Key Takeaways
- The number of potential downgrades has decreased for the 14th month in a row with a net decrease of 53, down to 561. Potential upgrades saw a net increase of 9, up to 344, meaning the gap between potential downgrades and potential upgrades is at the lowest level since February 2019.
- Health care added the most issuers to our potential downgrade list during September, while media and entertainment added the most issuers to the potential upgrades list.
- U.S. issuers in the media and entertainment and consumer product sectors had the largest decrease in potential downgrades during September, while the utilities sector remains the most vulnerable to potential bond downgrades (78, excluding midstream and merchant power), followed by financial institutions (69), and media and entertainment (67).
- Despite positive trends in potential upgrade and downgrade activity, actual net upgrades as of the end of September were only about 12% of the net COVID-19 induced downgrades in 2020; so there is a long way to go before we return to pre-pandemic levels.
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).
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
Chart 3
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
Chart 5
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
Chart 7
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:
- COVID-19 Impact: Key Takeaways From Our Articles, Oct. 7, 2021
- Ethiopia Ratings Lowered To 'CCC+'; Outlook Negative On Rising External Vulnerabilities, Sept. 25, 2021
- COVID-19 Heat Map: Pent-Up Demand And Supply Shortages Further Improve Recovery Prospects For Credit Quality, June 8, 2021
- General Criteria: Use Of CreditWatch And Outlooks, Sept. 14, 2009
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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