Key Takeaways
- Negative rating momentum increased in September, with five new potential fallen angels, 18 new weakest links, and 59 new potential downgrades. These numbers were all up from no new potential fallen angels, six new weakest links, and 46 new potential downgrades in August.
- New potential downgrades were led by consumer products (nine in the U.S., two in Europe, and one in Canada), high technology (five in the U.S., two in Europe, and one in Canada), financial institutions (four in the U.S. and two in EEMEA), and health care (five in the U.S.).
- Inflationary pressures were cited in 51% of new potential downgrades. Meanwhile, 40% of new potential upgrades benefited from higher commodity prices.
- 74% of sectors saw an increase in negative bias (proportion of ratings with negative outlooks or on CreditWatch negative) in September. Overall, consumer products, autos, and retail/restaurants have the highest downgrade potential.
- Nearly two-fifths of 'BBB' category issuers on CreditWatch negative are in utilities. The 'BBB' category has the highest share of potential downgrades on CreditWatch negative, at 21%.
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
- Global Financing Conditions: Bond Issuance Set To Remain Weak Through Year-End, Expand Modestly In 2023, Oct. 26, 2022
- Risky Credits: U.S. And Canada Default Risk Rises As Lower Ratings Deteriorate, Oct. 24, 2022
- 2022 Defaults Inch Past Year-To-Date 2021 Tally As Credit Conditions Worsen, Oct. 17, 2022
- Global Credit Markets Update Q4 2022, Running Up That Hill, Oct. 11, 2022
- The Complications Of A Stronger Dollar, Oct. 11, 2022
- Downgrades Expected To Pick Up As Demand Starts To Subside, Oct. 7, 2022
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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