Key Takeaways
- The number of potential bond downgrades has decreased for the 13th month in a row, to 614 as of Aug. 31, 2021 from 671 as of June 30. The count peaked at 1,365 in July 2020.
- Meanwhile, the number of potential bond upgrades increased to 335 as of Aug. 31, from 314 as of June 30. Consequently, the gap between potential bond downgrades and potential bond upgrades has tightened to its lowest level since June 2019.
- The utilities sector now leads the tally of potential bond downgrades, owing to a decline in the tally from the media and entertainment sector as the pandemic-related outlook for issuers in the sector continues to improve.
- Utilities see downgrade potential concentrated in investment-grade midstream and power-related issuers. The higher rating levels tend to exhibit stronger ratings stability and thus a less sudden downgrade trajectory should underlying conditions deteriorate.
The number of potential bond downgrades (defined as issuers rated 'AAA' to 'B-' by S&P Global Ratings with either negative rating outlooks or ratings on CreditWatch with negative implications) stood at 614 as of Aug. 31, 2021, from 671 as of June 30. This results from the net removal of 31 issuers from our list in July and another 26 in August. The number of potential bond downgrades reached its all-time high of 1,365 in July 2021 and has more than halved since then, due to 13 consecutive months of decline.
Out of the 56 issuers removed from our list in August 2021, 48 were driven by outlook or CreditWatch revisions, 17 of which were accompanied by downgrades. Three issuers were removed due to downgrades, and two due to upgrades, accompanied by a change in their outlook or CreditWatch placement. Meanwhile, we added 30 issuers to our list, 26 of which were driven by revisions in the outlook or CreditWatch placement, including one accompanied by a downgrade. Two were added because of upgrades (see table 1).
Utilities Took The Lead In Potential Bond Downgrades From Media And Entertainment
Utilities is now the sector with the most potential downgrades to our list, with 82. This compares with 89 as of end-June, however this decline has not been sufficient to remain behind media and entertainment, where corporates have witnessed the highest absolute decline in potential downgrades by 15, to 80 as of Aug. 31 from 95 at end-June as the pandemic-related outlook for issuers in the sector continues to improve. In relative terms, the automotive sector saw the highest drop, 32%, to 15 from 22. Over the same time, only two corporate sectors, health care and insurance, saw increases in their count of potential downgrades, by five and two, respectively (see chart 1).
Chart 1
Decrease In Negative Bias Points To A Slower Pace Of Downgrades To Come
Since our last report, the negative bias dropped across all corporate sectors except for health care, resulting from the removal of issuers on our list. The decrease in negative bias indicates a slower pace of downgrades looking forward.
What's more, the number of potential downgrades carrying a CreditWatch with negative implications declined at a faster pace than that of potential downgrades with a negative outlook since our last report. As of Aug. 31, there were 48 issuers with ratings placed on CreditWatch with negative implications on our list, compared to 56 as of June 30. Therefore, the ratio of negative outlooks to negative CreditWatch placements increased to 11.8 to 1, from 11.0 to 1 in June, and a peak of 4.0 to 1 in May 2020. The further increase of this ratio shows the ongoing decrease of near-term downgrade risk. An examination of the proportion of potential bond downgrades placed on CreditWatch negative in crisis periods (defined as months with more than 80 downgrades) shows that an increase is followed by a rise in downgrades. On average, a rating on CreditWatch negative has a 50% likelihood to be lowered in the next 90 days, compared with a 1-in-3 chance and a two-year time span (one-year for speculative grade) for a rating with a negative outlook. The longer time horizon gives more room for an issuer's business and financial risk profiles to improve.
S&P Global Ratings places a rating on CreditWatch negative when there is an event or a deviation from an expected trend or material change in the performance of an issuer, but its magnitude is not yet determined, or there is a change in rating criteria. This may not necessarily lead to a downgrade, but the short timeline of 90 days indicates a high likelihood that a rating action in the direction mentioned in the CreditWatch will follow ("S&P Global Ratings Definitions," Jan. 5, 2021).
Chart 2
Nearly 60% Of Potential Downgrades Are Rated Speculative-Grade
The high share of speculative-grade rated issuers in our list remains a concern, remaining at 58%--357 issuers out of 614. What's more, 37% of potential downgrades are rated 'B'. Lower-rated issuers are at greater risk of downgrade, especially when exposed to a further economic or financial shock, or a rise in funding costs. The media and entertainment sector contributes the most speculative-grade rated potential downgrades to our count, with 65 out of 357 total speculative-grade potential downgrades and 81% of the sector's potential downgrades. The second most important contributor in absolute terms is consumer products with 42. Health care; forest products and building materials; and metals, mining and steel have a high share of speculative-grade rated issuers among their potential bond downgrades, similar to media and entertainment. However, their absolute contribution to our list is significantly lower at 30, 9, and 9, respectively.
The utilities sector, including merchant power and midstream, contributes the most investment-grade rated potential bond downgrades, with 66 out of 257 total investment-grade potential downgrades. This represents 67% of all issuers from the utilities sector on our list. Financial institutions are the second most important contributor of investment-grade rated issuers on our list, with 43. The higher rating levels tend to exhibit stronger ratings stability and thus a less sudden downgrade trajectory should underlying conditions deteriorate.
Chart 3
The Count Of Potential Downgrades Declined Evenly Across Regions
The regional breakdown of potential downgrades remained broadly unchanged from June: close to half of the issuers on our list are originated from the U.S. and close to 30% from Europe. The decrease in the count of potential downgrades has thus been even across regions, highlighting the ongoing recovery for companies globally.
Chart 4
The Gap Between Potential Downgrades And Potential Upgrades Declined To Its Lowest Level Since June 2019
While the tally of potential bond downgrades continued to decline since our last report, that of potential bond upgrades (defined as issuers rated 'AA+' to 'B-' by S&P Global Ratings with either positive rating outlooks or ratings on CreditWatch with positive implications) increased further. As of Aug. 31, the number of potential upgrades stood at 335, from 314 as of end-June. The gap between potential downgrades and potential upgrades thus tightened to 279, the lowest level since June 2019 and down from a peak of 1,261 in July 2020.
Chart 5
Chart 6
Table 1
| Most Entities Were Added And Removed After Outlook And CreditWatch Revisions | ||||||||
|---|---|---|---|---|---|---|---|---|
| --Potential bond downgrade removals-- | --Potential bond downgrade additions-- | |||||||
| Reason for removal | Issuer count | Reason for addition | Issuer count | |||||
| OLCW change | 31.0 | OLCW change | 25.0 | |||||
| Downgraded and OLCW change | 17.0 | Upgraded | 2.0 | |||||
| Downgraded | 3.0 | Parent | 2.0 | |||||
| No outstanding debt | 3.0 | Downgraded and OLCW change | 1.0 | |||||
| Upgraded and OLCW change | 2.0 | Newly rated debt | 0.0 | |||||
| Parent | 0.0 | Downgraded | 0.0 | |||||
| Default | 0.0 | Newly rated issuer | 0.0 | |||||
| Selective default (SD) | 0.0 | Upgraded and OLCW change | 0.0 | |||||
| Upgraded | 0.0 | Total | 30.0 | |||||
| Ratings Withdrawn | 0.0 | |||||||
| Total | 56.0 | |||||||
| Data as of Aug. 31, 2021. OLCW--Outlook or CreditWatch. Source: S&P Global Ratings Research. | ||||||||
Table 2
| Utilities, Media And Entertainment, And Financial Institutions Add The Most Potential Bond Downgrades To Our List | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sector | Trailing-12-month downgrade count | Trailing-12-month downgrade ratio (%) | Current negative bias (%) | Historical average negative bias (%) | Gap between current and historical average negative bias (%) | Negative bias contribution to total potential bond downgrade portfolio (%) | ||||||||
| Aerospace and defense | 17.0 | 73.9 | 30.2 | 21.5 | (8.7) | 2.6 | ||||||||
| Transportation | 19.0 | 48.7 | 25.9 | 22.0 | (3.9) | 4.4 | ||||||||
| Oil and gas | 53.0 | 63.1 | 23.0 | 20.7 | (2.4) | 3.9 | ||||||||
| Sovereign | 17.0 | 89.5 | 16.4 | 14.4 | (1.9) | 2.9 | ||||||||
| Media and entertainment | 73.0 | 56.6 | 28.7 | 26.9 | (1.8) | 13.0 | ||||||||
| Utilities | 67.0 | 67.7 | 21.7 | 20.5 | (1.2) | 16.0 | ||||||||
| Homebuilders and real estate companies | 25.0 | 50.0 | 15.8 | 15.7 | (0.1) | 5.2 | ||||||||
| Health care | 19.0 | 32.8 | 16.4 | 17.9 | 1.5 | 6.0 | ||||||||
| Consumer products | 41.0 | 45.1 | 21.0 | 25.0 | 4.0 | 10.1 | ||||||||
| Telecommunications | 15.0 | 57.7 | 15.3 | 20.2 | 4.9 | 3.7 | ||||||||
| Capital goods | 17.0 | 41.5 | 16.5 | 22.0 | 5.5 | 4.2 | ||||||||
| Financial institutions | 43.0 | 65.2 | 13.8 | 20.2 | 6.4 | 11.6 | ||||||||
| Automotive | 4.0 | 18.2 | 20.2 | 26.7 | 6.5 | 2.4 | ||||||||
| Insurance | 4.0 | 36.4 | 9.1 | 16.5 | 7.4 | 1.8 | ||||||||
| Chemicals, packaging, and environmental services | 23.0 | 37.7 | 11.2 | 19.5 | 8.3 | 2.8 | ||||||||
| Retail and restaurants | 15.0 | 22.1 | 13.3 | 25.3 | 12.0 | 3.1 | ||||||||
| Forest products and building materials | 14.0 | 43.8 | 10.3 | 22.4 | 12.1 | 1.8 | ||||||||
| Metals, mining, and steel | 16.0 | 57.1 | 12.2 | 24.7 | 12.5 | 1.8 | ||||||||
| High technology | 18.0 | 30.0 | 7.7 | 21.2 | 13.5 | 2.6 | ||||||||
| Diversified | 2.0 | 100.0 | 0.0 | 18.0 | 18.0 | 0.0 | ||||||||
| Data as of Aug. 31, 2021. Source: S&P Global Ratings Research. | ||||||||||||||
Table 3
| Issuers On CreditWatch/Outlook Negative ('AAA' Through 'B-' Ratings) | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Rating comb | Issuer | Parent company | Sector/Subsector | New to the list this month | OLCW change | Country | ||||||||
| AAA/Negative | Johnson & Johnson | Health care | U.S. | |||||||||||
| AA-/Watch Neg | Alliander N.V. | Utilities | Netherlands | |||||||||||
| AA-/Negative | Deutsche Bahn AG | Utilities | Germany | |||||||||||
| AA-/Negative | Exxon Mobil Corp. | Oil and gas | U.S. | |||||||||||
| AA-/Negative | Societe nationale SNCF S.A. | Utilities | France | |||||||||||
| AA-/Negative | Tokyo Gas Co. Ltd. | Utilities | Japan | |||||||||||
| A+/Watch Neg | Enexis Holding N.V. | Utilities | Netherlands | |||||||||||
| A+/Negative | 3M Co. | Capital goods | U.S. | |||||||||||
| A+/Negative | American States Water Co. | Utilities | U.S. | |||||||||||
| A+/Negative | Australian Postal Corp. | Commonwealth of Australia | Transportation | Australia | ||||||||||
| A+/Negative | Bristol-Myers Squibb Co. | Health care | U.S. | |||||||||||
| A+/Negative | Central Japan Railway Co. | Utilities | Japan | |||||||||||
| A+/Negative | China Southern Power Grid Co. Ltd. | Utilities | China | |||||||||||
| A+/Negative | Coca-Cola Co. (The) | Consumer products | U.S. | |||||||||||
| A+/Negative | Compagnie Financiere Richemont S.A. | Consumer products | Switzerland | |||||||||||
| A+/Negative | East Japan Railway Co. | Utilities | Japan | |||||||||||
| A+/Negative | Eli Lilly & Co. | Health care | U.S. | |||||||||||
| A+/Negative | Flughafen Zurich AG | Utilities | Switzerland | |||||||||||
| A+/Negative | LVMH Moet Hennessy Louis Vuitton S.E. | Consumer products | France | |||||||||||
| A+/Negative | NATS (En Route) PLC | Transportation | U.K. | |||||||||||
| A+/Negative | State of Kuwait | Sovereign | Kuwait | |||||||||||
| A/Watch Neg | BHP Group Ltd. | Metals, mining, and steel | Yes | Australia | ||||||||||
| A/Watch Neg | Canadian National Railway Co. | Transportation | Canada | |||||||||||
| A/Negative | Aeroports de Paris | Utilities | France | |||||||||||
| A/Negative | Airbus SE | Aerospace and defense | Netherlands | |||||||||||
| A/Negative | Alectra Inc. | Utilities | Canada | |||||||||||
| A/Negative | Avinor AS | Utilities | Norway | |||||||||||
| A/Negative | Compass Group PLC | Consumer products | U.K. | |||||||||||
| A/Negative | Connecticut Light & Power Co. | Eversource Energy | Utilities | U.S. | ||||||||||
| A/Negative | EVN AG | Utilities | Austria | |||||||||||
| A/Negative | Genworth Financial Mortgage Insurance Pty Ltd. | Genworth Financial Inc. | Insurance | Australia | ||||||||||
| A/Negative | Hitachi Ltd., | Capital goods | Japan | |||||||||||
| A/Negative | Hormel Foods Corp. | Consumer products | U.S. | |||||||||||
| A/Negative | Kingdom of Spain | Sovereign | Spain | |||||||||||
| A/Negative | London Stock Exchange Group PLC | Financial institutions | U.K. | |||||||||||
| A/Negative | Middlesex Water Co. | Utilities | U.S. | |||||||||||
| A/Negative | Mitsui Fudosan Co. Ltd. | Homebuilders/real estate companies | Japan | |||||||||||
| A/Negative | Oberbank AG | Financial institutions | Austria | |||||||||||
| A/Negative | Proximus S.A. | Telecommunications | Belgium | |||||||||||
| A/Negative | Qatar Insurance Co. Q.S.P.C. | Insurance | Qatar | |||||||||||
| A/Negative | Rockwell Automation Inc. | Capital goods | Yes | U.S. | ||||||||||
| A/Negative | Royal Schiphol Group N.V. | Utilities | Netherlands | |||||||||||
| A/Negative | SUEZ Water Resources LLC | Suez Environment Co. | Utilities | U.S. | ||||||||||
| A/Negative | Schlumberger Ltd. | Oil and gas | Curacao | |||||||||||
| A/Negative | Scotiabank Chile | Bank of Nova Scotia | Financial institutions | Chile | ||||||||||
| A/Negative | Seven & i Holdings Co. Ltd., | Retail/restaurants | Japan | |||||||||||
| A/Negative | Singapore Telecommunications Ltd. | Telecommunications | Singapore | |||||||||||
| A/Negative | Swiss Re Ltd. | Insurance | Switzerland | |||||||||||
| A/Negative | VP Bank AG | Financial institutions | Liechtenstein | |||||||||||
| A-/Watch Neg | Deutsche Wohnen SE | Homebuilders/real estate companies | Germany | |||||||||||
| A-/Watch Neg | Shanghai Electric (Group) Corp. | Capital goods | China | |||||||||||
| A-/Watch Neg | Western Power Distribution PLC | Utilities | U.K. | |||||||||||
| A-/Negative | AMP Capital Wholesale Office Fund | Homebuilders/real estate companies | Australia | |||||||||||
| A-/Negative | ATCO Ltd. | Utilities | Canada | |||||||||||
| A-/Negative | AXIS Capital Holdings Ltd. | Insurance | Bermuda | |||||||||||
| A-/Negative | American Electric Power Co. Inc. | Utilities | U.S. | |||||||||||
| A-/Negative | Arch Capital Group Ltd. | Insurance | Bermuda | |||||||||||
| A-/Negative | Atmos Energy Corp. | Utilities | U.S. | |||||||||||
| A-/Negative | Australian Prime Property Fund Retail | Homebuilders/real estate companies | Australia | |||||||||||
| A-/Negative | Autoridad del Canal de Panama | Utilities | Yes | Panama | ||||||||||
| A-/Negative | BP PLC | Oil and gas | U.K. | |||||||||||
| A-/Negative | Baker Hughes Co. | Oil and gas | U.S. | |||||||||||
| A-/Negative | Biogen Inc. | Health care | U.S. | |||||||||||
| A-/Negative | Booking Holdings Inc. | Media and entertainment | U.S. | |||||||||||
| A-/Negative | Bouygues S.A. | Telecommunications | France | |||||||||||
| A-/Negative | Central Bank of Savings Banks Finland PLC | Savings Banks Group Finland | Financial institutions | Finland | ||||||||||
| A-/Negative | China Great Wall Asset Management Co. Ltd. | Financial institutions | Yes | China | ||||||||||
| A-/Negative | Consolidated Edison Inc. | Utilities | U.S. | |||||||||||
| A-/Negative | Eni SpA | Oil and gas | Italy | |||||||||||
| A-/Negative | Federal Realty Investment Trust | Homebuilders/real estate companies | U.S. | |||||||||||
| A-/Negative | Fomento Economico Mexicano, S. A. B. de C. V. | Retail/restaurants | Mexico | |||||||||||
| A-/Negative | Hitachi Capital (U.K.) PLC | Mitsubishi UFJ Financial Group Inc.,. | Financial institutions | U.K. | ||||||||||
| A-/Negative | Honda Motor Co. Ltd. | Automotive | Japan | |||||||||||
| A-/Negative | LQ Inversiones Financieras S.A. | Financial institutions | Chile | |||||||||||
| A-/Negative | M&T Bank Corp. | Financial institutions | U.S. | |||||||||||
| A-/Negative | Malayan Banking Berhad | Financial institutions | Malaysia | |||||||||||
| A-/Negative | Malaysia | Sovereign | Malaysia | |||||||||||
| A-/Negative | PartnerRe Ltd. | Insurance | Bermuda | |||||||||||
| A-/Negative | Raiffeisen Bank International AG | Financial institutions | Austria | |||||||||||
| A-/Negative | Ralph Lauren Corp. | Consumer products | U.S. | |||||||||||
| A-/Negative | Raytheon Technologies Corp | Aerospace and defense | U.S. | |||||||||||
| A-/Negative | S.F. Holding Co. Ltd., | Transportation | China | |||||||||||
| A-/Negative | Savings Bank Mutual Life Insurance Co. of Massachusetts (The) | Insurance | Yes | U.S. | ||||||||||
| A-/Negative | Southern Co. | Utilities | U.S. | |||||||||||
| A-/Negative | Telekom Malaysia Berhad | Telecommunications | Malaysia | |||||||||||
| A-/Negative | Vier Gas Transport GmbH | Utilities | Germany | |||||||||||
| A-/Negative | daa PLC | Utilities | Ireland | |||||||||||
| BBB+/Watch Neg | American International Group Inc. | Insurance | U.S. | |||||||||||
| BBB+/Watch Neg | Atos SE | High technology | France | |||||||||||
| BBB+/Watch Neg | China Huarong Asset Management Co. Ltd. | Financial institutions | China | |||||||||||
| BBB+/Watch Neg | General Electric Co. | Capital goods | U.S. | |||||||||||
| BBB+/Watch Neg | KASIKORNBANK PCL. | Financial institutions | Thailand | |||||||||||
| BBB+/Watch Neg | Parker-Hannifin Corp. | Capital goods | Yes | U.S. | ||||||||||
| BBB+/Watch Neg | Rogers Communications Inc. | Telecommunications | Canada | |||||||||||
| BBB+/Negative | Alliance Pipeline LP | Alliance Pipeline Ltd. Partnership | Oil and gas | U.S. | ||||||||||
| BBB+/Negative | America Movil S.A.B. de C.V. | Telecommunications | Mexico | |||||||||||
| BBB+/Negative | AmerisourceBergen Corp. | Consumer products | U.S. | |||||||||||
| BBB+/Negative | Anheuser-Busch InBev S.A./N.V. | Consumer products | Belgium | |||||||||||
| BBB+/Negative | Aozora Bank Ltd. | Financial institutions | Japan | |||||||||||
| BBB+/Negative | Australia Pacific Airports Corp. Ltd. | Utilities | Australia | |||||||||||
| BBB+/Negative | Banco de Credito del Peru | Credicorp Ltd. | Financial institutions | Peru | ||||||||||
| BBB+/Negative | Bausparkasse Wuestenrot AG | Financial institutions | Austria | |||||||||||
| BBB+/Negative | Broadridge Financial Solutions Inc. | Media and entertainment | U.S. | |||||||||||
| BBB+/Negative | Caribbean Utilities Co. Ltd. | Fortis Inc. | Utilities | Cayman Islands | ||||||||||
| BBB+/Negative | China Orient Asset Management Co. Ltd. | Financial institutions | Yes | China | ||||||||||
| BBB+/Negative | Coca-Cola Femsa, S.A.B. de C.V. | Consumer products | Mexico | |||||||||||
| BBB+/Negative | Commerzbank AG | Financial institutions | Germany | |||||||||||
| BBB+/Negative | Credit Suisse Group AG | Financial institutions | Switzerland | |||||||||||
| BBB+/Negative | Deutsche Pfandbriefbank AG | Financial institutions | Germany | |||||||||||
| BBB+/Negative | Enagas S.A. | Utilities | Spain | |||||||||||
| BBB+/Negative | Exelon Corp. | Utilities | U.S. | |||||||||||
| BBB+/Negative | Gilead Sciences Inc., | Health care | U.S. | |||||||||||
| BBB+/Negative | Grenke AG | Financial institutions | Germany | |||||||||||
| BBB+/Negative | Grupo Televisa, S. A. B. | Telecommunications | Mexico | |||||||||||
| BBB+/Negative | Halliburton Co. | Oil and gas | U.S. | |||||||||||
| BBB+/Negative | Heineken N.V. | Consumer products | Netherlands | |||||||||||
| BBB+/Negative | Huntington Bancshares Inc. | Financial institutions | U.S. | |||||||||||
| BBB+/Negative | Hyundai Motor Co. | Automotive | Korea, Republic of | |||||||||||
| BBB+/Negative | Kimberly-Clark de Mexico S.A.B. de C.V. | Consumer products | Mexico | |||||||||||
| BBB+/Negative | NOV Inc. | Oil and gas | U.S. | |||||||||||
| BBB+/Negative | Northumbrian Water Ltd. | CK Hutchison Holdings Ltd. | Utilities | U.K. | ||||||||||
| BBB+/Negative | Nouvelle Autoroute 30, S.E.N.C. | Utilities | Canada | |||||||||||
| BBB+/Negative | OGE Energy Corp. | Utilities | U.S. | |||||||||||
| BBB+/Negative | ONE Gas Inc., | Utilities | U.S. | |||||||||||
| BBB+/Negative | Oracle Corp. | High technology | U.S. | |||||||||||
| BBB+/Negative | PPG Industries Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| BBB+/Negative | Phillips 66 | Utilities | U.S. | |||||||||||
| BBB+/Negative | RHB Bank Berhad | Financial institutions | Malaysia | |||||||||||
| BBB+/Negative | Ratch Group Public Co. Ltd. | Electricity Generating Authority of Thailand | Utilities | Thailand | ||||||||||
| BBB+/Negative | Sempra Energy | Utilities | U.S. | |||||||||||
| BBB+/Negative | Siam Commercial Bank Public Co. Ltd. | Financial institutions | Thailand | |||||||||||
| BBB+/Negative | Sodexo S.A. | Consumer products | France | |||||||||||
| BBB+/Negative | Southern Cross Airports Corp. Holdings Ltd. | Utilities | Australia | |||||||||||
| BBB+/Negative | Suncor Energy Inc. | Oil and gas | Canada | |||||||||||
| BBB+/Negative | Telus Corp. | Telecommunications | Canada | |||||||||||
| BBB+/Negative | UniCredit Bank AG | UniCredit SpA | Financial institutions | Germany | ||||||||||
| BBB+/Negative | UniCredit Bank Austria AG | UniCredit SpA | Financial institutions | Austria | ||||||||||
| BBB+/Negative | Unibail-Rodamco-Westfield SE | Homebuilders/real estate companies | France | |||||||||||
| BBB+/Negative | Ventas Inc. | Homebuilders/real estate companies | U.S. | |||||||||||
| BBB+/Negative | Welltower Inc. | Homebuilders/real estate companies | U.S. | |||||||||||
| BBB+/Negative | Woodside Petroleum Ltd. | Oil and gas | Australia | |||||||||||
| BBB/Watch Neg | Boral Ltd. | Forest products and building materials | Australia | |||||||||||
| BBB/Watch Neg | Crown Resorts Ltd. | Media and entertainment | Australia | |||||||||||
| BBB/Watch Neg | Warner Media, LLC | AT&T Inc. | Media and entertainment | U.S. | ||||||||||
| BBB/Negative | AEON Co. Ltd. | Retail/restaurants | Japan | |||||||||||
| BBB/Negative | Adelaide Airport Ltd. | Utilities | Australia | |||||||||||
| BBB/Negative | AerCap Holdings N.V. | Transportation | Netherlands | |||||||||||
| BBB/Negative | American Campus Communities Inc. | Homebuilders/real estate companies | U.S. | |||||||||||
| BBB/Negative | BBVA Bancomer, S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Bancomer y Subsidiarias | Banco Bilbao Vizcaya Argentaria, S.A. | Financial institutions | Mexico | ||||||||||
| BBB/Negative | Babcock International Group PLC | Consumer products | U.K. | |||||||||||
| BBB/Negative | Banco General, S.A. | Financial institutions | Yes | Panama | ||||||||||
| BBB/Negative | Banco Inbursa S.A. Institucion de Banca Multiple Grupo Financiero Inbursa | Grupo Financiero Inbursa | Financial institutions | Mexico | ||||||||||
| BBB/Negative | Banco Mercantil del Norte, S.A. Institucion de Banca Multiple Grupo Financiero Banorte | Grupo Financiero Banorte S.A.B. de C.V. y Subsidiarias | Financial institutions | Mexico | ||||||||||
| BBB/Negative | Banco Nacional De Panama | Financial institutions | Yes | Panama | ||||||||||
| BBB/Negative | BorgWarner Inc. | Automotive | U.S. | |||||||||||
| BBB/Negative | Brisbane Airport Corp. Pty Ltd. | BAC Holdings Ltd. | Utilities | Australia | ||||||||||
| BBB/Negative | CE Oaxaca Cuatro, S. de R.L. de C.V. | Utilities | Mexico | |||||||||||
| BBB/Negative | CE Oaxaca Dos, S. de R.L. de C.V. | Utilities | Mexico | |||||||||||
| BBB/Negative | CI Financial Corp. | Financial institutions | Canada | |||||||||||
| BBB/Negative | CPI Property Group S.A. | Homebuilders/real estate companies | Yes | Luxembourg | ||||||||||
| BBB/Negative | Carmila S.A. | Homebuilders/real estate companies | France | |||||||||||
| BBB/Negative | Carrefour Banque | BNP Paribas | Financial institutions | France | ||||||||||
| BBB/Negative | Centrica PLC | Utilities | U.K. | |||||||||||
| BBB/Negative | Crane Co. | Capital goods | U.S. | |||||||||||
| BBB/Negative | DEPFA Bank PLC | FMS Wertmanagement Anstalt des oeffentlichen Rechts | Financial institutions | Ireland | ||||||||||
| BBB/Negative | Dairy Farmers of America Inc. | Consumer products | U.S. | |||||||||||
| BBB/Negative | Edison International | Utilities | U.S. | |||||||||||
| BBB/Negative | El Puerto de Liverpool, S. A. B. de C. V. | Retail/restaurants | Mexico | |||||||||||
| BBB/Negative | Entergy New Orleans, LLC | Entergy Corp | Utilities | U.S. | ||||||||||
| BBB/Negative | Euronet Worldwide Inc. | Financial institutions | U.S. | |||||||||||
| BBB/Negative | Fermaca Enterprises S. de R.L. de C.V. | Utilities | Mexico | |||||||||||
| BBB/Negative | Ferrovie dello Stato Italiane S.p.A | Utilities | Italy | |||||||||||
| BBB/Negative | Fideicomiso 209635 (Matehuala) | Transportation | Mexico | |||||||||||
| BBB/Negative | General Motors Co. | Automotive | U.S. | |||||||||||
| BBB/Negative | Haidilao International Holding Ltd. | Retail/restaurants | Yes | China | ||||||||||
| BBB/Negative | Infraestructura Energetica Nova, S. A. B. de C. V. | Utilities | Mexico | |||||||||||
| BBB/Negative | International Flavors & Fragrances Inc. | Consumer products | U.S. | |||||||||||
| BBB/Negative | Marathon Petroleum Corp. | Utilities | U.S. | |||||||||||
| BBB/Negative | Mercialys | Homebuilders/real estate companies | France | |||||||||||
| BBB/Negative | Millennium Parking Garages LLC | Utilities | U.S. | |||||||||||
| BBB/Negative | Motiva Enterprises LLC | Utilities | U.S. | |||||||||||
| BBB/Negative | Orica Ltd. | Chemicals, packaging, and environmental services | Australia | |||||||||||
| BBB/Negative | Otter Tail Corp. | Utilities | U.S. | |||||||||||
| BBB/Negative | PerkinElmer Inc. | Health care | U.S. | |||||||||||
| BBB/Negative | Perth Airport Pty Ltd. | Perth Airport Development Group Pty Ltd | Utilities | Australia | ||||||||||
| BBB/Negative | Republic of Indonesia | Sovereign | Indonesia | |||||||||||
| BBB/Negative | Republic of Panama | Sovereign | Yes | Panama | ||||||||||
| BBB/Negative | RioCan Real Estate Investment Trust | Homebuilders/real estate companies | Canada | |||||||||||
| BBB/Negative | Royal Mail plc | Transportation | U.K. | |||||||||||
| BBB/Negative | Ryanair Holdings PLC | Transportation | Ireland | |||||||||||
| BBB/Negative | SiriusPoint Ltd. | Insurance | Bermuda | |||||||||||
| BBB/Negative | Solar Star Funding LLC | Berkshire Hathaway Inc. | Utilities | U.S. | ||||||||||
| BBB/Negative | Sonoco Products Co. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| BBB/Negative | South Staffordshire PLC | Utilities | U.K. | |||||||||||
| BBB/Negative | TMBThanachart Bank Public Co. Ltd. | Financial institutions | Thailand | |||||||||||
| BBB/Negative | Technip Energies | Oil and gas | France | |||||||||||
| BBB/Negative | Textron Inc. | Aerospace and defense | U.S. | |||||||||||
| BBB/Negative | Unite Group PLC | Homebuilders/real estate companies | U.K. | |||||||||||
| BBB/Negative | United Mexican States | Sovereign | Mexico | |||||||||||
| BBB/Negative | Valero Energy Corp. | Utilities | U.S. | |||||||||||
| BBB/Negative | Walgreens Boots Alliance Inc., | Retail/restaurants | U.S. | |||||||||||
| BBB/Negative | Workspace Group PLC | Homebuilders/real estate companies | U.K. | |||||||||||
| BBB-/Watch Neg | Domtar Corp. | Forest products and building materials | U.S. | |||||||||||
| BBB-/Watch Neg | Hyatt Hotels Corp. | Media and entertainment | Yes | U.S. | ||||||||||
| BBB-/Negative | 95 Express Lanes LLC | Transurban Group | Utilities | U.S. | ||||||||||
| BBB-/Negative | AIB Group PLC | Financial institutions | Ireland | |||||||||||
| BBB-/Negative | Abertis Infraestructuras S.A. | Utilities | Spain | |||||||||||
| BBB-/Negative | Adani Electricity Mumbai Ltd. | Adani Transmission Ltd. (Consolidated) | Utilities | India | ||||||||||
| BBB-/Negative | Altarea SCA | Homebuilders/real estate companies | France | |||||||||||
| BBB-/Negative | Amadeus IT Group S.A. | Media and entertainment | Spain | |||||||||||
| BBB-/Negative | Argo Group International Holdings Ltd. | Financial institutions | U.S. | |||||||||||
| BBB-/Negative | Autopistas Metropolitanas de Puerto Rico LLC | Atlantia SpA | Utilities | U.S. | ||||||||||
| BBB-/Negative | Avolon Holdings Ltd. | Transportation | Cayman Islands | |||||||||||
| BBB-/Negative | Bank of Ireland Group PLC | Financial institutions | Ireland | |||||||||||
| BBB-/Negative | Bharti Airtel Ltd. | Telecommunications | India | |||||||||||
| BBB-/Negative | Boeing Co. | Aerospace and defense | U.S. | |||||||||||
| BBB-/Negative | CAS Holding No.1 Ltd. | PCCW Ltd. | Telecommunications | British Virgin Islands | ||||||||||
| BBB-/Negative | Cameco Corp. | Metals, mining, and steel | Canada | |||||||||||
| BBB-/Negative | China Jinmao Holdings Group Ltd. | Sinochem Holdings Corp. Ltd. | Homebuilders/real estate companies | Hong Kong | ||||||||||
| BBB-/Negative | Cleco Corporate Holdings LLC | Utilities | Yes | U.S. | ||||||||||
| BBB-/Negative | Denver Convention Ctr Hotel Auth | Media and entertainment | U.S. | |||||||||||
| BBB-/Negative | Eesti Energia AS | Utilities | Estonia | |||||||||||
| BBB-/Negative | Enable Midstream Partners, LP | Utilities | U.S. | |||||||||||
| BBB-/Negative | Expedia Group Inc., | Media and entertainment | U.S. | |||||||||||
| BBB-/Negative | First Capital Real Estate Investment Trust | Homebuilders/real estate companies | Canada | |||||||||||
| BBB-/Negative | FirstGroup PLC | Transportation | U.K. | |||||||||||
| BBB-/Negative | Flowserve Corp. | Capital goods | U.S. | |||||||||||
| BBB-/Negative | Fluor Corp. | Capital goods | U.S. | |||||||||||
| BBB-/Negative | Huntington Ingalls Industries Inc. | Aerospace and defense | U.S. | |||||||||||
| BBB-/Negative | ISS A/S | Consumer products | Denmark | |||||||||||
| BBB-/Negative | ITV PLC | Media and entertainment | U.K. | |||||||||||
| BBB-/Negative | Informa PLC | Media and entertainment | U.K. | |||||||||||
| BBB-/Negative | InterContinental Hotels Group PLC | Media and entertainment | U.K. | |||||||||||
| BBB-/Negative | Intercorp Financial Services Inc. | Intercorp Peru Ltd. | Financial institutions | Peru | ||||||||||
| BBB-/Negative | JCDecaux S.A. | Media and entertainment | France | |||||||||||
| BBB-/Negative | Jets Stadium Development, LLC | Media and entertainment | U.S. | |||||||||||
| BBB-/Negative | Las Vegas Sands Corp. | Media and entertainment | U.S. | |||||||||||
| BBB-/Negative | Marex Group PLC | Financial institutions | U.K. | |||||||||||
| BBB-/Negative | Marriott International Inc. | Media and entertainment | U.S. | |||||||||||
| BBB-/Negative | Meituan | Consumer products | Cayman Islands | |||||||||||
| BBB-/Negative | Metro AG | Retail/restaurants | Germany | |||||||||||
| BBB-/Negative | Molson Coors Beverage Co. | Consumer products | U.S. | |||||||||||
| BBB-/Negative | National Gas Co. of Trinidad & Tobago Ltd. (The) | Utilities | Trinidad and Tobago | |||||||||||
| BBB-/Negative | Nissan Motor Co. Ltd. | Automotive | Japan | |||||||||||
| BBB-/Negative | Perrigo Co. plc | Health care | Ireland | |||||||||||
| BBB-/Negative | Prospect Capital Corp. | Financial institutions | U.S. | |||||||||||
| BBB-/Negative | Republic of Trinidad and Tobago | Sovereign | Trinidad and Tobago | |||||||||||
| BBB-/Negative | SK Innovation Co. Ltd., | Oil and gas | Korea, Republic of | |||||||||||
| BBB-/Negative | SL Green Realty Corp. | Homebuilders/real estate companies | U.S. | |||||||||||
| BBB-/Negative | Southern Star Central Corp | Utilities | U.S. | |||||||||||
| BBB-/Negative | Stagecoach Group PLC | Transportation | U.K. | |||||||||||
| BBB-/Negative | Steelcase Inc. | Consumer products | U.S. | |||||||||||
| BBB-/Negative | Suedzucker AG | Consumer products | Germany | |||||||||||
| BBB-/Negative | Tanner Servicios Financieros S.A. | Financial institutions | Chile | |||||||||||
| BBB-/Negative | UPL Corp. Ltd. | UPL Ltd | Chemicals, packaging, and environmental services | Mauritius | ||||||||||
| BBB-/Negative | Zhejiang Geely Holding Group Co. Ltd., | Automotive | China | |||||||||||
| BBB-/Negative | easyJet PLC | Transportation | U.K. | |||||||||||
| BB+/Watch Neg | Avast Holding B.V. | High technology | Yes | Netherlands | ||||||||||
| BB+/Watch Neg | MKS Instruments Inc. | High technology | U.S. | |||||||||||
| BB+/Watch Neg | PHOENIX Pharmahandel GmbH & Co. KG | Health care | Germany | |||||||||||
| BB+/Watch Neg | Ritchie Bros. Auctioneers Inc. | Capital goods | Yes | Canada | ||||||||||
| BB+/Negative | Accor S.A. | Media and entertainment | France | |||||||||||
| BB+/Negative | Akropolis Group UAB | Vilniaus Prekyba | Homebuilders/real estate companies | Lithuania | ||||||||||
| BB+/Negative | Apache Corp. | Oil and gas | U.S. | |||||||||||
| BB+/Negative | Austin Convention Enterprises Inc., | Utilities | U.S. | |||||||||||
| BB+/Negative | Beijing Easyhome Investment Holding Group Co. Ltd., | Homebuilders/real estate companies | China | |||||||||||
| BB+/Negative | CDK Global Inc. | Media and entertainment | U.S. | |||||||||||
| BB+/Negative | China Water Affairs Group Ltd. | Utilities | Bermuda | |||||||||||
| BB+/Negative | El Corte Ingles, S.A. | Retail/restaurants | Spain | |||||||||||
| BB+/Negative | Ford Motor Co. | Automotive | U.S. | |||||||||||
| BB+/Negative | Grosvenor Capital Management Holdings LLLP | Financial institutions | U.S. | |||||||||||
| BB+/Negative | Hexcel Corp. | Aerospace and defense | U.S. | |||||||||||
| BB+/Negative | Host Hotels & Resorts Inc. | Media and entertainment | U.S. | |||||||||||
| BB+/Negative | Howmet Aerospace Inc. | Aerospace and defense | U.S. | |||||||||||
| BB+/Negative | Immobiliare Grande Distribuzione SIIQ S.p.A. | Homebuilders/real estate companies | Italy | |||||||||||
| BB+/Negative | Intertrust N.V. | Consumer products | Netherlands | |||||||||||
| BB+/Negative | Kennedy-Wilson Holdings Inc., | Homebuilders/real estate companies | U.S. | |||||||||||
| BB+/Negative | Marks & Spencer PLC | Marks & Spencer Group PLC | Retail/restaurants | U.K. | ||||||||||
| BB+/Negative | Maxima Grupe UAB | Vilniaus Prekyba | Retail/restaurants | Lithuania | ||||||||||
| BB+/Negative | PCI Gaming Authority | Media and entertainment | U.S. | |||||||||||
| BB+/Negative | Patterson-UTI Energy Inc., | Oil and gas | U.S. | |||||||||||
| BB+/Negative | Rakuten Group Inc., | High technology | Japan | |||||||||||
| BB+/Negative | Renault S.A. | Automotive | France | |||||||||||
| BB+/Negative | Standard Industries Inc. | Forest products and building materials | U.S. | |||||||||||
| BB+/Negative | TechnipFMC Plc | Oil and gas | U.K. | |||||||||||
| BB+/Negative | Telecom Italia SpA | Telecommunications | Italy | |||||||||||
| BB+/Negative | Trinidad Generation UnLtd. | Utilities | Trinidad and Tobago | |||||||||||
| BB+/Negative | ZF Friedrichshafen AG | Automotive | Germany | |||||||||||
| BB/Watch Neg | Daily Mail & General Trust PLC | Media and entertainment | U.K. | |||||||||||
| BB/Watch Neg | Rexnord LLC | Capital goods | U.S. | |||||||||||
| BB/Watch Neg | W.R. Grace & Co. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| BB/Watch Neg | j2 Global Inc., | High technology | U.S. | |||||||||||
| BB/Negative | Blucora Inc., | HDV Holdings Inc., | Financial institutions | U.S. | ||||||||||
| BB/Negative | British Airways PLC | Transportation | U.K. | |||||||||||
| BB/Negative | CEMEX S.A.B. de C.V. | Forest products and building materials | Mexico | |||||||||||
| BB/Negative | CYDSA, S.A.B. de C.V. | Chemicals, packaging, and environmental services | Mexico | |||||||||||
| BB/Negative | China Aluminum International Engineering Corp. Ltd. | Aluminum Corp. of China | Capital goods | China | ||||||||||
| BB/Negative | Churchill Downs Inc. | Media and entertainment | U.S. | |||||||||||
| BB/Negative | Colfax Corp. | Capital goods | U.S. | |||||||||||
| BB/Negative | Colombia Telecomunicaciones, S.A. E.S.P | Telefonica S.A. | Telecommunications | Colombia | ||||||||||
| BB/Negative | DaVita Inc. | Health care | U.S. | |||||||||||
| BB/Negative | Delek US Holdings Inc., | Oil and gas | U.S. | |||||||||||
| BB/Negative | Doosan Bobcat Inc. | Doosan Infracore Co. Ltd. | Capital goods | Korea, Republic of | ||||||||||
| BB/Negative | Embraer S.A. | Aerospace and defense | Brazil | |||||||||||
| BB/Negative | FEH Inc., | Financial institutions | U.S. | |||||||||||
| BB/Negative | Four Seasons Holdings Inc. | Media and entertainment | Canada | |||||||||||
| BB/Negative | Government of Georgia | Sovereign | Georgia | |||||||||||
| BB/Negative | Greenhill & Co. Inc., | Financial institutions | U.S. | |||||||||||
| BB/Negative | Haitong Bank S.A. | Haitong Securities Co. Ltd. | Financial institutions | Portugal | ||||||||||
| BB/Negative | Hanesbrands Inc. | Consumer products | U.S. | |||||||||||
| BB/Negative | Hilton Worldwide Holdings Inc. | Media and entertainment | U.S. | |||||||||||
| BB/Negative | Icahn Enterprises L.P. | Financial institutions | U.S. | |||||||||||
| BB/Negative | Iccrea Banca SpA | Financial institutions | Italy | |||||||||||
| BB/Negative | International Consolidated Airlines Group, S.A. | Transportation | Spain | |||||||||||
| BB/Negative | Intrum AB (publ) | Financial institutions | Sweden | |||||||||||
| BB/Negative | KazMunayGas NC JSC | Oil and gas | Kazakhstan | |||||||||||
| BB/Negative | Matthews International Corp. | Health care | U.S. | |||||||||||
| BB/Negative | Melco Resorts (Macau) Ltd. | Melco International Development Ltd. | Media and entertainment | Macao | ||||||||||
| BB/Negative | Muthoot Finance Ltd | Financial institutions | India | |||||||||||
| BB/Negative | Novomatic AG | Media and entertainment | Austria | |||||||||||
| BB/Negative | OCI N.V. | Chemicals, packaging, and environmental services | Netherlands | |||||||||||
| BB/Negative | Orazul Energy Peru S.A. | Nautilus Energy Holdings LLC | Utilities | Yes | Peru | |||||||||
| BB/Negative | Spie SA | Consumer products | France | |||||||||||
| BB/Negative | Taylor Morrison Home Corp. | Homebuilders/real estate companies | U.S. | |||||||||||
| BB/Negative | Toll Road Investors Partnership II LP | Transportation | U.S. | |||||||||||
| BB/Negative | Topaz Solar Farms LLC | Berkshire Hathaway Inc. | Utilities | U.S. | ||||||||||
| BB/Negative | Trinidad Petroleum Holdings Ltd. | Oil and gas | Trinidad and Tobago | |||||||||||
| BB-/Watch Neg | Arrow Global Group PLC | Financial institutions | U.K. | |||||||||||
| BB-/Watch Neg | Euskaltel S.A. | Telecommunications | Spain | |||||||||||
| BB-/Watch Neg | Ferro Corp. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| BB-/Watch Neg | II-VI Inc. | High technology | U.S. | |||||||||||
| BB-/Watch Neg | Rolls-Royce Holdings PLC | Aerospace and defense | U.K. | |||||||||||
| BB-/Watch Neg | Telesat Canada | Telesat Holdings Inc. | Telecommunications | Canada | ||||||||||
| BB-/Watch Neg | Wynn Resorts Ltd. | Media and entertainment | U.S. | |||||||||||
| BB-/Negative | ACCO Brands Corp. | Consumer products | U.S. | |||||||||||
| BB-/Negative | AES Andres B.V | AES Corp. (The) | Utilities | Dominican Republic | ||||||||||
| BB-/Negative | Al Baraka Banking Group B.S.C. | Financial institutions | Bahrain | |||||||||||
| BB-/Negative | Aramark | Consumer products | Yes | U.S. | ||||||||||
| BB-/Negative | Astoria Energy LLC | Utilities | U.S. | |||||||||||
| BB-/Negative | Avia Solutions Group Plc | Transportation | Lithuania | |||||||||||
| BB-/Negative | Banca Mifel S.A. | Financial institutions | Mexico | |||||||||||
| BB-/Negative | Boluda Towage S.L. | Transportation | Spain | |||||||||||
| BB-/Negative | Borets International Ltd. | Capital goods | U.A.E. | |||||||||||
| BB-/Negative | Cable & Wireless Communications Ltd. | Liberty Latin America Ltd. | Telecommunications | U.K. | ||||||||||
| BB-/Negative | CoreCivic Inc., | Consumer products | U.S. | |||||||||||
| BB-/Negative | Deutsche Lufthansa AG | Transportation | Germany | |||||||||||
| BB-/Negative | Diversified Healthcare Trust | Homebuilders/real estate companies | U.S. | |||||||||||
| BB-/Negative | Dominican Republic | Sovereign | Dominican Republic | |||||||||||
| BB-/Negative | EFS Cogen Holdings I LLC | Utilities | U.S. | |||||||||||
| BB-/Negative | EP Bco S.A. | Utilities | Netherlands | |||||||||||
| BB-/Negative | Elior Group S.A. | Consumer products | France | |||||||||||
| BB-/Negative | Empresa Generadora de Electricidad Itabo, S. A. | Utilities | Dominican Republic | |||||||||||
| BB-/Negative | Fly Leasing Ltd. | Transportation | Yes | Bermuda | ||||||||||
| BB-/Negative | GMR Hyderabad International Airport Ltd. | Utilities | India | |||||||||||
| BB-/Negative | Getlink S.E. | Utilities | France | |||||||||||
| BB-/Negative | Grupo Unicomer Corp. | Retail/restaurants | Panama | |||||||||||
| BB-/Negative | Harsco Corp. | Capital goods | U.S. | |||||||||||
| BB-/Negative | Iron Mountain Inc. | Media and entertainment | U.S. | |||||||||||
| BB-/Negative | Mannington Mills Inc. | Forest products and building materials | U.S. | |||||||||||
| BB-/Negative | Matador Bidco S.a r.l. | Oil and gas | Luxembourg | |||||||||||
| BB-/Negative | Micro Focus International PLC | High technology | U.K. | |||||||||||
| BB-/Negative | Mooney Group S.p.A. | Intesa Sanpaolo SpA | Financial institutions | Italy | ||||||||||
| BB-/Negative | Natgasoline, LLC | Utilities | U.S. | |||||||||||
| BB-/Negative | Ontex Group N.V. | Consumer products | Belgium | |||||||||||
| BB-/Negative | Operadora de Servicios Mega, S.A. de C.V. SOFOM, E.R. | Financial institutions | Mexico | |||||||||||
| BB-/Negative | PG&E Corp. | Utilities | U.S. | |||||||||||
| BB-/Negative | Panama Canal Railway Co. | Transportation | Cayman Islands | |||||||||||
| BB-/Negative | Permanent TSB Group Holdings PLC | Financial institutions | Ireland | |||||||||||
| BB-/Negative | Playtech Plc | Media and entertainment | U.K. | |||||||||||
| BB-/Negative | Q-Park Holding I BV | Utilities | Netherlands | |||||||||||
| BB-/Negative | Savage Enterprises, LLC | Consumer products | U.S. | |||||||||||
| BB-/Negative | Schweitzer-Mauduit International Inc., | Forest products and building materials | U.S. | |||||||||||
| BB-/Negative | Service Properties Trust | Homebuilders/real estate companies | U.S. | |||||||||||
| BB-/Negative | Southeast Supply Header, LLC | Utilities | U.S. | |||||||||||
| BB-/Negative | Studio City Co. Ltd. | Melco International Development Ltd. | Media and entertainment | British Virgin Islands | ||||||||||
| BB-/Negative | The Commonwealth of The Bahamas | Sovereign | Bahamas | |||||||||||
| BB-/Negative | Travel + Leisure Co. | Media and entertainment | U.S. | |||||||||||
| BB-/Negative | Tripadvisor Inc., | Media and entertainment | U.S. | |||||||||||
| BB-/Negative | US Ecology Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| BB-/Negative | Unifin Financiera, S.A.B. de C.V. | Financial institutions | Mexico | |||||||||||
| BB-/Negative | Uzpromstroybank | Financial institutions | Uzbekistan | |||||||||||
| BB-/Negative | Victoria PLC | Consumer products | U.K. | |||||||||||
| BB-/Negative | WEPA Hygieneprodukte GmbH | Consumer products | Germany | |||||||||||
| BB-/Negative | WEX Inc. | Financial institutions | U.S. | |||||||||||
| BB-/Negative | ams AG | High technology | Austria | |||||||||||
| BB-/Negative | thyssenkrupp AG | Capital goods | Germany | |||||||||||
| B+/Watch Neg | Cooke Omega Investments Inc. | Cooke Inc. | Consumer products | Canada | ||||||||||
| B+/Watch Neg | Cornerstone OnDemand Inc., | High technology | Yes | U.S. | ||||||||||
| B+/Watch Neg | Gamesys Group PLC | Media and entertainment | U.K. | |||||||||||
| B+/Watch Neg | Guacolda Energia S.A | Utilities | Chile | |||||||||||
| B+/Watch Neg | Inovalon Holdings Inc., | Health care | Yes | U.S. | ||||||||||
| B+/Watch Neg | Kindred Healthcare LLC | Health care | U.S. | |||||||||||
| B+/Negative | AMG Advanced Metallurgical Group N.V. | Metals, mining, and steel | Netherlands | |||||||||||
| B+/Negative | Affidea B.V. | Health care | Netherlands | |||||||||||
| B+/Negative | Air Canada | ACE Aviation Holdings Inc. | Transportation | Canada | ||||||||||
| B+/Negative | Bahrain Mumtalakat Holding Co. | Financial institutions | Bahrain | |||||||||||
| B+/Negative | Bausch Health Cos. Inc. | Health care | Canada | |||||||||||
| B+/Negative | CVR Energy Inc., | Utilities | U.S. | |||||||||||
| B+/Negative | China SCE Group Holdings Ltd. | Homebuilders/real estate companies | Cayman Islands | |||||||||||
| B+/Negative | Conduent Inc., | Media and entertainment | U.S. | |||||||||||
| B+/Negative | Dufry AG | Retail/restaurants | Switzerland | |||||||||||
| B+/Negative | Financiera Independencia S.A.B. de C.V. SOFOM E.N.R. | Financial institutions | Mexico | |||||||||||
| B+/Negative | Fleet Topco Ltd. | Media and entertainment | U.K. | |||||||||||
| B+/Negative | Forest City Realty Trust Inc. | Brookfield Asset Management Inc. | Homebuilders/real estate companies | U.S. | ||||||||||
| B+/Negative | Genesis Energy, L.P. | Utilities | U.S. | |||||||||||
| B+/Negative | GeoProMining Investment (CYP) Ltd. | Metals, mining, and steel | Cyprus | |||||||||||
| B+/Negative | Georgian Railway JSC | Utilities | Georgia | |||||||||||
| B+/Negative | Inversiones Atlantida, S.A. | Financial institutions | Honduras | |||||||||||
| B+/Negative | J.B. Poindexter & Co. Inc. | Capital goods | U.S. | |||||||||||
| B+/Negative | Jamaica | Sovereign | Jamaica | |||||||||||
| B+/Negative | Kingdom of Bahrain | Sovereign | Bahrain | |||||||||||
| B+/Negative | Lorca Telecom Bidco S.A.U. | Telecommunications | Spain | |||||||||||
| B+/Negative | MGM Resorts International | Media and entertainment | U.S. | |||||||||||
| B+/Negative | Midwest Gaming Borrower, LLC | Media and entertainment | U.S. | |||||||||||
| B+/Negative | Miller Homes Group Holdings PLC | Homebuilders/real estate companies | U.K. | |||||||||||
| B+/Negative | ModivCare Inc. | Health care | Yes | U.S. | ||||||||||
| B+/Negative | Outfront Media Inc. | Media and entertainment | U.S. | |||||||||||
| B+/Negative | Plurinational State of Bolivia | Sovereign | Bolivia | |||||||||||
| B+/Negative | RLJ Lodging Trust | Media and entertainment | U.S. | |||||||||||
| B+/Negative | Republic of Rwanda | Sovereign | Rwanda | |||||||||||
| B+/Negative | Resolute Investment Managers Inc., | American Beacon Advisors Inc., | Financial institutions | U.S. | ||||||||||
| B+/Negative | Revere Power, LLC | Utilities | U.S. | |||||||||||
| B+/Negative | Seminole Hard Rock Entertainment Inc. | Seminole Tribe of Florida | Media and entertainment | Yes | U.S. | |||||||||
| B+/Negative | Seminole Hard Rock International LLC | Seminole Tribe of Florida | Media and entertainment | Yes | U.S. | |||||||||
| B+/Negative | Stena AB | Oil and gas | Sweden | |||||||||||
| B+/Negative | TMK PAO | Metals, mining, and steel | Russia | |||||||||||
| B+/Negative | Techem Verwaltungsgesellschaft 674 mbH | Consumer products | Germany | |||||||||||
| B+/Negative | Teekay Corp. | Transportation | Marshall Islands | |||||||||||
| B+/Negative | TransDigm Inc. | Aerospace and defense | U.S. | |||||||||||
| B+/Negative | USA Compression Partners, LP | Utilities | U.S. | |||||||||||
| B+/Negative | Warrior Met Coal Inc., | Metals, mining, and steel | U.S. | |||||||||||
| B+/Negative | iQera Group SAS | Financial institutions | France | |||||||||||
| B/Watch Neg | Air Baltic Corp AS | Transportation | Yes | Latvia | ||||||||||
| B/Watch Neg | CPG Intermediate LLC | Chemicals, packaging, and environmental services | Yes | U.S. | ||||||||||
| B/Watch Neg | Gopher Resource, LLC | ECP Gopher Holdings, L.P. | Metals, mining, and steel | U.S. | ||||||||||
| B/Watch Neg | MDVIP LLC, | Health care | Yes | U.S. | ||||||||||
| B/Negative | 4finance Holding S.A. | Financial institutions | Luxembourg | |||||||||||
| B/Negative | ADMI Corp. | Health care | U.S. | |||||||||||
| B/Negative | AP Gaming Holdings LLC | Media and entertainment | U.S. | |||||||||||
| B/Negative | ARS Intermediate Holdings LLC | Consumer products | U.S. | |||||||||||
| B/Negative | Ai Sirona (Luxembourg) Acquisition Sarl | Health care | Luxembourg | |||||||||||
| B/Negative | Allegheny Technologies Inc. | Metals, mining, and steel | U.S. | |||||||||||
| B/Negative | Altice France S.A. | Altice Europe N.V. | Telecommunications | France | ||||||||||
| B/Negative | Altice International S.a.r.l. | Altice Europe N.V. | Telecommunications | Luxembourg | ||||||||||
| B/Negative | Amentum Holdings LLC | Aerospace and defense | U.S. | |||||||||||
| B/Negative | Athletico Holdings, LLC | Health care | U.S. | |||||||||||
| B/Negative | Audacy Inc. | Media and entertainment | U.S. | |||||||||||
| B/Negative | Azalea TopCo Inc., | Health care | U.S. | |||||||||||
| B/Negative | BME Group Holding BV | Forest products and building materials | Netherlands | |||||||||||
| B/Negative | BVI Holdings Mayfair Ltd. | Health care | U.K. | |||||||||||
| B/Negative | Balboa Intermediate Holdings LLC | High technology | U.S. | |||||||||||
| B/Negative | Bella Holding Co, LLC | Health care | U.S. | |||||||||||
| B/Negative | Braskem Idesa, S.A.P.I. and subsidiary | Chemicals, packaging, and environmental services | Mexico | |||||||||||
| B/Negative | CNT Holdings I Corp. | Retail/restaurants | U.S. | |||||||||||
| B/Negative | Callaway Golf Co. | Consumer products | U.S. | |||||||||||
| B/Negative | Carnival Corp. | Media and entertainment | Panama | |||||||||||
| B/Negative | Casino Guichard - Perrachon S.A. | Retail/restaurants | France | |||||||||||
| B/Negative | Cerelia Participation Holding SAS | Consumer products | France | |||||||||||
| B/Negative | Charter Next Generation Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| B/Negative | Credivalores - Crediservicios SAS | Financial institutions | Colombia | |||||||||||
| B/Negative | Curia Global Inc. | Health care | U.S. | |||||||||||
| B/Negative | Curium Midco S.a r.l. | Health care | Luxembourg | |||||||||||
| B/Negative | DISH Network Corp. | Telecommunications | U.S. | |||||||||||
| B/Negative | Damac Real Estate Development Ltd. | Homebuilders/real estate companies | U.A.E. | |||||||||||
| B/Negative | Diok Real Estate AG | Homebuilders/real estate companies | Germany | |||||||||||
| B/Negative | Element Materials Technology Ltd. | Consumer products | U.K. | |||||||||||
| B/Negative | Emerald X Inc., | Media and entertainment | U.S. | |||||||||||
| B/Negative | Endeavor Operating Co., LLC | Media and entertainment | U.S. | |||||||||||
| B/Negative | EyeCare Partners, LLC | Health care | U.S. | |||||||||||
| B/Negative | Foundation Building Materials Inc., | Forest products and building materials | U.S. | |||||||||||
| B/Negative | Galaxy Finco Ltd. (Domestic & General) | Consumer products | Jersey | |||||||||||
| B/Negative | Genesis Care Pty Ltd. | Health care | Australia | |||||||||||
| B/Negative | Golden Entertainment Inc., | Media and entertainment | U.S. | |||||||||||
| B/Negative | Heritage Power, LLC | Utilities | U.S. | |||||||||||
| B/Negative | House of HR N.V. | Consumer products | Belgium | |||||||||||
| B/Negative | IRIS Midco Ltd. | High technology | U.K. | |||||||||||
| B/Negative | IWH UK Finco Ltd. | Health care | U.K. | |||||||||||
| B/Negative | IXS Holdings Inc., | Automotive | U.S. | |||||||||||
| B/Negative | Illuminate Merger Sub Corp. | Consumer products | U.S. | |||||||||||
| B/Negative | K+S Aktiengesellschaft | Chemicals, packaging, and environmental services | Germany | |||||||||||
| B/Negative | Koos Holding Cooperatief U.A. | Sandy Holdco B.V. | Media and entertainment | Netherlands | ||||||||||
| B/Negative | Kosmos Energy Ltd., | Oil and gas | U.S. | |||||||||||
| B/Negative | LABL Inc | LABL Intermediate Holding Corp. | Chemicals, packaging, and environmental services | U.S. | ||||||||||
| B/Negative | LifeScan Global Corp. | Health care | U.S. | |||||||||||
| B/Negative | Lions Gate Entertainment Corp. | Media and entertainment | Canada | |||||||||||
| B/Negative | Lonestar II Generation Holdings LLC | Utilities | U.S. | |||||||||||
| B/Negative | MAG DS Corp. | Aerospace and defense | U.S. | |||||||||||
| B/Negative | MRO Holdings Inc., | Aerospace and defense | Panama | |||||||||||
| B/Negative | MTN Infrastructure TopCo Inc., | Telecommunications | U.S. | |||||||||||
| B/Negative | Madison IAQ LLC | Madison Industries Holdings LLC | Forest products and building materials | U.S. | ||||||||||
| B/Negative | Magenta Buyer LLC | High technology | U.S. | |||||||||||
| B/Negative | Mongolian Mortgage Corp. HFC LLC | Mongolia | Financial institutions | Mongolia | ||||||||||
| B/Negative | NCL Corp. Ltd. | Media and entertainment | Bermuda | |||||||||||
| B/Negative | NFP Corp. | National Financial Partners Holdings A Corp. | Insurance | U.S. | ||||||||||
| B/Negative | NFP Holdings, LLC | Insurance | U.S. | |||||||||||
| B/Negative | NGL Energy Partners LP | Utilities | U.S. | |||||||||||
| B/Negative | NMN Holdings III Corp. | Health care | Yes | U.S. | ||||||||||
| B/Negative | Natural Resource Partners L.P. | Metals, mining, and steel | U.S. | |||||||||||
| B/Negative | Neptune Holdco S.a.r.l. | Forest products and building materials | Luxembourg | |||||||||||
| B/Negative | Newport Group Holdings II Inc., | Media and entertainment | U.S. | |||||||||||
| B/Negative | NexTier Oilfield Solutions Inc. | Oil and gas | U.S. | |||||||||||
| B/Negative | Osmosis Holdings, LP | Consumer products | U.S. | |||||||||||
| B/Negative | PBF Holding Co. LLC | PBF Energy Inc. | Utilities | U.S. | ||||||||||
| B/Negative | PBF Logistics LP | PBF Energy Inc. | Utilities | U.S. | ||||||||||
| B/Negative | Park Hotels & Resorts Inc. | Media and entertainment | U.S. | |||||||||||
| B/Negative | Park-Ohio Industries Inc. | Capital goods | U.S. | |||||||||||
| B/Negative | Phoenix Services International LLC | Metals, mining, and steel | U.S. | |||||||||||
| B/Negative | Precision Drilling Corp. | Precision Drilling Trust | Oil and gas | Canada | ||||||||||
| B/Negative | Q Holdco Ltd. | Health care | U.S. | |||||||||||
| B/Negative | Republic of Belarus | Sovereign | Belarus | |||||||||||
| B/Negative | Republic of Costa Rica | Sovereign | Costa Rica | |||||||||||
| B/Negative | Royal Caribbean Cruises Ltd. | Media and entertainment | U.S. | |||||||||||
| B/Negative | SGLT Holding I LP | Transportation | Cayman Islands | |||||||||||
| B/Negative | Sabre Corp. | Media and entertainment | U.S. | |||||||||||
| B/Negative | Samsonite International S.A. | Consumer products | Luxembourg | |||||||||||
| B/Negative | Scientific Games Corp. | Media and entertainment | U.S. | |||||||||||
| B/Negative | Shift4 Payments Inc., | High technology | U.S. | |||||||||||
| B/Negative | Sisal Group S.p.A | Schumann S.p.A. | Media and entertainment | Italy | ||||||||||
| B/Negative | Sovos Brands Intermediate Inc., | Consumer products | U.S. | |||||||||||
| B/Negative | Staples Inc. | Media and entertainment | U.S. | |||||||||||
| B/Negative | Target Hospitality Corp. | Consumer products | U.S. | |||||||||||
| B/Negative | TecoStar Holdings Inc., | Health care | U.S. | |||||||||||
| B/Negative | The Cook & Boardman Group, LLC | Forest products and building materials | U.S. | |||||||||||
| B/Negative | The Knot Worldwide Inc. | Media and entertainment | U.S. | |||||||||||
| B/Negative | Trader Corp. | Consumer products | Canada | |||||||||||
| B/Negative | USF Holdings LLC | Automotive | U.S. | |||||||||||
| B/Negative | Vida Capital Inc., | Financial institutions | U.S. | |||||||||||
| B/Negative | White Cap Supply Holdings, LLC | White Cap Parent, LLC | Capital goods | U.S. | ||||||||||
| B/Negative | Wrench Group, LLC | Consumer products | U.S. | |||||||||||
| B/Negative | Zest Acquisition Corp | Health care | U.S. | |||||||||||
| B/Negative | iHeartMedia Inc. | Media and entertainment | U.S. | |||||||||||
| B-/Watch Neg | Endo International PLC | Health care | Yes | Ireland | ||||||||||
| B-/Watch Neg | Federal Democratic Republic of Ethiopia | Sovereign | Ethiopia | |||||||||||
| B-/Watch Neg | Spectacle Gary Holdings, LLC | Media and entertainment | U.S. | |||||||||||
| B-/Watch Neg | Transportes Aereos Portugueses, SGPS, S.A. | Transportation | Portugal | |||||||||||
| B-/Negative | 8th Avenue Food & Provisions Inc., | Consumer products | Yes | U.S. | ||||||||||
| B-/Negative | AAG FH LP | Retail/restaurants | Canada | |||||||||||
| B-/Negative | API Holdings III Corp. | Aerospace and defense | U.S. | |||||||||||
| B-/Negative | ASM Global Parent Inc., | Media and entertainment | U.S. | |||||||||||
| B-/Negative | ATI Physical Therapy Inc., | Health care | U.S. | |||||||||||
| B-/Negative | Aerial Parent Corp. | Telecommunications | U.S. | |||||||||||
| B-/Negative | Alvogen Pharma US Inc., | Alvogen Lux Holdings S.a.r.l. | Health care | U.S. | ||||||||||
| B-/Negative | Arch Resources Inc., | Metals, mining, and steel | U.S. | |||||||||||
| B-/Negative | Avison Young (Canada) Inc. | Financial institutions | Canada | |||||||||||
| B-/Negative | BURGER KING France SAS | NewCo GB SAS | Retail/restaurants | France | ||||||||||
| B-/Negative | Brand Industrial Services Inc., | Capital goods | U.S. | |||||||||||
| B-/Negative | CB Poly Investments LLC, | Consumer products | Yes | U.S. | ||||||||||
| B-/Negative | CFS Brands LLC | Capital goods | U.S. | |||||||||||
| B-/Negative | CIRCOR International Inc., | Capital goods | U.S. | |||||||||||
| B-/Negative | Calceus Acquisition Inc., | Consumer products | U.S. | |||||||||||
| B-/Negative | Calumet Specialty Products Partners LP | Utilities | U.S. | |||||||||||
| B-/Negative | CareerBuilder, LLC | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Century Casinos Inc., | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Chefs' Warehouse Inc., (The) | Consumer products | U.S. | |||||||||||
| B-/Negative | Cirsa Enterprises S.L.U. | LHMC Finco 2 S.a.r.l. | Media and entertainment | Spain | ||||||||||
| B-/Negative | ConvergeOne Holdings Inc. | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Cooper-Standard Holdings Inc., | Automotive | U.S. | |||||||||||
| B-/Negative | Coty Inc. | Consumer products | U.S. | |||||||||||
| B-/Negative | Crockett Cogeneration, A California Ltd. Partnership | Utilities | Yes | U.S. | ||||||||||
| B-/Negative | Data Axle Inc. | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Dynasty Acquisition Co. Inc., | Aerospace and defense | U.S. | |||||||||||
| B-/Negative | EagleView Technology Corp. | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Edward Don & Co. Holdings, LLC | Consumer products | U.S. | |||||||||||
| B-/Negative | EnTrans International, LLC | Automotive | U.S. | |||||||||||
| B-/Negative | EnergySolutions Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| B-/Negative | F-Brasile S.p.A | Aerospace and defense | Italy | |||||||||||
| B-/Negative | FleetPride Inc., | Fastlane Parent Co. Inc., | Automotive | U.S. | ||||||||||
| B-/Negative | Fort Dearborn Holding Co. Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| B-/Negative | GBT JerseyCo Ltd. | Media and entertainment | U.K. | |||||||||||
| B-/Negative | Genuine Financial Holdings, LLC | Consumer products | U.S. | |||||||||||
| B-/Negative | Guitar Center Inc. | Guitar Center Holdings Inc. | Retail/restaurants | U.S. | ||||||||||
| B-/Negative | Halo Buyer Inc. | Consumer products | U.S. | |||||||||||
| B-/Negative | Hanjin International Corp. | Korean Air Lines Co. Ltd. | Media and entertainment | Yes | Korea, Republic of | |||||||||
| B-/Negative | IM Growth SAS | Consumer products | France | |||||||||||
| B-/Negative | Independent State of Papua New Guinea | Sovereign | Papua New Guinea | |||||||||||
| B-/Negative | Intrado Corp. | Telecommunications | U.S. | |||||||||||
| B-/Negative | Kirk Beauty One GmbH | Retail/restaurants | Germany | |||||||||||
| B-/Negative | Kiwi VFS SUB I S.ar.l | Consumer products | Luxembourg | |||||||||||
| B-/Negative | Knowlton Development HoldCo Inc., | Consumer products | Canada | |||||||||||
| B-/Negative | Lannett Co. Inc., | Health care | U.S. | |||||||||||
| B-/Negative | Lightstone HoldCo LLC | Utilities | U.S. | |||||||||||
| B-/Negative | Lindblad Expeditions Holdings Inc. | Media and entertainment | U.S. | |||||||||||
| B-/Negative | MYOB Invest Co. Pty Ltd. | High technology | Australia | |||||||||||
| B-/Negative | Marcolin SpA | Consumer products | Italy | |||||||||||
| B-/Negative | Martin Midstream Partners L.P. | Utilities | U.S. | |||||||||||
| B-/Negative | Monitronics International Inc. | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Moran Foods, LLC | SAL Acquisition Corp. | Retail/restaurants | U.S. | ||||||||||
| B-/Negative | NEP/NCP Holdco Inc. | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Northpole Newco S.a.r.l. | Triangle Holdings S.A. | High technology | Luxembourg | ||||||||||
| B-/Negative | Oak Holdings, LLC | Consumer products | U.S. | |||||||||||
| B-/Negative | Peak Jersey Holdco Ltd. | Media and entertainment | Jersey | |||||||||||
| B-/Negative | Perstorp Holding AB (publ) | Chemicals, packaging, and environmental services | Sweden | |||||||||||
| B-/Negative | PlayPower Holdings Inc. | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Prometric Holdings Inc., | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Promontoria Holding 264 B.V. | Transportation | Netherlands | |||||||||||
| B-/Negative | QualTek LLC | Capital goods | U.S. | |||||||||||
| B-/Negative | RGIS Holdings LLC | Consumer products | U.S. | |||||||||||
| B-/Negative | Recess Holdings Inc., | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Ryman Hospitality Properties Inc., | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Star UK Midco Ltd. | Capital goods | U.K. | |||||||||||
| B-/Negative | Sugarhouse HSP Gaming Prop. Mezz. L.P. | Media and entertainment | U.S. | |||||||||||
| B-/Negative | TEG Pty Ltd | Media and entertainment | Australia | |||||||||||
| B-/Negative | TNT Crane & Rigging LLC | Capital goods | U.S. | |||||||||||
| B-/Negative | TPro Acquisition Corp. | Automotive | U.S. | |||||||||||
| B-/Negative | Team Health Holdings Inc., | Health care | U.S. | |||||||||||
| B-/Negative | Tornante - MDP Joe Holding LLC | Media and entertainment | Yes | U.S. | ||||||||||
| B-/Negative | U.S. TelePacific Holdings Corp. | Telecommunications | U.S. | |||||||||||
| B-/Negative | Vincent Topco BV (NL) | Consumer products | Netherlands | |||||||||||
| B-/Negative | Welltec A/S | Oil and gas | Denmark | |||||||||||
| B-/Negative | West Deptford Energy Holdings, LLC | Utilities | U.S. | |||||||||||
| B-/Negative | WestJet Airlines Ltd. | Transportation | Canada | |||||||||||
| B-/Negative | Xenia Hotels & Resorts Inc., | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Xinyuan Real Estate Co. Ltd. | Homebuilders/real estate companies | Cayman Islands | |||||||||||
| B-/Negative | pH Beauty Holdings I Inc., | Consumer products | U.S. | |||||||||||
| Data as of Aug. 31, 2021. Source: S&P Global Ratings Research. | ||||||||||||||
Related Research
- Downgrade Potential Declined By Over One-Third In The Second Quarter, Aug. 2, 2021
- COVID-19 Heat Map: Pent-Up Demand And Supply Shortages Further Improve Recovery Prospects For Credit Quality, June 8, 2021
- S&P Global Ratings Definitions, Jan. 5, 2021
This report does not constitute a rating action.
| Credit Markets Research: | Sarah Limbach, Paris + 33 14 420 6708; Sarah.Limbach@spglobal.com |
| Sudeep K Kesh, New York + 1 (212) 438 7982; sudeep.kesh@spglobal.com | |
| Research Contributors: | Shripati Pranshu, CRISIL Global Analytical Center, an S&P affiliate, Mumbai |
| Nivritti Mishra Richhariya, 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.