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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. Intelsat Ltd.*
Abbott Laboratories International Game Technology
Adecco International Financial Services B.V. International Paper Company
Advanced Mirco Devices, Inc. Invacare Corp.
AES Corporation, (The) Israel Electric Corporation Limited (The)

Affiliated Computer Services, Inc.

iStar Financial Inc.
AGL Capital Corporation ITT Corporation
Agrium, Inc. Jarden Corporation
AK Steel Corporation Johnson & Johnson
Alabama Power Company Jones Apparel Group, Inc.
Alcatel Lucent* K. Hovnanian Enterprises, Inc.
Allegheny Energy Supply Company, LLC Kansas City Southern Railway Company (The)
Allergan, Inc. KB Home
Allied Domecq Financial Services Limited Kellogg Company
Allied Waste North America, Inc. Kellwood Company

Alltel Corporation

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

BCE Inc.

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

Claire's Stores, Inc.

Pernod Ricard S.A.
Clear Channel Communication Petrohawk Energy Corporation
Clorox Company (The) Petroleos de Venezuela, S.A.
Coca-Cola Bottling Co. Consolidated Pfizer Inc.
Coca-Cola Company (The) PG&E Corporation
Coca-Cola Enterprises Fin LT 1 Comm S.C.A. Pharmacia Corporation
Coca-Cola Enterprises Inc. Philip Morris International Inc.
Cognis GmbH Pilgrim's Pride Corporation
Compagnie Gener. des Etab. Michelin* Pitney Bowes Inc.
Computer Sciences Corporation Plains All American Pipeline L.P.
Con-way Incorporated Plains Exploration & Production Company
ConAgra Foods, Inc. Plum Creek Timberlands, L.P.
Conoco Funding Company Portugal Telecom International Finance B.V.
ConocoPhillips Potash Corporation of Saskatchewan Inc.  
ConocoPhillips Australia Funding Company PPL Energy Supply, LLC  
ConocoPhillips Canada Funding Company I Progress Energy, Inc.
ConocoPhillips Canada Funding Company II PSEG Power L.L.C.  
ConocoPhillips Company Public Service Company of Oklahoma  
Cooper Companies Quest Diagnostics Incorporated  
Cooper Standard Automotive Inc. Questar Gas Company  
Copano Energy, LLC Questar Market Resources, Inc.

Covidien International Finance S.A.

Questar Pipeline Company
Cox Communications, Inc. QVC, Inc.
CRH America, Inc. R.H. Donnelley Corporation
CRH Group Funding Limited Raytheon Company
Cricket Communications, Inc. Reliant Energy Inc.
Crown Castle International Corp. Remy Cointreau S.A.
CVS Caremark Corporation Republic Services, Inc.
D.R. Horton, Inc. Residential Capital, LLC
Danaher Corporation Reuters Finance Plc
Danone Finance S.A. Reynolds American Inc.
Darden Restaurants, Inc. Rio Tinto Finance (USA) Limited
Delhaize Group* Roche Finance Europe BV
Dell Inc. Roche Kapitalmarkt AG
Denbury Resources Inc. Rockies Express Pipeline LLC
Deutsche Lufthansa Aktiengesellschaft Rockwell Collins, Inc.
Devon Energy Corporation Roper Industries, Inc.
Devon Financing Corporation U.L.C. Ryland Group, Inc.
Diageo Capital BV SABMiller plc
Diageo Finance B.V. Sanofi-Aventis
Diageo Finance plc Schering-Plough Corporation
Diamond Offshore Drilling, Inc. Scottish and Southern Energy plc
DIRECTV Holdings LLC Sealed Air Corp.
Discovery Communications, LLC Sempra Energy
Disney Enterprises Inc. SGL Carbon AG
Dole Food Company, Inc Smith International, Inc.
Dollar General Corporation Smiths Group plc
Dominion Resources* Snap-on Incorporated
Dover Corporation Southern Company (The)
Dow Chemical Company  Southern Company Capital Funding, Inc.
Dr. Pepper Snapple Group, Inc. Southern Copper Corporation
DTE Energy Company Southern Power Company
Duke Energy Carolinas, LLC Southern Union Company
Duke Energy Corporation Southwestern Public Service Company
Dynegy Holdings Inc. Sprint Nextel Corporation*
E.ON AG St. Jude Medical, Inc.
E.ON International Finance B.V. Standard Pacific Corp.
EchoStar DBS Corporation Staples, Inc.
Eco-Bat Finance plc Suez Environnement Company
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. Terra Capital, Inc.
EQT Corporation Teva Pharmaceutical Finance Company, LLC
Equifax Inc. Texas Gas Transmission, LLC
ERP Operating Limited Partnership Texas Industries
Evonik Degussa GmbH Thomson Reuters Corporation
Evraz Group S.A.* ThyssenKrupp AG
Exelon Generation Company, LLC ThyssenKrupp Finance Nederland B.V.
Expedia Inc. Time Warner Companies, Inc.
Express Scripts, Inc. Toll Brothers Finance Corp.

Federated Retail Holdings Inc.

Toll Corporation
FedEx Corporation TransAlta Corporation
First Data TUI AG
Fiserv, Inc.  Turner Broadcasting System, Inc.
FKI plc 

TXU Corp.

FMC Finance III S.A. Tyco International Finance S.A.
Ford Motor Company Tyco International Group SA*
Ford Motor Credit Company Tyson Foods, Inc.
Forest Oil Corp. Unilever N.V.
France Telecom Unilever PLC
Freescale Semiconductor, Inc. Unisys Corporation
Fresenius US Finance II, Inc. United States Steel Corporation
Gannett Co., Inc United Technologies Corporation
Genentech, Inc. Universal Health Services, Inc.
General Dynamics Corporation UPC Holding B.V.
General Motors Corporation USG Corporation
General Motors Nova Scotia Finance Company UST Inc.
Georgia Gulf Corporation Vale Overseas Limited
Georgia Power Company Valeant Pharmaceuticals Intl
GKN Holdings plc Valeo
GlaxoSmithKline Capital Inc. Vattenfall AB
GlaxoSmithKline Capital plc Verizon Communications Inc.
Glencore Finance* Viacom Inc.
Goodyear Tire & Rubber Company (The) Virgin Media Finance PLC
Groupe Danone Visteon Corporation
Gulf Power Company Vivendi
H.J. Heinz Company* Vodafone Group Plc
Halliburton Company Wal-Mart Stores, Inc.
Harris Corporation Walgreen Co.
Hasbro, Inc. Walt Disney Company (The)
Heidelbergcement Finance B.V. Washington Post Company (The)
Hertz Corporation (The) Waste Management, Inc.
Hess Corporation Watson Pharmaceuticals, Inc.
Hewlett-Packard Company Weatherford International, Ltd.*
Historic TW Inc. Western Union 
Hospira, Inc. Whirlpool Corporation 
Huntsman International LLC Wienerberger AG
Iberdrola Finanzas, S.A.U. William Hill plc
Icahn Enterprises L.P. Wind Acquisition Finance S.A.
Idearc Inc. Windstream Corporation
Illinois Tool Works Inc. Wyeth
Impress Holdings B.V. Xstrata Finance
Indiana Michigan Power Company XTO Energy, Inc.
Inergy, L.P. Yum Brands! Inc.
 
*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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07 NOV 2009, 13:27 Eastern Time