S&P’s Watchlist

S&P’s List of Companies Vulnerable to Default

Data as of Oct. 15, 2008

Rating Combination And Subsector	Issuer	Debt (US$ Mil)	Country
B-/CreditWatch Negative
Automotive	Ford Motor Co.	116,914	U.S.
Automotive	General Motors Corp.	81,178	U.S.
CP&ES	Pliant Corp.	543	U.S.
Consumer products	Cott Corp.	275	Canada
Consumer products	MEGA Brands Inc.	267	Canada
Forest	AMH Holdings Inc.	611	U.S.
Forest	WII Components Inc.	120	U.S.
Health care	Chem Rx Corp.	117	U.S.
Media and entertainment	Advanstar Inc.	775	U.S.
Media and entertainment	Endurance Business Media Inc.	160	U.S.
Media and entertainment	Fontainebleau Las Vegas Holdings LLC	1,725	U.S.
Media and entertainment	Jobson Medical Information LLC	132	U.S.
Media and entertainment	NextMedia Operating Inc.	340	U.S.
Media and entertainment	Panavision Inc.	430	U.S.
Oil and gas EP	Agri International Resources Pte. Ltd.	150	Singapore
Oil and gas EP	Frontier Drilling A.S.A	265	Norway
Oil and gas EP	VeraSun Energy Corp.	660	U.S.
Transportation	JetBlue Airways Corp.	425	U.S.
Transportation	US Airways Group Inc.	1,744	U.S.

Rating Combination And Subsector	Issuer	Debt (US$ Mil)	Country
B-/Outlook Negative
Automotive	Accuride Corp.	825	U.S.
Automotive	Hilite International Inc.	164	U.S.
Automotive	Keystone Automotive Operations Inc.	375	U.S.
Automotive	Mark IV Industries Inc.	988	U.S.
Automotive	TI Automotive Ltd.	657	U.K.
Bank	CentroCredit Bank JSC	0	Russia
Bank	Nadra Bank	0	Ukraine
Brokerage Investment Company	Veles Capital LLC	0	Russia
Capital goods	Baxi Holdings Ltd.	173	U.K.
CP&ES	Arclin Canada Ltd.	460	Canada
CP&ES	Exopack Holding Corp.	220	U.S.
CP&ES	Synagro Technologies Inc.	440	U.S.
CP&ES	United Site Services Inc.	265	U.S.
Consumer products	Broder Bros. Co.	225	U.S.
Consumer products	Dole Food Co. Inc.	2,080	U.S.
Consumer products	Fage Dairy Industry S.A.	177	Greece
Consumer products	IT Holding SpA	252	Italy
Consumer products	JFC Group Co. Ltd. (CJSC)	0	Russia
Consumer products	Rafaella Apparel Group Inc.	172	U.S.
Consumer products	Targus Group International Inc.	273	U.S.
Consumer products	Wilton Products Inc.	700	U.S.
Consumer products	WP Evenflo Holdings Inc.	165	U.S.
Finance companies	DriveTime Automotive Group, Inc.	270	U.S.
Forest	AbitibiBowater Inc.	6,488	Canada
Forest	Advance Agro Public Co. Ltd.	250	Thailand
Forest	Builders FirstSource Inc.	275	U.S.
Forest	Caraustar Industries Inc.	229	U.S.
Forest	Grant Forest Products Inc.	0	Canada
Forest	Industrias Unidas S.A. de C.V.	0	Mexico
Forest	Jacuzzi Brands Corp.	320	U.S.
Forest	Mandra Forestry Finance Ltd.	195	British Virgin Islands
Forest	M-real Corp.	1,619	Finland
Forest	NTK Holdings Inc.	1,776	U.S.
Forest	United Subcontractors Inc.	360	U.S.
Health care	CCS Medical	424	U.S.
Health care	Cohr Holdings Inc.	140	U.S.
Health care	InSight Health Services Corp.	315	U.S.
Health care	Spheris Inc.	125	U.S.
Health care	TLC Vision Corp.	85	U.S.
High technology	Consona ERP Inc.	185	U.S.
High technology	NXP B.V.	11,771	Netherlands
High technology	Palm Inc.	400	U.S.
Home/RE	Hovnanian Enterprises Inc.	2,655	U.S.
Home/RE	Neo-China Land Group (Holdings) Ltd.	400	China
Home/RE	Standard Pacific Corp.	1,154	U.S.
Home/RE	William Lyon Homes	550	U.S.
Insurance	Arrowhead General Insurance Agency Inc.	170	U.S.
Insurance	USI Holdings Corp.	950	U.S.

Rating Combination And Subsector	Issuer	Debt (US$ Mil)	Country
B-/Outlook Negative (continued)
Media and entertainment	Downstream Development Authority	197	U.S.
Media and entertainment	Education Media & Publishing Group Ltd.	6,650	Ireland
Media and entertainment	Gateway Casinos & Entertainment Inc.	947	Canada
Media and entertainment	Gray Television Inc.	925	U.S.
Media and entertainment	Little Traverse Bay Bands of Odawa Indians	120	U.S.
Media and entertainment	Motorsport Aftermarket Group Inc.	160	U.S.
Media and entertainment	MTR Gaming Group Inc.	255	U.S.
Media and entertainment	Realogy Corp.	6,295	U.S.
Media and entertainment	Spanish Broadcasting System Inc.	400	U.S.
Media and entertainment	Station Casinos Inc.	2,550	U.S.
Media and entertainment	Tribune Co.	13,577	U.S.
Media and entertainment	Trump Entertainment Resorts Holdings L.P.	1,250	U.S.
Media and entertainment	Univision Communications Inc.	10,200	U.S.
Media and entertainment	Workflow Management Inc.	415	U.S.
Metals, mining, and steel	Bemax Resources Ltd.	175	Australia
Metals, mining, and steel	G Steel Public Co. Ltd.	170	Thailand
Metals, mining, and steel	USEC Inc.	650	U.S.
Oil and gas EP	Dune Energy Inc.	300	U.S.
Retail/restaurants	A.T.U Auto-Teile-Unger	204	Germany
Retail/restaurants	BCBG Max Azria Group, Inc.	200	U.S.
Retail/restaurants	BI-LO LLC	0	U.S.
Retail/restaurants	Claire’s Stores Inc.	2,385	U.S.
Retail/restaurants	Eddie Bauer Holdings Inc.	225	U.S.
Retail/restaurants	El Pollo Loco Inc.	225	U.S.
Retail/restaurants	Guitar Center Holdings Inc.	1,427	U.S.
Retail/restaurants	Krispy Kreme Doughnuts Inc.	110	U.S.
Retail/restaurants	MAPCO Express Inc.	296	U.S.
Retail/restaurants	Mastro’s Restaurants LLC	100	U.S.
Retail/restaurants	Mothers Work Inc.	90	U.S.
Retail/restaurants	Perkins & Marie Callender’s Inc.	322	U.S.
Retail/restaurants	Sagittarius Restaurants LLC	295	U.S.
Savings and loans	Downey Financial Corp.	200	U.S.
Telecommunications	Bite Finance International B.V.	408	Lithuania
Telecommunications	Charter Communications Inc.	22,408	U.S.
Telecommunications	Securus Technologies Inc.	194	U.S.
Telecommunications	U.S. TelePacific Holdings Corp.	199	U.S.
Transportation	AMR Corp.	4,071	U.S.
Transportation	Swift Corp.	4,275	U.S.
Transportation	Titan Petrochemicals Group Ltd.	400	Hong Kong
Transportation	Trailer Bridge Inc.	85	U.S.
Transportation	UAL Corp.	3,390	U.S.

Rating Combination And Subsector	Issuer	Debt (US$ Mil)	Country
CCC+/CreditWatch Negative
Capital goods	Electrical Components International Inc.	305	U.S.
CP&ES	Polymer Holdings LLC	585	U.S.
Forest	Building Materials Holding Corp.	350	U.S.
Forest	Chesapeake Corp.	335	U.S.
Media and entertainment	Barrington Broadcasting LLC	398	U.S.
Media and entertainment	Cambium Learning Inc.	128	U.S.

Rating Combination And Subsector	Issuer	Debt (US$ Mil)	Country
CCC+/Outlook Negative
Automotive	Chrysler LLC (Chrysler Holding LLC)	9,000	U.S.
Automotive	Lazy Days’ R.V. Center Inc.	125	U.S.
Automotive	Metaldyne Corp.	860	U.S.
Capital goods	Euramax International Inc.	667	U.S.
CP&ES	Constar International Inc.	395	U.S.
CP&ES	Foamex L.P.	600	U.S.
CP&ES	Georgia Gulf Corp.	1,600	U.S.
CP&ES	Millennium Inorganic Chemicals	0	U.S.
Consumer products	KIK Custom Products Inc.	645	Canada
Finance companies	Checksmart Financial Co.	195	U.S.
Finance companies	DaimlerChrysler Financial Services Americas LLC	6,000	U.S.
Forest	Treofan Holdings GmbH	231	Germany
Forest	White Birch Paper Co.	550	U.S.
Health care	LifeCare Holdings Inc.	402	U.S.
Home/RE	Stanley-Martin Communities LLC	133	U.S.
Media and entertainment	Affinity Group Holding Inc.	436	U.S.
Media and entertainment	Alpha Media Group Inc.	160	U.S.
Media and entertainment	American Media Operations Inc.	1,005	U.S.
Media and entertainment	CommerceConnect Media Holdings Inc.	0	U.S.
Media and entertainment	Freedom Communications Inc.	650	U.S.
Media and entertainment	GateHouse Media Operating Inc.	1,195	U.S.
Media and entertainment	Head N.V.	152	Netherlands
Media and entertainment	ION Media Networks Inc.	867	U.S.
Media and entertainment	Morris Publishing Group LLC (Morris Communications	475	U.S.
Media and entertainment	Muzak Holdings LLC	375	U.S.
Media and entertainment	Six Flags Inc.	3,140	U.S.
Media and entertainment	Triple Crown Media LLC (Triple Crown Media Inc.)	120	U.S.
Metals, mining, and steel	Indalex Holding Corp.	270	U.S.
Retail/restaurants	Loehmann’s Holdings Inc.	110	U.S.
Retail/restaurants	Oriental Trading Co. Inc.	590	U.S.
Retail/restaurants	Sbarro Inc.	333	U.S.
Sovereign	Islamic Republic of Pakistan	5,952	Pakistan
Telecommunications	Hawaiian Telcom Communications Inc.	985	U.S.
Utility	Cheniere Energy Inc.	2,177	U.S.

Rating Combination And Subsector	Issuer	Debt (US$ Mil)	Country
CCC/CreditWatch Negative
Media and entertainment	Alliance Film Holdings Inc	351	Canada
Media and entertainment	Mount Airy #1 LLC	455	U.S.
CCC/Outlook Negative
CP&ES	Tegrant Corp.	290	U.S.
Consumer products	Airborne Health Inc.	160	U.S.
Consumer products	Best Brands Corp.	245	U.S.
Consumer products	Human Touch LLC.	100	U.S.
Consumer products	Merisant Worldwide Inc.	546	U.S.
Consumer products	True Temper Sports Inc.	235	U.S.
Consumer products	Waterford Wedgwood PLC	226	Ireland
Finance companies	Geneva Finance Ltd.	0	New Zealand
Health care	InterDent Inc.	80	U.S.
Health care	Rotech Healthcare Inc.	287	U.S.
Home/RE	Rhodes Co.’s LLC (The)	393	U.S.
Media and entertainment	Black Gaming LLC	573	U.S.
Media and entertainment	MediaNews Group Inc.	1,047	U.S.
Media and entertainment	Progressive Gaming International Corp.	0	U.S.
Media and entertainment	Young Broadcasting Inc.	990	U.S.
Oil and gas EP	Petrol AD	136	Bulgaria
Retail/restaurants	Finlay Enterprises Inc.	200	U.S.
Retail/restaurants	Uno Restaurant Holdings Corp.	142	U.S.
Transportation	Atlantic Express Transportation Corp.	185	U.S.
Utility	November 2005 Land Investors, LLC	232	U.S.
CCC-/Outlook Negative
Financial institutions	Transtel Intermedia, S.A.	170	Colombia
High technology	ASAT Holdings Ltd.	150	Hong Kong
Home/RE	Fleetwood Enterprises Inc.	100	U.S.
Insurance	Conseco Senior Health Insurance Co. (Conseco Inc.)	0	U.S.

Rating Combination And Subsector	Issuer	Debt (US$ Mil)	Country
CC/CreditWatch Negative
Forest	Masonite International Inc.	1,175	Canada
Health care	Angiotech Pharmaceuticals Inc.	575	Canada
Insurance	Penn Treaty Network America Insurance Co.	0	U.S.
CC/Outlook Negative
Consumer products	EuroFresh Inc.	214	U.S.
Telecommunications	P.T. Mobile-8 Telecom Tbk	100	Indonesia

Source: www.businessweek.com