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Credit Trends: Mexico And Argentina Fuel Growth In Corporate Potential Bond Downgrades

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Credit Trends: Mexico And Argentina Fuel Growth In Corporate Potential Bond Downgrades

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

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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

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Chart 3

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Chart 4

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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

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  • 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

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