Key Takeaways
- The number of potential downgrades decreased for the 17th consecutive month resulting in 2022 starting 60% lower than 2021.
- 24% of potential downgrades are influenced by ESG considerations, similar to December 2020.
- Potential downgrades influenced by ESG factors were more than twice as likely to lead to a downgrade over the course of 2021. The sovereign sector has the highest share of potential downgrades influenced by ESG.
- Social remains the key ESG factor influencing rating changes, albeit governance is becoming an increasingly important factor for potential upgrades.
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 19, to 486 as of Dec. 31, 2021, from 505 as of Nov. 30, 2021. This net decline, for the 17th consecutive month, was driven by 43 removals and 24 additions. The sustained monthly decline means potential bond downgrades started 2022 60% lower than 2021.
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 368, five more than a month earlier, following 22 removals and 27 additions.
As a result, the gap between potential downgrades and upgrades tightened to its lowest since we started tracking this data in March 2007, which is a more than 90% decrease since its peak in July 2020. This suggests a low propensity for net credit deterioration and fewer downgrades over the coming months.
Chart 1
ESG Is More Of A Factor For Potential Downgrades Than Potential Upgrades
The number of ESG-influenced potential downgrades more than halved to 115 from 260 during 2021, but at 24%, remained broadly stable with the previous year, as the overall potential downgrade total also fell sharply. In contrast ESG-related potential upgrades remained stable in terms of absolute numbers --23 and 22 respectively--but, following the increase in potential upgardes over the past year, their overall share declined to 6% from 12% over the same period. Consequently, as 2022 begins, ESG considerations, especially in the continuing context of the pandemic, are more of a risk than an opportunity to credit quality.
Chart 2a
Chart 2b
Potential Downgrades Influenced By ESG Factors Are More Than Twice As Likely To Lead To A Downgrade
Potential downgrades influenced by ESG concerns were more than twice as likely than the total portfolio of potential downgrades to be downgraded over the course of 2021. 34% of ESG-related potential downgrades were removed because of a downgrade, in contrast to 15% for the total portfolio. Additionally, 64% were removed following an affirmation, or upgrade of their rating, in contrast to 78% for the overall portfolio.
Social Remains The Most Important ESG Factor In The Context Of COVID-19
Health and safety considerations driven by the coronavirus pandemic have made social the predominant ESG factor since we started tracking ESG-related rating actions in April 2020. This trend continued through 2021, albeit to a somewhat lesser extent, with social driving 85% of ESG-related potential downgrades as of Dec. 31, 2021, down from 94% a year earlier. When analyzing potential upgrades, governance stands out as an increasingly important ESG factor for a potential improvement of credit quality.
Chart 3a
Chart 3b
Outlook For Overall Portfolio In 2022: Fewer Downgrades Expected
The negative bias (the share of potential downgrades within a sector or asset class) significantly declined across all sectors we track in the 12 months ending Dec. 31, 2021.
The largest decline in potential downgrades during 2021 occurred within the financial institutions sector, with a net decrease of 97 issuers, as earnings and asset quality improved in a context of robust economic growth, extensive policy support, and favorable financing conditions. However, financial institutions remain the second highest contributor to downgrade potential, in absolute terms , largely owing to the size of the asset class.
Chart 4
Chart 5
Monthly Trends: Potential Downgrade Risk Rises Among Consumer Products Issuers
Out of the 24 additions to potential downgrades, nine stem from the consumer products sector. Only three of these additions are rated investment-grade, and at its lower end, it indicates the risk of credit deterioration in the lower end of the spectrum. Increased leverage, in two cases resulting from acquisitions, was reason for adding three of the new potential downgrades in consumer products. Financial institutions continue to contribute most potential upgrades, while new additions are broad-based across sectors.
Chart 6a
Chart 6b
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.
Table 1
| The Utilities Sector Contributes Most 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 | 15 | 75.00 | 26.67 | 21.57 | (5.09) | 2.47 | ||||||||
| Homebuilders and real estate companies | 34 | 60.71 | 16.87 | 15.71 | (1.16) | 6.58 | ||||||||
| Sovereign | 12 | 85.71 | 13.68 | 14.44 | 0.76 | 3.09 | ||||||||
| Health care | 18 | 33.33 | 16.67 | 17.86 | 1.20 | 7.20 | ||||||||
| Utilities | 53 | 56.99 | 18.46 | 20.48 | 2.02 | 17.70 | ||||||||
| Media and entertainment | 40 | 38.46 | 21.45 | 26.88 | 5.44 | 10.08 | ||||||||
| Transportation | 9 | 30.00 | 15.79 | 21.96 | 6.17 | 3.50 | ||||||||
| Consumer products | 38 | 40.43 | 18.36 | 24.94 | 6.58 | 11.73 | ||||||||
| Insurance | 2 | 15.38 | 9.88 | 16.47 | 6.58 | 2.26 | ||||||||
| Financial institutions | 37 | 44.58 | 13.36 | 20.15 | 6.79 | 13.37 | ||||||||
| Capital goods | 14 | 35.90 | 13.03 | 21.93 | 8.91 | 3.91 | ||||||||
| Telecommunications | 16 | 55.17 | 11.03 | 20.12 | 9.09 | 3.91 | ||||||||
| Oil and gas | 30 | 41.10 | 9.47 | 20.60 | 11.13 | 2.26 | ||||||||
| Automotive | 5 | 18.52 | 15.31 | 26.61 | 11.31 | 2.47 | ||||||||
| Chemicals, packaging, and environmental services | 12 | 19.05 | 6.60 | 19.34 | 12.73 | 1.85 | ||||||||
| Metals, mining, and steel | 9 | 26.47 | 10.69 | 24.53 | 13.84 | 1.85 | ||||||||
| Retail and restaurants | 6 | 11.54 | 10.53 | 25.12 | 14.59 | 2.47 | ||||||||
| Forest products and building materials | 14 | 48.28 | 7.69 | 22.29 | 14.60 | 1.44 | ||||||||
| High technology | 20 | 29.41 | 4.27 | 21.03 | 16.76 | 1.85 | ||||||||
| Diversified | 1 | 100.00 | 0.00 | 17.81 | 17.81 | 0.00 | ||||||||
| Data as of Dec. 31, 2021. Source: S&P Global Ratings Research. | ||||||||||||||
Table 2
| Issuers on CreditWatch/Outlook Negative ('AAA' Through 'B-' Ratings) | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Rating comb | Issuer | Parent company | Sector/Subsector | New to the list this month | OLCW change | Country | ||||||||
| AAA/Negative | Johnson & Johnson | Health care | U.S. | |||||||||||
| AA-/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+/Negative | 3M Co. | Capital goods | U.S. | |||||||||||
| A+/Negative | American States Water Co. | Utilities | U.S. | |||||||||||
| A+/Negative | Banco Santander S.A. | Financial institutions | Yes | Spain | ||||||||||
| 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 | Danske Bank A/S | Financial institutions | Yes | Denmark | ||||||||||
| A+/Negative | East Japan Railway Co. | Utilities | Japan | |||||||||||
| A+/Negative | Eli Lilly & Co. | Health care | U.S. | |||||||||||
| A+/Negative | Enexis Holding N.V. | Utilities | Yes | Netherlands | ||||||||||
| A+/Negative | Flughafen Zurich AG | Utilities | Switzerland | |||||||||||
| 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 | Banco Bilbao Vizcaya Argentaria, S.A. | Financial institutions | Yes | Spain | ||||||||||
| A/Negative | Canadian National Railway Co. | Transportation | Canada | |||||||||||
| A/Negative | Compass Group PLC | Consumer products | U.K. | |||||||||||
| A/Negative | GPT Group | Homebuilders/real estate companies | 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 | U.S. | |||||||||||
| A/Negative | Kingdom of Spain | Sovereign | Spain | |||||||||||
| 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 | Sociedad Concesionaria Autovia de la Plata S.A. | Utilities | Yes | Spain | ||||||||||
| 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 | Bouygues S.A. | Telecommunications | France | |||||||||||
| 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 | AusNet Services Ltd. | Utilities | Australia | |||||||||||
| A-/Negative | Australian Prime Property Fund Retail | Homebuilders/real estate companies | Australia | |||||||||||
| A-/Negative | Autoridad del Canal de Panama | Utilities | Panama | |||||||||||
| A-/Negative | Biogen Inc. | Health care | U.S. | |||||||||||
| 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 | Inner Mongolia Yili Industrial Group Co. Ltd., | Consumer products | China | |||||||||||
| 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 | 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 | China | |||||||||||
| A-/Negative | Sika AG | Chemicals, packaging, and environmental services | Switzerland | |||||||||||
| A-/Negative | Telekom Malaysia Berhad | Telecommunications | Malaysia | |||||||||||
| A-/Negative | Vier Gas Transport GmbH | Utilities | Germany | |||||||||||
| A-/Negative | daa PLC | Utilities | Ireland | |||||||||||
| BBB+/Watch Neg | Alstria Office REIT-AG | Homebuilders/real estate companies | Germany | |||||||||||
| BBB+/Watch Neg | American International Group Inc. | Insurance | U.S. | |||||||||||
| BBB+/Watch Neg | Elenia Verkko Oyj | Utilities | Finland | |||||||||||
| BBB+/Watch Neg | General Electric Co. | Capital goods | U.S. | |||||||||||
| BBB+/Watch Neg | Oracle Corp. | High technology | Yes | 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 BICE | Financial institutions | Chile | |||||||||||
| 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 | Australia | |||||||||||
| 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 | Thailand | |||||||||||
| BBB+/Negative | Kimberly-Clark de Mexico S.A.B. de C.V. | Consumer products | Mexico | |||||||||||
| BBB+/Negative | Liverpool Victoria Financial Services Ltd. | Insurance | Yes | U.K. | ||||||||||
| 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 | PPG Industries Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| BBB+/Negative | Pinnacle West Capital Corp. | Utilities | U.S. | |||||||||||
| BBB+/Negative | Republic of Peru | Sovereign | 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 | 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 | U.S. | ||||||||||
| BBB/Watch Neg | Securitas AB | Consumer products | Yes | Sweden | ||||||||||
| 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 | Canada | |||||||||||
| BBB/Negative | American Campus Communities Inc. | Homebuilders/real estate companies | U.S. | |||||||||||
| 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 | China Huarong Asset Management Co. Ltd. | Financial institutions | China | |||||||||||
| BBB/Negative | Computershare Ltd. | Consumer products | Australia | |||||||||||
| BBB/Negative | Credicorp Ltd. | Financial institutions | Bermuda | |||||||||||
| BBB/Negative | Crown Resorts Ltd. | Media and entertainment | Australia | |||||||||||
| BBB/Negative | DEPFA Bank PLC | FMS Wertmanagement Anstalt des oeffentlichen Rechts | Financial institutions | Ireland | ||||||||||
| 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 | Fideicomiso 209635 (Matehuala) | Transportation | Mexico | |||||||||||
| 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 | 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 | 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 | SiriusPoint Ltd. | Insurance | Bermuda | |||||||||||
| BBB/Negative | Sonoco Products Co. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| BBB/Negative | Sutton and East Surrey Water PLC | East Surrey Holdings PLC | Utilities | U.K. | ||||||||||
| BBB/Negative | Textron Inc. | Aerospace and defense | U.S. | |||||||||||
| BBB/Negative | United Mexican States | Sovereign | Mexico | |||||||||||
| BBB/Negative | Workspace Group PLC | Homebuilders/real estate companies | U.K. | |||||||||||
| BBB-/Watch Neg | Go-Ahead Group PLC (The) | Transportation | Yes | U.K. | ||||||||||
| 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 | Anadolu Efes Biracilik ve Malt Sanayii AS | Consumer products | Yes | Turkey | ||||||||||
| 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 | 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 Bohai Bank Co. Ltd., | Financial institutions | Yes | China | ||||||||||
| 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 | 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 | Informa PLC | Media and entertainment | U.K. | |||||||||||
| BBB-/Negative | Inter Pipeline Ltd. | Utilities | 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 | Li & Fung Ltd. | Consumer products | Yes | Bermuda | ||||||||||
| 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 | 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 | 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 | easyJet PLC | Transportation | U.K. | |||||||||||
| BB+/Watch Neg | Avast Holding B.V. | High technology | Netherlands | |||||||||||
| BB+/Watch Neg | CyrusOne Inc. | Homebuilders/real estate companies | 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 | Arcelik A.S. | Consumer products | Yes | Turkey | ||||||||||
| 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 | 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 | Hyatt Hotels Corp. | Media and entertainment | U.S. | |||||||||||
| BB+/Negative | Rakuten Group Inc., | High technology | Japan | |||||||||||
| BB+/Negative | Renault S.A. | Automotive | France | |||||||||||
| BB+/Negative | Reynolds Consumer Products Inc. | Consumer products | U.S. | |||||||||||
| BB+/Negative | Standard Industries Inc. | Forest products and building materials | U.S. | |||||||||||
| BB+/Negative | Trinidad Generation UnLtd. | Utilities | Trinidad and Tobago | |||||||||||
| BB+/Negative | ZF Friedrichshafen AG | Automotive | Germany | |||||||||||
| BB/Watch Neg | McAfee Corp. | 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 | 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 | Emergent BioSolutions Inc. | Health care | U.S. | |||||||||||
| BB/Negative | FEH Inc., | Financial institutions | U.S. | |||||||||||
| BB/Negative | FirstCash 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 | U.S. | |||||||||||
| BB/Negative | KazMunayGas NC JSC | Oil and gas | Kazakhstan | |||||||||||
| BB/Negative | Muthoot Finance Ltd | Financial institutions | India | |||||||||||
| BB/Negative | Novomatic AG | Media and entertainment | Austria | |||||||||||
| 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 | CORESTATE Capital Holding S.A. | Financial institutions | Luxembourg | |||||||||||
| BB-/Watch Neg | Crocs Inc., | Consumer products | Yes | U.S. | ||||||||||
| BB-/Watch Neg | Ferro Corp. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| BB-/Watch Neg | Telesat Canada | Telesat Holdings Inc. | Telecommunications | Canada | ||||||||||
| BB-/Watch Neg | Transnet SOC Ltd. | Utilities | South Africa | |||||||||||
| BB-/Watch Neg | Viasat Inc., | Telecommunications | U.S. | |||||||||||
| BB-/Negative | Agile Group Holdings Ltd. | Homebuilders/real estate companies | Cayman Islands | |||||||||||
| 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 | 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 | Diversified Healthcare Trust | Homebuilders/real estate companies | U.S. | |||||||||||
| 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 | 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 | Harsco Corp. | Capital goods | U.S. | |||||||||||
| BB-/Negative | Koc Holding A.S. | Financial institutions | Yes | Turkey | ||||||||||
| BB-/Negative | Micro Focus International PLC | High technology | U.K. | |||||||||||
| BB-/Negative | Natgasoline, LLC | Utilities | U.S. | |||||||||||
| 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 | Pinewood Group Ltd | Homebuilders/real estate companies | U.K. | |||||||||||
| 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 | Southeast Supply Header, LLC | Utilities | U.S. | |||||||||||
| BB-/Negative | Tripadvisor Inc., | Media and entertainment | U.S. | |||||||||||
| BB-/Negative | Turk Telekom | Ojer Telekomunikasyon A.S. | Telecommunications | Yes | Turkey | |||||||||
| BB-/Negative | Turkcell Iletisim Hizmetleri A.S. | Telecommunications | Yes | Turkey | ||||||||||
| 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 | WEX Inc. | Financial institutions | U.S. | |||||||||||
| BB-/Negative | ams AG | High technology | Austria | |||||||||||
| B+/Watch Neg | Credito Real, S.A.B. de C.V., SOFOM, E.N.R. | Futu Iem, S.A.P.I. de C.V. | Financial institutions | Yes | Mexico | |||||||||
| B+/Watch Neg | Kindred Healthcare LLC | Health care | U.S. | |||||||||||
| B+/Watch Neg | MGM Resorts International | Media and entertainment | U.S. | |||||||||||
| B+/Watch Neg | Service Properties Trust | Homebuilders/real estate companies | U.S. | |||||||||||
| B+/Watch Neg | Teekay Corp. | Transportation | Marshall Islands | |||||||||||
| B+/Negative | Adler Group S.A. | ADO Group Ltd. | Homebuilders/real estate companies | Yes | Luxembourg | |||||||||
| B+/Negative | Affidea B.V. | Health care | Netherlands | |||||||||||
| B+/Negative | Air Canada | ACE Aviation Holdings Inc. | Transportation | Canada | ||||||||||
| B+/Negative | B&G Foods Inc., | Consumer products | U.S. | |||||||||||
| B+/Negative | Bausch Health Cos. Inc. | Health care | Canada | |||||||||||
| B+/Negative | CVR Energy Inc., | Utilities | U.S. | |||||||||||
| B+/Negative | Dufry AG | Retail/restaurants | Switzerland | |||||||||||
| B+/Negative | Financiera Independencia S.A.B. de C.V. SOFOM E.N.R. | Financial institutions | Mexico | |||||||||||
| B+/Negative | 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 | Greenland Holding Group Co. Ltd. | Homebuilders/real estate companies | China | |||||||||||
| B+/Negative | Inversiones Atlantida, S.A. | Financial institutions | Honduras | |||||||||||
| B+/Negative | J.B. Poindexter & Co. Inc. | Capital goods | U.S. | |||||||||||
| B+/Negative | KWG Group Holdings Ltd. | Homebuilders/real estate companies | Cayman Islands | |||||||||||
| B+/Negative | Midwest Gaming Borrower, LLC | Media and entertainment | U.S. | |||||||||||
| B+/Negative | ModivCare Inc. | Health care | U.S. | |||||||||||
| B+/Negative | Ontex Group N.V. | Consumer products | Belgium | |||||||||||
| B+/Negative | Outfront Media Inc. | Media and entertainment | U.S. | |||||||||||
| B+/Negative | PT Medco Energi Internasional Tbk. | Oil and gas | Indonesia | |||||||||||
| 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 | Shimao Group Holdings Ltd. | Homebuilders/real estate companies | Cayman Islands | |||||||||||
| B+/Negative | TMK PAO | Metals, mining, and steel | Russia | |||||||||||
| B+/Negative | TTF Holdings, LLC | Health care | U.S. | |||||||||||
| 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 | U.S. | |||||||||||
| B+/Negative | iQera Group SAS | Financial institutions | France | |||||||||||
| B/Watch Neg | Air Baltic Corp AS | Transportation | Latvia | |||||||||||
| B/Watch Neg | Gopher Resource, LLC | ECP Gopher Holdings, L.P. | Metals, mining, and steel | U.S. | ||||||||||
| B/Watch Neg | Hyster-Yale Materials Handling Inc. | Capital goods | U.S. | |||||||||||
| B/Watch Neg | athenahealth Intermediate Holdings, LLC | athenahealth Group Inc. | Health care | 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 | Carnival Corp. | Media and entertainment | Panama | |||||||||||
| B/Negative | Cerelia Participation Holding SAS | Consumer products | France | |||||||||||
| B/Negative | Charter Next Generation Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| B/Negative | Cooke Omega Investments Inc. | Cooke Inc. | Consumer products | Yes | Canada | |||||||||
| 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 | Damac Real Estate Development Ltd. | Homebuilders/real estate companies | U.A.E. | |||||||||||
| B/Negative | Dexin China Holdings Co. Ltd. | Homebuilders/real estate companies | Cayman Islands | |||||||||||
| B/Negative | Diok Real Estate AG | Homebuilders/real estate companies | Germany | |||||||||||
| B/Negative | E-House (China) Enterprise Holdings Ltd. | Consumer products | 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 | Grupo Antolin-Irausa S.A.U. | Automotive | Spain | |||||||||||
| B/Negative | Guacolda Energia S.A | Utilities | Chile | |||||||||||
| B/Negative | Heritage Power, LLC | Utilities | U.S. | |||||||||||
| B/Negative | Highline Aftermarket Acquisition Parent, LLC | Consumer products | U.S. | |||||||||||
| B/Negative | House of HR N.V. | Consumer products | Belgium | |||||||||||
| B/Negative | IWH UK Finco Ltd. | Health care | U.K. | |||||||||||
| B/Negative | Illuminate Merger Sub Corp. | Consumer products | U.S. | |||||||||||
| B/Negative | Instant Brands Holdings Inc. | Consumer products | Yes | U.S. | ||||||||||
| B/Negative | Jingrui Holdings Ltd. | Homebuilders/real estate companies | Cayman Islands | |||||||||||
| 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 | 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 | 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 | Park Hotels & Resorts Inc. | Media and entertainment | U.S. | |||||||||||
| B/Negative | Phoenix Services International LLC | Metals, mining, and steel | U.S. | |||||||||||
| B/Negative | Platform Bidco | Consumer products | 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 | ScribeAmerica Intermediate Holdco, LLC | HealthChannels, LLC | Health care | Yes | 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 | The Cook & Boardman Group, LLC | Forest products and building materials | U.S. | |||||||||||
| B/Negative | Tosca IoM Ltd. | Telecommunications | Yes | U.K. | ||||||||||
| B/Negative | Triton Water Holdings Inc., | Consumer products | U.S. | |||||||||||
| B/Negative | UniFin SAS | Health care | France | |||||||||||
| B/Negative | Zest Acquisition Corp | Health care | U.S. | |||||||||||
| B-/Watch Neg | PlayPower Holdings Inc. | Media and entertainment | Yes | 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 | ATI Physical Therapy Inc., | Health care | U.S. | |||||||||||
| B-/Negative | Alvogen Pharma US Inc., | Alvogen Lux Holdings S.a.r.l. | Health care | U.S. | ||||||||||
| B-/Negative | Boparan Holdings Ltd. | Consumer products | Yes | U.K. | ||||||||||
| 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 | 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 | U.S. | |||||||||||
| B-/Negative | Jiangsu Zhongnan Construction Group Co., Ltd. | Homebuilders/real estate companies | China | |||||||||||
| B-/Negative | KAMC 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 | Canada | ||||||||||
| B-/Negative | Kronos Acquisition Holdings Inc. | Consumer products | Yes | U.S. | ||||||||||
| 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 | Mongolian Mining Corp. | Metals, mining, and steel | Cayman Islands | |||||||||||
| B-/Negative | Monitronics International Inc. | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Moran Foods, LLC | SAL Acquisition Corp. | Retail/restaurants | U.S. | ||||||||||
| B-/Negative | Peak Jersey Holdco Ltd. | Media and entertainment | Jersey | |||||||||||
| B-/Negative | Piolin Bidco S.A.U. | Media and entertainment | Yes | Spain | ||||||||||
| B-/Negative | Promontoria Holding 264 B.V. | Transportation | Netherlands | |||||||||||
| B-/Negative | QualTek LLC | Capital goods | U.S. | |||||||||||
| B-/Negative | Republic of El Salvador | Sovereign | 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 | TecoStar Holdings Inc., | Health care | U.S. | |||||||||||
| B-/Negative | UC Holdings Inc. | Chassix Holdings Inc., | Automotive | Yes | 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 | pH Beauty Holdings I Inc., | Consumer products | U.S. | |||||||||||
| Data as of Dec. 31, 2021. Source: S&P Global Ratings Research. | ||||||||||||||
Related Research
- ESG In Credit Ratings Newsletter January 2022, Jan. 27, 2022
- The Role Of Environmental, Social, And Governance Credit Factors In Our Ratings Analysis, Sept. 12, 2019
This report does not constitute a rating action.
| Primary Credit Analyst: | Sarah Limbach, Paris + 33 14 420 6708; Sarah.Limbach@spglobal.com |
| Secondary Contact: | Patrick Drury Byrne, Dublin (00353) 1 568 0605; patrick.drurybyrne@spglobal.com |
| Research Contributor: | Shripati Pranshu, Mumbai; shripati.pranshu@spglobal.com |
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