Key Takeaways
- In June, the change in potential downgrades was greater than upgrades for the first time since July 2020, with five new potential fallen angels and 12 new weakest links included among 43 new potential downgrades--a stark contrast to no new potential fallen angels, seven new weakest links, and 34 new potential downgrades in May.
- Consumer products, financial institutions, and homebuilders/real estate led the tally of downgrades over the last 12 months while autos, consumer products, and media and entertainment currently have the highest downgrade potential.
- By rating category, the 'BBB' share of potential downgrades is large compared with its share of ratings, and the 'BB' share of potential upgrades is large compared with its share of ratings.
- Rising interest expense is expected to increasingly pressure cashflows and we are already noting evidence of this in potential downgrades, particularly in the high technology and healthcare sectors.
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.
Chart 1
Chart 2
Chart 3
Chart 4
Chart 5
Comparisons By Rating Category And Region
Chart 6
Chart 7
Chart 8
Chart 9
Potential Downgrades And Upgrades By Sector And Region
Chart 10
Chart 11
Chart 12
Chart 13
Chart 14
Chart 15
Table 1
| Potential Fallen Angels, Weakest Links, And Potential Downgrades - June 2022 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Rating | Issuer | Parent company | Sector/Subsector | OLCW change | Country | |||||||
| New Potential Fallen Angels | ||||||||||||
| BBB-/Negative | Ocean Spray Cranberries Inc. | Consumer products | U.S. | |||||||||
| BBB-/Negative | Office Properties Income Trust | Homebuilders/real estate companies | U.S. | |||||||||
| BBB-/Watch Neg | Kohl's Corp. | Retail/restaurants | U.S. | |||||||||
| BBB-/Negative | Metro AG | Retail/restaurants | Germany | |||||||||
| BBB-/Negative | Jinjiang International Holding Co. Ltd., | Media and entertainment | China | |||||||||
| New Weakest Links | ||||||||||||
| B-/Negative | Wheel Pros Inc., | Automotive | U.S. | |||||||||
| B-/Negative | ASP Unifrax Holdings Inc., | Capital goods | U.S. | |||||||||
| B-/Negative | H-Food Holdings LLC | Consumer products | U.S. | |||||||||
| B-/Negative | Greenway Health, LLC | Health care | U.S. | |||||||||
| B-/Negative | Imperva Inc., | High technology | U.S. | |||||||||
| B-/Negative | Audacy Inc. | Media and entertainment | U.S. | |||||||||
| B-/Negative | Beasley Broadcast Group Inc. | Media and entertainment | U.S. | |||||||||
| B-/Negative | BDF Acquisition Corp. | Retail/restaurants | U.S. | |||||||||
| B-/Negative | GPS Hospitality Holding Co. LLC | Retail/restaurants | U.S. | |||||||||
| B-/Negative | Albaraka Turk Katilim Bankasi AS | Al Baraka Banking Group B.S.C. | Financial institutions | Turkey | ||||||||
| B-/Watch Neg | PT Kawasan Industri Jababeka Tbk. | Homebuilders/real estate companies | Indonesia | |||||||||
| B-/Negative | Adler Pelzer Holding GmbH | Automotive | Germany | |||||||||
| New Potential Downgrades (Ex. PFAs & WLs) | ||||||||||||
| A+/Negative | Suncorp-Metway Ltd. | Suncorp Group Ltd. | Financial institutions | Australia | ||||||||
| A/Negative | Wisconsin Power & Light Co. | Alliant Energy Corp. | Utilities | U.S. | ||||||||
| A-/Negative | VF Corp. | Consumer products | U.S. | |||||||||
| BBB+/Negative | Fortune Brands Home & Security Inc., | Forest products and building materials | U.S. | |||||||||
| BBB/Negative | Kellogg Co. | Consumer products | U.S. | |||||||||
| BBB/Watch Neg | Immofinanz AG | Homebuilders/real estate companies | Austria | |||||||||
| BB+/Negative | Coinbase Global Inc., | Financial institutions | U.S. | |||||||||
| BB/Negative | Scotts Miracle-Gro Co. (The) | Consumer products | U.S. | |||||||||
| BB/Negative | The Necessity Retail REIT Inc. | Homebuilders/real estate companies | U.S. | |||||||||
| BB/Negative | Trinidad Petroleum Holdings Ltd. | Oil and gas | Trinidad and Tobago | |||||||||
| BB-/Negative | Compass Minerals International Inc. | Metals, mining, and steel | U.S. | |||||||||
| BB-/Negative | Enviva Inc. | Utilities | U.S. | |||||||||
| BB-/Negative | Endeavour Mining PLC | Metals, mining, and steel | U.K. | |||||||||
| BB-/Watch Neg | Inversiones Latin America Power Limitada | Utilities | Chile | |||||||||
| B+/Negative | Celeste Midco 1 B.V. | Health care | Netherlands | |||||||||
| B+/Negative | VTR Finance NV | Liberty Latin America Ltd. | Telecommunications | Netherlands | ||||||||
| B+/Negative | Georgia Capital JSC | Financial institutions | Georgia | |||||||||
| B/Negative | Iris Holding Inc., | Chemicals, packaging, and environmental services | U.S. | |||||||||
| B/Negative | Weber Inc. | Consumer products | U.S. | |||||||||
| B/Negative | Romulus Intermediate Holdings 2 Inc. | Health care | U.S. | |||||||||
| B/Negative | Constant Contact Inc., | High technology | U.S. | |||||||||
| B/Negative | Kofax Parent Ltd. | High technology | U.S. | |||||||||
| B/Negative | Bally's Corp. | Media and entertainment | U.S. | |||||||||
| B/Negative | Loyalty Ventures Inc. | Media and entertainment | U.S. | |||||||||
| B/Negative | American Rock Salt Co. LLC | Metals, mining, and steel | U.S. | |||||||||
| B/Negative | Radiate Holdco, LLC | Telecommunications | U.S. | |||||||||
| Old Potential Fallen Angels | ||||||||||||
| BBB-/Negative | Boeing Co. | Aerospace and defense | U.S. | |||||||||
| BBB-/Negative | Huntington Ingalls Industries Inc. | Aerospace and defense | U.S. | |||||||||
| BBB-/Negative | Nissan Motor Co. Ltd. | Automotive | Japan | |||||||||
| BBB-/Negative | Fluor Corp. | Capital goods | U.S. | |||||||||
| BBB-/Negative | Conagra Brands Inc. | Consumer products | U.S. | |||||||||
| BBB-/Watch Neg | Anadolu Efes Biracilik ve Malt Sanayii AS | Consumer products | Turkey | |||||||||
| BBB-/Negative | Meituan | Consumer products | Cayman Islands | |||||||||
| BBB-/Negative | Li & Fung Ltd. | Consumer products | Bermuda | |||||||||
| BBB-/Negative | Argo Group International Holdings Ltd. | Financial institutions | U.S. | |||||||||
| BBB-/Negative | Intercorp Financial Services Inc. | Intercorp Peru Ltd. | Financial institutions | Peru | ||||||||
| BBB-/Negative | China Bohai Bank Co. Ltd., | Financial institutions | China | |||||||||
| BBB-/Negative | Tanner Servicios Financieros S.A. | Financial institutions | Chile | |||||||||
| BBB-/Negative | Atos SE | High technology | France | |||||||||
| BBB-/Negative | SL Green Realty Corp. | Homebuilders/real estate companies | U.S. | |||||||||
| BBB-/Negative | Altarea SCA | Homebuilders/real estate companies | France | |||||||||
| BBB-/Negative | Denver Convention Ctr Hotel Auth | Media and entertainment | U.S. | |||||||||
| BBB-/Negative | JCDecaux S.A. | Media and entertainment | France | |||||||||
| BBB-/Negative | SK Innovation Co. Ltd., | Oil and gas | Korea, Republic of | |||||||||
| BBB-/Negative | Emirate of Sharjah | Sovereign | U.A.E. | |||||||||
| BBB-/Negative | Republic of Trinidad and Tobago | Sovereign | Trinidad and Tobago | |||||||||
| BBB-/Negative | Eutelsat Communications S.A. | Telecommunications | France | |||||||||
| BBB-/Negative | GXO Logistics Inc., | Transportation | U.S. | |||||||||
| BBB-/Negative | FirstGroup PLC | Transportation | U.K. | |||||||||
| BBB-/Negative | National Gas Co. of Trinidad & Tobago Ltd. (The) | Utilities | Trinidad and Tobago | |||||||||
| BBB-/Negative | Eesti Energia AS | Utilities | Estonia | |||||||||
| BBB-/Watch Neg | EP INFRASTRUCTURE A S | EPH a.s. | Utilities | Czech Republic | ||||||||
| BBB-/Negative | Inter Pipeline Ltd. | Utilities | Canada | |||||||||
| Old Weakest Links | ||||||||||||
| B-/Negative | Dynasty Acquisition Co. Inc., | Aerospace and defense | U.S. | |||||||||
| B-/Negative | EnTrans International, LLC | Automotive | U.S. | |||||||||
| B-/Negative | IXS Holdings Inc., | Automotive | U.S. | |||||||||
| B-/Negative | UC Holdings Inc. | Chassix Holdings, Inc. | Automotive | U.S. | ||||||||
| B-/Negative | Artera Services, LLC | Capital goods | U.S. | |||||||||
| B-/Negative | Brand Industrial Services Inc., | Capital goods | U.S. | |||||||||
| B-/Watch Neg | CIRCOR International Inc., | Capital goods | U.S. | |||||||||
| B-/Negative | Hyster-Yale Materials Handling Inc. | Capital goods | U.S. | |||||||||
| B-/Negative | PLH Group Inc., | Capital goods | U.S. | |||||||||
| B-/Negative | QualTek LLC | Capital goods | U.S. | |||||||||
| B-/Negative | Wittur International Holding GmbH | Capital goods | Germany | |||||||||
| B-/Negative | Norican Global A/S | Capital goods | Denmark | |||||||||
| B-/Negative | Blue Ribbon, LLC | Blue Ribbon Intermediate Holdings LLC | Consumer products | U.S. | ||||||||
| B-/Negative | Edward Don & Co. Holdings, LLC | Consumer products | U.S. | |||||||||
| B-/Negative | KAMC Holdings Inc., | Consumer products | U.S. | |||||||||
| B-/Negative | Kronos Acquisition Holdings Inc. | Consumer products | U.S. | |||||||||
| B-/Negative | Sierra Enterprises LLC | Consumer products | U.S. | |||||||||
| B-/Negative | Wahoo Fitness Acquisition LLC | Consumer products | U.S. | |||||||||
| B-/Negative | Boparan Holdings Ltd. | Consumer products | U.K. | |||||||||
| B-/Negative | Vincent Topco BV (NL) | Consumer products | Netherlands | |||||||||
| B-/Negative | Knowlton Development Corp. Inc., | Knowlton Development HoldCo, Inc | Consumer products | Canada | ||||||||
| 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 | |||||||||
| 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 | |||||||||
| B-/Negative | Avaya Holdings Corp. | High technology | U.S. | |||||||||
| B-/Negative | MYOB Invest Co. Pty Ltd. | High technology | Australia | |||||||||
| B-/Negative | Diok Real Estate AG | Homebuilders/real estate companies | Germany | |||||||||
| B-/Negative | KWG Group Holdings Ltd. | Homebuilders/real estate companies | Cayman Islands | |||||||||
| B-/Negative | ConvergeOne Holdings Inc. | Media and entertainment | U.S. | |||||||||
| B-/Negative | EagleView Technology Corp. | Media and entertainment | U.S. | |||||||||
| B-/Negative | Lindblad Expeditions Holdings Inc. | Media and entertainment | U.S. | |||||||||
| B-/Negative | Sugarhouse HSP Gaming Prop. Mezz. L.P. | Media and entertainment | U.S. | |||||||||
| B-/Negative | International Park Holdings B.V. | Media and entertainment | Spain | |||||||||
| B-/Negative | Piolin Bidco S.A.U. | Media and entertainment | Spain | |||||||||
| B-/Negative | Hanjin International Corp. | Korean Air Lines Co. Ltd. | Media and entertainment | Korea, Republic of | ||||||||
| B-/Negative | Peak Jersey Holdco Ltd. | Media and entertainment | Jersey | |||||||||
| B-/Negative | TEG Pty Ltd. | Media and entertainment | Australia | |||||||||
| B-/Negative | Mongolian Mining Corp. | Metals, mining, and steel | Yes | Cayman Islands | ||||||||
| B-/Negative | IAMGOLD Corp. | Metals, mining, and steel | Canada | |||||||||
| B-/Negative | Tacora Resources Inc. | Metals, mining, and steel | Canada | |||||||||
| B-/Negative | Party City Holdings Inc., | PC Nextco Holdings LLC | Retail/restaurants | U.S. | ||||||||
| B-/Negative | Kirk Beauty 2 Beteiligungs GmbH and Co. KG | Retail/restaurants | Germany | |||||||||
| B-/Negative | Crockett Cogeneration, A California Ltd. 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. | |||||||||
| Old Potential Downgrades (Ex. PFAs & WLs) | ||||||||||||
| AAA/Negative | Johnson & Johnson | Health care | U.S. | |||||||||
| AA-/Negative | SCOR SE | Insurance | France | |||||||||
| AA-/Negative | States of Guernsey | Sovereign | Guernsey | |||||||||
| AA-/Negative | Tokyo Gas Co. Ltd. | Utilities | Japan | |||||||||
| AA-/Negative | Deutsche Bahn AG | Utilities | Germany | |||||||||
| A+/Negative | 3M Co. | Capital goods | U.S. | |||||||||
| A+/Negative | U.S. Bancorp | Financial institutions | U.S. | |||||||||
| A+/Negative | Danske Bank A/S | Financial institutions | Denmark | |||||||||
| A+/Negative | Slovak Republic | Sovereign | Slovak Republic | |||||||||
| A+/Negative | State of Kuwait | Sovereign | Kuwait | |||||||||
| A+/Negative | NATS (En Route) PLC | Transportation | U.K. | |||||||||
| A+/Negative | American States Water Co. | Utilities | U.S. | |||||||||
| A+/Negative | Flughafen Zurich AG | Utilities | Switzerland | |||||||||
| A+/Negative | Enexis Holding N.V. | Utilities | Netherlands | |||||||||
| A+/Negative | Central Japan Railway Co. | Utilities | Japan | |||||||||
| A+/Negative | East Japan Railway Co. | Utilities | Japan | |||||||||
| A+/Negative | China Southern Power Grid Co. Ltd. | Utilities | China | |||||||||
| A/Negative | Rockwell Automation Inc. | Capital goods | U.S. | |||||||||
| 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/Watch Neg | Philip Morris International Inc. | Consumer products | U.S. | |||||||||
| A/Negative | VP Bank AG | Financial institutions | Liechtenstein | |||||||||
| A/Negative | Scotiabank Chile | Bank of Nova Scotia | Financial institutions | Chile | ||||||||
| A/Negative | Oberbank AG | Financial institutions | Austria | |||||||||
| A/Negative | Mitsui Fudosan Co. Ltd. | Homebuilders/real estate companies | Japan | |||||||||
| A/Negative | GPT Group | Homebuilders/real estate companies | Australia | |||||||||
| A/Negative | Swiss Re Ltd. | Insurance | Switzerland | |||||||||
| A/Negative | Qatar Insurance Co. Q.S.P.C. | Insurance | Qatar | |||||||||
| A/Negative | Seven & i Holdings Co. Ltd., | Retail/restaurants | Japan | |||||||||
| A/Negative | Singapore Telecommunications Ltd. | Telecommunications | Singapore | |||||||||
| A/Negative | Proximus S.A. | Telecommunications | Belgium | |||||||||
| A/Negative | Canadian National Railway Co. | Transportation | Canada | |||||||||
| A/Negative | Avinor AS | Utilities | Norway | |||||||||
| A/Negative | Royal Schiphol Group N.V. | Utilities | Netherlands | |||||||||
| A/Negative | Aeroports de Paris | Utilities | France | |||||||||
| A-/Negative | Raytheon Technologies Corp. | Aerospace and defense | U.S. | |||||||||
| A-/Negative | Assa Abloy AB | Capital goods | Sweden | |||||||||
| A-/Negative | Sika AG | Chemicals, packaging, and environmental services | Switzerland | |||||||||
| 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 | Raiffeisen Bank International AG | Financial institutions | Austria | |||||||||
| A-/Negative | Australian Prime Property Fund Retail | Homebuilders/real estate companies | Australia | |||||||||
| 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 | AXIS Capital Holdings Ltd. | Insurance | Bermuda | |||||||||
| A-/Negative | UNIQA Insurance Group AG | Insurance | Austria | |||||||||
| A-/Negative | Fomento Economico Mexicano, S. A. B. de C. V. | Retail/restaurants | Mexico | |||||||||
| A-/Watch Neg | Bouygues S.A. | Telecommunications | France | |||||||||
| A-/Watch Neg | SMBC Aviation Capital Ltd. | Sumitomo Mitsui Financial Group Inc. | Transportation | Ireland | ||||||||
| A-/Negative | Atmos Energy Corp. | Utilities | U.S. | |||||||||
| 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 | Autoridad del Canal de Panama | Utilities | Panama | |||||||||
| A-/Negative | daa PLC | Utilities | Ireland | |||||||||
| A-/Negative | Vier Gas Transport GmbH | Utilities | Germany | |||||||||
| A-/Watch Neg | Plenary Health Care Partnerships Humber LP | Utilities | Canada | |||||||||
| BBB+/Watch Neg | General Electric Co. | Capital goods | U.S. | |||||||||
| BBB+/Negative | Parker-Hannifin Corp. | Capital goods | Yes | U.S. | ||||||||
| BBB+/Negative | Shanghai Electric Holdings Group Co. Ltd., | Capital goods | China | |||||||||
| BBB+/Negative | AmerisourceBergen Corp. | Consumer products | U.S. | |||||||||
| BBB+/Negative | British American Tobacco PLC | Consumer products | U.K. | |||||||||
| BBB+/Negative | Coca-Cola HBC AG | Consumer products | Switzerland | |||||||||
| BBB+/Negative | Coca-Cola Femsa, S.A.B. de C.V. | Consumer products | Mexico | |||||||||
| BBB+/Negative | Kimberly-Clark de Mexico S.A.B. de C.V. | Consumer products | Mexico | |||||||||
| BBB+/Negative | Sodexo S.A. | Consumer products | France | |||||||||
| BBB+/Negative | Grenke AG | Financial institutions | Germany | |||||||||
| BBB+/Negative | UniCredit Bank AG | UniCredit SpA | Financial institutions | Germany | ||||||||
| BBB+/Negative | China Orient Asset Management Co. Ltd. | Financial institutions | China | |||||||||
| BBB+/Negative | Banco BICE | Financial institutions | Chile | |||||||||
| BBB+/Negative | Inversiones La Construccion S.A. | Financial institutions | Chile | |||||||||
| BBB+/Negative | UniCredit Bank Austria AG | UniCredit SpA | Financial institutions | Austria | ||||||||
| BBB+/Watch Neg | PS Business Parks Inc. | Homebuilders/real estate companies | U.S. | |||||||||
| BBB+/Negative | American International Group Inc. | Insurance | U.S. | |||||||||
| BBB+/Negative | Liverpool Victoria Financial Services Ltd. | Insurance | U.K. | |||||||||
| BBB+/Negative | Broadridge Financial Solutions Inc. | Media and entertainment | U.S. | |||||||||
| BBB+/Negative | Suncor Energy Inc. | Oil and gas | Canada | |||||||||
| BBB+/Negative | Woodside Energy Group Ltd. | Oil and gas | Australia | |||||||||
| BBB+/Negative | America Movil S.A.B. de C.V. | Telecommunications | Mexico | |||||||||
| BBB+/Negative | Grupo Televisa, S. A. B. | Telecommunications | Mexico | |||||||||
| BBB+/Watch Neg | Axiata Group Berhad | Telecommunications | Malaysia | |||||||||
| BBB+/Watch Neg | Rogers Communications Inc. | Telecommunications | Canada | |||||||||
| BBB+/Negative | Telus Corp. | Telecommunications | Canada | |||||||||
| BBB+/Negative | Nouvelle Autoroute 30, S.E.N.C. | Transportation | Canada | |||||||||
| BBB+/Watch Neg | Kentucky Power Co. | American Electric Power Co. Inc. | Utilities | U.S. | ||||||||
| BBB+/Negative | MDU Resources Group Inc. | Utilities | U.S. | |||||||||
| BBB+/Negative | Pinnacle West Capital Corp. | Utilities | U.S. | |||||||||
| BBB+/Negative | Sempra Energy | Utilities | U.S. | |||||||||
| BBB+/Watch Neg | National Grid Gas Holdings Ltd. | National Grid PLC | Utilities | U.K. | ||||||||
| BBB+/Negative | Northumbrian Water Ltd. | CK Hutchison Holdings Limited | Utilities | U.K. | ||||||||
| BBB+/Negative | Australia Pacific Airports Corp. Ltd. | Utilities | Australia | |||||||||
| BBB+/Negative | EnergyAustralia Holdings Ltd. | Utilities | Australia | |||||||||
| BBB+/Negative | Southern Cross Airports Corp. Holdings Ltd. | Utilities | Australia | |||||||||
| BBB/Negative | BorgWarner Inc. | Automotive | U.S. | |||||||||
| BBB/Watch Neg | Crane Holdings Co., | Capital goods | U.S. | |||||||||
| BBB/Watch Neg | Celanese US Holdings LLC | Chemicals, packaging, and environmental services | U.S. | |||||||||
| BBB/Negative | Sonoco Products Co. | Chemicals, packaging, and environmental services | U.S. | |||||||||
| BBB/Negative | Solvay S.A. | Chemicals, packaging, and environmental services | Belgium | |||||||||
| BBB/Negative | Orica Ltd. | Chemicals, packaging, and environmental services | Australia | |||||||||
| BBB/Negative | International Flavors & Fragrances Inc. | Consumer products | U.S. | |||||||||
| BBB/Watch Neg | Securitas AB | Consumer products | Sweden | |||||||||
| BBB/Negative | Computershare Ltd. | Consumer products | Australia | |||||||||
| BBB/Negative | Euronet Worldwide Inc. | Financial institutions | U.S. | |||||||||
| BBB/Negative | First Citizens BancShares Inc., | Financial institutions | U.S. | |||||||||
| BBB/Negative | Banco General, S.A. | Financial institutions | Panama | |||||||||
| BBB/Negative | Banco Nacional de Panama | 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 | BBVA Mexico S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Mexico | Banco Bilbao Vizcaya Argentaria, S.A. | Financial institutions | Mexico | ||||||||
| 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 | PerkinElmer Inc. | Health care | U.S. | |||||||||
| BBB/Watch Neg | Citrix Systems Inc. | High technology | U.S. | |||||||||
| BBB/Watch Neg | Oracle Corp. | High technology | U.S. | |||||||||
| BBB/Watch Neg | American Campus Communities Inc. | Homebuilders/real estate companies | U.S. | |||||||||
| BBB/Watch Neg | Workspace Group PLC | Homebuilders/real estate companies | U.K. | |||||||||
| BBB/Negative | Akelius Residential Property AB | Homebuilders/real estate companies | Sweden | |||||||||
| BBB/Watch Neg | CPI Property Group S.A. | Homebuilders/real estate companies | Luxembourg | |||||||||
| BBB/Watch Neg | SiriusPoint Ltd. | Insurance | Yes | Bermuda | ||||||||
| BBB/Watch Neg | Crown Resorts Ltd. | Media and entertainment | Australia | |||||||||
| BBB/Watch Neg | Naturgy Energy Group S.A. | Oil and gas | Spain | |||||||||
| BBB/Negative | Fortum Oyj | Oil and gas | Finland | |||||||||
| BBB/Negative | El Puerto de Liverpool, S. A. B. de C. V. | Retail/restaurants | Mexico | |||||||||
| BBB/Negative | AEON Co. Ltd. | Retail/restaurants | Japan | |||||||||
| BBB/Negative | Republic of Panama | Sovereign | Panama | |||||||||
| BBB/Negative | United Mexican States | Sovereign | Mexico | |||||||||
| BBB/Negative | Fideicomiso 209635 (Matehuala) | Transportation | Mexico | |||||||||
| BBB/Negative | Millennium Parking Garages LLC | Utilities | U.S. | |||||||||
| BBB/Watch Neg | South Jersey Industries Inc. | Utilities | U.S. | |||||||||
| BBB/Negative | Sutton and East Surrey Water PLC | East Surrey Holdings PLC | Utilities | U.K. | ||||||||
| 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 | A2A SpA | Utilities | Italy | |||||||||
| BBB/Watch Neg | Electricite de France S.A. | Utilities | France | |||||||||
| BBB/Negative | Algonquin Power & Utilities Corp. | Utilities | Canada | |||||||||
| BBB/Negative | Adelaide Airport Ltd. | Utilities | Australia | |||||||||
| BBB/Negative | Brisbane Airport Corp. Pty Ltd. | BAC Holdings Ltd. | Utilities | Australia | ||||||||
| BBB/Negative | Perth Airport Pty Ltd. | Perth Airport Development Group Pty Ltd | Utilities | Australia | ||||||||
| BB+/Negative | Renault S.A. | Automotive | France | |||||||||
| BB+/Negative | MillerKnoll Inc. | Consumer products | U.S. | |||||||||
| BB+/Negative | Reynolds Consumer Products Inc. | Consumer products | U.S. | |||||||||
| BB+/Negative | Arcelik A.S. | Consumer products | Turkey | |||||||||
| BB+/Negative | Health and Happiness (H&H) International Holdings Ltd. | Consumer products | China | |||||||||
| BB+/Negative | Standard Industries Inc. | Forest products and building materials | U.S. | |||||||||
| BB+/Negative | Avantor Inc., | Health care | U.S. | |||||||||
| BB+/Watch Neg | PHOENIX Pharmahandel GmbH & Co. KG | Health care | Germany | |||||||||
| BB+/Watch Neg | Avast Holding B.V. | High technology | Netherlands | |||||||||
| BB+/Negative | Rakuten Group Inc. | High technology | Japan | |||||||||
| BB+/Negative | Seazen Group Ltd. | Homebuilders/real estate companies | Cayman Islands | |||||||||
| BB+/Negative | Las Vegas Sands Corp. | 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 | Carpenter Technology Corp. | Metals, mining, and steel | U.S. | |||||||||
| BB+/Negative | Austin Convention Enterprises Inc. | Utilities | U.S. | |||||||||
| BB+/Watch Neg | DPL Inc. | AES Corp. (The) | Utilities | U.S. | ||||||||
| BB+/Negative | Trinidad Generation UnLtd. | Utilities | Trinidad and Tobago | |||||||||
| BB+/Negative | Tokyo Electric Power Co. Holdings Inc. | Utilities | Japan | |||||||||
| BB/Negative | Faurecia SE | Automotive | France | |||||||||
| BB/Negative | China Aluminum International Engineering Corp. Ltd. | Aluminum Corporation of China | Capital goods | China | ||||||||
| BB/Negative | Avient Corp. | Chemicals, packaging, and environmental services | U.S. | |||||||||
| BB/Negative | Wolverine World Wide Inc. | Consumer products | U.S. | |||||||||
| 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 | Emergent BioSolutions Inc. | Health care | U.S. | |||||||||
| BB/Negative | Jubilant Pharma Ltd. | Jubilant Pharmova Limited | Health care | Singapore | ||||||||
| BB/Watch Neg | MaxLinear Inc., | High technology | U.S. | |||||||||
| BB/Negative | CIFI Holdings (Group) Co. Ltd. | Homebuilders/real estate companies | Cayman Islands | |||||||||
| BB/Negative | Churchill Downs Inc. | Media and entertainment | U.S. | |||||||||
| BB/Watch Neg | TEGNA Inc. | Media and entertainment | U.S. | |||||||||
| BB/Watch Neg | Nielsen Holdings PLC | Media and entertainment | U.K. | |||||||||
| BB/Watch Neg | Petroleos del Peru Petroperu S.A. | Oil and gas | Peru | |||||||||
| BB/Negative | KazMunayGas NC JSC | Oil and gas | Kazakhstan | |||||||||
| BB/Negative | Altice USA Inc., | Telecommunications | U.S. | |||||||||
| BB/Watch Neg | Lumen Technologies Inc., | Telecommunications | U.S. | |||||||||
| BB/Watch Neg | Switch Ltd., | Telecommunications | U.S. | |||||||||
| BB/Negative | Toll Road Investors Partnership II LP | Transportation | U.S. | |||||||||
| 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-/Negative | Crocs Inc., | Consumer products | U.S. | |||||||||
| BB-/Negative | Savage Enterprises, LLC | Consumer products | U.S. | |||||||||
| BB-/Negative | PT Japfa Comfeed Indonesia Tbk. | Japfa Ltd. | Consumer products | Indonesia | ||||||||
| BB-/Negative | Zhongrong International Holdings Ltd. | Zhongrong International Trust Co. Ltd. | Financial institutions | British Virgin Islands | ||||||||
| BB-/Negative | Schweitzer-Mauduit International Inc., | Forest products and building materials | U.S. | |||||||||
| BB-/Negative | Grifols S.A. | Health care | Spain | |||||||||
| BB-/Negative | Micro Focus International PLC | High technology | U.K. | |||||||||
| BB-/Negative | Diversified Healthcare Trust | Homebuilders/real estate companies | U.S. | |||||||||
| BB-/Negative | Pinewood Group Ltd. | Homebuilders/real estate companies | U.K. | |||||||||
| BB-/Negative | Tripadvisor Inc., | Media and entertainment | U.S. | |||||||||
| BB-/Negative | Playtech Plc | Media and entertainment | U.K. | |||||||||
| BB-/Negative | Qurate Retail Inc., | Retail/restaurants | U.S. | |||||||||
| BB-/Negative | Co-operative Group Ltd. | Retail/restaurants | U.K. | |||||||||
| BB-/Negative | Telecom Italia SpA | Telecommunications | Italy | |||||||||
| BB-/Negative | Boluda Towage S.L. | Transportation | Spain | |||||||||
| BB-/Negative | Equitrans Midstream Corp. | Utilities | U.S. | |||||||||
| BB-/Negative | PG&E Corp. | Utilities | U.S. | |||||||||
| BB-/Watch Neg | Transnet SOC Ltd. | Utilities | South Africa | |||||||||
| BB-/Negative | EP Bco S.A. | Utilities | Netherlands | |||||||||
| BB-/Negative | Q-Park Holding I BV | Utilities | Netherlands | |||||||||
| BB-/Negative | Getlink S.E. | Utilities | France | |||||||||
| B+/Watch Neg | Tenneco Inc. | Automotive | U.S. | |||||||||
| B+/Negative | J.B. Poindexter & Co. Inc. | Capital goods | U.S. | |||||||||
| B+/Negative | BrightView Landscapes LLC | Consumer products | U.S. | |||||||||
| B+/Negative | Ontex Group N.V. | Consumer products | Belgium | |||||||||
| B+/Negative | Koc Holding A.S. | Financial institutions | Turkey | |||||||||
| B+/Negative | Financiera Independencia S.A.B. de C.V. SOFOM E.N.R. | Financial institutions | Mexico | |||||||||
| B+/Negative | Unifin Financiera, S.A.B. de C.V. | Financial institutions | Yes | Mexico | ||||||||
| B+/Negative | Inversiones Atlantida, S.A. | Financial institutions | Honduras | |||||||||
| B+/Negative | Tarkett Participation | Forest products and building materials | France | |||||||||
| B+/Negative | ModivCare Inc. | Health care | U.S. | |||||||||
| B+/Negative | TTF Holdings, LLC | Health care | U.S. | |||||||||
| B+/Negative | Affidea B.V. | Health care | Netherlands | |||||||||
| B+/Negative | Sector Alarm Holding AS | High technology | Norway | |||||||||
| B+/Negative | Service Properties Trust | Homebuilders/real estate companies | U.S. | |||||||||
| B+/Negative | Red Star Macalline Group Corp. Ltd. | Red Star Macalline Holding Group Company Limited | Homebuilders/real estate companies | China | ||||||||
| B+/Negative | AlixPartners LLP | Media and entertainment | U.S. | |||||||||
| B+/Watch Neg | MGM Resorts International | Media and entertainment | U.S. | |||||||||
| B+/Negative | Wynn Resorts Ltd. | Media and entertainment | U.S. | |||||||||
| B+/Negative | Studio City Co. Ltd. | Melco International Development Ltd. | Media and entertainment | British Virgin Islands | ||||||||
| B+/Negative | Warrior Met Coal Inc., | Metals, mining, and steel | U.S. | |||||||||
| B+/Negative | PT Medco Energi Internasional Tbk. | Oil and gas | Indonesia | |||||||||
| B+/Negative | Bed Bath & Beyond Inc. | Retail/restaurants | U.S. | |||||||||
| B+/Negative | Republic of Rwanda | Sovereign | Rwanda | |||||||||
| B+/Negative | Plurinational State of Bolivia | Sovereign | Bolivia | |||||||||
| B+/Negative | Turk Telekom | Ojer Telekomunikasyon A.S. | Telecommunications | Turkey | ||||||||
| B+/Negative | Turkcell Iletisim Hizmetleri A.S. | Telecommunications | Turkey | |||||||||
| B+/Negative | Granite Generation LLC | Utilities | U.S. | |||||||||
| B+/Negative | PBF Logistics LP | PBF Energy Inc. | Utilities | U.S. | ||||||||
| B+/Negative | Revere Power, LLC | Utilities | U.S. | |||||||||
| B+/Negative | USA Compression Partners, LP | Utilities | U.S. | |||||||||
| B/Negative | Grupo Antolin-Irausa S.A.U. | Automotive | Spain | |||||||||
| B/Negative | Array Technologies Inc. | Capital goods | U.S. | |||||||||
| B/Negative | Hexion Holdings Corp. | Chemicals, packaging, and environmental services | U.S. | |||||||||
| B/Negative | Herens Midco Sarl | Chemicals, packaging, and environmental services | Luxembourg | |||||||||
| 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 | |||||||||
| B/Watch Neg | ASG Consolidated LLC | American Seafoods Holdings LLC | Consumer products | U.S. | ||||||||
| B/Negative | Highline Aftermarket Acquisition Parent, LLC | Consumer products | U.S. | |||||||||
| B/Negative | Instant Brands Holdings Inc. | Consumer products | U.S. | |||||||||
| B/Negative | Osmosis Holdings, LP | Consumer products | U.S. | |||||||||
| 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 | Galaxy Finco Ltd. (Domestic & General) | Consumer products | Jersey | |||||||||
| B/Negative | Financiere Labeyrie Fine Foods | Consumer products | France | |||||||||
| B/Negative | La Financiere Atalian SAS | Consumer products | France | |||||||||
| B/Negative | LD Holdings Group LLC | Financial institutions | U.S. | |||||||||
| B/Negative | Madison IAQ LLC | Madison Industries Holdings LLC | Forest products and building materials | U.S. | ||||||||
| B/Negative | BME Group Holding BV | Forest products and building materials | Netherlands | |||||||||
| B/Negative | Neptune Holdco S.a.r.l. | Forest products and building materials | Luxembourg | |||||||||
| B/Negative | ADMI Corp. | Health care | U.S. | |||||||||
| 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 | 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 | Bausch Health Cos. Inc. | Health care | Canada | |||||||||
| B/Negative | Magenta Buyer LLC | High technology | U.S. | |||||||||
| B/Negative | Shift4 Payments Inc., | High technology | U.S. | |||||||||
| 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 | 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 | Carnival Corp. | Media and entertainment | Panama | |||||||||
| B/Negative | NCL Corp. Ltd. | Media and entertainment | Bermuda | |||||||||
| B/Negative | Gopher Resource, LLC | ECP Gopher Holdings, L.P. | Metals, mining, and steel | U.S. | ||||||||
| B/Negative | At Home Group Inc. | Retail/restaurants | U.S. | |||||||||
| B/Negative | Empire Today LLC | Retail/restaurants | U.S. | |||||||||
| B/Negative | JOANN Inc. | Retail/restaurants | U.S. | |||||||||
| B/Negative | THG PLC | Retail/restaurants | U.K. | |||||||||
| B/Negative | Casino Guichard - Perrachon S.A. | Retail/restaurants | France | |||||||||
| B/Negative | Zayo Group Holdings Inc., | Front Range Bidco, Inc. | Telecommunications | U.S. | ||||||||
| B/Negative | Tosca IoM Ltd. | Telecommunications | U.K. | |||||||||
| 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 | Air Baltic Corp AS | Transportation | Yes | Latvia | ||||||||
| B/Negative | eHi Car Services Ltd. | Transportation | Cayman Islands | |||||||||
| B/Negative | Fly Leasing Ltd. | Transportation | Bermuda | |||||||||
| B/Negative | Nautilus Power, LLC | Utilities | U.S. | |||||||||
| B/Negative | NGL Energy Partners LP | Utilities | U.S. | |||||||||
| B/Negative | Southeast Supply Header, LLC | Utilities | U.S. | |||||||||
| B/Negative | Guacolda Energia S.A | Utilities | Chile | |||||||||
| Data as of June 30, 2022. Source: S&P Global Ratings Research. | ||||||||||||
Related Research
- The U.S. Distress Ratio Accelerates To Highest Level Since October 2020, July 21, 2022
- U.S. Corporate Credit Outlook Midyear 2022: Bracing For A Bumpy Ride, July 20, 2022
- The American Dream May No Longer Be In Reach, July 20, 2022
- A Eurozone Slowdown Is For Sure; Recession Is Less Certain, July 19, 2022
- Credit Trends: Market Stresses Begin To Weigh On Credit, July 6, 2022
- North American Consumer-Related Sectors Push The Weakest Link Tally To More Than 200, July 13, 2022
- Economic Outlook U.S. Q3 2022: The Summer Of Our Discontent, June 27, 2022
- 'BBB' Pulse: Pressures Mount, But The Positive Streak Continues, June 27, 2022
This report does not constitute a rating action.
| Primary Credit Analysts: | Jon Palmer, CFA, New York 212 438 1989; jon.palmer@spglobal.com |
| 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 |
No content (including ratings, credit-related analyses and data, valuations, model, software, or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced, or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees, or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness, or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.
Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment, and experience of the user, its management, employees, advisors, and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses.
To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.
S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process.
S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.spglobal.com/ratings (free of charge), and www.ratingsdirect.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.spglobal.com/usratingsfees.