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Covenant
 
Bond investors have become increasingly concerned about event risk and the absence of meaningful covenant protections in bond indentures, which leaves them exposed to potential credit losses. Moody's Covenant Quality Assessment (CQA) service provides an informed opinion of Covenant Quality, helping you make better decisions and saving you time.

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CQ Score List Special Comments
Most Recent Covenant Quality Assessments Announcements and Briefings
All Covenant Quality Assessments Issuers with all Bonds Covered
Most Recent Covenant Quality Assessments

Corporate CQAs

REIT/Real Estate CQAs

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 Special Comments
 Announcements and Briefings
 CQ Score List
We have mapped the Covenant Quality ("CQ") scores, security ratings, and issuer information related to each of the 650+ reference securities covered by the Covenant Service. Use our new CQ Score List to compare covenant strength across industries and rating categories and among different bonds from the same issuer. You can also use the tool to quickly search for securities with certain levels of protection and important provisions, including coupon step-ups or fall-away provisions.

              View CQ Score List

 
Issuers with all Bonds Covered
 

We have expanded the focus of the Covenant Service beyond new deals to cover more of the outstanding notes and bonds of select investment grade and high yield companies.  As of today, we have comprehensive coverage of bond indentures for the following issuers.
 
ABB International Finance Ltd. Kellwood Company
Abbott Laboratories Kraft Foods
Advanced Mirco Devices, Inc. Lennar Corporation

Affiliated Computer Services, Inc.

Linn Energy, LLC / Linn Energy Finance Corp.
Alcatel Lucent* Liberty Media LLC

Alltel Corporation

Lighthouse International Company SA
Ameren Energy Generating Company MarkWest Energy Partners, L.P./ MarkWest Energy Finance Corporation
Anheuser-Busch Companies, Inc. Mattel, Inc.
Avon Products, Inc. McGraw Hill
BAT International Finance p.l.c.* Metro Finance AG* 

BCE Inc.

Merck KGaA
Berry Plastics Corporation Merck Finanz AG
Beverage Packaging Holdings (Lux) II S.A. Motorola, Inc.
Bristol-Myers Squibb Company Next plc
British American Tobacco* NGPL PipeCo LLC
British Airways Plc  NiSource Finance Corp.
British Energy Bond Finance Plc Norske Skogindustrier ASA.
British Telecommunications plc Nucor Corporation
Buckeye Partners, L.P. NRG Energy, Inc.
CenterPoint Energy Resources Corp. NXP*
Centex Corporation Oncor Electric Delivery Company
Central European Media Enterprises Ltd. OTE plc
Ceva Group Plc Pactiv Corporation
Chemtura Corporation Panhandle Eastern Pipe Line Company, LP

Claire's Stores, Inc.

Pearson plc* 
Clear Channel Communication Petroleos de Venezuela, S.A.
Cognis GmbH Plains Exploration & Production Company
Compagnie Gener. des Etab. Michelin* Portugal Telecom International Finance B.V.
Computer Sciences Corporation Public Service Company of Oklahoma  
ConAgra Foods, Inc. Plum Creek Timberlands, L.P.
Cooper Companies Quest Diagnostics Incorporated  

Covidien International Finance S.A.

Questar Gas Company  
CRH America, Inc. Questar Market Resources, Inc.
CRH Group Funding Limited Questar Pipeline Company
CVS Caremark Corporation R.H. Donnelley Corporation
Darden Restaurants, Inc. Residential Capital, LLC
Delhaize Group* Reynolds American Inc.
Dominion Resources* Rio Tinto Finance (USA) Limited
Dow Chemical Company  Rockies Express Pipeline LLC
Dr. Pepper Snapple Group, Inc. Ryland Group, Inc.
EchoStar DBS Corporation Schering-Plough Corporation
Electronic Data Systems Corp. Sempra Energy
El Paso Corporation   Sprint Nextel Corporation*
EMI Group plc Standard Pacific Corp.
Energy Transfer Partners, L.P. Telefonaktiebolaget LM Ericsson
Enterprise Products Operating LLC Terex Corporation
EOG Resources, Inc. Texas Gas Transmission, LLC
Equifax Inc. Texas Industries
ERP Operating Limited Partnership Toll Brothers Finance Corp.
Evonik Degussa GmbH Toll Corporation
Evraz Group S.A.* TransAlta Corporation
Expedia Inc. TUI AG

Federated Retail Holdings Inc.

TXU Corp.

First Data Tyco International Group SA*
Fiserv, Inc.  UPC Holding B.V.
FKI plc  USG Corporation
FMC Finance III S.A. UST Inc.
Freescale Semiconductor, Inc. Vale Overseas Limited
Gannett Co., Inc Verizon Communications Inc.
Glencore Finance* Virgin Media Finance PLC
H.J. Heinz Company Vodafone Group Plc
Heidelbergement Finance B.V. Waste Management, Inc.
Iberdrolas Finanzas, S.A.U. Weatherford International, Ltd.*
Icahn Enterprises L.P. Western Union 
Idearc Inc. Wienerberger AG
Intelsat Ltd.* Windstream Corporation
K. Hovnanian Enterprises, Inc. Xstrata Finance
KB Home XTO Energy, Inc.