When a debt security is issued and its performance does not meet the expectations of the S&P rating agency,the debt rating may be placed initially on:

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When a debt security's performance does not meet the expectations of the S&P rating agency, its credit rating may be placed initially on "credit watch." This means that the rating agency is reviewing the security to determine if a credit downgrade is necessary. A credit hold or notice are not typically used to describe this process.

When a Debt Security Is Issued and Its Performance Does