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Credit Trends: Elevated Inflation And Supply Chain Constraints Threaten Potential Credit Improvement

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:

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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