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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. Interstate Power and Light Company
Abbott Laboratories Invacare Corp.
Adecco International Financial Services B.V. Israel Electric Corporation Limited (The)
Advanced Mirco Devices, Inc. iStar Financial Inc.
AES Corporation, (The) ITT Corporation

Affiliated Computer Services, Inc.

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

Alltel Corporation

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

BCE Inc.

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

Claire's Stores, Inc.

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

Covidien International Finance S.A.

Reliant Energy Inc.
Cox Communications, Inc. Remy Cointreau S.A.
CRH America, Inc. Republic Services, Inc.
CRH Group Funding Limited Residential Capital, LLC
Cricket Communications, Inc. Reuters Finance Plc
Crown Castle International Corp. Reynolds American Inc.
CVS Caremark Corporation Rio Tinto Finance (USA) Limited
D.R. Horton, Inc. Roche Finance Europe BV
Danaher Corporation Roche Kapitalmarkt AG
Danone Finance S.A. Rockies Express Pipeline LLC
Darden Restaurants, Inc. Rockwell Collins, Inc.
Delhaize Group* Roper Industries, Inc.
Dell Inc. Rowan Companies, Inc.
Denbury Resources Inc. Ryland Group, Inc.
Deutsche Lufthansa Aktiengesellschaft SABMiller plc
Devon Energy Corporation Sanofi-Aventis
Devon Financing Corporation U.L.C. Schering-Plough Corporation
Diageo Capital BV Scottish and Southern Energy plc
Diageo Finance B.V. Sealed Air Corp.
Diageo Finance plc Sempra Energy
Diamond Offshore Drilling, Inc. SGL Carbon AG
DIRECTV Holdings LLC Smith International, Inc.
Discovery Communications, LLC Smiths Group plc
Disney Enterprises Inc. Snap-on Incorporated
Dole Food Company, Inc Southern Company (The)
Dollar General Corporation Southern Company Capital Funding, Inc.
Dominion Resources* Southern Copper Corporation
Dover Corporation Southern Power Company
Dow Chemical Company  Southern Union Company
Dr. Pepper Snapple Group, Inc. Southwestern Public Service Company
DTE Energy Company Sprint Nextel Corporation*
Duke Energy Carolinas, LLC St. Jude Medical, Inc.
Duke Energy Corporation Standard Pacific Corp.
Dynegy Holdings Inc. Staples, Inc.
E.ON AG Suez Environnement Company
E.ON International Finance B.V. Sungard Data Systems Inc.
EchoStar DBS Corporation Sunoco, Inc.
Eco-Bat Finance plc Sunoco Logistics Partners Operations L.P.
Edison Mission Energy Telecom Italia Capital S.A.
El Paso Corporation   Telecom Italia Finance, S.A.
Elan Finance plc Telecom Italia S.p.A.
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. Wisconsin Power and Light Company
Impress Holdings B.V. Wyeth
Indiana Michigan Power Company Xstrata Finance
Inergy, L.P. XTO Energy, Inc.
Intelsat Ltd.* Yum Brands! Inc.
International Game Technology Zimmer Holdings, Inc.
International Paper Company
 
*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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21 NOV 2009, 02:53 Eastern Time