JP 摩根-美股-信贷行业-年Q高级信贷基础：对信贷比率趋势的逐部门审查

North America Credit Research12 September 2019 High Grade Credit Fundamentals: 2Q19A Sector-by-Sector Review of Trends in Credit RatiosUS High Grade Strategy and CDS ResearchEric Beinstein AC(1-212) 834-4211eric.beinstein@jpmorgan.comPavan D Talreja(1-212) 834-2051pavan.talreja@jpmchase.comSheila Xie(1-212) 834-3036sheila.xie@jpmorgan.comJ.P. Morgan Securities LLCSee page 59 for analyst certification and important disclosures.J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.www.jpmorganmarkets.com2North America Credit Research12 September 2019Eric Beinstein(1-212) 834-4211eric.beinstein@jpmorgan.com Table of ContentsExecutive Summary .................................................................3Key themes this quarter...........................................................4Detailed Discussion of Credit Metrics ..................................12Automotive..............................................................................20Cable/Satellite.........................................................................22Capital Goods.........................................................................24Chemicals ...............................................................................26Consumer Products ...............................................................28Diversified Media....................................................................30Energy .....................................................................................32Food, Beverages and Tobacco..............................................35Food/Drug Retail.....................................................................37Healthcare...............................................................................39Metals and Mining ..................................................................41Non-Food Retail......................................................................43Pharmaceuticals.....................................................................45Railroad/Shipping...................................................................47Technology .............................................................................50Telecoms—Domestic .............................................................52Telecoms—Yankee.................................................................54Utilities ....................................................................................56Methodology...........................................................................583North America Credit Research12 September 2019Eric Beinstein(1-212) 834-4211eric.beinstein@jpmorgan.com Executive SummaryCredit metrics continued their slow but steady deterioration, based on 2Q19 earnings reports. EBITDA growth slowed while debt growth increased. As a result leverage rose and interest coverage weakened. Cash payouts to shareholders incr...