||||
BBB+/Negative | Wessex Water Services Ltd. | YTL Power International Berhad | Utilities | U.K. | ||||||||||
BBB/Negative | WPP PLC | Media and entertainment | U.K. | |||||||||||
B/Negative | Zara UK Topco Ltd. | Consumer products | U.K. | |||||||||||
B-/Negative | Zellis Holdings Ltd. | High technology | U.K. | |||||||||||
B-/Negative | 24 Hour Fitness Worldwide Inc. | Media and entertainment | U.S. | |||||||||||
AA-/Negative | 3M Co. | Capital goods | U.S. | |||||||||||
A-/Watch Neg | AbbVie Inc. | Health care | U.S. | |||||||||||
BB/Negative | ACI Worldwide Inc. | High technology | U.S. | |||||||||||
BB-/Negative | Advanced Integration Technology LP | Aerospace and defense | U.S. | |||||||||||
B-/Negative | Advantage Sales & Marketing Inc. | Consumer products | U.S. | |||||||||||
A-/Negative | Affiliated Managers Group Inc., | Financial institutions | U.S. | |||||||||||
B/Negative | Ahern Rentals Inc. | Capital goods | U.S. | |||||||||||
B/Negative | Aimbridge Acquisition Co. Inc. | Media and entertainment | U.S. | |||||||||||
B/Negative | Airxcel Inc. | Media and entertainment | U.S. | |||||||||||
B-/Negative | Albany Molecular Research Inc. | Health care | U.S. | |||||||||||
B-/Negative | Alliance HealthCare Services | Health care | U.S. | |||||||||||
B-/Negative | Alvogen Pharma US Inc., | Alvogen Lux Holdings S.a.r.l. | Health care | U.S. | ||||||||||
A/Negative | Ameriprise Financial Inc. | Insurance | U.S. | |||||||||||
A-/Negative | AmerisourceBergen Corp. | Consumer products | U.S. | |||||||||||
B/Negative | Amneal Pharmaceuticals LLC | Amneal Pharmaceuticals Inc. | Health care | U.S. | ||||||||||
B-/Negative | Anastasia Holdings, LLC | Consumer products | U.S. | |||||||||||
BB/Watch Neg | Anixter International Inc. | High technology | U.S. | |||||||||||
BB/Negative | Antero Resources Corp. | Oil and gas | U.S. | |||||||||||
A/Negative | Apollo Global Management Inc., | Financial institutions | U.S. | |||||||||||
A/Watch Neg | Aqua America Inc. | Utilities | U.S. | |||||||||||
BB+/Negative | Aramark | Consumer products | U.S. | |||||||||||
B/Negative | Arbor Pharmaceuticals Inc. | Health care | U.S. | |||||||||||
BBB-/Negative | Arconic Inc. | Metals, mining, and steel | U.S. | |||||||||||
B-/Negative | Arctic Glacier Group Holdings Inc., | Consumer products | U.S. | |||||||||||
BBB-/Negative | Argo Group US Inc., | Argo Group International Holdings Ltd. | Financial institutions | U.S. | ||||||||||
B+/Negative | Aria Energy Operating LLC | Aria Energy LLC | Utilities | U.S. | ||||||||||
BB+/Watch Neg | Asbury Automotive Group Inc. | Automotive | U.S. | |||||||||||
B+/Negative | Ascent Resources Utica Holdings, LLC | Oil and gas | U.S. | |||||||||||
B/Negative | ASP NAPA Holdings, LLC | Health care | U.S. | |||||||||||
B/Negative | At Home Group Inc. | Retail/restaurants | U.S. | |||||||||||
B/Negative | ATI Holdings Acquisition Inc., | Health care | U.S. | |||||||||||
BBB+/Negative | Autoliv Inc. | Automotive | U.S. | |||||||||||
B-/Negative | Avalign Holdings Inc., | Health care | U.S. | |||||||||||
BB-/Negative | Avanos Medical Inc. | Health care | U.S. | |||||||||||
B-/Negative | Aventiv Technologies, LLC | Telecommunications | Yes | U.S. | ||||||||||
B-/Negative | Ball Metalpack Finco LLC | Chemicals, packaging, and environmental services | U.S. | |||||||||||
B-/Negative | Basic Energy Services Inc. | Oil and gas | U.S. | |||||||||||
B+/Negative | BCP Renaissance Parent L.L.C. | Utilities | U.S. | |||||||||||
BB/Negative | Bed Bath & Beyond Inc. | Retail/restaurants | U.S. | |||||||||||
BB+/Negative | Berry Global Group Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
BBB-/Negative | BlackRock TCP Capital Corp. | Financial institutions | U.S. | |||||||||||
A-/Watch Neg | Boeing Co. | Aerospace and defense | Yes | U.S. | ||||||||||
A-/Negative | Boston Properties Inc. | Homebuilders/real estate companies | U.S. | |||||||||||
B-/Negative | Briggs & Stratton Corp. | Capital goods | U.S. | |||||||||||
BBB-/Negative | BrightSphere Investment Group Inc. | Financial institutions | U.S. | |||||||||||
BB+/Negative | Brinker International Inc. | Retail/restaurants | U.S. | |||||||||||
B/Negative | Brown Jordan International Inc. | Consumer products | U.S. | |||||||||||
BBB-/Negative | Brunswick Corp. | Media and entertainment | U.S. | |||||||||||
B+/Watch Neg | C&S Wholesale Grocers Inc. | Retail/restaurants | U.S. | |||||||||||
B+/Negative | CAA Holdings LLC | Media and entertainment | U.S. | |||||||||||
B+/Watch Neg | Caesars Entertainment Corp. | Media and entertainment | U.S. | |||||||||||
B/Negative | Carestream Health Inc. | Health care | U.S. | |||||||||||
B/Negative | Carriage Services Inc. | Health care | U.S. | |||||||||||
B/Negative | Carrols Restaurant Group Inc., | Retail/restaurants | U.S. | |||||||||||
B/Negative | Cast & Crew Payroll, LLC | Consumer products | U.S. | |||||||||||
B-/Negative | CBAC Borrower LLC | Media and entertainment | U.S. | |||||||||||
A-/Negative | Cboe Global Markets | Financial institutions | U.S. | |||||||||||
BB+/Negative | CDK Global Inc. | Media and entertainment | U.S. | |||||||||||
BB/Negative | Cedar Fair L.P. | Media and entertainment | U.S. | |||||||||||
B-/Negative | Central Security Group Inc., | Media and entertainment | U.S. | |||||||||||
B-/Negative | Century Aluminum Co. | Metals, mining, and steel | U.S. | |||||||||||
B/Negative | CFS Brands LLC | Capital goods | U.S. | |||||||||||
A-/Negative | Cigna Corp. | Financial institutions | U.S. | |||||||||||
B/Watch Neg | Cincinnati Bell Inc. | Telecommunications | Yes | U.S. | ||||||||||
B/Negative | Clarity Telecom, LLC | Telecommunications | U.S. | |||||||||||
BB-/Negative | Clearwater Paper Corp. | Forest products and building materials | U.S. | |||||||||||
BB/Negative | Clearway Energy Inc., | NRG Energy Inc. | Utilities | U.S. | ||||||||||
B+/Watch Neg | Cleveland-Cliffs Inc. | Metals, mining, and steel | U.S. | |||||||||||
B-/Negative | ClubCorp Holdings Inc., | Media and entertainment | U.S. | |||||||||||
B/Negative | CNT Holdings III Corp. | Retail/restaurants | Yes | U.S. | ||||||||||
BB-/Negative | CNX Resources Corp. | Oil and gas | U.S. | |||||||||||
B-/Negative | Cologix Holdings Inc., | Telecommunications | U.S. | |||||||||||
BB-/Negative | Compass Minerals International Inc. | Metals, mining, and steel | U.S. | |||||||||||
BB/Watch Neg | Conduent Inc., | Media and entertainment | U.S. | |||||||||||
B/Negative | Consolidated Communications Holdings Inc. | Telecommunications | U.S. | |||||||||||
B/Negative | Contanda LLC | Utilities | U.S. | |||||||||||
B+/Negative | Cooper-Standard Holdings Inc., | Automotive | U.S. | |||||||||||
B+/Negative | Core & Main LP | Forest products and building materials | U.S. | |||||||||||
B/Negative | CPI International Inc. | Aerospace and defense | U.S. | |||||||||||
B/Negative | CWGS Enterprises, LLC | Media and entertainment | U.S. | |||||||||||
B-/Negative | Cyxtera DC Holdings Inc., | Telecommunications | U.S. | |||||||||||
A/Watch Neg | Danaher Corp. | Health care | U.S. | |||||||||||
BB/Negative | DaVita Inc. | Health care | U.S. | |||||||||||
B/Negative | Dawn Acquisitions LLC | Infra Colodata Holdings LLC | Homebuilders/real estate companies | U.S. | ||||||||||
B-/Negative | Digital River Inc., | High technology | U.S. | |||||||||||
B/Negative | DISH Network Corp. | Telecommunications | U.S. | |||||||||||
BB+/Negative | Diversified Healthcare Trust | Homebuilders/real estate companies | U.S. | |||||||||||
B-/Negative | DMT Solutions Global Corp. | Media and entertainment | U.S. | |||||||||||
A-/Negative | Doctors Co. an Interinsurance Exchange | Insurance | U.S. | |||||||||||
B/Negative | Donnelley (R.R.) & Sons Co. | Media and entertainment | U.S. | |||||||||||
B/Negative | Downstream Development Authority | Media and entertainment | U.S. | |||||||||||
BB/Negative | DPL Inc. | AES Corp. (The) | Utilities | U.S. | ||||||||||
B+/Negative | Drive Chassis Holdco, LLC | Transportation | U.S. | |||||||||||
A-/Negative | DTE Energy Center LLC | Utilities | U.S. | |||||||||||
B-/Negative | DTI Holdco Inc., | Media and entertainment | U.S. | |||||||||||
B-/Negative | Dunn Paper Holdings Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
A-/Watch Neg | DuPont de Nemours Inc., | Chemicals, packaging, and environmental services | U.S. | |||||||||||
BBB/Negative | DXC Technology Co. | High technology | U.S. | |||||||||||
BBB-/Watch Neg | Eagle Materials Inc. | Forest products and building materials | U.S. | |||||||||||
B/Negative | Edelman Financial Engines Center, LLC (The) | Financial institutions | U.S. | |||||||||||
BB-/Negative | Edgewell Personal Care Co. | Consumer products | U.S. | |||||||||||
BBB/Negative | El Paso Electric Co. | Utilities | U.S. | |||||||||||
BB+/Watch Neg | Elanco Animal Health Inc. | Health care | U.S. | |||||||||||
B+/Watch Neg | Eldorado Resorts Inc., | Media and entertainment | U.S. | |||||||||||
B/Negative | Electro Rent Corp. | Capital goods | U.S. | |||||||||||
B/Negative | Elevate Textiles Inc., | Consumer products | U.S. | |||||||||||
B+/Negative | Elo Touch Solutions Inc., | High technology | U.S. | |||||||||||
B+/Negative | Encino Acquisition Partners LLC | Oil and gas | U.S. | |||||||||||
BB-/Negative | Energizer Holdings Inc. | Consumer products | Yes | U.S. | ||||||||||
B-/Negative | EnergySolutions Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
B/Negative | EnTrans International, LLC | Automotive | U.S. | |||||||||||
B/Negative | Envision Healthcare Corp. | Envision Healthcare Holdings Inc. | Health care | U.S. | ||||||||||
B/Negative | Epic Y Grade Services, LP | Utilities | U.S. | |||||||||||
BBB-/Negative | EQM Midstream Partners LP | Utilities | U.S. | |||||||||||
BBB-/Negative | EQT Corp. | Utilities | U.S. | |||||||||||
BBB/Negative | Equifax Inc. | Media and entertainment | U.S. | |||||||||||
BB/Negative | Equitrans Midstream Corp. | Utilities | U.S. | |||||||||||
B-/Negative | Era Group Inc. | Oil and gas | U.S. | |||||||||||
BBB/Watch Neg | Expedia Group Inc., | Media and entertainment | U.S. | |||||||||||
B-/Negative | Extraction Oil & Gas Inc. | Extraction Oil & Gas Holdings, LLC | Oil and gas | U.S. | ||||||||||
AA+/Negative | Exxon Mobil Corp. | Oil and gas | U.S. | |||||||||||
BBB/Negative | FedEx Corp. | Transportation | Yes | U.S. | ||||||||||
BB+/Negative | FEH Inc., | Financial institutions | U.S. | |||||||||||
B/Watch Neg | First American Payment Systems LP | High technology | Yes | U.S. | ||||||||||
B/Negative | Flex Acquisition Holdings Inc., | Chemicals, packaging, and environmental services | U.S. | |||||||||||
BBB/Negative | Fluor Corp. | Capital goods | U.S. | |||||||||||
B/Watch Neg | Forming Machining Industries Holdings, LLC | Aerospace and defense | U.S. | |||||||||||
B-/Negative | Fort Dearborn Holding Co. Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
B-/Negative | Forum Energy Technologies Inc., | Oil and gas | U.S. | |||||||||||
A+/Negative | Franklin Resources Inc. | Financial institutions | U.S. | |||||||||||
BB/Negative | Frontera Generation Holdings LLC | Utilities | U.S. | |||||||||||
B-/Negative | FXI Holdings Inc., | Chemicals, packaging, and environmental services | U.S. | |||||||||||
B+/Negative | GameStop Corp. | Retail/restaurants | U.S. | |||||||||||
BB/Negative | Gap Inc. (The) | Consumer products | U.S. | |||||||||||
B-/Negative | GC EOS Buyer Inc. | Automotive | U.S. | |||||||||||
B-/Negative | GCI, LLC | GCI Liberty Inc., | Telecommunications | U.S. | ||||||||||
A+/Negative | General Dynamics Corp. | Aerospace and defense | U.S. | |||||||||||
B/Negative | Genuine Financial Holdings, LLC | Consumer products | U.S. | |||||||||||
B/Negative | Glass Mountain Pipeline, LLC | Utilities | U.S. | |||||||||||
B/Negative | Go Wireless Holdings Inc., | Retail/restaurants | U.S. | |||||||||||
B/Negative | Goldcup Holdings Inc., | Explorer Holdings Inc | Health care | U.S. | ||||||||||
B/Negative | Green Country Energy LLC | Utilities | U.S. | |||||||||||
BB/Negative | Greif Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
BB-/Negative | Greystar Real Estate Partners, LLC | Financial institutions | U.S. | |||||||||||
B-/Negative | GTT Communications Inc., | Telecommunications | U.S. | |||||||||||
A-/Negative | Halliburton Co. | Oil and gas | U.S. | |||||||||||
BB-/Negative | Harbor Freight Tools USA Inc. | Retail/restaurants | U.S. | |||||||||||
BBB+/Negative | Harley-Davidson Inc. | Media and entertainment | U.S. | |||||||||||
B/Negative | Hayward Industries Inc., | Consumer products | U.S. | |||||||||||
BB+/Watch Neg | HD Supply Inc. | Capital goods | U.S. | |||||||||||
B-/Negative | Heartland Dental, LLC | Hadrian Merger Sub Inc. | Health care | U.S. | ||||||||||
B-/Negative | Hecla Mining Co. | Metals, mining, and steel | U.S. | |||||||||||
BBB/Negative | Hexcel Corp. | Aerospace and defense | U.S. | |||||||||||
BB+/Watch Neg | Hilcorp Energy I L.P. | Oil and gas | U.S. | |||||||||||
BBB-/Negative | Hillenbrand Inc., | Capital goods | U.S. | |||||||||||
B+/Negative | Hostess Brands Inc., | Consumer products | U.S. | |||||||||||
B/Negative | Hummel Station LLC | Utilities | U.S. | |||||||||||
BB+/Watch Neg | IAC/InterActiveCorp | Media and entertainment | U.S. | |||||||||||
BBB+/Watch Neg | Idaho College of Osteopathic Medicine, LLC | Utilities | U.S. | |||||||||||
B-/Negative | Infogroup Inc. | Media and entertainment | U.S. | |||||||||||
B/Negative | Inmar Inc. | Consumer products | U.S. | |||||||||||
B-/Negative | Innovative Water Care Global Corp. | Consumer products | U.S. | |||||||||||
A/Negative | International Business Machines Corp. | High technology | U.S. | |||||||||||
BBB/Watch Neg | International Flavors & Fragrances Inc. | Consumer products | U.S. | |||||||||||
B-/Negative | International Wire Group Holdings Inc. | Metals, mining, and steel | U.S. | |||||||||||
BBB/Negative | Interpublic Group of Cos. Inc. | Media and entertainment | U.S. | |||||||||||
BBB/Negative | J.M. Smucker Co. (The) | Consumer products | U.S. | |||||||||||
B-/Negative | Jo-Ann Stores Holdings Inc | Retail/restaurants | U.S. | |||||||||||
BBB+/Negative | Jones Lang LaSalle Inc. | Financial institutions | U.S. | |||||||||||
B-/Negative | K&N Parent Inc., | Automotive | U.S. | |||||||||||
BB-/Negative | KAR Auction Services Inc. | Automotive | U.S. | |||||||||||
B-/Negative | KCIBT Holdings LP | Consumer products | U.S. | |||||||||||
B/Negative | Keystone Acquisition Corp. | Insurance | U.S. | |||||||||||
B-/Negative | KNEL Acquisition LLC | Consumer products | U.S. | |||||||||||
BBB-/Negative | Kraft Heinz Co. (The) | Consumer products | U.S. | |||||||||||
B/Negative | LABL Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
B-/Negative | Lannett Co. Inc., | Health care | U.S. | |||||||||||
B+/Negative | Laredo Petroleum Inc. | Oil and gas | U.S. | |||||||||||
A-/Negative | Lazard Group LLC | Financial institutions | U.S. | |||||||||||
B-/Watch Neg | Learfield Communications, LLC | Media and entertainment | U.S. | |||||||||||
BBB/Negative | Leggett & Platt Inc. | Capital goods | U.S. | |||||||||||
B/Negative | LifeScan Global Corp. | Health care | U.S. | |||||||||||
B+/Negative | Limetree Bay Terminals, LLC | Utilities | U.S. | |||||||||||
BB-/Negative | Liquidnet Holdings Inc., | Financial institutions | U.S. | |||||||||||
B-/Negative | Logix Intermediate Holding Corp. | Telecommunications | U.S. | |||||||||||
B-/Negative | LTI Holdings Inc., | Capital goods | U.S. | |||||||||||
BB-/Negative | Mack-Cali Realty Corp. | Homebuilders/real estate companies | U.S. | |||||||||||
BBB-/Negative | Macy's Inc. | Retail/restaurants | U.S. | |||||||||||
A-/Negative | Marsh & McLennan Cos. Inc., | Insurance | U.S. | |||||||||||
BB-/Negative | Mattel Inc. | Media and entertainment | U.S. | |||||||||||
B/Negative | Maxim Crane Works Holdings Capital, LLC | Capital goods | U.S. | |||||||||||
B/Negative | Mercury Parent, LLC | Health care | U.S. | |||||||||||
B+/Negative | Metro-Goldwyn-Mayer Inc. | Media and entertainment | U.S. | |||||||||||
BB+/Negative | Midland Cogeneration Venture L.P. | Utilities | U.S. | |||||||||||
B-/Negative | Monitronics International Inc. | Media and entertainment | U.S. | |||||||||||
B/Negative | MRP Generation Holdings, LLC | Utilities | U.S. | |||||||||||
B/Negative | NESCO Holdings Inc., | Capital goods | U.S. | |||||||||||
B+/Negative | NGL Energy Partners LP | Utilities | U.S. | |||||||||||
BBB+/Negative | NiSource Inc. | Utilities | U.S. | |||||||||||
B-/Negative | NSA International, LLC | Consumer products | U.S. | |||||||||||
B-/Negative | nThrive Inc., | Health care | U.S. | |||||||||||
BBB-/Negative | Ocean Spray Cranberries Inc. | Consumer products | U.S. | |||||||||||
BB/Negative | Oceaneering International Inc. | Oil and gas | U.S. | |||||||||||
BBB-/Negative | Ohio National Financial Services Inc. | Ohio National Mutual Holdings Inc. | Financial institutions | U.S. | ||||||||||
A+/Negative | Oracle Corp. | High technology | U.S. | |||||||||||
B-/Negative | Output Services Group Inc., | Consumer products | U.S. | |||||||||||
B/Negative | Owens & Minor Inc. | Consumer products | U.S. | |||||||||||
B-/Negative | P&L Development Holdings, LLC | Consumer products | U.S. | |||||||||||
A-/Negative | Parker-Hannifin Corp. | Capital goods | U.S. | |||||||||||
B/Negative | Party City Holdings Inc., | PC Nextco Holdings LLC | Retail/restaurants | U.S. | ||||||||||
BBB/Negative | Patterson-UTI Energy Inc., | Oil and gas | U.S. | |||||||||||
BBB+/Negative | People's United Financial Inc. | Financial institutions | U.S. | |||||||||||
B/Negative | Peraton Corp. | Aerospace and defense | U.S. | |||||||||||
BBB/Negative | PerkinElmer Inc. | Health care | U.S. | |||||||||||
B-/Negative | Permian Production Partners, LLC | FCP II Holdings, LLC | Oil and gas | U.S. | ||||||||||
AA-/Watch Neg | Pfizer Inc. | Health care | U.S. | |||||||||||
B/Negative | Pioneer UK Midco 1 Ltd. | Health care | U.S. | |||||||||||
BBB+/Negative | PNM Resources Inc. | Utilities | U.S. | |||||||||||
BBB-/Negative | PotlatchDeltic Corp. | Forest products and building materials | U.S. | |||||||||||
B-/Negative | PowerTeam Services LLC | Capital goods | U.S. | |||||||||||
A-/Negative | PPG Industries Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
B/Negative | Priority Holdings, LLC | High technology | U.S. | |||||||||||
B-/Negative | Profrac Services, LLC | Oil and gas | U.S. | |||||||||||
B/Negative | Prometric Holdings Inc., | Media and entertainment | U.S. | |||||||||||
BBB-/Negative | Prospect Capital Corp. | Financial institutions | U.S. | |||||||||||
BBB-/Negative | Puget Energy Inc. | Puget Holdings LLC | Utilities | U.S. | ||||||||||
B+/Negative | QEP Resources Inc. | Oil and gas | U.S. | |||||||||||
B+/Negative | Quad/Graphics Inc., | Media and entertainment | U.S. | |||||||||||
B/Negative | QualTek USA, LLC | Capital goods | U.S. | |||||||||||
BB/Negative | Qurate Retail Inc., | Retail/restaurants | U.S. | |||||||||||
B/Negative | Radiology Partners Holdings, LLC | Health care | U.S. | |||||||||||
BB/Negative | Range Resources Corp. | Oil and gas | U.S. | |||||||||||
A+/Watch Neg | Raytheon Co. | Aerospace and defense | U.S. | |||||||||||
B+/Negative | Realogy Group LLC | Media and entertainment | U.S. | |||||||||||
B-/Negative | Red Lobster Intermediate Holdings LLC | Retail/restaurants | U.S. | |||||||||||
BBB+/Negative | RLI Corp. | Insurance | U.S. | |||||||||||
B/Negative | Rocket Software Inc., | High technology | U.S. | |||||||||||
B+/Negative | Rockpoint Gas Storage Partners LP | Utilities | U.S. | |||||||||||
BBB-/Negative | Ruby Pipeline LLC | Utilities | U.S. | |||||||||||
B+/Negative | Ryman Hospitality Properties Inc., | Media and entertainment | U.S. | |||||||||||
B/Negative | Saffron Borrowco, LLC | Retail/restaurants | U.S. | |||||||||||
B-/Negative | Salem Media Group Inc. | Media and entertainment | U.S. | |||||||||||
B-/Negative | Salient CRGT Inc., | Aerospace and defense | U.S. | |||||||||||
B-/Negative | Sandy Creek Energy Associates LP | Utilities | U.S. | |||||||||||
BBB+/Negative | Sempra Energy | Utilities | U.S. | |||||||||||
BBB-/Negative | Service Properties Trust | Homebuilders/real estate companies | U.S. | |||||||||||
B-/Negative | Shape Technologies Group Inc., | Capital goods | U.S. | |||||||||||
BB+/Watch Neg | Silgan Holdings Inc. | Chemicals, packaging, and environmental services | Yes | U.S. | ||||||||||
B+/Negative | Simply Good Foods Co. (The) | Consumer products | U.S. | |||||||||||
B-/Watch Neg | SIRVA Inc. | Consumer products | U.S. | |||||||||||
BB/Negative | Six Flags Entertainment Corp. | Media and entertainment | Yes | U.S. | ||||||||||
B-/Negative | SK HoldCo LLC | Automotive | U.S. | |||||||||||
BBB+/Negative | Sonoco Products Co. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
B/Negative | Sound Inpatient Physicians Holdings, LLC | Health care | U.S. | |||||||||||
A-/Negative | Southern Co. | Utilities | U.S. | |||||||||||
BBB+/Negative | Southwest Gas Holdings Inc. | Utilities | U.S. | |||||||||||
B/Negative | SP PF Buyer LLC | Media and entertainment | U.S. | |||||||||||
B/Negative | Specialty Building Products Holdings, LLC | Forest products and building materials | U.S. | |||||||||||
B+/Negative | Spectrum Brands Holdings Inc. | Consumer products | U.S. | |||||||||||
BB+/Negative | Speedway Motorsports LLC | Media and entertainment | U.S. | |||||||||||
BBB-/Watch Neg | Spirit AeroSystems Inc. | Aerospace and defense | U.S. | |||||||||||
B/Negative | SRS Distribution Inc., | Forest products and building materials | U.S. | |||||||||||
B+/Negative | Staples Inc. | Media and entertainment | U.S. | |||||||||||
BB/Negative | Stericycle Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
B/Negative | STG-Fairway Holdings, LLC (d/b/a First Advantage Corp.) | Consumer products | Yes | U.S. | ||||||||||
B/Negative | Superior Industries International Inc., | Automotive | U.S. | |||||||||||
B-/Negative | SuperMoose Newco Inc., | High technology | Yes | U.S. | ||||||||||
B/Negative | Tailored Brands Inc., | Consumer products | U.S. | |||||||||||
B+/Negative | Talen Energy Supply LLC | Talen Energy Corp. | Utilities | U.S. | ||||||||||
BB+/Watch Neg | Tallgrass Energy Partners, LP | Prairie ECI Acquiror LP | Utilities | U.S. | ||||||||||
BB/Watch Neg | Taylor Morrison Home Corp. | Homebuilders/real estate companies | U.S. | |||||||||||
BBB-/Watch Neg | Tech Data Corp. | High technology | U.S. | |||||||||||
BB+/Negative | Teleflex Inc. | Health care | U.S. | |||||||||||
BB/Negative | Tenneco Inc. | Automotive | U.S. | |||||||||||
B/Negative | Terra Millennium Corp. | Capital goods | U.S. | |||||||||||
B-/Negative | Terra-Gen Finance Co. LLC | Terra-Gen Power Holding II LLC | Utilities | U.S. | ||||||||||
B-/Negative | The New Home Co. Inc. | Forest products and building materials | U.S. | |||||||||||
BB/Negative | Thor Industries Inc., | Media and entertainment | U.S. | |||||||||||
BB-/Negative | Tortoise Parent Holdco LLC | Financial institutions | U.S. | |||||||||||
B/Watch Neg | TPC Group Inc., | TPC Group LLC | Chemicals, packaging, and environmental services | U.S. | ||||||||||
B+/Negative | Travel Leaders Group, LLC | Media and entertainment | U.S. | |||||||||||
B+/Negative | Traverse Midstream Partners LLC | Utilities | U.S. | |||||||||||
BB-/Negative | TreeHouse Foods Inc., | Consumer products | U.S. | |||||||||||
BBB-/Negative | Trinity Industries Inc. | Transportation | U.S. | |||||||||||
BB/Negative | TTM Technologies Inc. | High technology | U.S. | |||||||||||
BB+/Negative | Tupperware Brands Corp. | Consumer products | U.S. | |||||||||||
B+/Negative | Turning Point Brands Inc., | Consumer products | Yes | U.S. | ||||||||||
B+/Negative | Twin River Worldwide Holdings Inc. | Media and entertainment | U.S. | |||||||||||
B/Negative | U.S. Silica Co. | Metals, mining, and steel | U.S. | |||||||||||
B/Watch Neg | U.S. TelePacific Holdings Corp. | Telecommunications | U.S. | |||||||||||
B-/Negative | UFS Holdings Inc., | Chemicals, packaging, and environmental services | U.S. | |||||||||||
B/Negative | United Natural Foods Inc., | Retail/restaurants | U.S. | |||||||||||
B-/Negative | United States Shipping Corp. | Transportation | U.S. | |||||||||||
B/Negative | United States Steel Corp. | Metals, mining, and steel | U.S. | |||||||||||
BB+/Negative | US Foods Inc. | Consumer products | U.S. | |||||||||||
B/Negative | USF Holdings LLC | Automotive | Yes | U.S. | ||||||||||
B-/Negative | Vantage Specialty Chemicals Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
B-/Negative | Varsity Brands Holding Co. Inc. | Consumer products | U.S. | |||||||||||
B-/Watch Neg | Viskase Cos. Inc. | Chemicals, packaging, and environmental services | Yes | U.S. | ||||||||||
BB/Negative | Visteon Corp. | Automotive | U.S. | |||||||||||
BB-/Negative | Washington Prime Group Inc. | Homebuilders/real estate companies | U.S. | |||||||||||
B+/Negative | Waste Pro USA Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
B+/Negative | Weight Watchers International Inc. | Consumer products | U.S. | |||||||||||
A-/Negative | Wells Fargo & Co. | Financial institutions | U.S. | |||||||||||
BB/Watch Neg | WESCO International Inc. | Capital goods | Yes | U.S. | ||||||||||
BB+/Negative | Western Digital Corp. | High technology | U.S. | |||||||||||
BBB-/Negative | Western Midstream Operating LP | Occidental Petroleum Corp. | Utilities | U.S. | ||||||||||
BBB/Negative | Westinghouse Air Brake Technologies Corp. | Capital goods | U.S. | |||||||||||
BBB/Negative | WestRock Co. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
B-/Negative | WeWork Cos. LLC | Media and entertainment | U.S. | |||||||||||
BB-/Negative | WEX Inc. | Financial institutions | Yes | U.S. | ||||||||||
BBB/Negative | Weyerhaeuser Co. | Forest products and building materials | U.S. | |||||||||||
B/Negative | Wheel Pros Inc., | Automotive | U.S. | |||||||||||
BB-/Negative | Whiting Petroleum Corp. | Oil and gas | U.S. | |||||||||||
B/Negative | Wirepath LLC | Crackle Holdings LP | High technology | U.S. | ||||||||||
B/Negative | Wok Holdings Inc., | Retail/restaurants | U.S. | |||||||||||
BB+/Negative | Wolverine World Wide Inc. | Consumer products | U.S. | |||||||||||
B/Negative | WP CPP Holdings LLC | Aerospace and defense | U.S. | |||||||||||
BB+/Negative | Xerox Holdings Corp. | High technology | U.S. | |||||||||||
B/Negative | Yak Access, LLC | Capital goods | U.S. | |||||||||||
B+/Watch Neg | Zayo Group, LLC | Telecommunications | U.S. | |||||||||||
B/Negative | Zenith Energy U.S. Logistics Holdings, LLC | Utilities | U.S. | |||||||||||
B/Negative | Zest Acquisition Corp. | Health care | U.S. | |||||||||||
Data as of Jan. 27, 2020. Source: S&P Global Ratings Research. |
Related Research
- Industry Top Trends 2020, Dec. 3, 2019
- Latin America In 2020: Low Growth, Low Interest Rates, High Risk, Dec. 2, 2019
- Industry Top Trends 2020: Autos, Nov. 18, 2019
- Industry Top Trends 2020: EMEA Unregulated Utilities, Nov. 13, 2019
- Industry Top Trends 2020: EMEA Regulated Utilities, Nov. 13, 2019
This report does not constitute a rating action.
Credit Markets Research: | Nicole Serino, New York + 1 (212) 438 1396; nicole.serino@spglobal.com |
Sarah Limbach, Paris + 33 14 420 6708; Sarah.Limbach@spglobal.com | |
Sudeep K Kesh, New York (1) 212-438-7982; sudeep.kesh@spglobal.com | |
Research Contributor: | Abhik Debnath, CRISIL Global Analytical Center, an S&P Global Ratings 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.