Surveillance · snapshot 2026-10-20
Issuer surveillance
Four-dimension materiality scores for every tracked issuer. Scores are the engine's 1 to 5 scale, internal calibration; they are not ratings.
Review needed · 3 issuers
Composite 3.8 of 5 at or above 3.5; at or past S&P's stated ffo to debt level of 12% on the as-reported proxy (S&P adjustments not applied) basis.
Composite 3.5 of 5 at or above 3.5.
Composite 3.5 of 5 at or above 3.5.
All issuers
| Issuer | Event class | Latest event | Business | Financial | Liquidity | Governance | Composite | Status | S&P trigger distance | Open inputs |
|---|---|---|---|---|---|---|---|---|---|---|
| CRWVCoreWeave | AI infra | 2026-09-228-K | 3 moderate | 4 elevated | 5 severe | 3 moderate | 3.8Elevated | review needed | at level | 8 |
| APLDApplied Digital | AI infra | 2026-06-268-K | 4 elevated | 4 elevated | 5 severe | 1 negligible | 3.5Elevated | review needed | none stated | 11 |
| HUTHut 8 | AI infra | 2026-09-288-K | 4 elevated | 4 elevated | 5 severe | 1 negligible | 3.5Elevated | review needed | none stated | 11 |
| ORCLOracle | AI infra | 2026-09-1110-Q | 5 severe | 3 moderate | 4 elevated | 1 negligible | 3.2Moderate | watch | 17.9% | 6 |
| BSXBoston Scientific | Cyber | 2026-09-088-K | 4 elevated | 2 low | 5 severe | 1 negligible | 3.0Moderate | watch | 9.3% | 3 |
| VFCV.F. Corp | Cyber | 2023-12-188-K | 4 elevated | 2 low | 5 severe | 1 negligible | 3.0Moderate | watch | not comparable | 5 |
| METAMeta Platforms | AI infra | 2026-07-3010-Q | 4 elevated | 1 negligible | 2 low | 1 negligible | 2.0Low | watch | 23.7% | 6 |
| AMGNAmgen | Cyber | 2026-07-318-K | 3 moderate | 3 moderate | 2 low | 1 negligible | 2.2Low | clean | 10.8% | 5 |
| OWLBlue Owl Capital | AI infra | 2026-10-158-K | 2 low | 2 low | 2 low | 1 negligible | 1.8Low | clean | not comparable | 11 |
Status rule and scale
Review needed: composite at or above 3.5, or at or past an S&P stated unfavorable condition on the governing basis (D-052). Watch: any dimension score at or above 4, or distance to an S&P stated unfavorable condition below 10%. Clean: otherwise. internal calibration
Scale: 1 negligible · 2 low · 3 moderate · 4 elevated · 5 severe. a presentation of the engine tiers; never mapped to any rating scale. Composite: arithmetic mean of scored dimensions; an unscored dimension is n/a, never 1.
Distances compare as-reported proxies with S&P's adjusted levels unless the basis says otherwise; for CoreWeave and Applied Digital the proxy understates leverage (S&P adjustments for leases and guarantees are not applied). Every figure traces to a ledger row in src/data/snapshot.json.