Available Reports
Using our proprietary model driven methodology for corporate credit ratings, we have rated a selection of public companies, and provided full credit ratings reports, available for sale below (Note: these are non-NRSRO credit ratings).
Available reports listed below
ICR: AA-
Outlook: Stable
Accenture is a global leader in technology services, management consulting, and business process outsourcing. The company is a talent- and innovation-led organization with approximately 774,000 people as of fiscal year ended August 31, 2024, located primarily in India, the Philippines and the US. In F'2024, Accenture generated 51% of revenues from consulting and 49% from managed services. The company is organized into 5 market groups, with Communications, Media and Technology accounting for 17% of revenues in F'2024, Financial Services for 18%, Health & Public Service for 21%, Products for 30% and Resources for 14%. Revenues are broadly diversified geographically across clients in over 120 countries, with North America accounting for 47% of revenues, EMEA for 35%, and Growth Markets for 17%.
ICR: BB-
Outlook: Stable
ACCO designs, produces and markets business office and educational supplies, including items for note-taking, organization and filing, stapling and laminating, and computer accessories. Leading suite of office supply brands includes Swingline, Five-Star, Mead and others. In 2023, Organization & Storage products accounted for 31% of sales, Learning & Creative for 30%, Equipment for 22%, and Technology Accessories for 17%. The company operates internationally, with North America accounting for 48% of revenues in 2023, EMEA for 30% and International (Australia and South America) for 22%. The company manufactures about 40% of its products in its facilities and sources the remaining 60% from lower cost countries primarily in Asia.
ICR: B-
Outlook: Stable
B&G Foods manufactures, sells and distributes a diverse portfolio of branded, high quality, shelf-stable and frozen food and household products across the United States, Canada and Puerto Rico. Branded retail sales are complemented with institutional and foodservice sales and private label sales. Product portfolio includes leading brands in their categories such as Green Giant, Crisco, Clabber Girl, Ortega and others. For the nine months ended September 2024, Specialty products accounted for 33% of sales, Meals for 25%, Frozen & Vegetables for 21%, and Spices & Flavor for 21%.
Withdrawn
No Outlook
ICR: A-
Outlook: Stable
Comcast is a leading media and communications company, providing connectivity services, creating content and offering entertainment experiences. The company's residential cable business is its largest, accounting for 60% of total revenues (before eliminations) and 72% of EBITDA (before corporate) in 2023, pro forma for the announced separation of cable networks. Business connectivity accounts for 8% of revenues, the Media business including NBC and Telemundo broadcast networks and local stations, Peacock streaming service and remaining cable networks accounts for 15% of revenues, film and television studios for 10%, and Universal theme parks for 7%. In November 2024, Comcast announced a plan to separate several cable networks into an independent company by late 2025.
ICR: BBB-
Outlook: Stable
Conagra is one of the largest consumer food producers in North America providing branded food products as well as foodservice items and ingredients. In F'2024, Grocery & Snacks segment accounted for 41% of revenues, Refrigerated & Frozen for 40%, Foodservice for 10% and International for 9%. Within the Grocery & Snacks category, majority of sales are generated from snacks, ingredients and enhancers. The Grocery & Snacks and Refrigerated & Frozen segments market branded shelf-stable and temperature-controlled products through retail channels in the US. The Foodservice segment markets a variety of branded, customized, and custom-manufactured food and culinary products to restaurants and foodservice establishments. The International segment markets branded products outside of the US.
ICR: AA-
Outlook: Stable
Costco is a leading warehouse membership club retailer, with 890 warehouses in 14 countries. Costco's facilities offer its members a broad suite of product categories, and in the fiscal year ended August 2024 Foods & Sundries accounting for 41% of sales, Fresh Foods for 14%, Non-Foods for 26%, and Warehouse Ancillary & Other Business for 20%. The company is gradually expanding its international footprint, and in F'2024 the US accounted for 72% of sales, Canada for 14%, and other international markets for 14%. The company operates e-commerce sites in 8 of its markets, and e-commerce sales accounted for 7% of revenues in F'2024.
ICR: BBB+
Outlook: Stable
Dover is a leading diversified industrial manufacturer of engineered equipment and components, operating in five business segments. Engineered Products segment (24% of revenue in 2023) provides a wide range of equipment and components for vehicle service, industrial automation and aerospace and defense. Clean Energy & Fueling (21%) provides dispensing and other equipment and components for fuel handling. Imaging and Identification (13%) provides equipment for product coding, marking and related applications. Pumps & Process Solutions (21%) manufactures specialty pumps, flows meters and related components. Climate & Sustainability Technologies (21%) provides energy-efficient equipment for refrigeration, HVAC and other markets.
ICR: B-
Outlook: Stable
Gannett is a media company publishing daily newspapers and providing digital marketing solutions. Domestic Media segment (73% of total revenue) is the leading operator of local daily newspapers in the US, national newspaper USA TODAY and a community events business. Newsquest segment (9% of total revenue) is the leading operator of community newspapers in the UK. Digital Marketing Solutions segment (18% of total revenue) provides digital advertising and marketing solutions to local businesses. For the twelve months ended September 2024, about 43% of the company's revenues were digital in nature, consisting of digital advertising, digital marketing services, digital-only subscription and other digital services.
ICR: A-
Outlook: Stable
Halliburton is one of the world's largest providers of products and services to the energy industry, serving major, national and independent oil and natural gas producers. The company provides technology and services that improve efficiency, increase recovery and maximize production for customers throughout the life of their producing assets. Operations are organized into two segments, Completion & Production (59% of revenues in 2024) and Drilling & Evaluation (41%). The Completion & Production segment provides cementing, stimulation, specialty chemicals, intervention, pressure control, artificial lift, and completion products and services. The Drilling & Evaluation segment provides field and reservoir modeling, drilling, fluids, evaluation and precise wellbore placement solutions that enable customers to model, measure, drill, and optimize their well construction activities. The company operates in over 70 countries, with North America (largely US) accounting for 46% of revenues in 2023, Middle East/Asia for 25%, Latin America for 17% and Europe/Africa/CIS for 12%.
ICR: B+
Status: Stable
Holley is a leading designer and manufacturer of high-performance automotive aftermarket products. The company's broad suite of products spans a number of automotive platforms and includes carburetors, fuel injection systems, superchargers, exhaust products and many others. The Holley brand is highly recognized in the performance aftermarket products market with a strong reputation for premium quality. In 2023, Electronic Systems accounted for 44% of sales, Mechanical Systems for 24%, Accessories for 15%, Exhaust for 9% and Safety for 9%.
ICR: BBB
Outlook: Stable
Martin Marietta is a leading supplier of aggregates (crushed stone, sand and gravel) in North America, with 281 quarries and mines and 76 distribution yards in 28 states and Canada, and 75 years of reserves based on 2023 production level. The company also produces cement, ready-mix concrete, asphalt and magnesia specialties, but aggregates account for nearly 80% of gross profit in 2024 pro forma for recent business portfolio changes. End markets for the company's aggregates shipments include public infrastructure (35% of total), nonresidential construction (36%), and residential construction (24% of total).
ICR: A+
Outlook: Stable
Merck is one of the largest global research-based pharmaceutical companies. The company's differentiated research capabilities consistently drive innovation and successful new drug development, with current new product pipeline revenue opportunity estimated at over $50 billion (non-risk adjusted). In 2023, the Oncology portfolio accounted for 46% of total sales (of which Keytruda was 42%), Vaccines accounted for 22%, Hospital Acute Vare accounted for 6%, a broad suite of other pharmaceutical categories (Cardiovascular, Virology, Neuroscience, Immunology, Diabetes) accounted for 17%, and animal health products accounted for 9%.
ICR: AAA
Outlook: Stable
Microsoft is the largest global software provider. Operations are reported in three segments: Productivity and Business Processes (32% of revenues in fiscal year ended June 2024), Intelligent Cloud (43%) and More Personal Computing (25%). The Productivity and Business Processes segment includes Office Commercial, Office Consumer, Dynamics business solutions and LinkedIn. The Intelligent Cloud segment includes the Azure suite of cloud services and infrastructure, other server products and services, and enterprise and partner services that assist customers in deploying Microsoft solutions. The More Personal Computing segment includes the Windows operating system and cloud services such as Defender and Endpoint, devices (e.g. Surface), gaming (e.g. Xbox, Activision Blizzard), and search (e.g. Edge, Bing). Revenues are broadly diversified geographically with United States accounting for 51% of revenue in F'2024 ($125 billion) and the rest of the world accounting for 49% ($120 billion).
ICR: BBB+
Outlook: Stable
Stryker is a leading global diversified medical technology company. The company's solutions are highly diversified across many product lines in MedSurg, Neurotechnology, Orthopaedics and Spine categories. MedSurg products include a broad suite of instruments, endoscopy products and other medical products and devices. Neurotechnology products include neurosurgical, neurovascular and craniomaxillofacial implant products. Orthopaedics products consist primarily of implants used in total joint replacements, such as hip, knee and shoulder, and trauma and extremities surgeries. Spine products include imaging solutions, image-guided surgical technology, patient specific implants and digital health solutions. The company markets its products globally and generates about 25% of its sales outside of the US.
ICR: BB-
Outlook: Stable
Tenet is a diversified healthcare services company operating a network of care delivery facilities. The Hospital Operations and Services segment operates 49 hospitals and 142 outpatient facilities as of September 2024, and provides revenue cycle management and value-based care services through Conifer joint venture. The Ambulatory Care segment, operated through USPI subsidiary, holds ownership interests in 520 ambulatory surgery centers (376 of which are consolidated) and 24 surgical hospitals (7 of which are consolidated). In the last fiscal quarter ended September 2024, the Hospital Operations segment accounted for 78% of revenues and Ambulatory Care accounted for 22%.
ICR: BB
Outlook: Positive
TTM is a manufacturer of technology hardware solutions, including technologically advanced printed circuit boards (PCB), radio frequency (RF) components, radar systems and other assemblies and systems. The company's products are components in the manufacturing processes of other technology and equipment manufacturers. TTM's strategy and product portfolio is focused on high-complexity differentiated solutions for advanced applications. Sales are diversified across end markets, including Aerospace & Defense (45% of revenue in 2023), Medical/Industrial/Instrumentation (17%), Automotive (16%), Data Center Computing (14%) and Networking (8%). TTM operates 24 specialized manufacturing facilities in North America and Asia.
ICR: B+
Outlook: Stable
Varex is a leading designer and manufacturer of X-ray imaging components, which include X-ray tubes, digital detectors and other image processing solutions that are key components of X-ray imaging systems. Varex's products are used in medical imaging as well as in industrial and security imaging applications, as components in complex systems produced by global equipment OEMs. In F'2024, the Medical segment accounted for 72% of sales and the Industrial segment accounted for the remaining 28%. The company's products are sold globally, with Americas accounting for 33% of sales, EMEA for 35% and APAC for 33%. Manufacturing footprint is global with facilities in the United States, United Kingdom, the Netherlands, Germany, Finland, the Philippines, China and India.
ICR: BBB
Outlook: Stable
Westlake is a leading vertically integrated chemicals and building products company. In 2023, about 66% of external revenue was generated from chemicals sales and about 34% from building products sales. The chemicals operations include chlor-alkali, petrochemicals and epoxy assets. In 2023, about 56% of chemicals external sales (37% of company total) were generated from Performance Materials including PVC, polyethylene and epoxy, with the balance from Essential Materials including caustic soda, styrene and derivatives. The building products business is diversified across several categories but largely produces vinyl products as a downstream vertically integrated consumer of PVC production, with about 80% of sales used in residential housing applications and 20% in non-residential infrastructure.
ICR: BB+
Outlook: Stable
Wyndham is a leading hotel franchising company, with approximately 9,200 hotels and nearly 900,000 rooms in over 95 countries. In addition, the company has about 250,000 rooms in the development pipeline. The company operates 25 hotel brands, with largest by number of hotels including Super 8, Days Inn, Ramada, La Quinta, and Wyndham. The company's system of hotels is diversified across Economy (43%), Midscale (46%), and Upscale (11%). United States accounts for 57% of system hotels, with the balance diversified across Asia (23%), EMEA (10%), Canada (5%), and Latin America (5%). The company operates e-commerce sites in 8 of its markets, and e-commerce sales accounted for 7% of revenues in F'2024.