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Credit Trends: Gap Between Potential Downgrades And Potential Upgrades Is At The Lowest Level Since February 2019

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Credit Trends: Gap Between Potential Downgrades And Potential Upgrades Is At The Lowest Level Since February 2019

The gap between the number of potential downgrades (defined as corporate, financial or sovereign issuers rated 'AAA' to 'B-' by S&P Global Ratings with either negative rating outlooks or ratings on CreditWatch with negative implications) and the number of potential upgrades (defined as corporate, financial, or sovereign issuers rated 'AA+' to 'B-' by S&P Global Ratings with either positive rating outlooks or ratings on CreditWatch with positive implications) has declined to 271, that is by nearly 82% over the past 12 months, to its lowest level since February 2019. It peaked at 1,261 in July 2020, when we tracked a record number of 1365 potential downgrades on our list, in contrast to only 104 potential upgrades (see chart 1).

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New Additions: Health Care And Homebuilders Add To potential Downgrades While Media And Entertainment And Financial Institutions Add To Potential Upgrades

There were 18 additions in the potential downgrade count through September, five were related to the health care sector, primarily driven by mergers and acquisitions, and another three from homebuilders and real estate. As of Sept. 30, close to 50% of potential downgrades are from four sectors: utilities, financial institutions, media and entertainment, and consumer products.

Over the same period, the tally of potential upgrades increased by nine, on the back of 35 additions and 26 removals. The media and entertainment sector had six additions, followed by financial institutions with five. From a regional perspective, 60% of these additions were U.S. rated issuers while 23% were European issuers.

Chart 2

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Chart 3

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U.S. And European-based Media And Entertainment Issuers Drive Potential Downgrades Lower In September

Potential downgrades had a net decrease of 53, to 561 as of Sept. 30, 2021, from 614 as of Aug. 31, 2021. September was the 14th consecutive month with a decline in the number of potential downgrades. This year so far, downgrade potential among issuers rated 'AAA' to 'B-' by S&P Global Ratings more than halved as economic and credit conditions continue to improve --albeit unevenly by sector and region. We removed 71 issuers from our list through September 2021, mostly related to outlook or CreditWatch revisions, and U.S. and European-based media and entertainment and consumer products sectors were primarily the main beneficiaries (see Chart 4 and 5).

Chart 4

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Chart 5

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Media And Entertainment And Utilities Sectors Remain The Most Exposed To Potential Downgrades For Speculative Grade And Investment Grade Issuers, Respectively

At a portfolio level, 56% of potential downgrades are speculative grade rated, and approximately 35% carry a 'B' rating. Despite the media and entertainment decrease in September, the sector remains the most exposed to potential downgrades among speculative grade issuers. Utilities--excluding merchant power and midstream-- on the contrary, had the highest number of potential downgrades among investment grade issuers, followed closely by financial institutions (chart 6). As credit conditions improve, most sectors and regions had a month-over-month decrease in the number of potential downgrades in September, except retail and health care (chart 7).

Chart 6

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Chart 7

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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. Please note potential downgrade or potential upgrade numbers relate specifically to Corporate IFR, Sovereign and Financial Institution public ratings. Furthermore, potential downgrade or potential upgrade numbers relate to issuer credit ratings unless one is unavailable and Issuers with no outstanding debt have been excluded from our numbers.  All calculations in this report are based on the count of issuers if not stated otherwise. Timely and ongoing surveillance of issuers at risk of being downgraded can be valuable to investors in their sector credit-allocation process, as well as in hedging against potential capital losses arising from a downgrade.

Appendix

Table 1

Most Entities Were Added And Removed After Outlook And CreditWatch Revisions
Potential bond downgrade removals Potential bond downgrade additions
Reason fror removal Issuer count Reason for addition Issuer count
OLCW change 44 OLCW change 10
Downgraded and OLCW change 13 Newly rated issuer 3
Downgraded 5 Downgraded and OLCW Change 2
Ratings withdrawn 4 Newly rated debt 2
Upgraded and OLCW Change 3 Upgraded and OLCW Change 1
Total 2 Downgraded 0
Default 0 Parent 0
No outstanding debt 0 Upgraded 0
Selective Default (SD) 0
Upgraded 0
Total 71 Total 18
Data as of Sept. 30, 2021. Source: S&P Global Ratings Research. *Issuer removed due to subsidiary relationship with Parent company, which now qualifies as Potential Downgrade.

Table 2

Utilities Has Highest Contribution To Our Total Potential Downgrade Portfolio
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 16 76.19 32.79 21.51 (11.28) 2.85
Transportation 16 42.11 22.81 21.99 (0.82) 4.28
Utilities 63 66.32 20.76 20.48 (0.28) 16.40
Sovereign 16 88.89 14.66 14.44 (0.22) 3.03
Media and entertainment 59 50.43 26.10 26.92 0.82 11.94
Health care 20 33.33 16.97 17.87 0.90 6.77
Oil and gas 48 57.83 19.76 20.66 0.90 3.57
Homebuilders and real estate companies 27 51.92 14.40 15.70 1.31 5.17
Consumer products 40 43.01 18.68 24.99 6.31 9.45
Automotive 3 13.04 20.00 26.69 6.69 2.67
Telecommunications 16 53.33 13.38 20.19 6.81 3.57
Financial institutions 44 64.71 13.21 20.20 7.00 11.94
Insurance 4 33.33 9.09 16.52 7.43 1.96
Capital goods 16 41.03 13.30 22.00 8.70 3.92
Chemicals, packaging, and environmental services 25 34.72 10.05 19.43 9.38 2.50
Retail and restaurants 12 18.46 13.69 25.23 11.54 3.57
Forest products and building materials 12 41.38 9.23 22.40 13.17 1.78
Metals, mining, and steel 14 46.67 11.45 24.64 13.19 1.78
High technology 18 26.47 6.57 21.16 14.59 2.50
Diversified 1 100.00 0.00 17.95 17.95 0.00
Data as of Sept. 30, 2021. Source: S&P Global Ratings Research.

Table 3
Issuers On CreditWatch/Outlook Negative ('AAA' Through 'B-' Ratings) As Of Sept. 30, 2021
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+/Negative U.S. Bancorp Financial institutions Yes U.S.
A/Watch Neg BHP Group Ltd. Metals, mining, and steel 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 Norinchukin Bank Financial institutions Yes Japan
A/Negative Oberbank AG Financial institutions Austria
A/Negative Proximus S.A. Telecommunications Belgium
A/Negative Qatar Insurance Co. Q.S.P.C. Insurance Qatar
A/Negative Rockwell Automation Inc. Capital goods U.S.
A/Negative Royal Schiphol Group N.V. Utilities Netherlands
A/Negative SUEZ Water Resources LLC Suez Environment Co. Utilities U.S.
A/Negative 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 Assa Abloy AB Capital goods Yes Sweden
A-/Watch Neg Baxter International Inc., Health care Yes U.S.
A-/Watch Neg Deutsche Wohnen SE Homebuilders/real estate companies Germany
A-/Watch Neg Shanghai Electric (Group) Corp. Capital goods China
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 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 China
A-/Negative Consolidated Edison Inc. Utilities U.S.
A-/Negative Eni SpA Oil and gas Italy
A-/Negative Evergy Inc., Utilities Yes U.S.
A-/Negative Federal Realty Investment Trust Homebuilders/real estate companies U.S.
A-/Negative Fomento Economico Mexicano, S. A. B. de C. V. Retail/restaurants Mexico
A-/Negative Hitachi Capital (U.K.) PLC Mitsubishi UFJ Financial Group Inc.,. Financial institutions U.K.
A-/Negative Honda Motor Co. Ltd. Automotive Japan
A-/Negative LQ Inversiones Financieras S.A. Financial institutions Chile
A-/Negative Malayan Banking Berhad Financial institutions Malaysia
A-/Negative Malaysia Sovereign Malaysia
A-/Negative 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 U.S.
A-/Negative Security Benefit Life Insurance Co. SBL Holdings Inc., 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 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 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 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 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 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 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 Akelius Residential Property AB Homebuilders/real estate companies Yes Sweden
BBB/Negative American Campus Communities Inc. Homebuilders/real estate companies U.S.
BBB/Negative BBVA Bancomer, S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Bancomer y Subsidiarias Banco Bilbao Vizcaya Argentaria, S.A. Financial institutions Mexico
BBB/Negative Banco General, S.A. Financial institutions Panama
BBB/Negative Banco Inbursa S.A. Institucion de Banca Multiple Grupo Financiero Inbursa Grupo Financiero Inbursa Financial institutions Mexico
BBB/Negative Banco Mercantil del Norte, S.A. Institucion de Banca Multiple Grupo Financiero Banorte Grupo Financiero Banorte S.A.B. de C.V. y Subsidiarias Financial institutions Mexico
BBB/Negative Banco Nacional De Panama Financial institutions Panama
BBB/Negative BorgWarner Inc. Automotive U.S.
BBB/Negative Brisbane Airport Corp. Pty Ltd. BAC Holdings Ltd. Utilities Australia
BBB/Negative CE Oaxaca Cuatro, S. de R.L. de C.V. Utilities Mexico
BBB/Negative CE Oaxaca Dos, S. de R.L. de C.V. Utilities Mexico
BBB/Negative CI Financial Corp. Financial institutions Canada
BBB/Negative CPI Property Group S.A. Homebuilders/real estate companies Luxembourg
BBB/Negative Carrefour Banque BNP Paribas Financial institutions France
BBB/Negative Centrica PLC Utilities U.K.
BBB/Negative Computershare Ltd. Consumer products Yes Australia
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 El Puerto de Liverpool, S. A. B. de C. V. Retail/restaurants Mexico
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 China
BBB/Negative Infraestructura Energetica Nova, S. A. B. de C. V. Utilities Mexico
BBB/Negative International Flavors & Fragrances Inc. Consumer products U.S.
BBB/Negative Marathon Petroleum Corp. Utilities U.S.
BBB/Negative Millennium Parking Garages LLC Utilities U.S.
BBB/Negative Motiva Enterprises LLC Utilities U.S.
BBB/Negative Orica Ltd. Chemicals, packaging, and environmental services Australia
BBB/Negative Otter Tail Corp. Utilities U.S.
BBB/Negative PerkinElmer Inc. Health care U.S.
BBB/Negative Perth Airport Pty Ltd. Perth Airport Development Group Pty Ltd Utilities Australia
BBB/Negative Republic of Indonesia Sovereign Indonesia
BBB/Negative Republic of Panama Sovereign Panama
BBB/Negative RioCan Real Estate Investment Trust Homebuilders/real estate companies Canada
BBB/Negative Ryanair Holdings PLC Transportation Ireland
BBB/Negative SiriusPoint Ltd. Insurance Bermuda
BBB/Negative Sonoco Products Co. Chemicals, packaging, and environmental services U.S.
BBB/Negative South Staffordshire PLC Utilities U.K.
BBB/Negative 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 U.S.
BBB-/Negative 95 Express Lanes LLC Transurban Group Utilities U.S.
BBB-/Negative AIB Group PLC Financial institutions Ireland
BBB-/Negative Abertis Infraestructuras S.A. Utilities Spain
BBB-/Negative Adani Electricity Mumbai Ltd. Adani Transmission Ltd. (Consolidated) Utilities India
BBB-/Negative Altarea SCA Homebuilders/real estate companies France
BBB-/Negative Amadeus IT Group S.A. Media and entertainment Spain
BBB-/Negative Argo Group International Holdings Ltd. Financial institutions U.S.
BBB-/Negative Autopistas Metropolitanas de Puerto Rico LLC Atlantia SpA Utilities U.S.
BBB-/Negative Avolon Holdings Ltd. Transportation Cayman Islands
BBB-/Negative Bank of Ireland Group PLC Financial institutions Ireland
BBB-/Negative Boeing Co. Aerospace and defense U.S.
BBB-/Negative CAS Holding No.1 Ltd. PCCW Ltd. Telecommunications British Virgin Islands
BBB-/Negative Cameco Corp. Metals, mining, and steel Canada
BBB-/Negative China Jinmao Holdings Group Ltd. Sinochem Holdings Corp. Ltd. Homebuilders/real estate companies Hong Kong
BBB-/Negative Cleco Corporate Holdings LLC Utilities U.S.
BBB-/Negative Denver Convention Ctr Hotel Auth Media and entertainment U.S.
BBB-/Negative Eesti Energia AS Utilities Estonia
BBB-/Negative Enable Midstream Partners, LP Utilities U.S.
BBB-/Negative Expedia Group Inc., Media and entertainment U.S.
BBB-/Negative First Capital Real Estate Investment Trust Homebuilders/real estate companies Canada
BBB-/Negative FirstGroup PLC Transportation U.K.
BBB-/Negative Fluor Corp. Capital goods U.S.
BBB-/Negative Huntington Ingalls Industries Inc. Aerospace and defense U.S.
BBB-/Negative ISS A/S Consumer products Denmark
BBB-/Negative ITV PLC Media and entertainment U.K.
BBB-/Negative Informa PLC Media and entertainment U.K.
BBB-/Negative 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 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 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 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 Canada
BB+/Negative Accor S.A. Media and entertainment France
BB+/Negative Akropolis Group UAB Vilniaus Prekyba Homebuilders/real estate companies Lithuania
BB+/Negative Austin Convention Enterprises Inc., Utilities U.S.
BB+/Negative Avantor Inc., Health care Yes U.S.
BB+/Negative Beijing Easyhome Investment Holding Group Co. Ltd., Homebuilders/real estate companies China
BB+/Negative China Water Affairs Group Ltd. Utilities Bermuda
BB+/Negative El Corte Ingles, S.A. Retail/restaurants Spain
BB+/Negative Ford Motor Co. Automotive U.S.
BB+/Negative Grosvenor Capital Management Holdings LLLP Financial institutions U.S.
BB+/Negative Hexcel Corp. Aerospace and defense U.S.
BB+/Negative Host Hotels & Resorts Inc. Media and entertainment U.S.
BB+/Negative Howmet Aerospace Inc. Aerospace and defense U.S.
BB+/Negative Immobiliare Grande Distribuzione SIIQ S.p.A. Homebuilders/real estate companies Italy
BB+/Negative 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 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 CYDSA, S.A.B. de C.V. Chemicals, packaging, and environmental services Mexico
BB/Negative China Aluminum International Engineering Corp. Ltd. Aluminum Corp. of China Capital goods China
BB/Negative Churchill Downs Inc. Media and entertainment U.S.
BB/Negative Colfax Corp. Capital goods U.S.
BB/Negative Colombia Telecomunicaciones, S.A. E.S.P Telefonica S.A. Telecommunications Colombia
BB/Negative Doosan Bobcat Inc. Doosan Infracore Co. Ltd. Capital goods Korea, Republic of
BB/Negative Embraer S.A. Aerospace and defense Brazil
BB/Negative FEH Inc., Financial institutions U.S.
BB/Negative Four Seasons Holdings Inc. Media and entertainment Canada
BB/Negative Government of Georgia Sovereign Georgia
BB/Negative Greenhill & Co. Inc., Financial institutions U.S.
BB/Negative 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 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 Orazul Energy Peru S.A. Nautilus Energy Holdings LLC Utilities 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 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 U.S.
BB-/Negative Astoria Energy LLC Utilities U.S.
BB-/Negative Avia Solutions Group Plc Transportation Lithuania
BB-/Negative Banca Mifel S.A. Financial institutions Mexico
BB-/Negative Boluda Towage S.L. Transportation Spain
BB-/Negative Borets International Ltd. Capital goods U.A.E.
BB-/Negative Cable & Wireless Communications Ltd. Liberty Latin America Ltd. Telecommunications U.K.
BB-/Negative CoreCivic Inc., Consumer products U.S.
BB-/Negative Deutsche Lufthansa AG Transportation Germany
BB-/Negative Diversified Healthcare Trust Homebuilders/real estate companies U.S.
BB-/Negative Dominican Republic Sovereign Dominican Republic
BB-/Negative EFS Cogen Holdings I LLC Utilities U.S.
BB-/Negative EP Bco S.A. Utilities Netherlands
BB-/Negative Elior Group S.A. Consumer products France
BB-/Negative Empresa Generadora de Electricidad Itabo, S. A. Utilities Dominican Republic
BB-/Negative Fly Leasing Ltd. Transportation Bermuda
BB-/Negative GMR Hyderabad International Airport Ltd. Utilities India
BB-/Negative Getlink S.E. Utilities France
BB-/Negative Grifols S.A. Health care Yes Spain
BB-/Negative Grupo Unicomer Corp. Retail/restaurants Panama
BB-/Negative Harsco Corp. Capital goods U.S.
BB-/Negative Iron Mountain Inc. Media and entertainment U.S.
BB-/Negative Mannington Mills Inc. Forest products and building materials U.S.
BB-/Negative Matador Bidco S.a r.l. Oil and gas Luxembourg
BB-/Negative Micro Focus International PLC High technology U.K.
BB-/Negative Natgasoline, LLC Utilities U.S.
BB-/Negative Ontex Group N.V. Consumer products Belgium
BB-/Negative Operadora de Servicios Mega, S.A. de C.V. SOFOM, E.R. Financial institutions Mexico
BB-/Negative PG&E Corp. Utilities U.S.
BB-/Negative Panama Canal Railway Co. Transportation Cayman Islands
BB-/Negative Permanent TSB Group Holdings PLC Financial institutions Ireland
BB-/Negative Playtech Plc Media and entertainment U.K.
BB-/Negative Q-Park Holding I BV Utilities Netherlands
BB-/Negative Savage Enterprises, LLC Consumer products U.S.
BB-/Negative Schweitzer-Mauduit International Inc., Forest products and building materials U.S.
BB-/Negative Service Properties Trust Homebuilders/real estate companies U.S.
BB-/Negative Southeast Supply Header, LLC Utilities U.S.
BB-/Negative 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 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 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 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 Central China Real Estate Ltd. Homebuilders/real estate companies Yes Cayman Islands
B+/Negative Dufry AG Retail/restaurants Switzerland
B+/Negative Financiera Independencia S.A.B. de C.V. SOFOM E.N.R. Financial institutions Mexico
B+/Negative Fleet Topco Ltd. Media and entertainment U.K.
B+/Negative Forest City Realty Trust Inc. Brookfield Asset Management Inc. Homebuilders/real estate companies U.S.
B+/Negative GeoProMining Investment (CYP) Ltd. Metals, mining, and steel Cyprus
B+/Negative Georgian Railway JSC Utilities Georgia
B+/Negative 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 MGM Resorts International Media and entertainment U.S.
B+/Negative Midwest Gaming Borrower, LLC Media and entertainment U.S.
B+/Negative ModivCare Inc. Health care U.S.
B+/Negative Outfront Media Inc. Media and entertainment U.S.
B+/Negative Plurinational State of Bolivia Sovereign Bolivia
B+/Negative RLJ Lodging Trust Media and entertainment U.S.
B+/Negative Republic of Rwanda Sovereign Rwanda
B+/Negative Resolute Investment Managers Inc., American Beacon Advisors Inc., Financial institutions U.S.
B+/Negative Revere Power, LLC Utilities U.S.
B+/Negative 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 Latvia
B/Watch Neg CPG Intermediate LLC Chemicals, packaging, and environmental services U.S.
B/Watch Neg Gopher Resource, LLC ECP Gopher Holdings, L.P. Metals, mining, and steel U.S.
B/Watch Neg MDVIP LLC, Health care 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 Ai Sirona (Luxembourg) Acquisition Sarl Health care Luxembourg
B/Negative Altice France S.A. Altice Europe N.V. Telecommunications France
B/Negative Altice International S.a.r.l. Altice Europe N.V. Telecommunications Luxembourg
B/Negative Amentum Holdings LLC Aerospace and defense U.S.
B/Negative Audacy Inc. Media and entertainment U.S.
B/Negative Azalea TopCo Inc., Health care U.S.
B/Negative BME Group Holding BV Forest products and building materials Netherlands
B/Negative 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 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 China South City Holdings Ltd. Homebuilders/real estate companies Yes Hong Kong
B/Negative Credivalores - Crediservicios SAS Financial institutions Colombia
B/Negative Curia Global Inc. Health care U.S.
B/Negative Curium Midco S.a r.l. Health care Luxembourg
B/Negative DISH Network Corp. Telecommunications U.S.
B/Negative Damac Real Estate Development Ltd. Homebuilders/real estate companies U.A.E.
B/Negative Diok Real Estate AG Homebuilders/real estate companies Germany
B/Negative Emerald X Inc., Media and entertainment U.S.
B/Negative Empire Today LLC Retail/restaurants Yes U.S.
B/Negative Endeavor Group Holdings Inc., Media and entertainment Yes U.S.
B/Negative EyeCare Partners, LLC Health care U.S.
B/Negative Foundation Building Materials Inc., Forest products and building materials U.S.
B/Negative Galaxy Finco Ltd. (Domestic & General) Consumer products Jersey
B/Negative Genesis Care Pty Ltd. Health care Australia
B/Negative Heritage Power, LLC Utilities U.S.
B/Negative House of HR N.V. Consumer products Belgium
B/Negative IRIS Midco Ltd. High technology U.K.
B/Negative IWH UK Finco Ltd. Health care U.K.
B/Negative IXS Holdings Inc., Automotive U.S.
B/Negative Illuminate Merger Sub Corp. Consumer products U.S.
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 Mamba Purchaser Inc., Health care Yes U.S.
B/Negative Mongolian Mortgage Corp. HFC LLC Mongolia Financial institutions Mongolia
B/Negative NCL Corp. Ltd. Media and entertainment Bermuda
B/Negative NFP Holdings, LLC Insurance U.S.
B/Negative NGL Energy Partners LP Utilities U.S.
B/Negative NMN Holdings III Corp. Health care U.S.
B/Negative Natural Resource Partners L.P. Metals, mining, and steel U.S.
B/Negative Neptune Holdco S.a.r.l. Forest products and building materials Luxembourg
B/Negative NexTier Oilfield Solutions Inc. Oil and gas U.S.
B/Negative Osmosis Holdings, LP Consumer products U.S.
B/Negative PBF Holding Co. LLC PBF Energy Inc. Utilities U.S.
B/Negative PBF Logistics LP PBF Energy Inc. Utilities U.S.
B/Negative PM General Purchaser LLC Aerospace and defense Yes 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 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 Staples Inc. Media and entertainment U.S.
B/Negative Target Hospitality Corp. Consumer products U.S.
B/Negative TecoStar Holdings Inc., Health care U.S.
B/Negative The Cook & Boardman Group, LLC Forest products and building materials U.S.
B/Negative Trader Corp. Consumer products Canada
B/Negative USF Holdings LLC Automotive U.S.
B/Negative UniFin SAS Health care Yes France
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 Zest Acquisition Corp Health care U.S.
B/Negative iHeartMedia Inc. Media and entertainment U.S.
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 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 U.S.
B-/Negative CFS Brands LLC Capital goods U.S.
B-/Negative Calumet Specialty Products Partners LP Utilities U.S.
B-/Negative CareerBuilder, LLC Media and entertainment U.S.
B-/Negative Century Casinos Inc., Media and entertainment U.S.
B-/Negative Chefs' Warehouse Inc., (The) Consumer products U.S.
B-/Negative ConvergeOne Holdings Inc. Media and entertainment U.S.
B-/Negative Cooper-Standard Holdings Inc., Automotive U.S.
B-/Negative Coty Inc. Consumer products U.S.
B-/Negative Crockett Cogeneration, A California Ltd. Partnership Utilities U.S.
B-/Negative Data Axle Inc. Media and entertainment U.S.
B-/Negative Dynasty Acquisition Co. Inc., Aerospace and defense U.S.
B-/Negative EagleView Technology Corp. Media and entertainment U.S.
B-/Negative Edward Don & Co. Holdings, LLC Consumer products U.S.
B-/Negative EnTrans International, LLC Automotive U.S.
B-/Negative 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 Guitar Center Inc. Guitar Center Holdings Inc. Retail/restaurants U.S.
B-/Negative Halo Buyer Inc. Consumer products U.S.
B-/Negative Hanjin International Corp. Korean Air Lines Co. Ltd. Media and entertainment Korea, Republic of
B-/Negative 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 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 Promontoria Holding 264 B.V. Transportation Netherlands
B-/Negative QualTek LLC Capital goods U.S.
B-/Negative Ryman Hospitality Properties Inc., Media and entertainment U.S.
B-/Negative Standard Profil Automotive GmbH Automotive Yes Germany
B-/Negative Sugarhouse HSP Gaming Prop. Mezz. L.P. Media and entertainment U.S.
B-/Negative TEG Pty Ltd Media and entertainment Australia
B-/Negative TPro Acquisition Corp. Automotive U.S.
B-/Negative Team Health Holdings Inc., Health care U.S.
B-/Negative Vincent Topco BV (NL) Consumer products Netherlands
B-/Negative West Deptford Energy Holdings, LLC Utilities U.S.
B-/Negative WestJet Airlines Ltd. Transportation Canada
B-/Negative Xenia Hotels & Resorts Inc., Media and entertainment U.S.
B-/Negative pH Beauty Holdings I Inc., Consumer products U.S.
Data as of Sept. 30, 2021. Source: S&P Global Ratings Research.

Related Research:

This report does not constitute a rating action.

Primary Credit Analyst:Sarah Limbach, Paris + 33 14 420 6708;
Sarah.Limbach@spglobal.com
Credit Markets Research:Patrick Drury Byrne, Dublin (00353) 1 568 0605;
patrick.drurybyrne@spglobal.com
Research Contributor:Shripati Pranshu, CRISIL Global Analytical Center, an S&P affiliate, Mumbai

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