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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

View all CQAs

 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. Iberdrola Finanzas, S.A.U.
Abbott Laboratories Icahn Enterprises L.P.
Adecco International Financial Services B.V. Idearc Inc.
Advanced Mirco Devices, Inc. Impress Holdings B.V.
AES Corporation, (The) Indiana Michigan Power Company

Affiliated Computer Services, Inc.

Inergy, L.P.
Agrium, Inc. Intelsat Ltd.*
AK Steel Corporation International Paper Company
Alabama Power Company Invacare Corp.
Alcatel Lucent* Israel Electric Corporation Limited (The)
Allegheny Energy Supply Company, LLC iStar Financial Inc.
Allergan, Inc. Johnson & Johnson
Allied Domecq Financial Services Limited Jones Apparel Group, Inc.
Allied Waste North America, Inc. K. Hovnanian Enterprises, Inc.

Alltel Corporation

Kansas City Southern Railway Company (The)
Ameren Energy Generating Company KB Home
American Axle & Manufacturing, Inc. Kellwood Company
American Water Capital Corp. Kimberly-Clark Corporation
AmeriGas Partners, L.P. Koninklijke KPN N.V.
Ameritech Capital Funding Corporation Kraft Foods
Amgen Inc. L-3 Communications Corporation
Anheuser-Busch Companies, Inc. Lennar Corporation
Anheuser-Busch InBev Levi Strauss & Co.
Anheuser-Busch InBev Worldwide Inc Linn Energy, LLC / Linn Energy Finance Corp.
Arizona Public Service Company Liberty Media LLC
ArvinMeritor, Inc. Lighthouse International Company SA
AstraZeneca PLC*  Lorillard Tobacco Company
AT&T Inc. MarkWest Energy Partners, L.P./ MarkWest Energy Finance Corporation
AT&T Mobility LLC Mattel, Inc.
Atlas Pipeline Partners, L.P. MBIA Inc.
Avon Products, Inc. McDonald's Corporation
Barrick Gold Corporation McGraw Hill
Barrick Gold Financeco LLC Medtronic, Inc.
Barrick North America Finance LLC Merck & Co., Inc.
BAT International Finance p.l.c.* Merck KGaA

BCE Inc.

Merck Finanz AG
Becton, Dickinson and Company Meritage Homes Corporation
BellSouth Corporation Metro Finance AG* 
Belo Corp. MetroPCS Wireless, Inc.
Berry Plastics Corporation Michaels Stores, Inc.
Best Buy Co., Inc. Microsoft Corporation
Beverage Packaging Holdings (Lux) II S.A. Millipore Corporation
Biogen Idec Inc. Mirant Americas Generation, LLC.
Biomet, Inc. Mississippi Power Company
Black Hills Corporation Mohawk Industries, Inc.
Boardwalk Pipelines, LP Molson Coors Capital Finance ULC
BorgWarner Inc. Momentive Performance Materials Inc.
Bottling Group, LLC Motorola, Inc.
Bristol-Myers Squibb Company Nabors Industries Inc.
British American Tobacco* National Fuel Gas Company
British Airways Plc  National Grid Plc*
British Energy Bond Finance Plc New Cingular Wireless Services, Inc
British Telecommunications plc Newell Rubbermaid, Inc.
Brown-Forman Corporation News America Incorporated
Browning-Ferris Industries, LLC Next plc
Buckeye Partners, L.P. NGPL PipeCo LLC
Cablevision Systems Corporation NiSource Finance Corp.
Cadbury Schweppes Investments plc Nokia Corporation
Cadbury Schweppes US Finance LLC Nordstrom, Inc.
Campbell Soup Company Norfolk Southern Corporation
Caterpillar Inc. Norske Skogindustrier ASA.
Cellco Partnership Nortel Networks Limited
CenterPoint Energy Resources Corp. Novartis AG
Centex Corporation Novartis Capital Corporation
Central European Media Enterprises Ltd. NRG Energy, Inc.
Centrica plc Nucor Corporation
Ceva Group Plc NXP*
Charter Communications Operating, LLC Oncor Electric Delivery Company
Chemtura Corporation OTE plc
Chesapeake Energy Corporation Pactiv Corporation
Cisco Systems, Inc. Panhandle Eastern Pipe Line Company, LP

Claire's Stores, Inc.

Pearson plc* 
Clear Channel Communication Pepsi Bottling Group, Inc. (The)
Clorox Company (The) Pernod Ricard S.A.
Coca-Cola Bottling Co. Consolidated Petrohawk Energy Corporation
Coca-Cola Company (The) Petroleos de Venezuela, S.A.
Coca-Cola Enterprises Fin LT 1 Comm S.C.A. Pfizer Inc.
Coca-Cola Enterprises Inc. PG&E Corporation
Cognis GmbH Pharmacia Corporation
Compagnie Gener. des Etab. Michelin* Philip Morris International Inc.
Computer Sciences Corporation Pilgrim's Pride Corporation
Con-way Incorporated Plains All American Pipeline L.P.
ConAgra Foods, Inc. Plains Exploration & Production Company
Cooper Companies Plum Creek Timberlands, L.P.
Cooper Standard Automotive Inc. Portugal Telecom International Finance B.V.
Copano Energy, LLC PPL Energy Supply, LLC  

Covidien International Finance S.A.

PSEG Power L.L.C.  
Cox Communications, Inc. Public Service Company of Oklahoma  
CRH America, Inc. Quest Diagnostics Incorporated  
CRH Group Funding Limited Questar Gas Company  
Cricket Communications, Inc. Questar Market Resources, Inc.
Crown Castle International Corp. Questar Pipeline Company
CVS Caremark Corporation R.H. Donnelley Corporation
D.R. Horton, Inc. Raytheon Company
Danaher Corporation Reliant Energy Inc.
Danone Finance S.A. Remy Cointreau S.A.
Darden Restaurants, Inc. Republic Services, Inc.
Delhaize Group* Residential Capital, LLC
Dell Inc. Reuters Finance Plc
Denbury Resources Inc. Reynolds American Inc.
Devon Energy Corporation Rio Tinto Finance (USA) Limited
Devon Financing Corporation U.L.C. Roche Finance Europe BV
Diageo Capital BV Rockies Express Pipeline LLC
Diageo Finance B.V. Rockwell Collins, Inc.
Diageo Finance plc Ryland Group, Inc.
Diamond Offshore Drilling, Inc. SABMiller plc
DIRECTV Holdings LLC Sanofi-Aventis
Disney Enterprises Inc. Schering-Plough Corporation
Dole Food Company, Inc Sempra Energy
Dollar General Corporation SGL Carbon AG
Dominion Resources* Smith International, Inc.
Dover Corporation Smiths Group plc
Dow Chemical Company  Snap-on Incorporated
Dr. Pepper Snapple Group, Inc. Southern Company (The)
DTE Energy Company Southern Company Capital Funding, Inc.
Duke Energy Carolinas, LLC Southern Copper Corporation
Duke Energy Corporation Southern Power Company
Dynegy Holdings Inc. Southern Union Company
E.ON AG Southwestern Public Service Company
E.ON International Finance B.V. Sprint Nextel Corporation*
EchoStar DBS Corporation Standard Pacific Corp.
Eco-Bat Finance plc Staples, Inc.
Edison Mission Energy Sungard Data Systems Inc.
El Paso Corporation   Sunoco, Inc.
Elan Finance plc Sunoco Logistics Partners Operations L.P.
Electronic Data Systems Corp. Telefonaktiebolaget LM Ericsson
Eli Lilly and Company Telefonica Emisiones, S.A.U.
Emerson Electric Company Tenet Healthcare Corporation
EMI Group plc Tenneco Inc.
Energy Transfer Partners, L.P. Tennessee Gas Pipeline Company
Enogex LLC TEPPCO Partners, L.P.
Enterprise Products Operating LLC Terex Corporation
EOG Resources, Inc. Teva Pharmaceutical Finance Company, LLC
EQT Corporation Texas Gas Transmission, LLC
Equifax Inc. Texas Industries
ERP Operating Limited Partnership Thomson Reuters Corporation
Evonik Degussa GmbH ThyssenKrupp AG
Evraz Group S.A.* Time Warner Companies, Inc.
Exelon Generation Company, LLC Toll Brothers Finance Corp.
Expedia Inc. Toll Corporation
Express Scripts, Inc. TransAlta Corporation

Federated Retail Holdings Inc.

TUI AG
FedEx Corporation Turner Broadcasting System, Inc.
First Data

TXU Corp.

Fiserv, Inc.  Tyco International Finance S.A.
FKI plc  Tyco International Group SA*
FMC Finance III S.A. Tyson Foods, Inc.
Ford Motor Company Unilever N.V.
Ford Motor Credit Company Unilever PLC
Forest Oil Corp. Unisys Corporation
France Telecom United States Steel Corporation
Freescale Semiconductor, Inc. United Technologies Corporation
Fresenius US Finance II, Inc. Universal Health Services, Inc.
Gannett Co., Inc UPC Holding B.V.
Genentech, Inc. USG Corporation
General Dynamics Corporation UST Inc.
General Motors Corporation Vale Overseas Limited
General Motors Nova Scotia Finance Company Valeant Pharmaceuticals Intl
Georgia Gulf Corporation Valeo
Georgia Power Company Verizon Communications Inc.
GKN Holdings plc Virgin Media Finance PLC
GlaxoSmithKline Capital Inc. Visteon Corporation
GlaxoSmithKline Capital plc Vivendi
Glencore Finance* Vodafone Group Plc
Goodyear Tire & Rubber Company (The) Walgreen Co.
Groupe Danone Walt Disney Company (The)
Gulf Power Company Washington Post Company (The)
H.J. Heinz Company* Waste Management, Inc.
Halliburton Company Weatherford International, Ltd.*
Harris Corporation Western Union 
Hasbro, Inc. Wienerberger AG
Heidelbergcement Finance B.V. Wind Acquisition Finance S.A.
Hertz Corporation (The) Windstream Corporation
Hess Corporation Wyeth
Hewlett-Packard Company Xstrata Finance
Historic TW Inc. XTO Energy, Inc.
Hospira, Inc. Yum Brands! Inc.
Huntsman International LLC
 
*Additional CQAs related to this entity can be accessed by clicking on the "Related Research" tab on the issuer's page.  Consult our new CQ Score List for a quick overview of the CQ scores related to the wider corporate family group for these entities.               
New Developments
REIT/Real Estate CQAs-
Click here to view recently published CQAs related to REIT and Real Estate debt. 

CQ Score List-
Search CQ scores across issuers, sectors, ratings, and reference securities using our new CQ score list.
Learn more

Depth of Coverage-
We have expanded the focus of the service beyond new deals to cover more of the outstanding notes and bonds of select issuers.  Click here to view a list of the issuers with full coverage. 
 

Questions or Suggestions? Send feedback to:  CQAFeedback@moodys.com
Covenant Training
Learn more about Moody's training seminars and customized in-house courses on covenant analysis for non-legal professionals. 

Course Schedule:

New York:
Feb. 2, 2009
Mar. 2, 2009
May 4, 2009
Aug. 17, 2009
Nov. 23, 2009

London:
Mar. 19, 2009
Nov. 4, 2009 Customized Classes Available
Learn more

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04 JUL 2009, 02:24 Eastern Time