A list that is used by ratings agencies to signal that they may downgrade a companyÂ’s credit rating because of a declining business environment characterized by declining sales, pressure on profits, or extreme competition. Just because a company is placed on a credit watch list by Standard & PoorÂ’s, MoodyÂ’s InvestorsÂ’ Service, or Fitch Ratings doesnÂ’t necessarily mean that the company will be eventually downgraded.