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Credit Trends: Inflationary Pressures Influenced Half Of Potential Downgrades In September

COMMENTS

Default, Transition, and Recovery: Spotlight On U.S. Defaults In October

COMMENTS

Default, Transition, and Recovery: European Speculative-Grade Default Rate Should Fall To 4.25% By September 2025

COMMENTS

Default, Transition, and Recovery: U.S. Speculative-Grade Corporate Default Rate To Fall Further To 3.25% By September 2025

COMMENTS

Credit Trends: U.S. Public Finance Credit Quality: Obligors' Finances Drove Rating Actions In The Third Quarter


Credit Trends: Inflationary Pressures Influenced Half Of Potential Downgrades In September

Potential downgrades are 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 corporate, financial, or sovereign issuers rated 'AA+' to 'B-' by S&P Global Ratings with positive outlooks or ratings on CreditWatch positive. Weakest links are issuers rated 'B-' or lower by S&P Global Ratings with negative rating outlooks or ratings on CreditWatch with negative implications.

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We monitor potential downgrades because they are the most likely to be downgraded in the short to medium term, and their aggregate number indicates the direction of potential rating changes. 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.

Potential Fallen Angels, Weakest Links, And Potential Downgrades--September 2022
Rating Issuer Parent company Sector/subsector Outlook/CreditWatch change Country
New potential fallen angels
BBB-/Watch Neg KION Group AG Capital goods Germany
BBB-/Negative Newell Brands Inc. Consumer products U.S.
BBB-/Negative Sovereign Wealth Fund Samruk-Kazyna JSC Financial institutions Kazakhstan
BBB-/Negative Globalworth Real Estate Investments Ltd. Homebuilders/real estate companies Guernsey
BBB-/Negative Kazakhstan Sovereign Kazakhstan
New weakest links
B-/Negative Power Stop LLC Automotive U.S.
B-/Negative OT Merger Corp. Capital goods U.S.
B-/Negative Schoeller Packaging B.V. Chemicals, packaging, and environmental services Netherlands
B-/Negative Armorica Lux S.a r.l. Consumer products Luxembourg
B-/Negative City Brewing Co. LLC Blue Ribbon Holdings LLC Consumer products U.S.
B-/Negative New Trojan Parent Inc. Consumer products U.S.
B-/Negative SWF Holdings I Corp. Consumer products U.S.
B-/Watch Neg Compound Prime, LLC Financial institutions U.S.
B-/Negative TMX Finance LLC Financial institutions U.S.
B-/Negative National Mentor Holdings Inc Civitas Solutions Inc. Health care U.S.
B-/Negative Radiology Partners Holdings LLC Health care U.S.
B-/Negative Creation Technologies Inc High technology U.S.
B-/Negative Electronics for Imaging Inc. High technology U.S.
B-/Negative Geophysical Substrata Ltd. High technology British Virgin Islands
B-/Negative Veritas Holdings Ltd. High technology Bermuda
B-/Negative China SCE Group Holdings Ltd. Homebuilders/real estate companies Cayman Islands
B-/Negative Red Planet Intermediate LLC Media and entertainment U.S.
B-/Negative Connect Holding II LLC Telecommunications U.S.
New potential downgrades (excluding potential fallen angels and weakest links)
A/Negative Dongfeng Motor Group Co. Ltd. Dongfeng Motor Corporation Automotive China
A/Negative Knorr-Bremse AG Automotive Germany
A/Negative Johnson (S.C.) & Son Inc. Consumer products U.S.
A-/Negative Ecolab Inc. Chemicals, packaging, and environmental services U.S.
A-/Negative AB Electrolux Consumer products Sweden
A-/Negative EnBW Energie Baden-Wuerttemberg AG Utilities Germany
AA/Negative United Kingdom of Great Britain and Northern Ireland Sovereign U.K.
AA-/Negative Osaka Gas Co. Ltd. Utilities Japan
B/Negative Leather S.p.A. Automotive Italy
B/Negative TK Elevator Topco GmbH Capital goods Germany
B/Negative Arterra Wines Canada Inc. Constellation Brands Canada Inc. Consumer products Canada
B/Negative CD&R Smokey Buyer, Inc Consumer products U.S.
B/Negative Spectrum Brands Holdings Inc. Consumer products U.S.
B/Negative Freedom Mortgage Corp. Financial institutions U.S.
B/Negative Athletico Holdings, LLC Health care U.S.
B/Negative FC Compassus LLC Compassus Intermediate Inc. Health care U.S.
B/Negative Claranet International Ltd. High technology Jersey
B/Negative GoTo Group Inc. High technology U.S.
B/Negative BRP Group Inc. Insurance U.S.
B/Negative AIP MC Holdings LLC Metals, mining, and steel U.S.
B/Negative HSE Finance S.a.r.l. Retail/restaurants Luxembourg
B/Negative Lannis Ltd. Retail/restaurants U.K.
B+/Negative American Public Education Inc., Media and entertainment U.S.
BB/Negative Edgewell Personal Care Co. Consumer products U.S.
BB/Negative Kazakhstan Temir Zholy Transportation Kazakhstan
BB-/Negative Allspring Buyer LLC Financial institutions U.S.
BB-/Negative ForteBank JSC Financial institutions Kazakhstan
BB-/Negative Sotera Health Holdings LLC Sotera Health Topco Inc Health care U.S.
BB-/Watch Neg Xperi Holding Corp. High technology U.S.
BB-/Watch Neg GrafTech International Ltd. Metals, mining, and steel U.S.
BB-/Negative Fosun International Ltd. Metals, mining, and steel Hong Kong
BB+/Negative Open Text Corp. High technology Canada
BB+/Negative Kazakhstan Electricity Grid Operating Co. (JSC) Utilities Kazakhstan
BBB/Negative McCormick & Co. Inc. Consumer products U.S.
BBB/Watch Neg STORE Capital Corp. Homebuilders/real estate companies U.S.
BBB/Negative Royal Mail plc Transportation U.K.
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-/Negative Meituan Consumer products Cayman Islands
BBB-/Negative Ocean Spray Cranberries Inc. Consumer products U.S.
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 Tanner Servicios Financieros S.A. Financial institutions Chile
BBB-/Negative Altarea SCA Homebuilders/real estate companies France
BBB-/Negative Office Properties Income Trust Homebuilders/real estate companies U.S.
BBB-/Negative SL Green Realty Corp. Homebuilders/real estate companies U.S.
BBB-/Negative Samhallsbyggnadsbolaget i Norden AB (publ) Homebuilders/real estate companies Sweden
BBB-/Negative Denver Convention Ctr Hotel Auth Media and entertainment U.S.
BBB-/Negative JCDecaux S.A. Media and entertainment France
BBB-/Negative Jinjiang International Holding Co. Ltd. Media and entertainment China
BBB-/Watch Neg Tengizchevroil LLP Chevron Corporation Oil and gas Kazakhstan
BBB-/Negative SK Innovation Co. Ltd. Oil and gas Korea, Republic of
BBB-/Negative Metro AG Retail/restaurants Germany
BBB-/Negative Emirate of Sharjah Sovereign U.A.E.
BBB-/Watch Neg Eutelsat Communications S.A. Telecommunications France
BBB-/Negative GXO Logistics Inc. Transportation U.S.
BBB-/Watch Neg EP INFRASTRUCTURE A S EPH a.s. Utilities Czech Republic
BBB-/Negative Eesti Energia AS Utilities Estonia
BBB-/Negative EnergyAustralia Holdings Ltd. Utilities Australia
BBB-/Negative Inter Pipeline Ltd. Utilities Canada
Old weakest links
B-/Negative Dynasty Acquisition Co. Inc. Aerospace and defense U.S.
B-/Negative Adler Pelzer Holding GmbH Automotive Germany
B-/Negative ASP Unifrax Holdings Inc. Capital goods U.S.
B-/Negative CIRCOR International 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 Peacock Intermediate Holding II, L.P. Capital goods U.S.
B-/Negative Wittur International Holding GmbH Capital goods Germany
B-/Negative Innovative Chemical Products Group Chemicals, packaging, and environmental services U.S.
B-/Negative Venator Materials PLC Chemicals, packaging, and environmental services U.K.
B-/Watch Neg Ulker Biskuvi Sanayi A.S. Consumer products Yes Turkey
B-/Negative Boparan Holdings Ltd. Consumer products U.K.
B-/Negative H-Food Holdings LLC Consumer products U.S.
B-/Negative Instant Brands Holdings Inc. Consumer products U.S.
B-/Negative Knowlton Development Corp. Inc. Knowlton Development HoldCo, Inc Consumer products Canada
B-/Negative Kronos Acquisition Holdings Inc. Consumer products U.S.
B-/Negative Stitch Acquisition Corp. Consumer products U.S.
B-/Negative Albaraka Turk Katilim Bankasi AS Al Baraka Banking Group B.S.C. Financial institutions Turkey
B-/Negative LD Holdings Group LLC Financial institutions U.S.
B-/Negative Compact Bidco B.V. Forest products and building materials Netherlands
B-/Negative Alvogen Pharma US Inc. Alvogen Lux Holdings S.a.r.l. Health care U.S.
B-/Negative Greenway Health, LLC Health care U.S.
B-/Negative Lima Corporate S.p.a. Health care Italy
B-/Negative Imperva Inc. High technology U.S.
B-/Negative Intermedia Holdings Inc. 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 Beasley Broadcast Group Inc. Media and entertainment U.S.
B-/Negative ConvergeOne Holdings Inc. Media and entertainment U.S.
B-/Negative Digital Media Solutions Inc. Media and entertainment U.S.
B-/Negative EagleView Technology Corp. Media and entertainment U.S.
B-/Negative International Park Holdings B.V. Media and entertainment Spain
B-/Negative Lereta, LLC Media and entertainment U.S.
B-/Negative Lindblad Expeditions Holdings Inc. Media and entertainment U.S.
B-/Negative Loyalty Ventures Inc. Media and entertainment U.S.
B-/Negative Peak Jersey Holdco Ltd. Media and entertainment Jersey
B-/Negative Photo Holdings, LLC Media and entertainment U.S.
B-/Negative Piolin Bidco S.A.U. Media and entertainment Spain
B-/Negative Screenvision, LLC Media and entertainment U.S.
B-/Negative IAMGOLD Corp. Metals, mining, and steel Canada
B-/Negative Mongolian Mining Corp. Metals, mining, and steel Cayman Islands
B-/Negative Tacora Resources Inc. Metals, mining, and steel Canada
B-/Negative Tullow Oil PLC Oil and gas U.K.
B-/Negative At Home Group Inc. Retail/restaurants U.S.
B-/Negative BDF Acquisition Corp. Retail/restaurants U.S.
B-/Negative Edward Don & Co. Holdings, LLC Retail/restaurants U.S.
B-/Negative Empire Today LLC Retail/restaurants U.S.
B-/Negative GPS Hospitality Holding Co. LLC Retail/restaurants U.S.
B-/Negative JOANN Inc. Retail/restaurants U.S.
B-/Negative Kirk Beauty 2 Beteiligungs GmbH and Co. KG Retail/restaurants Germany
B-/Negative Islamic Republic of Pakistan Sovereign Pakistan
B-/Negative Mavenir Private Holdings II Ltd. Telecommunications U.K.
B-/Negative ENC Parent Corp. Transportation U.S.
B-/Negative IBC Capital Ltd. Transportation Cayman Islands
B-/Negative LaserShip Inc., Transportation U.S.
B-/Negative Crockett Cogeneration, A California Ltd. Partnership Utilities U.S.
B-/Negative Freeport LNG Investments, LLLP Utilities U.S.
B-/Negative Guacolda Energia S.A Utilities Chile
B-/Negative Lightstone HoldCo LLC Utilities U.S.
B-/Negative NGL Energy Partners LP Utilities U.S.
B-/Negative Pakistan Water and Power Development Authority Utilities Pakistan
B-/Negative Southeast Supply Header, LLC Utilities U.S.
B-/Negative West Deptford Energy Holdings, LLC Utilities U.S.
Old potential downgrades (excluding potential fallen angels and weakest links)
A/Negative Hitachi Ltd. Capital goods Japan
A/Negative Rockwell Automation Inc. Capital goods U.S.
A/Negative BASF SE Chemicals, packaging, and environmental services Germany
A/Watch Neg Philip Morris International Inc. Consumer products U.S.
A/Negative Hormel Foods Corp. Consumer products U.S.
A/Negative Kimberly-Clark Corp. Consumer products U.S.
A/Negative Oberbank AG Financial institutions Austria
A/Negative VP Bank AG Financial institutions Liechtenstein
A/Negative GPT Group Homebuilders/real estate companies Australia
A/Negative Mitsui Fudosan Co. Ltd. Homebuilders/real estate companies Japan
A/Negative Qatar Insurance Co. Q.S.P.C. Insurance Qatar
A/Negative Swiss Re Ltd. Insurance Switzerland
A/Negative Seven & i Holdings Co. Ltd. Retail/restaurants Japan
A/Negative Canadian National Railway Co. Transportation Canada
A/Negative Aeroports de Paris Utilities France
A/Negative Avinor AS Utilities Norway
A/Negative Wisconsin Power & Light Co. Alliant Energy Corp. Utilities U.S.
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 VF Corp. Consumer products U.S.
A-/Negative Central Bank of Savings Banks Finland PLC Savings Banks Group Finland Financial institutions Finland
A-/Negative LQ Inversiones Financieras S.A. Financial institutions Chile
A-/Negative Raiffeisen Bank International AG Financial institutions Austria
A-/Negative Amgen Inc. Health care U.S.
A-/Negative American Family Mutual Insurance Co., S.I. Insurance U.S.
A-/Negative Savings Bank Mutual Life Insurance Co. of Massachusetts (The) Insurance U.S.
A-/Negative Security Benefit Life Insurance Co. SBL Holdings, Inc. Insurance U.S.
A-/Negative UNIQA Insurance Group AG Insurance Austria
A-/Watch Neg Fomento Economico Mexicano, S. A. B. de C. V. Retail/restaurants Mexico
A-/Watch Neg Bouygues S.A. Telecommunications France
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 daa PLC Utilities Ireland
A+/Watch Neg 3M Co. Capital goods U.S.
A+/Negative Danske Bank A/S Financial institutions Denmark
A+/Negative Groupe Bruxelles Lambert SA Financial institutions Belgium
A+/Negative U.S. Bancorp Financial institutions U.S.
A+/Negative Intel Corp. High technology U.S.
A+/Negative Suncorp Group Ltd. Insurance Australia
A+/Negative Slovak Republic Sovereign Slovak Republic
A+/Negative NATS (En Route) PLC Transportation U.K.
A+/Negative American States Water Co. Utilities U.S.
A+/Negative Central Japan Railway Co. Utilities Japan
A+/Negative East Japan Railway Co. Utilities Japan
A+/Negative Flughafen Zurich AG Utilities Switzerland
AA-/Negative SCOR SE Insurance France
AA-/Negative States of Guernsey Sovereign Guernsey
AA-/Negative Tokyo Gas Co. Ltd. Utilities Japan
AAA/Negative Johnson & Johnson Health care U.S.
B/Negative Grupo Antolin-Irausa S.A.U. Automotive Spain
B/Negative Array Technologies Inc. Capital goods U.S.
B/Negative Osmose Utilities Services Inc. OHI Intermediate Holdings Inc. Capital goods U.S.
B/Negative Herens Midco Sarl Chemicals, packaging, and environmental services Luxembourg
B/Negative Hexion Holdings Corp. Chemicals, packaging, and environmental services U.S.
B/Negative Iris Holding Inc. 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
B/Watch Neg ASG Consolidated LLC American Seafoods Holdings LLC Consumer products U.S.
B/Negative Fender Musical Instruments Corp. Consumer products U.S.
B/Negative Highline Aftermarket Acquisition Parent, LLC Consumer products U.S.
B/Negative Mad Engine Global LLC Consumer products U.S.
B/Negative Ontex Group N.V. Consumer products Belgium
B/Negative Oriflame Investment Holding Plc Consumer products Jersey
B/Negative Osmosis Holdings, LP Consumer products U.S.
B/Negative Outdoor Home Services Holdings LLC Consumer products U.S.
B/Negative PDC Wellness & Personal Care Co. Consumer products U.S.
B/Negative Triton Water Holdings Inc. Consumer products U.S.
B/Negative Cobra Equity Holdco LLC Financial institutions U.S.
B/Negative Inversiones Atlantida, S.A. Financial institutions Honduras
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/Watch Neg Bausch Health Americas Inc. Bausch Health Companies Inc. Health care U.S.
B/Negative ADMI Corp. Health care U.S.
B/Negative Artivion Inc. Health care U.S.
B/Negative Bella Holding Co. LLC Health care U.S.
B/Negative GHX Ultimate Parent Corp. Health care U.S.
B/Negative Romulus Intermediate Holdings 2 Inc. Health care U.S.
B/Negative UniFin SAS Health care France
B/Negative Constant Contact Inc. High technology U.S.
B/Negative Magenta Buyer LLC High technology U.S.
B/Negative Project Leopard Holdings Inc. Kofax Parent Ltd. High technology U.S.
B/Negative Upland Software Inc. High technology U.S.
B/Negative Brookfield Residential Properties Inc. Homebuilders/real estate companies Canada
B/Negative Bally's Corp. Media and entertainment U.S.
B/Negative Carnival Corp. Media and entertainment Panama
B/Negative Double Eagle Buyer Inc. Media and entertainment U.S.
B/Negative NCL Corp. 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 American Rock Salt Co. LLC Metals, mining, and steel U.S.
B/Negative Kosmos Energy Ltd. Oil and gas U.S.
B/Negative Casino Guichard - Perrachon S.A. Retail/restaurants France
B/Negative Michaels Companies Inc. (The) Retail/restaurants U.S.
B/Negative Mountaineer Merger Corp. Retail/restaurants U.S.
B/Negative THG PLC Retail/restaurants U.K.
B/Watch Neg DKT Holdings ApS Telecommunications Denmark
B/Negative Altice International S.a.r.l. Altice Europe N.V. Telecommunications Luxembourg
B/Negative Radiate Holdco, LLC Telecommunications U.S.
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/Negative Air Baltic Corp AS Transportation Latvia
B/Negative Western Global Airlines Inc. Transportation U.S.
B/Negative eHi Car Services Ltd. Transportation Cayman Islands
B/Negative Nautilus Power, LLC Utilities U.S.
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 Energizer Holdings Inc. Consumer products U.S.
B+/Negative Lifetime Brands Inc. Consumer products U.S.
B+/Negative Turning Point Brands Inc., Consumer products U.S.
B+/Negative WEPA Hygieneprodukte GmbH Consumer products Germany
B+/Negative Georgia Capital JSC Financial institutions Georgia
B+/Negative Koc Holding A.S. Financial institutions Turkey
B+/Negative Operadora de Servicios Mega, S.A. de C.V. SOFOM, E.R. Financial institutions Mexico
B+/Negative Glatfelter Corp. Forest products and building materials U.S.
B+/Negative Tarkett Participation Forest products and building materials France
B+/Watch Neg AUNA S.A.A. Health care Peru
B+/Watch Neg Hanger Inc., Health care U.S.
B+/Negative Celeste Midco 1 B.V. Health care Netherlands
B+/Negative ModivCare Inc. Health care U.S.
B+/Negative TTF Holdings, LLC Health care U.S.
B+/Negative Sector Alarm Holding AS High technology Norway
B+/Watch Neg CIFI Holdings (Group) Co. Ltd. Homebuilders/real estate companies Yes Cayman Islands
B+/Negative Howard Hughes Corp. (The) Homebuilders/real estate companies U.S.
B+/Negative Radiance Holdings (Group) Co. Ltd. Homebuilders/real estate companies Cayman Islands
B+/Negative Service Properties Trust Homebuilders/real estate companies U.S.
B+/Watch Neg MGM Resorts International Media and entertainment U.S.
B+/Watch Neg Studio City Co. Ltd. Melco International Development Ltd. Media and entertainment British Virgin Islands
B+/Watch Neg Wynn Resorts Ltd. Media and entertainment U.S.
B+/Negative AlixPartners LLP Media and entertainment U.S.
B+/Negative Deluxe Corp. Media and entertainment U.S.
B+/Negative Plurinational State of Bolivia Sovereign Bolivia
B+/Negative Republic of Rwanda Sovereign Rwanda
B+/Negative Turk Telekom Ojer Telekomunikasyon A.S. Telecommunications Turkey
B+/Negative Turkcell Iletisim Hizmetleri A.S. Telecommunications Turkey
B+/Negative VTR Finance NV Liberty Latin America Ltd. Telecommunications Netherlands
B+/Negative CPV Shore Holdings, LLC Utilities U.S.
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.
BB/Negative Faurecia SE Automotive France
BB/Negative Avient Corp. Chemicals, packaging, and environmental services U.S.
BB/Watch Neg Valvoline Inc. Consumer products U.S.
BB/Negative Dole plc Consumer products Ireland
BB/Negative Gap Inc. (The) Consumer products U.S.
BB/Negative Hanesbrands Inc. Consumer products U.S.
BB/Negative Wolverine World Wide Inc. Consumer products U.S.
BB/Negative Coinbase Global Inc., Financial institutions U.S.
BB/Negative FirstCash Holdings Inc. Financial institutions U.S.
BB/Negative Domtar Corp. Forest products and building materials U.S.
BB/Negative Emergent BioSolutions Inc. Health care U.S.
BB/Watch Neg MaxLinear Inc. High technology U.S.
BB/Negative Atos SE High technology France
BB/Negative Seazen Group Ltd. Homebuilders/real estate companies Cayman Islands
BB/Negative The Necessity Retail REIT Inc. Homebuilders/real estate companies 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 Restoration Hardware Inc. RH Retail/restaurants 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/Negative Invenergy Thermal Operating I LLC Utilities U.S.
BB-/Negative Crocs Inc. Consumer products U.S.
BB-/Negative Herbalife Nutrition Ltd. Consumer products Cayman Islands
BB-/Negative PT Japfa Comfeed Indonesia Tbk. Japfa Ltd. Consumer products Indonesia
BB-/Negative Savage Enterprises, LLC Consumer products U.S.
BB-/Negative Scotts Miracle-Gro Co. (The) Consumer products U.S.
BB-/Negative FEH Inc. Financial institutions U.S.
BB-/Negative Greenhill & Co. Inc., Financial institutions U.S.
BB-/Negative Zhongrong International Holdings Ltd. Zhongrong International Trust Co. Ltd. Financial institutions British Virgin Islands
BB-/Negative Mativ Holdings Inc. Forest products and building materials U.S.
BB-/Negative Corsair Gaming Inc. Corsair Group (Cayman), LP High technology U.S.
BB-/Negative Diversified Healthcare Trust Homebuilders/real estate companies U.S.
BB-/Negative Pinewood Group Ltd. Homebuilders/real estate companies U.K.
BB-/Watch Neg Melco Resorts Finance Ltd. Melco International Development Ltd. Media and entertainment Cayman Islands
BB-/Negative Playtech Plc Media and entertainment U.K.
BB-/Negative Tripadvisor Inc. Media and entertainment U.S.
BB-/Negative Compass Minerals International Inc. Metals, mining, and steel U.S.
BB-/Negative Endeavour Mining PLC Metals, mining, and steel U.K.
BB-/Negative Co-operative Group Ltd. Retail/restaurants U.K.
BB-/Negative Harbor Freight Tools USA Inc. Retail/restaurants U.S.
BB-/Negative Republic of Honduras Sovereign Honduras
BB-/Negative Altice USA Inc. Telecommunications U.S.
BB-/Negative Axtel, S. A. B. de C.V. Alfa S.A.B. de C.V. Telecommunications Mexico
BB-/Negative Telecom Italia SpA Telecommunications Italy
BB-/Negative Boluda Towage S.L. Transportation Spain
BB-/Negative ContourGlobal PLC Utilities U.K.
BB-/Negative EP Bco S.A. Utilities Netherlands
BB-/Negative Elwood Energy LLC Electric Power Development Co. Ltd. Utilities U.S.
BB-/Negative Enviva Inc. Utilities U.S.
BB-/Negative Equitrans Midstream Corp. Utilities U.S.
BB-/Negative Getlink S.E. Utilities France
BB-/Negative Q-Park Holding I BV Utilities Netherlands
BB-/Negative Transnet SOC Ltd. Utilities South Africa
BB+/Negative Renault S.A. Automotive France
BB+/Negative Anadolu Efes Biracilik ve Malt Sanayii AS Consumer products Yes Turkey
BB+/Negative Arcelik A.S. Consumer products Turkey
BB+/Negative Health and Happiness (H&H) International Holdings Ltd. Consumer products China
BB+/Negative MillerKnoll Inc. Consumer products U.S.
BB+/Negative Reynolds Consumer Products Inc. Consumer products U.S.
BB+/Negative Tempur Sealy International Inc. Consumer products U.S.
BB+/Negative Standard Industries Inc. Forest products and building materials U.S.
BB+/Watch Neg PHOENIX Pharmahandel GmbH & Co. KG Health care Germany
BB+/Negative Avantor Inc., Health care U.S.
BB+/Watch Neg Rakuten Group Inc. High technology Yes Japan
BB+/Watch Neg 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 KazMunayGas NC JSC Oil and gas Kazakhstan
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 Co. Holdings Inc. Utilities Japan
BBB/Watch Neg Crane Holdings Co. Capital goods U.S.
BBB/Negative Shanghai Electric Holdings Group Co. Ltd. Capital goods China
BBB/Watch Neg Celanese US Holdings LLC Chemicals, packaging, and environmental services U.S.
BBB/Negative LANXESS AG Chemicals, packaging, and environmental services Germany
BBB/Negative Solvay S.A. Chemicals, packaging, and environmental services Belgium
BBB/Negative Sonoco Products Co. Chemicals, packaging, and environmental services U.S.
BBB/Negative International Flavors & Fragrances Inc. Consumer products U.S.
BBB/Negative Kellogg Co. Consumer products U.S.
BBB/Negative Whirlpool Corp. Consumer products U.S.
BBB/Negative Banco General, S.A. Financial institutions Panama
BBB/Negative Banco Nacional de Panama Financial institutions Panama
BBB/Negative Carrefour Banque BNP Paribas Financial institutions France
BBB/Negative Credicorp Ltd. Financial institutions Bermuda
BBB/Negative Credit Suisse Group AG Financial institutions Switzerland
BBB/Negative First Citizens BancShares Inc. Financial institutions U.S.
BBB/Negative OTP Bank PLC Financial institutions Hungary
BBB/Negative Baxter International Inc. Health care U.S.
BBB/Watch Neg Citrix Systems Inc. High technology U.S.
BBB/Negative Oracle Corp. High technology Yes U.S.
BBB/Watch Neg CPI Property Group S.A. Homebuilders/real estate companies Luxembourg
BBB/Watch Neg Immofinanz AG Homebuilders/real estate companies Austria
BBB/Negative Akelius Residential Property AB Homebuilders/real estate companies Sweden
BBB/Negative Workspace Group PLC Homebuilders/real estate companies U.K.
BBB/Negative Kemper Corp. Insurance U.S.
BBB/Negative SiriusPoint Ltd. Insurance Yes Bermuda
BBB/Watch Neg Naturgy Energy Group S.A. Oil and gas Spain
BBB/Negative Fortum Oyj Oil and gas Finland
BBB/Negative Suncor Energy Inc. Oil and gas Canada
BBB/Negative AEON Co. Ltd. Retail/restaurants Japan
BBB/Negative Hungary Sovereign Hungary
BBB/Negative Republic of Panama Sovereign Panama
BBB/Watch Neg CE Oaxaca Cuatro, S. de R.L. de C.V. Utilities Mexico
BBB/Watch Neg CE Oaxaca Dos, S. de R.L. de C.V. Utilities Mexico
BBB/Watch Neg Electricite de France S.A. Utilities France
BBB/Watch Neg South Jersey Industries Inc. Utilities U.S.
BBB/Negative A2A SpA Utilities Italy
BBB/Negative Algonquin Power & Utilities Corp. Utilities Canada
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 Sutton and East Surrey Water PLC East Surrey Holdings PLC Utilities U.K.
BBB+/Watch Neg General Electric Co. Capital goods U.S.
BBB+/Negative Parker-Hannifin Corp. Capital goods U.S.
BBB+/Negative NewMarket Corp. Chemicals, packaging, and environmental services U.S.
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 Banco BICE Financial institutions Chile
BBB+/Negative Grenke AG Financial institutions Germany
BBB+/Negative Inversiones La Construccion S.A. Financial institutions Chile
BBB+/Negative UniCredit Bank Austria AG UniCredit SpA Financial institutions Austria
BBB+/Negative Fortune Brands Home & Security Inc., Forest products and building materials U.S.
BBB+/Negative American International Group Inc. Insurance U.S.
BBB+/Negative China Taiping Insurance Group (HK) Co. Ltd. Insurance Hong Kong
BBB+/Negative Liverpool Victoria Financial Services Ltd. Insurance U.K.
BBB+/Negative Broadridge Financial Solutions Inc. Media and entertainment U.S.
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+/Negative PostNL N.V. Transportation Netherlands
BBB+/Watch Neg Kentucky Power Co. American Electric Power Co. Inc. Utilities U.S.
BBB+/Watch Neg MDU Resources Group Inc. 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 Pinnacle West Capital Corp. Utilities U.S.
BBB+/Negative Sempra Energy Utilities U.S.
Data as of Sept. 30, 2022. Source: S&P Global Ratings Credit Research & Insights.

Related Research

This report does not constitute a rating action.

Credit Research & Insights:Jon Palmer, CFA, New York 212 438 1989;
jon.palmer@spglobal.com
Luca Rossi, Paris;
luca.rossi@spglobal.com
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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