Key Takeaways
- The gap between potential downgrades and potential upgrades is at the lowest level since September 2018, and the number of potential downgrades is down 55% year to date.
- The number of potential upgrades has slowed, with eight additions in October, sharply lower than the year-to-date monthly average of 17.
- More than 30% of the new additions to the potential downgrades are from the utilities sector, but the greater downgrade risk remains in the media and entertainment sector.
Note: The data in this report is as of Oct. 31, 2021, and does not include any rating actions taken since that date.
The number of potential bond 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) decreased by 33, to 528 as of Oct. 31, 2021, from 561 as of Sept. 30, 2021. This net decline--the 15th consecutive month of decline--was driven by 59 removals and 26 additions to our list of potential downgrades. As a result, the potential downgrade count has decreased by nearly 55% year to date.
Meanwhile, the count 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) increased to 352, eight more than a month earlier, following 32 removals and 40 additions. The pace of potential upgrades has slowed considerably from previous months, with the net addition of eight in October. Despite fewer potential upgrades added in October, the gap between potential downgrades and upgrades is narrowing, indicating that future credit deterioration may be lower.
Chart 1
Monthly Trends: Financial Institutions And Media And Entertainment Drive Positive Momentum
The financial institutions and media and entertainment sectors led both in terms of new additions to potential upgrades (see chart 2a) and removals from potential downgrades during the month of October. The utilities sector, primarily due to elevated mergers and acquisitions activity as well as challenging market and operating conditions, was responsible for the largest number of new additions to the potential downgrade list (see chart 2b).
Chart 2a
Chart 2b
Chart 3
Chart 4a
Chart 4b
Rating Distribution: Media And Entertainment Is The Most Vulnerable Sector
Despite progress in October, the media and entertainment sector remains the most vulnerable. The utilities sector has the highest number of potential downgrades, but 77% of issuers are rated investment grade. In contrast, 77% of the media and entertainment issuers are rated in the speculative-grade category and are more vulnerable to further credit deterioration.
Chart 5
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. 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 Potential Downgrades Were Added And Removed After Outlook And CreditWatch Revisions | ||||||||
---|---|---|---|---|---|---|---|---|
Potential downgrade removals | Potential downgrade additions | |||||||
Reason for removal | Issuer count | Reason for addition | Issuer count | |||||
OLCW change | 38 | OLCW change | 19 | |||||
Downgraded and OLCW change | 10 | Downgraded and OLCW change | 4 | |||||
Ratings withdrawn | 5 | Newly rated debt | 2 | |||||
No outstanding debt | 3 | Newly rated issuer | 1 | |||||
Upgraded and OLCW change | 2 | Upgraded and OLCW change | 0 | |||||
Parent | 1 | Downgraded | 0 | |||||
Downgraded | 0 | Parent | 0 | |||||
Default | 0 | Upgraded | 0 | |||||
Selective default (SD) | 0 | |||||||
Upgraded | 0 | |||||||
Total | 59 | Total | 26 | |||||
*Issuer removed due to subsidiary relationship with parent company, which now qualifies as potential downgrade. Data as of Oct. 31, 2021. OLCW--Outlook or CreditWatch. Source: S&P Global Ratings Research. |
Table 2
Utilities Contribute The Highest Share To The Potential Downgrades | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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 | 13 | 72.22 | 31.15 | 21.53 | (9.61) | 2.69 | ||||||||
Utilities | 60 | 58.82 | 21.83 | 20.49 | (1.34) | 17.56 | ||||||||
Sovereign | 14 | 87.50 | 15.52 | 14.44 | (1.08) | 3.23 | ||||||||
Transportation | 15 | 42.86 | 21.24 | 21.98 | 0.75 | 4.12 | ||||||||
Homebuilders and real estate companies | 31 | 55.36 | 14.17 | 15.70 | 1.53 | 5.02 | ||||||||
Health care | 18 | 32.14 | 15.87 | 17.87 | 2.00 | 6.27 | ||||||||
Media and entertainment | 53 | 46.09 | 24.16 | 26.91 | 2.75 | 10.75 | ||||||||
Oil and gas | 41 | 50.62 | 14.79 | 20.65 | 5.86 | 2.51 | ||||||||
Insurance | 3 | 25.00 | 9.84 | 16.50 | 6.66 | 1.79 | ||||||||
Consumer products | 39 | 43.33 | 17.83 | 24.97 | 7.15 | 9.32 | ||||||||
Financial institutions | 40 | 57.97 | 13.04 | 20.19 | 7.15 | 10.75 | ||||||||
Automotive | 5 | 19.23 | 18.56 | 26.66 | 8.11 | 2.33 | ||||||||
Telecommunications | 15 | 51.72 | 11.59 | 20.17 | 8.58 | 3.23 | ||||||||
Capital goods | 15 | 37.50 | 12.99 | 21.98 | 8.99 | 3.76 | ||||||||
Chemicals, packaging, and environmental services | 20 | 30.30 | 8.61 | 19.40 | 10.79 | 2.15 | ||||||||
Retail and restaurants | 9 | 14.75 | 12.43 | 25.19 | 12.77 | 2.87 | ||||||||
Metals, mining, and steel | 13 | 39.39 | 11.45 | 24.60 | 13.15 | 1.61 | ||||||||
Forest products and building materials | 12 | 42.86 | 7.63 | 22.36 | 14.73 | 1.61 | ||||||||
High technology | 19 | 27.54 | 5.69 | 21.12 | 15.43 | 2.15 | ||||||||
Diversified | ||||||||||||||
Data as of Oct. 31, 2021. Source: S&P Global Ratings Research. |
Table 3
Issuers On CreditWatch/Outlook Negative ('AAA' Through 'B-' Ratings) | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Rating | 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 | U.S. | |||||||||||
A/Watch Neg | BHP Group Ltd. | Metals, mining, and steel | Australia | |||||||||||
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 | Canadian National Railway Co. | Transportation | Yes | Canada | ||||||||||
A/Negative | Compass Group PLC | Consumer products | U.K. | |||||||||||
A/Negative | EVN AG | Utilities | Austria | |||||||||||
A/Negative | GPT Group | Homebuilders/real estate companies | Yes | Australia | ||||||||||
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 | Kimberly-Clark Corp. | Consumer products | Yes | 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 | 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 | 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 | Sweden | |||||||||||
A-/Watch Neg | Baxter International Inc., | Health care | U.S. | |||||||||||
A-/Watch Neg | Pinnacle West Capital Corp. | Utilities | Yes | U.S. | ||||||||||
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 | 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 | Evergy Inc., | Utilities | 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 | LQ Inversiones Financieras S.A. | Financial institutions | Chile | |||||||||||
A-/Negative | Malayan Banking Berhad | Financial institutions | Malaysia | |||||||||||
A-/Negative | Malaysia | Sovereign | Malaysia | |||||||||||
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 | U.S. | ||||||||||
A-/Negative | Shanghai Electric (Group) Corp. | Capital goods | Yes | China | ||||||||||
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 | Elenia Verkko Oyj | Utilities | Yes | Finland | ||||||||||
BBB+/Watch Neg | General Electric Co. | Capital goods | U.S. | |||||||||||
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 | Aozora Bank Ltd. | Financial institutions | Japan | |||||||||||
BBB+/Negative | Australia Pacific Airports Corp. Ltd. | Utilities | Australia | |||||||||||
BBB+/Negative | Banco BBVA Peru | Banco Bilbao Vizcaya Argentaria S.A. | Financial institutions | Yes | Peru | |||||||||
BBB+/Negative | Banco BICE | Financial institutions | Yes | Chile | ||||||||||
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 | EnergyAustralia Holdings Ltd. | Utilities | Yes | Australia | ||||||||||
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 | Heineken N.V. | Consumer products | Netherlands | |||||||||||
BBB+/Negative | Huntington Bancshares Inc. | Financial institutions | U.S. | |||||||||||
BBB+/Negative | KASIKORNBANK PCL. | Financial institutions | Yes | Thailand | ||||||||||
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 | Republic of Peru | Sovereign | Yes | Peru | ||||||||||
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 | Transportadora de Gas del Peru S.A. | Utilities | Yes | Peru | ||||||||||
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 | Dominion Energy Questar Pipeline LLC, | Dominion Energy Inc. | Utilities | Yes | U.S. | |||||||||
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 | Akelius Residential Property AB | Homebuilders/real estate companies | Sweden | |||||||||||
BBB/Negative | Algonquin Power & Utilities Corp. | Utilities | Yes | Canada | ||||||||||
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 | China Huarong Asset Management Co. Ltd. | Financial institutions | Yes | China | ||||||||||
BBB/Negative | Computershare Ltd. | Consumer products | Australia | |||||||||||
BBB/Negative | Credicorp Ltd. | Financial institutions | Yes | Bermuda | ||||||||||
BBB/Negative | Crown Resorts Ltd. | Media and entertainment | Yes | Australia | ||||||||||
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 | Fastighets AB Balder | Homebuilders/real estate companies | Yes | Sweden | ||||||||||
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 | Textron Inc. | Aerospace and defense | U.S. | |||||||||||
BBB/Negative | United Mexican States | Sovereign | Mexico | |||||||||||
BBB/Negative | Valero Energy Corp. | Utilities | 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 | Inter Pipeline Ltd. | Utilities | Yes | Canada | ||||||||||
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 | 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 | Southwest Gas Holdings Inc | Utilities | Yes | U.S. | ||||||||||
BBB-/Negative | Steelcase Inc. | Consumer products | U.S. | |||||||||||
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 | 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 | Austin Convention Enterprises Inc., | Utilities | U.S. | |||||||||||
BB+/Negative | Avantor Inc., | Health care | 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 | Marks & Spencer PLC | Marks & Spencer Group PLC | Retail/restaurants | U.K. | ||||||||||
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 | 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 | 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 | International Consolidated Airlines Group, S.A. | Transportation | Spain | |||||||||||
BB/Negative | Invenergy Thermal Operating I LLC | Utilities | Yes | U.S. | ||||||||||
BB/Negative | KazMunayGas NC JSC | Oil and gas | Kazakhstan | |||||||||||
BB/Negative | Matthews International Corp. | Health care | U.S. | |||||||||||
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 | 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 | 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-/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 | 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 | Melco Resorts (Macau) Ltd. | Melco International Development Ltd. | Media and entertainment | Macao | ||||||||||
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 | The Commonwealth of The Bahamas | Sovereign | Bahamas | |||||||||||
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 | Adler Group S.A. | ADO Group Ltd. | Homebuilders/real estate companies | Yes | Luxembourg | |||||||||
B+/Watch Neg | Cooke Omega Investments Inc. | Cooke Inc. | Consumer products | Canada | ||||||||||
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+/Watch Neg | MGM Resorts International | Media and entertainment | Yes | U.S. | ||||||||||
B+/Watch Neg | Teekay Corp. | Transportation | Yes | Marshall Islands | ||||||||||
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 | 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 | Greenland Holding Group Co. Ltd. | Homebuilders/real estate companies | Yes | China | ||||||||||
B+/Negative | Inversiones Atlantida, S.A. | Financial institutions | Honduras | |||||||||||
B+/Negative | J.B. Poindexter & Co. Inc. | Capital goods | U.S. | |||||||||||
B+/Negative | Kingdom of Bahrain | Sovereign | Bahrain | |||||||||||
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 | Studio City Co. Ltd. | Melco International Development Ltd. | Media and entertainment | British Virgin Islands | ||||||||||
B+/Negative | TMK PAO | Metals, mining, and steel | Russia | |||||||||||
B+/Negative | Techem Verwaltungsgesellschaft 674 mbH | Consumer products | Germany | |||||||||||
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 | Wynn Resorts Ltd. | Media and entertainment | Yes | 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/Negative | ADMI Corp. | Health care | U.S. | |||||||||||
B/Negative | AP Gaming Holdings LLC | Media and entertainment | U.S. | |||||||||||
B/Negative | Altice France S.A. | Altice Europe N.V. | Telecommunications | France | ||||||||||
B/Negative | Altice International S.a.r.l. | Altice Europe N.V. | Telecommunications | Luxembourg | ||||||||||
B/Negative | Amentum Holdings LLC | Aerospace and defense | U.S. | |||||||||||
B/Negative | 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 | Bella Holding Co, LLC | Health care | 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 Aoyuan Group Ltd. | Homebuilders/real estate companies | Yes | Cayman Islands | ||||||||||
B/Negative | China South City Holdings Ltd. | Homebuilders/real estate companies | 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 | E-House (China) Enterprise Holdings Ltd. | Consumer products | Yes | China | ||||||||||
B/Negative | Emerald X Inc., | Media and entertainment | U.S. | |||||||||||
B/Negative | Empire Today LLC | Retail/restaurants | U.S. | |||||||||||
B/Negative | Endeavor Group Holdings Inc., | Media and entertainment | U.S. | |||||||||||
B/Negative | EyeCare Partners, LLC | Health care | U.S. | |||||||||||
B/Negative | Foundation Building Materials Inc., | Forest products and building materials | U.S. | |||||||||||
B/Negative | Galaxy Finco Ltd. (Domestic & General) | Consumer products | Jersey | |||||||||||
B/Negative | Genesis Care Pty Ltd. | Health care | Australia | |||||||||||
B/Negative | 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 | Illuminate Merger Sub Corp. | Consumer products | 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 | 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 | 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 | NSM Top Holdings Corp | Health care | Yes | U.S. | ||||||||||
B/Negative | Natural Resource Partners L.P. | Metals, mining, and steel | U.S. | |||||||||||
B/Negative | Neptune Holdco S.a.r.l. | Forest products and building materials | Luxembourg | |||||||||||
B/Negative | NexTier Oilfield Solutions Inc. | Oil and gas | U.S. | |||||||||||
B/Negative | Nitrogenmuvek Zrt. | Chemicals, packaging, and environmental services | Yes | Hungary | ||||||||||
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 | 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 | Platform Bidco | Consumer products | Yes | Ireland | ||||||||||
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 | 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 | UniFin SAS | Health care | France | |||||||||||
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 | 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 | 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 | Avison Young (Canada) Inc. | Financial institutions | Canada | |||||||||||
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 | 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 | 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 | 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 | IXS Holdings Inc., | Automotive | U.S. | |||||||||||
B-/Negative | Independent State of Papua New Guinea | Sovereign | Papua New Guinea | |||||||||||
B-/Negative | Intrado Corp. | Telecommunications | U.S. | |||||||||||
B-/Negative | JHW Alphia Holdings Inc. | Consumer products | Yes | U.S. | ||||||||||
B-/Negative | Kirk Beauty One GmbH | Retail/restaurants | Germany | |||||||||||
B-/Negative | Kiwi VFS SUB I S.ar.l | Consumer products | Luxembourg | |||||||||||
B-/Negative | Knowlton Development Corp. Inc., | Knowlton Development Corp. Inc. | Consumer products | Yes | Canada | |||||||||
B-/Negative | Lannett Co. Inc., | Health care | U.S. | |||||||||||
B-/Negative | Lightstone HoldCo LLC | Utilities | U.S. | |||||||||||
B-/Negative | Lindblad Expeditions Holdings Inc. | Media and entertainment | U.S. | |||||||||||
B-/Negative | MYOB Invest Co. Pty Ltd. | High technology | Australia | |||||||||||
B-/Negative | Marcolin SpA | Consumer products | Italy | |||||||||||
B-/Negative | 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 | 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 | Republic of El Salvador | Sovereign | Yes | El Salvador | ||||||||||
B-/Negative | Ryman Hospitality Properties Inc., | Media and entertainment | U.S. | |||||||||||
B-/Negative | Standard Profil Automotive GmbH | Automotive | 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 | Vida Capital Inc., | Financial institutions | 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 Oct. 31, 2021. Source: S&P Global Ratings 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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