Key Takeaways
- Following 22 consecutive months of contraction, the gap between potential downgrades and potential upgrades has tightened to a record low of just 13 as of May 31, 2022.
- The pace of credit improvement remains slow on the back of macroeconomic headwinds.
- Global risks are influencing rating actions: Input price inflation and supply chain disruptions were major factors adding to potential downgrades, while elevated commodity prices were the main reason for 50% of new potential upgrades in the oil and gas sector.
The number of potential downgrades decreased to 406 as of May 31, 2022 from 421 as of April 30, 2022. The tally of potential upgrades increased by two to 393 over the same period.
Potential downgrades are defined as corporate, financial, or sovereign issuers rated 'AAA' to 'B-' by S&P Global Ratings with negative outlooks or ratings on CreditWatch negative. Potential upgrades are defined as corporate, financial, or sovereign issuers rated 'AA+' to 'B-' by S&P Global Ratings with positive outlooks or ratings on CreditWatch positive.
The gap between potential downgrades and upgrades hit a record low of 13 on May 31, 2022. However, the pace of credit improvement over May was relatively weak because issuers faced headwinds from elevated inflation and commodity prices, as well as tightening financial conditions and subsequently higher refinancing costs.
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We monitor potential downgrades because these entities are mostly likely to be downgraded in the short to medium term, and their aggregate number indicates the direction of potential rating changes. 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
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 | ||||||||
A-/Negative | Raytheon Technologies Corp | Aerospace and defense | U.S. | |||||||||||
BBB-/Negative | Boeing Co. | Aerospace and defense | U.S. | |||||||||||
BBB-/Negative | Huntington Ingalls Industries Inc. | Aerospace and defense | U.S. | |||||||||||
B-/Negative | Dynasty Acquisition Co., Inc. | Aerospace and defense | U.S. | |||||||||||
B-/Negative | F-Brasile S.p.A | Aerospace and defense | Italy | |||||||||||
BBB/Negative | BorgWarner Inc. | Automotive | U.S. | |||||||||||
BBB-/Negative | Nissan Motor Co. Ltd. | Automotive | Japan | |||||||||||
BB+/Negative | Renault S.A. | Automotive | France | |||||||||||
BB/Negative | Faurecia SE | Automotive | Yes | France | ||||||||||
B+/Watch Neg | Tenneco Inc. | Automotive | U.S. | |||||||||||
B/Negative | Grupo Antolin-Irausa S.A.U. | Automotive | Spain | |||||||||||
B-/Negative | EnTrans International, LLC | Automotive | U.S. | |||||||||||
B-/Negative | IXS Holdings, Inc. | Automotive | U.S. | |||||||||||
B-/Negative | TPro Acquisition Corporation | Automotive | U.S. | |||||||||||
B-/Negative | UC Holdings Inc. | Chassix Holdings, Inc. | Automotive | U.S. | ||||||||||
A+/Negative | 3M Co. | Capital goods | U.S. | |||||||||||
A/Negative | Hitachi, Ltd. | Capital goods | Japan | |||||||||||
A/Negative | Rockwell Automation Inc. | Capital goods | U.S. | |||||||||||
A-/Negative | Assa Abloy AB | Capital goods | Sweden | |||||||||||
BBB+/Watch Neg | General Electric Co. | Capital goods | U.S. | |||||||||||
BBB+/Watch Neg | Parker-Hannifin Corp. | Capital goods | U.S. | |||||||||||
BBB+/Negative | Shanghai Electric Holdings Group Co., Ltd. | Capital goods | China | |||||||||||
BBB/Watch Neg | Crane Holdings, Co. | Capital goods | Yes | U.S. | ||||||||||
BBB-/Negative | Fluor Corp. | Capital goods | U.S. | |||||||||||
BB/Negative | China Aluminum International Engineering Corporation Limited | Aluminum Corporation of China | Capital goods | China | ||||||||||
B+/Negative | J.B. Poindexter & Co. Inc. | Capital goods | U.S. | |||||||||||
B/Negative | Array Technologies Inc. | Capital goods | U.S. | |||||||||||
B-/Watch Neg | CIRCOR International, Inc. | Capital goods | U.S. | |||||||||||
B-/Negative | Artera Services, LLC | Capital goods | Yes | U.S. | ||||||||||
B-/Negative | Brand Industrial Services, Inc. | Capital goods | U.S. | |||||||||||
B-/Negative | Hyster-Yale Materials Handling Inc. | Capital goods | U.S. | |||||||||||
B-/Negative | Norican Global A/S | Capital goods | Denmark | |||||||||||
B-/Negative | PLH Group, Inc. | Capital goods | Yes | U.S. | ||||||||||
B-/Negative | QualTek LLC | Capital goods | U.S. | |||||||||||
B-/Negative | Wittur International Holding GmbH | Capital goods | Yes | Germany | ||||||||||
A-/Negative | Sika AG | Chemicals, packaging, and environmental services | Switzerland | |||||||||||
BBB/Watch Neg | Celanese US Holdings LLC | Chemicals, packaging, and environmental services | U.S. | |||||||||||
BBB/Negative | Orica Ltd. | Chemicals, packaging, and environmental services | Australia | |||||||||||
BBB/Negative | Solvay S.A. | Chemicals, packaging, and environmental services | Belgium | |||||||||||
BBB/Negative | Sonoco Products Co. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
BB/Negative | Avient Corp. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
BB-/Watch Neg | Intertape Polymer Group Inc. | Iris Holding, Inc. | Chemicals, packaging, and environmental services | Canada | ||||||||||
B/Negative | Charter Next Generation Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
B/Negative | Herens Midco Sarl | Chemicals, packaging, and environmental services | Luxembourg | |||||||||||
B/Negative | Hexion Holdings Corporation | Chemicals, packaging, and environmental services | U.S. | |||||||||||
B/Negative | Kleopatra Holdings 2 S.C.A. | Kleopatra Holdings 1 S.C.A. | Chemicals, packaging, and environmental services | Luxembourg | ||||||||||
B/Negative | Nitrogenmuvek Zrt. | Chemicals, packaging, and environmental services | Hungary | |||||||||||
A/Watch Neg | Philip Morris International Inc. | Consumer products | Yes | U.S. | ||||||||||
A/Negative | Hormel Foods Corp. | Consumer products | U.S. | |||||||||||
A/Negative | Kimberly-Clark Corp. | Consumer products | U.S. | |||||||||||
A-/Negative | Ralph Lauren Corporation | Consumer products | U.S. | |||||||||||
BBB+/Negative | AmerisourceBergen Corp. | Consumer products | U.S. | |||||||||||
BBB+/Negative | British American Tobacco PLC | Consumer products | U.K. | |||||||||||
BBB+/Negative | Coca-Cola Femsa, S.A.B. de C.V. | Consumer products | Mexico | |||||||||||
BBB+/Negative | Coca-Cola HBC AG | Consumer products | Switzerland | |||||||||||
BBB+/Negative | Kimberly-Clark de Mexico S.A.B. de C.V. | Consumer products | Mexico | |||||||||||
BBB+/Negative | Sodexo S.A. | Consumer products | France | |||||||||||
BBB/Watch Neg | Securitas AB | Consumer products | Sweden | |||||||||||
BBB/Negative | Computershare Ltd. | Consumer products | Australia | |||||||||||
BBB/Negative | International Flavors & Fragrances Inc. | Consumer products | U.S. | |||||||||||
BBB-/Watch Neg | Anadolu Efes Biracilik ve Malt Sanayii AS | Consumer products | Yes | Turkey | ||||||||||
BBB-/Negative | Conagra Brands Inc. | Consumer products | U.S. | |||||||||||
BBB-/Negative | Li & Fung Ltd. | Consumer products | Bermuda | |||||||||||
BBB-/Negative | Meituan | Consumer products | Cayman Islands | |||||||||||
BB+/Negative | Arcelik A.S. | Consumer products | Turkey | |||||||||||
BB+/Negative | Health and Happiness (H&H) International Holdings Limited | Consumer products | China | |||||||||||
BB+/Negative | MillerKnoll Inc. | Consumer products | U.S. | |||||||||||
BB+/Negative | Reynolds Consumer Products Inc. | Consumer products | U.S. | |||||||||||
BB/Negative | Wolverine World Wide Inc. | Consumer products | Yes | U.S. | ||||||||||
BB-/Negative | Crocs, Inc. | Consumer products | U.S. | |||||||||||
BB-/Negative | PT Japfa Comfeed Indonesia Tbk. | Japfa Ltd. | Consumer products | Indonesia | ||||||||||
BB-/Negative | Savage Enterprises, LLC | Consumer products | U.S. | |||||||||||
B+/Watch Neg | Tivity Health, Inc. | Consumer products | U.S. | |||||||||||
B+/Negative | BrightView Landscapes LLC | Consumer products | U.S. | |||||||||||
B+/Negative | Ontex Group N.V. | Consumer products | Belgium | |||||||||||
B/Watch Neg | ASG Consolidated LLC | American Seafoods Holdings LLC | Consumer products | Yes | U.S. | |||||||||
B/Negative | Cerelia Participation Holding SAS | Consumer products | France | |||||||||||
B/Negative | Financiere Labeyrie Fine Foods | Consumer products | France | |||||||||||
B/Negative | Galaxy Finco Ltd. (Domestic & General) | Consumer products | Jersey | |||||||||||
B/Negative | Highline Aftermarket Acquisition Parent, LLC | Consumer products | U.S. | |||||||||||
B/Negative | Instant Brands Holdings Inc. | Consumer products | U.S. | |||||||||||
B/Negative | La Financiere Atalian SAS | Consumer products | France | |||||||||||
B/Negative | Osmosis Holdings, LP | Consumer products | U.S. | |||||||||||
B/Negative | Platform Bidco | Consumer products | Ireland | |||||||||||
B/Negative | Target Hospitality Corp. | Consumer products | U.S. | |||||||||||
B/Negative | Traeger, Inc. | Consumer products | U.S. | |||||||||||
B/Negative | Triton Water Holdings, Inc. | Consumer products | U.S. | |||||||||||
B/Negative | Ulker Biskuvi Sanayi A.S. | Consumer products | Turkey | |||||||||||
B/Negative | VC GB Holdings I Corp. | Consumer products | U.S. | |||||||||||
B-/Negative | Blue Ribbon, LLC | Blue Ribbon Intermediate Holdings LLC | Consumer products | Yes | U.S. | |||||||||
B-/Negative | Boparan Holdings Ltd. | Consumer products | U.K. | |||||||||||
B-/Negative | Edward Don & Company Holdings, LLC | Consumer products | U.S. | |||||||||||
B-/Negative | KAMC Holdings, Inc. | Consumer products | U.S. | |||||||||||
B-/Negative | Knowlton Development Corporation, Inc. | Knowlton Development HoldCo, Inc | Consumer products | Canada | ||||||||||
B-/Negative | Kronos Acquisition Holdings Inc. | Consumer products | U.S. | |||||||||||
B-/Negative | Sierra Enterprises LLC | Consumer products | U.S. | |||||||||||
B-/Negative | Vincent Topco BV (NL) | Consumer products | Netherlands | |||||||||||
B-/Negative | Wahoo Fitness Acquisition LLC | Consumer products | Yes | U.S. | ||||||||||
A+/Negative | Danske Bank A/S | Financial institutions | Denmark | |||||||||||
A+/Negative | U.S. Bancorp | Financial institutions | U.S. | |||||||||||
A/Negative | Oberbank AG | Financial institutions | Austria | |||||||||||
A/Negative | Scotiabank Chile | Bank of Nova Scotia | Financial institutions | Chile | ||||||||||
A/Negative | VP Bank AG | Financial institutions | Liechtenstein | |||||||||||
A-/Negative | CIMB Bank Berhad | CIMB Group Holdings Bhd. | Financial institutions | Malaysia | ||||||||||
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 | LQ Inversiones Financieras S.A. | Financial institutions | Chile | |||||||||||
A-/Negative | Malayan Banking Berhad | Financial institutions | Malaysia | |||||||||||
A-/Negative | Raiffeisen Bank International AG | Financial institutions | Austria | |||||||||||
BBB+/Negative | Banco BICE | Financial institutions | Chile | |||||||||||
BBB+/Negative | China Orient Asset Management Co. Ltd. | Financial institutions | China | |||||||||||
BBB+/Negative | Grenke AG | Financial institutions | Germany | |||||||||||
BBB+/Negative | Inversiones La Construccion S.A. | Financial institutions | Chile | |||||||||||
BBB+/Negative | UniCredit Bank AG | UniCredit SpA | Financial institutions | Germany | ||||||||||
BBB+/Negative | UniCredit Bank Austria AG | UniCredit SpA | Financial institutions | Austria | ||||||||||
BBB/Negative | BBVA Mexico S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Mexico | 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 | Carrefour Banque | BNP Paribas | Financial institutions | France | ||||||||||
BBB/Negative | China Huarong Asset Management Co. Ltd. | Financial institutions | China | |||||||||||
BBB/Negative | Credicorp Ltd. | Financial institutions | Bermuda | |||||||||||
BBB/Negative | Euronet Worldwide Inc. | Financial institutions | U.S. | |||||||||||
BBB/Negative | First Citizens BancShares, Inc. | Financial institutions | U.S. | |||||||||||
BBB/Negative | mBank S.A. | Commerzbank AG | Financial institutions | Yes | Poland | |||||||||
BBB-/Negative | Argo Group International Holdings Ltd. | Financial institutions | U.S. | |||||||||||
BBB-/Negative | China Bohai Bank Co., Ltd. | Financial institutions | China | |||||||||||
BBB-/Negative | Intercorp Financial Services Inc. | Intercorp Peru Ltd. | Financial institutions | Peru | ||||||||||
BBB-/Negative | Marex Group PLC | Financial institutions | U.K. | |||||||||||
BBB-/Negative | Tanner Servicios Financieros S.A. | Financial institutions | Chile | |||||||||||
BB/Negative | FEH, Inc. | Financial institutions | U.S. | |||||||||||
BB/Negative | FirstCash Holdings Inc. | Financial institutions | U.S. | |||||||||||
BB/Negative | Greenhill & Co., Inc. | Financial institutions | U.S. | |||||||||||
BB/Negative | Muthoot Finance Ltd | Financial institutions | India | |||||||||||
BB-/Negative | WEX Inc. | Financial institutions | U.S. | |||||||||||
BB-/Negative | Zhongrong International Holdings Limited | Zhongrong International Trust Co. Ltd. | Financial institutions | Yes | British Virgin Islands | |||||||||
B+/Watch Neg | Unifin Financiera, S.A.B. de C.V. | Financial institutions | Mexico | |||||||||||
B+/Negative | Al Baraka Banking Group B.S.C. | Financial institutions | Bahrain | |||||||||||
B+/Negative | Financiera Independencia S.A.B. de C.V. SOFOM E.N.R. | Financial institutions | Mexico | |||||||||||
B+/Negative | Inversiones Atlantida, S.A. | Financial institutions | Honduras | |||||||||||
B+/Negative | Koc Holding A.S. | Financial institutions | Turkey | |||||||||||
B/Negative | LD Holdings Group LLC | Financial institutions | Yes | U.S. | ||||||||||
B-/Negative | Vida Capital, Inc. | Financial institutions | U.S. | |||||||||||
BB+/Negative | Standard Industries Inc. | Forest products and building materials | U.S. | |||||||||||
BB-/Negative | Schweitzer-Mauduit International, Inc. | Forest products and building materials | U.S. | |||||||||||
B+/Negative | Tarkett Participation | Forest products and building materials | France | |||||||||||
B/Negative | BME Group Holding BV | Forest products and building materials | Netherlands | |||||||||||
B/Negative | Madison IAQ LLC | Madison Industries Holdings LLC | Forest products and building materials | U.S. | ||||||||||
B/Negative | Neptune Holdco S.a.r.l. | Forest products and building materials | Luxembourg | |||||||||||
B-/Negative | Compact Bidco B.V. | Forest products and building materials | Netherlands | |||||||||||
B-/Negative | Ideal Standard International S.A. | Forest products and building materials | Luxembourg | |||||||||||
AAA/Negative | Johnson & Johnson | Health care | U.S. | |||||||||||
BBB/Negative | PerkinElmer Inc. | Health care | U.S. | |||||||||||
BB+/Watch Neg | PHOENIX Pharmahandel GmbH & Co. KG | Health care | Germany | |||||||||||
BB+/Negative | Avantor, Inc. | Health care | U.S. | |||||||||||
BB/Negative | Emergent BioSolutions Inc. | Health care | U.S. | |||||||||||
BB/Negative | Jubilant Pharma Ltd. | Jubilant Pharmova Limited | Health care | Singapore | ||||||||||
BB-/Negative | Grifols S.A. | Health care | Spain | |||||||||||
B+/Negative | Affidea B.V. | Health care | Netherlands | |||||||||||
B+/Negative | ModivCare Inc. | Health care | U.S. | |||||||||||
B+/Negative | TTF Holdings, LLC | Health care | U.S. | |||||||||||
B/Negative | ADMI Corp. | Health care | U.S. | |||||||||||
B/Negative | Bausch Health Companies Inc. | Health care | Canada | |||||||||||
B/Negative | Bella Holding Co, LLC | Health care | U.S. | |||||||||||
B/Negative | Curia Global Inc. | Health care | U.S. | |||||||||||
B/Negative | EyeCare Partners, LLC | Health care | U.S. | |||||||||||
B/Negative | GHX Ultimate Parent Corp. | Health care | Yes | U.S. | ||||||||||
B/Negative | Mamba Purchaser, Inc. | Health care | U.S. | |||||||||||
B/Negative | NMN Holdings III Corp. | Health care | U.S. | |||||||||||
B/Negative | NSM Top Holdings Corp | Health care | U.S. | |||||||||||
B/Negative | ScribeAmerica Intermediate Holdco, LLC | HealthChannels, LLC | Health care | U.S. | ||||||||||
B/Negative | UniFin SAS | Health care | France | |||||||||||
B-/Negative | Alvogen Pharma US, Inc. | Alvogen Lux Holdings S.a.r.l. | Health care | U.S. | ||||||||||
B-/Negative | Lima Corporate S.p.a. | Health care | Italy | |||||||||||
BBB+/Watch Neg | Oracle Corp. | High technology | U.S. | |||||||||||
BBB/Watch Neg | Citrix Systems Inc. | High technology | U.S. | |||||||||||
BBB-/Negative | Atos SE | High technology | France | |||||||||||
BB+/Watch Neg | Avast Holding B.V. | High technology | Netherlands | |||||||||||
BB+/Negative | Rakuten Group Inc. | High technology | Japan | |||||||||||
BB/Watch Neg | MaxLinear, Inc. | High technology | Yes | U.S. | ||||||||||
BB-/Negative | Micro Focus International PLC | High technology | U.K. | |||||||||||
B+/Negative | Sector Alarm Holding AS | High technology | Norway | |||||||||||
B/Negative | Magenta Buyer LLC | High technology | U.S. | |||||||||||
B/Negative | Shift4 Payments, Inc. | High technology | U.S. | |||||||||||
B-/Negative | Avaya Holdings Corp. | High technology | Yes | U.S. | ||||||||||
B-/Negative | MYOB Invest Co Pty Ltd | High technology | Australia | |||||||||||
A/Negative | GPT Group | Homebuilders/real estate companies | Australia | |||||||||||
A/Negative | Mitsui Fudosan Co. Ltd. | Homebuilders/real estate companies | Japan | |||||||||||
A-/Negative | Australian Prime Property Fund Retail | Homebuilders/real estate companies | Australia | |||||||||||
BBB+/Watch Neg | PS Business Parks Inc. | Homebuilders/real estate companies | U.S. | |||||||||||
BBB/Watch Neg | American Campus Communities Inc. | Homebuilders/real estate companies | U.S. | |||||||||||
BBB/Watch Neg | CPI Property Group S.A. | Homebuilders/real estate companies | Luxembourg | |||||||||||
BBB/Watch Neg | Workspace Group PLC | Homebuilders/real estate companies | U.K. | |||||||||||
BBB/Negative | Akelius Residential Property AB | Homebuilders/real estate companies | Sweden | |||||||||||
BBB/Negative | RioCan Real Estate Investment Trust | Homebuilders/real estate companies | Canada | |||||||||||
BBB-/Negative | Altarea SCA | Homebuilders/real estate companies | France | |||||||||||
BBB-/Negative | First Capital Real Estate Investment Trust | Homebuilders/real estate companies | Canada | |||||||||||
BBB-/Negative | SL Green Realty Corp. | Homebuilders/real estate companies | U.S. | |||||||||||
BB+/Negative | Seazen Group Limited | Homebuilders/real estate companies | Cayman Islands | |||||||||||
BB/Negative | CIFI Holdings (Group) Company Limited | Homebuilders/real estate companies | Cayman Islands | |||||||||||
BB-/Negative | Diversified Healthcare Trust | Homebuilders/real estate companies | U.S. | |||||||||||
BB-/Negative | Pinewood Group Ltd | Homebuilders/real estate companies | U.K. | |||||||||||
B+/Negative | Red Star Macalline Group Corporation Limited | Red Star Macalline Holding Group Company Limited | Homebuilders/real estate companies | Yes | China | |||||||||
B+/Negative | Service Properties Trust | Homebuilders/real estate companies | U.S. | |||||||||||
B/Negative | Landsea Green Properties Co. Ltd. | Landsea Group Co. Ltd. | Homebuilders/real estate companies | Yes | Bermuda | |||||||||
B/Negative | Powerlong Real Estate Holdings Ltd. | Homebuilders/real estate companies | Yes | Cayman Islands | ||||||||||
B-/Negative | Diok Real Estate AG | Homebuilders/real estate companies | Germany | |||||||||||
B-/Negative | KWG Group Holdings Limited | Homebuilders/real estate companies | Cayman Islands | |||||||||||
AA-/Negative | SCOR SE | Insurance | France | |||||||||||
A/Negative | Qatar Insurance Co. Q.S.P.C. | Insurance | Qatar | |||||||||||
A/Negative | Swiss Re Ltd. | Insurance | Switzerland | |||||||||||
A-/Negative | AXIS Capital Holdings Ltd. | Insurance | Bermuda | |||||||||||
A-/Negative | Arch Capital Group Ltd. | Insurance | Bermuda | |||||||||||
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 | UNIQA Insurance Group AG | Insurance | Austria | |||||||||||
BBB+/Negative | American International Group Inc. | Insurance | U.S. | |||||||||||
BBB+/Negative | Liverpool Victoria Financial Services Ltd. | Insurance | U.K. | |||||||||||
BBB/Negative | SiriusPoint Ltd. | Insurance | Bermuda | |||||||||||
B/Negative | NFP Holdings, LLC | Insurance | U.S. | |||||||||||
BBB+/Negative | Broadridge Financial Solutions Inc. | Media and entertainment | U.S. | |||||||||||
BBB/Watch Neg | Crown Resorts Ltd. | Media and entertainment | Australia | |||||||||||
BBB-/Negative | Denver Convention Ctr Hotel Auth | Media and entertainment | U.S. | |||||||||||
BBB-/Negative | JCDecaux S.A. | Media and entertainment | France | |||||||||||
BB+/Watch Neg | CDK Global Inc. | Media and entertainment | U.S. | |||||||||||
BB+/Watch Neg | Twitter, Inc. | Media and entertainment | U.S. | |||||||||||
BB+/Negative | Accor S.A. | Media and entertainment | France | |||||||||||
BB+/Negative | Las Vegas Sands Corp. | Media and entertainment | U.S. | |||||||||||
BB/Watch Neg | Nielsen Holdings PLC | Media and entertainment | U.K. | |||||||||||
BB/Watch Neg | TEGNA Inc. | Media and entertainment | U.S. | |||||||||||
BB/Negative | Churchill Downs Inc. | Media and entertainment | U.S. | |||||||||||
BB/Negative | Novomatic AG | Media and entertainment | Austria | |||||||||||
BB-/Watch Neg | S4 Capital PLC | Media and entertainment | Yes | U.K. | ||||||||||
BB-/Negative | Playtech Plc | Media and entertainment | U.K. | |||||||||||
BB-/Negative | Tripadvisor, Inc. | Media and entertainment | U.S. | |||||||||||
B+/Watch Neg | MGM Resorts International | Media and entertainment | U.S. | |||||||||||
B+/Negative | AlixPartners LLP | Media and entertainment | U.S. | |||||||||||
B+/Negative | Studio City Company Limited | Melco International Development Ltd. | Media and entertainment | British Virgin Islands | ||||||||||
B+/Negative | Wynn Resorts Ltd. | Media and entertainment | U.S. | |||||||||||
B/Negative | Carnival Corp. | Media and entertainment | Panama | |||||||||||
B/Negative | Digital Media Solutions, Inc. | Media and entertainment | U.S. | |||||||||||
B/Negative | Double Eagle Buyer, Inc. | Media and entertainment | U.S. | |||||||||||
B/Negative | Emerald X, Inc. | Media and entertainment | U.S. | |||||||||||
B/Negative | NCL Corporation Ltd. | Media and entertainment | Bermuda | |||||||||||
B/Negative | Royal Caribbean Cruises Ltd. | Media and entertainment | U.S. | |||||||||||
B/Negative | Sabre Corp. | Media and entertainment | U.S. | |||||||||||
B/Negative | Staples Inc. | Media and entertainment | U.S. | |||||||||||
B-/Negative | CareerBuilder, LLC | Media and entertainment | U.S. | |||||||||||
B-/Negative | ConvergeOne Holdings Inc. | Media and entertainment | U.S. | |||||||||||
B-/Negative | EagleView Technology Corp. | Media and entertainment | U.S. | |||||||||||
B-/Negative | GBT JerseyCo Ltd | Media and entertainment | U.K. | |||||||||||
B-/Negative | Hanjin International Corp. | Korean Air Lines Co. Ltd. | Media and entertainment | Korea, Republic of | ||||||||||
B-/Negative | International Park Holdings B.V. | Media and entertainment | Spain | |||||||||||
B-/Negative | Lindblad Expeditions Holdings Inc. | Media and entertainment | U.S. | |||||||||||
B-/Negative | Peak Jersey Holdco Ltd. | Media and entertainment | Jersey | |||||||||||
B-/Negative | Piolin Bidco S.A.U. | Media and entertainment | Spain | |||||||||||
B-/Negative | Sugarhouse HSP Gaming Prop. Mezz. L.P. | Media and entertainment | U.S. | |||||||||||
B-/Negative | TEG Pty Ltd | Media and entertainment | Australia | |||||||||||
A/Watch Neg | BHP Group Ltd. | Metals, mining, and steel | Australia | |||||||||||
BB+/Negative | Carpenter Technology Corp. | Metals, mining, and steel | U.S. | |||||||||||
B+/Negative | Warrior Met Coal, Inc. | Metals, mining, and steel | U.S. | |||||||||||
B/Negative | Gopher Resource, LLC | ECP Gopher Holdings, L.P. | Metals, mining, and steel | U.S. | ||||||||||
B-/Watch Neg | Mongolian Mining Corporation | Metals, mining, and steel | Cayman Islands | |||||||||||
B-/Negative | IAMGOLD Corporation | Metals, mining, and steel | Canada | |||||||||||
B-/Negative | Tacora Resources Inc. | Metals, mining, and steel | Canada | |||||||||||
BBB+/Negative | Suncor Energy Inc. | Oil and gas | Canada | |||||||||||
BBB+/Negative | Woodside Energy Group Ltd. | Oil and gas | Australia | |||||||||||
BBB/Watch Neg | Naturgy Energy Group S.A. | Oil and gas | Spain | |||||||||||
BBB/Negative | Fortum Oyj | Oil and gas | Yes | Finland | ||||||||||
BBB-/Negative | SK Innovation Co., Ltd. | Oil and gas | Korea, Republic of | |||||||||||
BB/Watch Neg | Petroleos del Peru Petroperu S.A. | Oil and gas | Peru | |||||||||||
BB/Negative | KazMunayGas NC JSC | Oil and gas | Kazakhstan | |||||||||||
B+/Negative | PT Medco Energi Internasional Tbk. | Oil and gas | Indonesia | |||||||||||
B/Watch Neg | Gran Tierra Energy International Holdings Ltd | Gran Tierra Energy Inc. | Oil and gas | Yes | U.S. | |||||||||
A/Negative | Seven & i Holdings Co., Ltd. | Retail/restaurants | Japan | |||||||||||
A-/Negative | Fomento Economico Mexicano, S. A. B. de C. V. | Retail/restaurants | Mexico | |||||||||||
BBB/Negative | AEON Co. Ltd. | Retail/restaurants | Japan | |||||||||||
BBB/Negative | El Puerto de Liverpool, S. A. B. de C. V. | Retail/restaurants | Mexico | |||||||||||
BB-/Negative | Co-operative Group Ltd. | Retail/restaurants | Yes | U.K. | ||||||||||
BB-/Negative | Qurate Retail, Inc. | Retail/restaurants | Yes | U.S. | ||||||||||
B+/Negative | Bed Bath & Beyond Inc. | Retail/restaurants | U.S. | |||||||||||
B/Negative | At Home Group Inc. | Retail/restaurants | U.S. | |||||||||||
B/Negative | Casino Guichard - Perrachon S.A. | Retail/restaurants | France | |||||||||||
B/Negative | Empire Today LLC | Retail/restaurants | U.S. | |||||||||||
B/Negative | JOANN Inc. | Retail/restaurants | U.S. | |||||||||||
B/Negative | THG PLC | Retail/restaurants | Yes | U.K. | ||||||||||
B-/Negative | Kirk Beauty 2 Beteiligungs GmbH and Co. KG | Retail/restaurants | Germany | |||||||||||
B-/Negative | Party City Holdings, Inc. | PC Nextco Holdings LLC | Retail/restaurants | Yes | U.S. | |||||||||
AA-/Negative | States of Guernsey | Sovereign | Guernsey | |||||||||||
A+/Negative | Slovak Republic | Sovereign | Yes | Slovak Republic | ||||||||||
A+/Negative | State of Kuwait | Sovereign | Kuwait | |||||||||||
A-/Negative | Malaysia | Sovereign | Malaysia | |||||||||||
BBB/Negative | Republic of Panama | Sovereign | Panama | |||||||||||
BBB/Negative | United Mexican States | Sovereign | Mexico | |||||||||||
BBB-/Negative | Emirate of Sharjah | Sovereign | U.A.E. | |||||||||||
BBB-/Negative | Republic of Trinidad and Tobago | Sovereign | Trinidad and Tobago | |||||||||||
B+/Negative | Plurinational State of Bolivia | Sovereign | Bolivia | |||||||||||
B+/Negative | Republic of Rwanda | Sovereign | Rwanda | |||||||||||
B-/Negative | Republic of El Salvador | Sovereign | El Salvador | |||||||||||
A/Negative | Proximus S.A. | Telecommunications | Belgium | |||||||||||
A/Negative | Singapore Telecommunications Ltd. | Telecommunications | Singapore | |||||||||||
A-/Watch Neg | Bouygues S.A. | Telecommunications | France | |||||||||||
A-/Negative | Telekom Malaysia Berhad | Telecommunications | Malaysia | |||||||||||
BBB+/Watch Neg | Axiata Group Berhad | Telecommunications | Malaysia | |||||||||||
BBB+/Watch Neg | Rogers Communications Inc. | Telecommunications | Canada | |||||||||||
BBB+/Negative | America Movil S.A.B. de C.V. | Telecommunications | Mexico | |||||||||||
BBB+/Negative | Grupo Televisa, S. A. B. | Telecommunications | Mexico | |||||||||||
BBB+/Negative | Telus Corp. | Telecommunications | Canada | |||||||||||
BBB-/Negative | Eutelsat Communications S.A. | Telecommunications | France | |||||||||||
BB/Watch Neg | Lumen Technologies, Inc. | Telecommunications | U.S. | |||||||||||
BB/Watch Neg | Switch, Ltd. | Telecommunications | Yes | U.S. | ||||||||||
BB/Negative | Altice USA, Inc. | Telecommunications | Yes | U.S. | ||||||||||
BB-/Negative | Telecom Italia SpA | Telecommunications | Italy | |||||||||||
B+/Negative | Turk Telekom | Ojer Telekomunikasyon A.S. | Telecommunications | Turkey | ||||||||||
B+/Negative | Turkcell Iletisim Hizmetleri A.S. | Telecommunications | Turkey | |||||||||||
B/Negative | Altice International S.a.r.l. | Altice Europe N.V. | Telecommunications | Luxembourg | ||||||||||
B/Negative | Telesat Canada | Telesat Holdings Inc. | Telecommunications | Canada | ||||||||||
B/Negative | Tosca IoM Ltd. | Telecommunications | U.K. | |||||||||||
B/Negative | Zayo Group Holdings, Inc. | Front Range Bidco, Inc. | Telecommunications | U.S. | ||||||||||
B-/Watch Neg | PrJSC VF Ukraine | Telecommunications | Ukraine | |||||||||||
A+/Negative | NATS (En Route) PLC | Transportation | U.K. | |||||||||||
A/Negative | Canadian National Railway Co. | Transportation | Canada | |||||||||||
A-/Watch Neg | SMBC Aviation Capital Ltd. | Sumitomo Mitsui Financial Group Inc. | Transportation | Yes | Ireland | |||||||||
BBB+/Negative | Nouvelle Autoroute 30, S.E.N.C. | Transportation | Canada | |||||||||||
BBB/Negative | Fideicomiso 209635 (Matehuala) | Transportation | Mexico | |||||||||||
BBB-/Negative | FirstGroup PLC | Transportation | U.K. | |||||||||||
BBB-/Negative | GXO Logistics, Inc. | Transportation | U.S. | |||||||||||
BB/Negative | Toll Road Investors Partnership II LP | Transportation | U.S. | |||||||||||
BB-/Negative | Boluda Towage S.L. | Transportation | Spain | |||||||||||
BB-/Negative | Fly Leasing Ltd | Transportation | Bermuda | |||||||||||
B/Watch Neg | Air Baltic Corp AS | Transportation | Latvia | |||||||||||
B/Negative | eHi Car Services Limited | Transportation | Cayman Islands | |||||||||||
AA-/Negative | Deutsche Bahn AG | Utilities | Germany | |||||||||||
AA-/Negative | Societe nationale SNCF S.A. | Utilities | France | |||||||||||
AA-/Negative | Tokyo Gas Co. Ltd. | Utilities | Japan | |||||||||||
A+/Negative | American States Water Co. | Utilities | U.S. | |||||||||||
A+/Negative | Central Japan Railway Co. | Utilities | Japan | |||||||||||
A+/Negative | China Southern Power Grid Co. Ltd. | Utilities | China | |||||||||||
A+/Negative | East Japan Railway Co. | Utilities | Japan | |||||||||||
A+/Negative | Enexis Holding N.V. | Utilities | Netherlands | |||||||||||
A+/Negative | Flughafen Zurich AG | Utilities | Switzerland | |||||||||||
A/Negative | Aeroports de Paris | Utilities | France | |||||||||||
A/Negative | Avinor AS | Utilities | Norway | |||||||||||
A/Negative | Royal Schiphol Group N.V. | Utilities | Netherlands | |||||||||||
A-/Watch Neg | Plenary Health Care Partnerships Humber LP | Utilities | Canada | |||||||||||
A-/Negative | Atmos Energy Corp. | Utilities | U.S. | |||||||||||
A-/Negative | Autoridad del Canal de Panama | Utilities | Panama | |||||||||||
A-/Negative | Central Hudson Gas & Electric Corp. | Fortis Inc. | Utilities | U.S. | ||||||||||
A-/Negative | Consolidated Edison Inc. | Utilities | U.S. | |||||||||||
A-/Negative | Evergy, Inc. | Utilities | U.S. | |||||||||||
A-/Negative | Vier Gas Transport GmbH | Utilities | Germany | |||||||||||
A-/Negative | daa PLC | Utilities | Ireland | |||||||||||
BBB+/Watch Neg | Kentucky Power Co. | American Electric Power Co. Inc. | Utilities | Yes | U.S. | |||||||||
BBB+/Watch Neg | National Grid Gas Holdings Limited | National Grid PLC | Utilities | U.K. | ||||||||||
BBB+/Negative | Australia Pacific Airports Corp. Ltd. | Utilities | Australia | |||||||||||
BBB+/Negative | EnergyAustralia Holdings Ltd. | Utilities | Australia | |||||||||||
BBB+/Negative | MDU Resources Group Inc. | Utilities | Yes | U.S. | ||||||||||
BBB+/Negative | Northumbrian Water Ltd. | CK Hutchison Holdings Limited | Utilities | U.K. | ||||||||||
BBB+/Negative | Pinnacle West Capital Corp. | Utilities | U.S. | |||||||||||
BBB+/Negative | Sempra Energy | Utilities | U.S. | |||||||||||
BBB+/Negative | Southern Cross Airports Corporation Holdings Ltd. | Utilities | Australia | |||||||||||
BBB/Watch Neg | Electricite de France S.A. | Utilities | Yes | France | ||||||||||
BBB/Watch Neg | South Jersey Industries Inc. | Utilities | U.S. | |||||||||||
BBB/Negative | A2A SpA | Utilities | Yes | Italy | ||||||||||
BBB/Negative | Adelaide Airport Ltd. | Utilities | Australia | |||||||||||
BBB/Negative | Algonquin Power & Utilities Corp. | Utilities | Canada | |||||||||||
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 | Fermaca Enterprises S. de R.L. de C.V. | Utilities | Mexico | |||||||||||
BBB/Negative | Infraestructura Energetica Nova S.A.P.I de C.V. | Utilities | Mexico | |||||||||||
BBB/Negative | Millennium Parking Garages LLC | Utilities | U.S. | |||||||||||
BBB/Negative | Perth Airport Pty Ltd. | Perth Airport Development Group Pty Ltd | Utilities | Australia | ||||||||||
BBB/Negative | Sutton and East Surrey Water PLC | East Surrey Holdings PLC | Utilities | U.K. | ||||||||||
BBB-/Watch Neg | EP INFRASTRUCTURE A S | EPH a.s. | Utilities | Czech Republic | ||||||||||
BBB-/Negative | Abertis Infraestructuras S.A. | Utilities | Spain | |||||||||||
BBB-/Negative | Eesti Energia AS | Utilities | Estonia | |||||||||||
BBB-/Negative | Inter Pipeline Ltd. | Utilities | Canada | |||||||||||
BBB-/Negative | National Gas Company of Trinidad & Tobago Ltd. (The) | Utilities | Trinidad and Tobago | |||||||||||
BB+/Watch Neg | DPL Inc. | AES Corp. (The) | Utilities | U.S. | ||||||||||
BB+/Negative | Austin Convention Enterprises Inc | Utilities | U.S. | |||||||||||
BB+/Negative | Tokyo Electric Power Company Holdings Inc. | Utilities | Yes | Japan | ||||||||||
BB+/Negative | Trinidad Generation Unlimited | Utilities | Trinidad and Tobago | |||||||||||
BB/Watch Neg | Elwood Energy LLC | Electric Power Development Co. Ltd. | Utilities | U.S. | ||||||||||
BB/Negative | Invenergy Thermal Operating I LLC | Utilities | U.S. | |||||||||||
BB/Negative | Topaz Solar Farms LLC | Berkshire Hathaway Inc. | Utilities | U.S. | ||||||||||
BB-/Watch Neg | Transnet SOC Ltd. | Utilities | South Africa | |||||||||||
BB-/Negative | EP Bco S.A. | Utilities | Netherlands | |||||||||||
BB-/Negative | Equitrans Midstream Corporation | Utilities | Yes | U.S. | ||||||||||
BB-/Negative | Getlink S.E. | Utilities | France | |||||||||||
BB-/Negative | PG&E Corp. | Utilities | U.S. | |||||||||||
BB-/Negative | Q-Park Holding I BV | Utilities | Netherlands | |||||||||||
B+/Negative | Granite Generation LLC | Utilities | U.S. | |||||||||||
B+/Negative | Revere Power, LLC | Utilities | U.S. | |||||||||||
B+/Negative | USA Compression Partners, LP | Utilities | U.S. | |||||||||||
B/Negative | Guacolda Energia S.A | Utilities | Chile | |||||||||||
B/Negative | NGL Energy Partners LP | Utilities | U.S. | |||||||||||
B/Negative | Nautilus Power, LLC | Utilities | Yes | U.S. | ||||||||||
B/Negative | PBF Holding Company LLC | PBF Energy Inc. | Utilities | U.S. | ||||||||||
B/Negative | PBF Logistics LP | PBF Energy Inc. | Utilities | U.S. | ||||||||||
B/Negative | Southeast Supply Header, LLC | Utilities | U.S. | |||||||||||
B-/Negative | Crockett Cogeneration, A California Limited Partnership | Utilities | U.S. | |||||||||||
B-/Negative | Heritage Power, LLC | Utilities | U.S. | |||||||||||
B-/Negative | Lightstone HoldCo LLC | Utilities | U.S. | |||||||||||
B-/Negative | West Deptford Energy Holdings, LLC | Utilities | U.S. | |||||||||||
Data as of May 31, 2022. Source: S&P Global Ratings Research. |
Related Research:
- Global Economic Outlook Q3 2022: Rates Shock Puts The Economy On A Slower Path, June 29, 2022
- 'BBB' Pulse: Pressures Mount, But The Positive Streak Continues, June 27, 2022
- This Week In Credit: Positive Rating Momentum Continues, Despite Sector Pressures, June 27, 2022
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: | Yogesh Kumar, CRISIL Global Analytical Center, an S&P affiliate, Mumbai |
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