articles Ratings /ratings/en/research/articles/190708-credit-trends-global-fallen-angels-since-1995-total-977-10930241 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *

* Required

In This List
COMMENTS

Credit Trends: Global Fallen Angels Since 1995 Total 978


Credit Trends: Global Fallen Angels Since 1995 Total 978

This research is a companion piece to our series on global fallen angels, which we define as issuers downgraded to speculative grade ('BB+' or lower) from investment grade ('BBB-' or higher) by S&P Global Ratings. For more information, please see "Grocery Chains Lead Potential Fallen Angels In Europe," published Aug. 2, 2019.

Chart 1

image

Chart 2

image

Global Fallen Angels (1995-Present)
Year Date Issuer Country Industry Rating to Rating from Par value (mil. $)
1995 2/3/1995 Hechinger Co. U.S. Retail/restaurants BB+ BBB 323
2/22/1995 U.S. Shoe Corp U.S. Retail/restaurants BB+ BBB- 125
3/13/1995 IDB Communications Group U.S. Telecommunications B+ BBB- 196
3/24/1995 MABE Export S.A. de C.V. Mexico Consumer products BB+ BBB- 100
4/11/1995 Kemper Corp. U.S. Insurance BB+ BBB 360
4/27/1995 Cray Research Inc. U.S. High technology BB- BBB- 115
5/3/1995 Dow Corning Corp. U.S. Chemicals, packaging, and environmental services BB- BBB- 225
5/8/1995 Great Atlantic & Pacific Tea Co. Inc. U.S. Retail/restaurants BB+ BBB- 400
5/17/1995 Blockbuster Entertainment Corp. U.S. Media and entertainment BB+ BBB- 150
8/15/1995 Pope & Talbot Inc. U.S. Forest products and building materials BB+ BBB- 75
8/25/1995 Conseco Inc. U.S. Insurance BB+ BBB- 644
10/3/1995 Brown Group Inc. U.S. Retail/restaurants BB+ BBB 100
10/6/1995 Niagara Mohawk Power Corp. U.S. Utility BB BBB- 102
11/29/1995 CBS Inc. U.S. Media and entertainment BB A 500
12/8/1995 Valassis Communications Inc. U.S. Media and entertainment BB+ BBB- 675
1996 1/12/1996 Kmart Corp. U.S. Retail/restaurants BB BBB 2,637
1/29/1996 Loewen Group International Inc. Canada Health care BB- BBB- 75
1/29/1996 Apple Computer Inc. U.S. High technology BB- BBB 300
3/21/1996 Phillips-Van Heusen Corp. U.S. Retail/restaurants BB+ BBB 100
3/29/1996 Arkansas Best Corp. U.S. Transportation B+ BBB- 121
4/1/1996 Borden Inc. U.S. Consumer products BB+ BBB- 1,111
5/28/1996 Connecticut Yankee Atomic Power Co. U.S. Utility BB+ BBB- 100
5/28/1996 Northeast Utilities U.S. Utility BB+ BBB- 2,526
6/13/1996 Federal-Mogul Corp. U.S. Automotive BB+ BBB- 288
6/19/1996 Hayes Wheels International Inc. U.S. Automotive BB- BBB- 100
12/31/1996 Integon Corp. U.S. Insurance BB+ BBB- 213
1997 3/17/1997 ADVANTA Corp. U.S. Financial institutions BB+ BBB- 458
5/20/1997 Edelnor S.A. Chile Utility BB+ BBB 250
5/21/1997 Amphenol Corp. U.S. High technology B+ BBB- 1,140
5/22/1997 Northeast Utilities U.S. Utility BB+ BBB- 2,012
5/23/1997 Sensormatic Electronics Corp. U.S. High technology BB+ BBB- 350
7/9/1997 Ohio Edison Co. U.S. Utility BB+ BBB- 3,272
9/22/1997 Beckman Instruments Inc. U.S. Health care BB+ A 100
10/30/1997 Silicon Graphics Inc. U.S. High technology BB+ BBB- 507
11/25/1997 Yasuda Trust & Banking Co.,Ltd. Japan Bank BB+ BBB- 400
12/2/1997 Fisher Scientific International Inc. U.S. Health care B+ BBB 150
12/22/1997 Korea (Republic of) Korea Sovereign B+ BBB- 0
12/22/1997 Export-Import Bank of Korea Korea Bank B+ BBB- 2,939
12/22/1997 Korea Development Bank Korea Bank B+ BBB- 13,791
12/22/1997 Industrial Bank of Korea Korea Bank B+ BBB- 310
12/23/1997 Samsung Electronics Co. Ltd. Korea High technology B+ BBB- 973
12/23/1997 Pohang Iron & Steel Co.,Ltd. Korea Metals, mining, and steel B+ BBB- 2,389
12/23/1997 SK Telecom Co. Ltd. Korea Telecommunications B+ BBB- 230
12/23/1997 Hyundai Semiconductor America Inc. Korea High technology B+ BBB 600
12/23/1997 Korea Electric Power Corp. Korea Utility B+ BBB- 4,193
12/23/1997 LG-Caltex Oil Corp. Korea Oil and gas exploration and production B+ BBB- 600
12/23/1997 Korea Telecom Korea Telecommunications B+ BBB- 450
12/24/1997 Kookmin Bank Korea Bank B+ BBB- 200
12/24/1997 Shinhan Bank Korea Bank B+ BBB- 150
12/24/1997 Korea Long Term Credit Bank Korea Bank B+ BBB- 347
12/29/1997 Hyundai Motor Co. Korea Automotive B+ BBB- 250
12/29/1997 Total Access Communication Public Co. Thailand Telecommunications BB BBB- 400
12/31/1997 Bank Negara Indonesia Persero Tbk (P.T.) Indonesia Bank BB+ BBB- 145
12/31/1997 Indonesia (Republic of) Indonesia Sovereign BB+ BBB- 0
1998 1/9/1998 Freeport-McMoRan Copper & Gold Inc. U.S. Metals, mining, and steel BB+ BBB- 1,161
1/21/1998 Apria Healthcare Group, Inc. U.S. Health care BB BBB- 200
2/6/1998 Cone Mills Corp. U.S. Consumer products BB+ BBB 100
2/12/1998 Colowyo Coal Funding Corp. U.S. Metals, mining, and steel BB BBB 193
3/10/1998 United Companies Financial Corp. U.S. Financial institutions BB+ BBB- 550
3/20/1998 MedPartners Inc. U.S. Health care BB+ BBB 1,290
3/24/1998 Homestake Mining Co. U.S. Metals, mining, and steel BB BBB 150
4/22/1998 Westcorp, Irvine, CA U.S. Bank BB+ BBB- 250
4/28/1998 Japan Airlines Co. Ltd. Japan Transportation BB+ BBB+ 622
5/6/1998 Thai Farmers Bank Public Co. Ltd. Thailand Bank BB BBB- 200
5/6/1998 Bangkok Bank Public Co. Ltd. Thailand Bank BB+ BBB- 600
5/6/1998 Siam Commercial Bank Public Co. Ltd Thailand Bank BB BBB- 150
5/21/1998 Penncorp Financial Group Inc. U.S. Insurance BB+ BBB- 390
5/27/1998 Fruit of the Loom Inc. U.S. Consumer products BB+ BBB- 623
6/1/1998 Lukens Inc. U.S. Metals, mining, and steel BB- BBB 150
6/11/1998 LCI International Inc. U.S. Telecommunications BB+ BBB 1,050
6/30/1998 Scotts Co. (The) U.S. Consumer products BB+ BBB- 100
7/31/1998 Long-Term Credit Bank of Japan Ltd. Japan Bank BB+ BBB- 695
8/6/1998 Cogentrix Energy Inc. U.S. Utility BB+ BBB- 100
9/14/1998 Boise Cascade Corp. U.S. Forest products and building materials BB+ BBB- 1,006
9/17/1998 Slovak Republic Slovak Republic Sovereign BB+ BBB- 0
9/21/1998 Chinese Estates Holdings Ltd. Hong Kong Homebuilders/real estate companies BB- BBB- 420
10/7/1998 Guangdong International Trust & Investment Corp. China Financial institutions CC BBB- 450
10/7/1998 Caesars World Inc. U.S. Media and entertainment B+ BBB- 150
10/7/1998 ITT Corp.** U.S. Media and entertainment BB BBB 353
10/29/1998 Fujian International Trust & Investment Corp. China Financial institutions BB- BBB 100
11/5/1998 Komercni Banka A.S. Czech Republic Bank BB BBB- 200
11/12/1998 Meditrust Cos. U.S. Homebuilders/real estate companies BB BBB 1,780
12/1/1998 Star Markets Co., Inc. U.S. Retail/restaurants CCC+ BBB+ 110
12/2/1998 Mark IV Industries Inc. U.S. Capital goods BB+ BBB- 775
12/3/1998 Millipore Corporation U.S. Health care BB+ BBB- 300
12/8/1998 Petrozuata Finance Inc. Venezuela Oil and gas exploration and production BB+ BBB- 1,000
12/9/1998 R&B Falcon Corp. U.S. Oil and gas exploration and production BB+ BBB- 1,250
12/17/1998 Polaroid Corp. U.S. Media and entertainment BB BBB- 500
12/17/1998 Banco Nacional de Mexico S.A. (Banamex) Brazil Bank BB+ BBB- 250
12/17/1998 Pioneer Natural Resources Co. U.S. Oil and gas exploration and production BB+ BBB- 600
12/18/1998 Western Gas Resources Inc. U.S. Oil and gas exploration and production BB+ BBB- 173
12/22/1998 SB Treasury Co. LLC Japan Finance companies BB+ BBB- 1,800
12/23/1998 Sumitomo Bank Ltd. Japan Bank BB+ BBB- 1,800
1999 1/14/1999 Banco Rio de la Plata S.A. Argentina Bank BB+ BBB- 580
1/28/1999 Azurix Europe Ltd. U.K. Utility BB+ A- 1,168
2/10/1999 Inco Ltd. Canada Metals, mining, and steel BB+ BBB- 751
2/16/1999 Venator Group Inc. U.S. Retail/restaurants BB BBB- 400
2/23/1999 Reliant Energy Inc. U.S. Utility BB+ BBB- 150
2/23/1999 AmerUs Life Insurance Co. U.S. Insurance BB+ BBB- 86
2/23/1999 Columbia/HCA Healthcare Corp. U.S. Health care BB+ BBB 3,696
3/1/1999 China International Trust & Investment Corp. China Bank BB+ BBB 1,169
3/1/1999 Harnischfeger Industries Inc. U.S. Capital goods BB+ BBB- 464
3/1/1999 Bank of Communications China Bank BB+ BBB 98
3/11/1999 Airgas, Inc. U.S. Chemicals, packaging, and environmental services BB+ BBB- 450
3/16/1999 Associated Estates Realty Corp. U.S. Homebuilders/real estate companies BB+ BBB- 254
4/1/1999 Ocean Energy, Inc. U.S. Oil and gas exploration and production BB+ BBB- 400
4/7/1999 PennzEnergy Company U.S. Oil and gas exploration and production BB BBB 2,615
4/7/1999 Banco Sud Americano Chile Bank BB+ BBB- 100
4/21/1999 Lear Corp. U.S. Automotive BB+ BBB- 345
4/21/1999 Lyondell Chemical Company U.S. Chemicals, packaging, and environmental services BB BBB+ 4,775
6/2/1999 Frontier Corp. U.S. Telecommunications BB+ A 606
6/16/1999 Overseas Shipholding Group Inc. U.S. Transportation BB+ BBB- 200
7/21/1999 Bank of China China Bank BB+ BBB- 300
7/26/1999 Browning-Ferris Industries Inc.* U.S. Chemicals, packaging, and environmental services BB- A- 60
8/2/1999 ARM Financial Group Inc. U.S. Insurance BB BBB 125
8/3/1999 Blount Inc.* U.S. Capital goods B BBB 975
8/9/1999 GenAmerica Corp. U.S. Insurance BB- A- 332
9/9/1999 Nash Finch Co. U.S. Retail/restaurants BB BBB- 170
9/9/1999 Burlington Industries Inc. U.S. Consumer products BB+ BBB- 300
9/21/1999 Financiera Energetica Nacional Colombia Bank BB+ BBB- 750
9/21/1999 Colombia (Republic of) Colombia Sovereign BB+ BBB- 0
9/21/1999 Banco de Comercio Exterior de Colombia S.A. (BANCOLDEX) Colombia Bank BB+ BBB- 404
10/13/1999 Designer Finance Trust* U.S. Consumer products BB+ BBB- 120
10/22/1999 Rite Aid Corp. U.S. Retail/restaurants BB BBB- 2,971
10/28/1999 Protection One Alarm Monitoring, Inc. U.S. High technology BB BBB- 800
10/29/1999 Oakwood Homes Corp. U.S. Homebuilders/real estate companies BB BBB- 317
11/9/1999 Sovereign Bancorp U.S. Financial institutions BB+ BBB- 440
11/12/1999 TriNet Corporate Realty Trust Inc. U.S. Financial institutions BB BBB- 375
11/17/1999 ASARCO Inc. U.S. Metals, mining, and steel B+ BBB- 1,820
11/19/1999 Gruma, S.A. de C.V. Mexico Consumer products BB+ BBB- 250
11/22/1999 Cincinnati Bell Inc. U.S. Telecommunications BB+ A 1,300
12/15/1999 Selectibanque France Finance companies BB+ BBB- 407
12/29/1999 Omega Healthcare Investors, Inc. U.S. Homebuilders/real estate companies BB+ BBB- 333
2000 1/11/2000 Chesapeake Corp. U.S. Forest products and building materials BB+ BBB 221
1/12/2000 LaBranche & Co Inc. U.S. Finance companies BB+ BBB- 100
1/14/2000 Levi Strauss & Co. U.S. Consumer products BB BBB- 800
1/19/2000 UNOVA Inc. U.S. Capital goods BB BBB- 200
1/20/2000 Cincinnati Bell Inc. (d/b/a BroadWing Inc.) U.S. Telecommunications BB+ BBB- 290
1/24/2000 British Sky Broadcasting Group PLC U.K. Media and entertainment BB+ BBB- 2,891
1/28/2000 Tektronix Inc. U.S. High technology BB+ BBB- 100
2/1/2000 Frontier Insurance Group Inc. U.S. Insurance BB+ BBB 167
2/2/2000 Bergen Brunswig Corp U.S. Retail/restaurants BB BBB- 909
2/4/2000 USEC Inc. U.S. Metals, mining, and steel BB+ BBB 500
2/7/2000 Nissan Motor Co. Ltd. Japan Automotive BB+ BBB- 6,169
2/15/2000 Laidlaw Inc. Canada Transportation BB+ BBB 1,608
2/22/2000 McDermott International Inc. U.S. Capital goods BB+ BBB- 242
2/22/2000 Stewart Enterprises Inc. U.S. Health care BB+ BBB 300
2/22/2000 Mississippi Chemical Corp. U.S. Chemicals, packaging, and environmental services BB BBB- 215
2/22/2000 Service Corp. International U.S. Health care BB+ BBB- 2,573
2/23/2000 National Health Investors, Inc. U.S. Homebuilders/real estate companies BB BBB- 100
3/6/2000 Mandalay Resort Group U.S. Media and entertainment BB+ BBB- 1,075
3/29/2000 Western Resources Inc. U.S. Utility BB+ BBB+ 2,257
4/13/2000 JDN Realty Corp. U.S. Homebuilders/real estate companies BB BBB- 235
4/13/2000 Conseco Finance Corp U.S. Insurance BB- BBB- 282
4/14/2000 Pep Boys-Manny, Moe & Jack U.S. Retail/restaurants BB+ BBB- 275
4/18/2000 Lennar Corp. U.S. Homebuilders/real estate companies BB+ BBB- 511
5/3/2000 Conseco Inc. U.S. Insurance BB- BBB- 4,170
5/8/2000 Fremont General Corp. U.S. Insurance BB BBB- 425
5/11/2000 Jostens Inc. U.S. Consumer products BB- A+ 225
5/19/2000 SOLA International Inc. U.S. Health care BB+ BBB- 100
5/24/2000 Zhuhai Highway Co. China Infrastructure finance BB- BBB- 85
6/20/2000 Reliance Group Holdings U.S. Insurance BB- BBB- 506
6/26/2000 Owens Corning U.S. Forest products and building materials BB+ BBB- 1,032
8/16/2000 Hyder PLC U.K. Utility BB+ BBB+ 1,875
9/7/2000 Great Atlantic & Pacific Tea Co. Inc. (The) U.S. Retail/restaurants BB BBB- 500
9/18/2000 Bradley Operating L.P. U.S. Homebuilders/real estate companies BB+ BBB- 275
9/18/2000 Heritage Property Investment Trust Inc. U.S. Homebuilders/real estate companies BB+ BBB- 275
10/2/2000 Champion Enterprises Inc. U.S. Homebuilders/real estate companies BB BBB- 200
10/12/2000 Riggs National Corp. U.S. Financial institutions BB+ BBB- 467
10/12/2000 FINOVA Group Inc. U.S. Financial institutions BB BBB- 4,230
10/19/2000 Hercules Inc. U.S. Chemicals, packaging, and environmental services BB+ BBB- 151
11/17/2000 Armstrong World Industries Inc. U.S. Forest products and building materials B- BBB- 1,324
11/30/2000 Penn Treaty American Corp. U.S. Insurance BB+ BBB- 75
12/8/2000 Equitable Life Assurance Society (The) U.K. Insurance BB BBB 495
12/8/2000 DTE Burns Harbor LLC U.S. Infrastructure finance BB+ BBB- 163
12/14/2000 Shopko Stores Inc. U.S. Retail/restaurants BB+ BBB- 600
12/20/2000 Village Roadshow Ltd. Australia Media and entertainment BB+ BBB- 51
12/22/2000 Crown Cork & Seal Co. Inc. U.S. Chemicals, packaging, and environmental services BB BBB- 1,550
2001 1/11/2001 Group (Transportadora de Gas del Sur S.A. (TGS)) Argentina Utility BB+ BBB- 300
1/11/2001 Group (Pecom Energia S.A.) Argentina Integrated oil and gas BB+ BBB- 1,032
1/11/2001 Group (Transportadora de Gas del Norte S.A. (TGN)) Argentina Utility BB+ BBB- 169
1/11/2001 Group (Arte Grafico Editorial Argentino S.A.) Argentina Media and entertainment BB+ BBB- 250
1/11/2001 Group (Compania de Transporte de Energia Electrica en Alt) Argentina Utility BB+ BBB- 250
1/11/2001 Group (Compania de Radiocomunicaciones Moviles S.A.) Argentina Telecommunications BB+ BBB- 150
1/11/2001 Group (Metrogas S.A.) Argentina Utility BB+ BBB- 294
1/16/2001 Edison International U.S. Utility CC BBB- 11,266
1/16/2001 PG&E Corp. U.S. Utility CC BBB- 7,429
1/19/2001 Le Groupe Videotron Ltee Canada Telecommunications BB+ BBB 165
2/8/2001 Hasbro Inc. U.S. Media and entertainment BB+ BBB- 1,150
2/27/2001 Foster Wheeler Corp. U.S. Capital goods BB- BBB- 567
3/2/2001 Washington Group International, Inc. U.S. Capital goods B BBB- 1,200
3/2/2001 Pennzoil-Quaker State Co. U.S. Consumer products BB+ BBB- 750
3/8/2001 U.S. Industries Inc. U.S. Forest products and building materials BB+ BBB- 375
3/13/2001 Caraustar Industries Inc. U.S. Forest products and building materials BB+ BBB- 600
3/15/2001 AGCO Corp. U.S. Capital goods BB+ BBB- 250
3/22/2001 Ryerson Tull, Inc. U.S. Metals, mining, and steel BB+ BBB- 250
3/26/2001 Telecom Argentina STET-France Telecom S.A. Argentina Telecommunications BB+ BBB- 214
3/26/2001 Empresa Distribuidora Y Comercializadora Norte S.A Argentina Utility BB+ BBB- 370
3/26/2001 Telefonica de Argentina S.A. Argentina Telecommunications BB+ BBB- 800
3/26/2001 YPF Sociedad Anonima Argentina Oil and gas exploration and production BB+ BBB- 2,143
3/26/2001 Aguas Argentinas SA Argentina Utility BB+ BBB- 100
4/3/2001 Comdisco Inc. U.S. Financial institutions BB+ BBB 2,713
4/3/2001 CNH Global N.V. U.S. Capital goods BB BBB- 1,750
4/4/2001 USG Corp. U.S. Forest products and building materials BB- BBB 1,094
4/6/2001 Chandler USA, Inc. U.S. Insurance BB BBB 24
5/1/2001 IMC Global Inc. U.S. Chemicals, packaging, and environmental services BB BBB- 1,700
5/2/2001 Pasminco Ltd. Australia Metals, mining, and steel BB+ BBB- 800
5/18/2001 International Multifoods Corp. U.S. Consumer products BB BBB- 650
6/12/2001 Lucent Technologies Inc. U.S. High technology BB+ BBB- 3,702
6/25/2001 Unifi Inc. U.S. Consumer products BB+ BBB+ 250
7/5/2001 Industrial Finance Corp. of Thailand Thailand Financial institutions BB+ BBB- 263
7/10/2001 Wolverine Tube Inc. U.S. Forest products and building materials BB+ BBB- 350
7/16/2001 Sotheby's Holdings Inc. U.S. Retail/restaurants BB+ BBB 100
7/26/2001 Louisiana-Pacific Corp. U.S. Forest products and building materials BB+ BBB- 1,090
8/22/2001 Gateway Inc. U.S. High technology BB BBB- 300
8/22/2001 Pacific Dunlop Ltd. Australia Consumer products BB+ BBB- 179
9/5/2001 Marconi PLC U.K. High technology BB BBB- 1,366
9/19/2001 Royal Caribbean Cruises Ltd. U.S. Media and entertainment BB+ BBB- 2,700
9/20/2001 AMR Corp. U.S. Transportation BB BBB- 8,781
9/20/2001 Delta Air Lines Inc. U.S. Transportation BB+ BBB- 6,043
10/1/2001 CommScope Inc. U.S. High technology BB BBB- 150
10/9/2001 Railtrack PLC U.K. Transportation CC A 3,652
10/10/2001 Avista Corp. U.S. Utility BB+ BBB- 754
10/23/2001 Xerox Corp. U.S. High technology BB BBB- 10,607
10/31/2001 Ingram Micro Inc. U.S. High technology BB+ BBB- 200
11/7/2001 Fairfax Financial Holdings Ltd. Canada Insurance BB+ BBB- 1,282
11/28/2001 Enron Corp. U.S. Utility B- BBB- 13,623
12/3/2001 Dillard's Inc. U.S. Retail/restaurants BB+ BBB- 3,200
12/7/2001 Hughes Electronics Corp. U.S. Telecommunications BB+ BBB- 975
12/11/2001 Dana Corp. U.S. Automotive BB BBB- 3,107
12/18/2001 Solectron Corp. U.S. High technology BB+ BBB- 8,325
12/21/2001 Banco Comercial S.A. Uruguay Bank BB+ BBB- 200
12/27/2001 Dean Holding Company U.S. Consumer products BB+ BBB 700
2002 1/11/2002 Brush Engineered Materials Inc. U.S. Metals, mining, and steel BB- BBB 10
1/16/2002 Covanta Energy Corp U.S. Chemicals, packaging, and environmental services B BBB 260
1/18/2002 Goodyear Tire & Rubber Co. (The) U.S. Automotive BB+ BBB 3,009
1/23/2002 YPF Sociedad Anonima (Repsol-YPF S.A.) Spain Oil and gas exploration and production BB+ BBB 1,325
1/29/2002 Getronics N.V. Netherlands High technology BB+ BBB- 390
1/31/2002 Equistar Chemicals L.P. (Lyondell Chemical Co.) U.S. Chemicals, packaging, and environmental services BB+ BBB- 2,700
2/14/2002 Uruguay (Oriental Republic of) Uruguay Sovereign BB+ BBB- 0
2/14/2002 Mutual Risk Management Ltd. Bermuda Insurance BB BBB- 15
2/14/2002 Gap Inc. (The) U.S. Retail/restaurants BB+ BBB+ 1,968
2/18/2002 Westralia Airports Corp. Pty. Ltd. Australia Transportation BB+ BBB- 216
2/22/2002 AT&T Canada Inc. Canada Telecommunications BB BBB 3,337
2/25/2002 New World Infrastructure Ltd. Hong Kong Homebuilders/real estate companies BB+ BBB- 250
3/1/2002 Asahi Bank Ltd. Japan Bank BB+ BBB- 807
3/11/2002 Avaya Inc. U.S. High technology BB+ BBB- 1,382
3/13/2002 Navistar International Corp. U.S. Automotive BB+ BBB- 850
3/29/2002 Sierra Pacific Resources U.S. Utility BB BBB 3,627
4/9/2002 Nortel Networks Ltd. Canada High technology BB- BBB- 3,268
4/10/2002 Spherion Corp. U.S. Media and entertainment BB BBB- 150
4/12/2002 Teleglobe Inc. Canada Telecommunications B- BBB+ 2,474
4/12/2002 Dollar General Corp. U.S. Retail/restaurants BB+ BBB- 375
4/18/2002 Hudson's Bay Co. Canada Retail/restaurants BB+ BBB- 526
4/25/2002 National Rail Corp. Ltd. Australia Transportation BB- BBB- 220
5/10/2002 Solutia Inc. U.S. Chemicals, packaging, and environmental services BB+ BBB- 600
5/10/2002 WorldCom Inc. U.S. Telecommunications BB BBB 30,000
5/13/2002 SC International Services, Inc. U.S. Consumer products BB BBB- 300
5/21/2002 Zenith National Insurance Corp. U.S. Insurance BB+ BBB- 67
5/22/2002 Qwest Communications International Inc. U.S. Telecommunications BB+ BBB- 12,938
5/22/2002 Egypt (Arab Republic of) Egypt Sovereign BB+ BBB- 0
6/3/2002 Reno De Medici SpA Italy Chemicals, packaging, and environmental services BB+ BBB- 141
6/3/2002 Briggs & Stratton Corp. U.S. Consumer products BB+ BBB- 500
6/19/2002 Legacy Hotels Real Estate Investment Trust Canada Media and entertainment BB+ BBB- 210
6/20/2002 Taubman Realty Group L.P. U.S. Homebuilders/real estate companies BB+ BBB- 200
7/2/2002 Elan Corp. PLC Ireland Health care BB- BBB- 2,819
7/4/2002 AES Gener S.A. (AES Corp. (The)) U.S. Utility BB BBB- 283
7/12/2002 Alcatel France High technology BB+ BBB 5,928
7/12/2002 Price Development Co. L.P. (General Growth Properties, Inc.) U.S. Homebuilders/real estate companies BB+ BBB- 100
7/12/2002 American Equity Investment Life Holding Co. U.S. Insurance BB+ BBB- 150
7/16/2002 Panhandle Eastern Pipeline/Consumers Energy Co./Consumers Power Co (CMS Energy Corp.) U.S. Utility BB BBB- 3,998
7/22/2002 Dynegy Inc. U.S. Utility BB BBB- 5,476
7/23/2002 Williams Companies Inc. (The) U.S. Utility BB+ BBB 12,985
7/26/2002 NRG South Central Generating LLC/NRG Northeast Generating LLC/NRG Energy Inc. (Xcel Energy Inc) U.S. Utility BB BBB 4,991
7/29/2002 Corning Inc. U.S. Capital goods BB+ BBB- 3,226
7/31/2002 Petroleum Geo-Services ASA U.S. Oil and gas exploration and production BB- BBB- 1,626
7/31/2002 USGen New England, Inc./PG&E National Energy Group Inc. (PG&E Corp.) U.S. Utility BB+ BBB 2,139
8/1/2002 Ericsson (Telefonaktiebolaget L.M.) Sweden High technology BB+ BBB- 4,708
8/2/2002 Trenwick Group Ltd. U.S. Insurance BB BBB- 150
8/7/2002 Edison Mission Energy Funding Corp. (Edison International) U.S. Utility BB BBB- 450
8/7/2002 Green Property PLC Ireland Homebuilders/real estate companies BB BBB- 235
8/14/2002 Vivendi Universal S.A. France Media and entertainment BB BBB- 16,635
9/3/2002 Jefferson Smurfit Group PLC Ireland Forest products and building materials BB+ BBB+ 600
9/6/2002 British Energy PLC U.K. Utility BB BBB 640
9/12/2002 Reliant Resources Inc. U.S. Utility BB+ BBB- 575
9/15/2002 Tranz Rail Holdings Ltd. New Zealand Transportation BB+ BBB 74
9/18/2002 PolyOne Corp. U.S. Chemicals, packaging, and environmental services BB+ BBB- 700
9/19/2002 HEALTHSOUTH Corp. U.S. Health care BB BBB- 5,211
9/27/2002 Allmerica Financial Corp. U.S. Insurance BB BBB 200
9/27/2002 Georgia-Pacific Corp. U.S. Forest products and building materials BB+ BBB- 6,802
10/2/2002 Dyckerhoff AG Germany Forest products and building materials BB BBB- 795
10/4/2002 AMERCO U.S. Transportation BB+ BBB 900
10/9/2002 Allegheny Energy Inc. U.S. Utility BB BBB 3,455
10/14/2002 TXU Europe Ltd. U.K. Utility B+ BBB- 1,747
10/15/2002 Cummins Inc. U.S. Automotive BB+ BBB- 1,085
10/21/2002 Mirant Corp. U.S. Utility BB BBB- 4,620
11/4/2002 IPSCO Inc. Canada Metals, mining, and steel BB+ BBB- 1,171
11/14/2002 Corus Group PLC U.K. Metals, mining, and steel BB BBB- 2,739
11/19/2002 Aquila Inc U.S. Utility BB BBB- 2,144
11/19/2002 Presidential Life Corp. U.S. Insurance B+ BBB- 100
11/25/2002 Edison Mission Midwest Holdings Co., Edison Mission Energy (Edison International) U.S. Utility BB- BBB- 3,619
11/27/2002 Massey Energy Co. U.S. Metals, mining, and steel BB BBB- 300
11/29/2002 Bellon S.A. France Finance companies BB BBB- 420
12/2/2002 El Paso Corp. U.S. Utility BB BBB 21,171
12/10/2002 Delhaize America Inc. U.S. Retail/restaurants BB+ BBB- 3,800
12/11/2002 PerkinElmer Inc. U.S. High technology BB+ BBB- 865
12/17/2002 Legrand France Capital goods BB A- 400
12/18/2002 NOVA Chemicals Corp. Canada Chemicals, packaging, and environmental services BB+ BBB- 1,568
12/19/2002 Dole Food Co. Inc. U.S. Consumer products BB BBB- 1,175
12/19/2002 Desc S.A. de C.V. Mexico Diversified BB BBB- 135
12/24/2002 Avon Energy Partners Holdings U.K. Utility BB BBB 1,318
12/30/2002 Trinity Industries Inc. U.S. Capital goods BB BBB- 425
12/30/2002 Northwestern Corp. U.S. Utility BB+ BBB+ 1,544
2003 1/9/2003 Lumbermens Mutual Casualty Co. (Kemper Insurance Companies) U.S. Insurance BB+ BBB- 700
1/13/2003 ABB Ltd. Switzerland Capital goods BB+ BBB- 5,013
1/23/2003 Cable & Wireless PLC U.K. Telecommunications BB BBB+ 1,756
1/27/2003 Beghin-Say France Consumer products BB+ BBB+ 244
1/30/2003 Potlatch Corp. U.S. Forest products and building materials BB+ BBB- 742
2/5/2003 JLG Industries Inc. U.S. Capital goods BB BBB- 425
2/7/2003 Agilent Technologies Inc. U.S. High technology BB BBB- 1,150
2/19/2003 Bowater Inc. U.S. Forest products and building materials BB+ BBB- 2,400
2/19/2003 Abitibi - Consolidated Inc. Canada Forest products and building materials BB+ BBB- 2,800
2/21/2003 ThyssenKrupp AG Germany Capital goods BB+ BBB 500
2/24/2003 Ahold Koninklijke N.V. Netherlands Retail/restaurants BB+ BBB 4,266
2/24/2003 Shaw Communications Inc. Canada Telecommunications BB+ BBB- 1,978
2/25/2003 Cogeco Cable Inc. Canada Telecommunications BB+ BBB- 465
2/26/2003 Gerling-Konzern Allgemeine Versicherungs-AG (Gerling-Konzern Versicherungs-Beteiligungs-AG) Germany Insurance BB+ BBB 135
2/28/2003 Shaw Group Inc. (The) U.S. Capital goods BB+ BBB- 1,040
3/3/2003 Newmont Yandal Operations Ltd. (Newmont Mining Corp.) Australia Metals, mining, and steel BB- BBB- 300
3/5/2003 Provident Financial Group, Inc U.S. Bank BB+ BBB- 1,083
3/7/2003 Interpublic Group of Cos., Inc U.S. Media and entertainment BB+ BBB- 2,846
3/7/2003 Millennium Chemicals Inc. U.S. Chemicals, packaging, and environmental services BB+ BBB- 100
3/10/2003 Invensys PLC U.K. Capital goods BB+ BBB- 3,898
3/18/2003 MasTec Inc. U.S. Capital goods BB BBB- 200
3/28/2003 Sol Melia S.A. Spain Media and entertainment BB+ BBB- 303
4/1/2003 Rhodia S.A. France Chemicals, packaging, and environmental services BB+ BBB- 1,149
4/18/2003 AAR Corp. U.S. Aerospace and defense BB- BBB- 110
5/6/2003 Starwood Hotels & Resorts Worldwide Inc. U.S. Media and entertainment BB+ BBB- 2,316
5/7/2003 SK Corp. Korea Oil and gas exploration and production BB+ BBB- 1,250
5/12/2003 Smithfield Foods Inc. U.S. Consumer products BB+ BBB- 897
5/19/2003 Northumbrian Water Services Ltd. U.K. Utility BB+ A- 900
5/20/2003 ArvinMeritor Inc. U.S. Automotive BB+ BBB- 1,600
5/23/2003 HeidelbergCement AG Germany Forest products and building materials BB+ BBB- 354
5/27/2003 Aristocrat Leisure Ltd. Australia Media and entertainment BB BBB- 130
5/29/2003 (Tower Ltd.) Australia Insurance BB+ BBB- 66
5/29/2003 Penney (J.C.) Co. Inc. U.S. Retail/restaurants BB+ BBB- 7,130
6/16/2003 Winn-Dixie Stores Inc. U.S. Retail/restaurants BB+ BBB- 300
6/20/2003 SEMCO Energy Inc. U.S. Utility BB BBB- 680
6/24/2003 Allegheny Technologies Inc. U.S. Metals, mining, and steel BB+ BBB 459
6/30/2003 RJ Reynolds Tobacco Holdings Inc. U.S. Consumer products BB+ BBB- 1,738
7/1/2003 British Airways PLC U.K. Transportation BB+ BBB- 1,122
7/7/2003 Payless ShoeSource Inc. U.S. Retail/restaurants BB BBB- 200
7/10/2003 Tenet Healthcare Corp. U.S. Health care BB BBB- 4,000
7/21/2003 Consol Energy Inc. U.S. Metals, mining, and steel BB+ BBB- 250
8/8/2003 Crompton Corp. U.S. Chemicals, packaging, and environmental services BB+ BBB- 1,010
9/4/2003 MGM MIRAGE U.S. Media and entertainment BB+ BBB- 3,360
9/10/2003 Royal Indemnity Co. (Royal & Sun Alliance Insurance Group PLC) U.S. Insurance BB+ BBB- 288
9/11/2003 Park Place Entertainment Corp. U.S. Media and entertainment BB+ BBB- 3,475
9/26/2003 Quintiles Transnational Corp. U.S. Health care BB- BBB- 450
10/10/2003 Interpool Inc. U.S. Transportation BB+ BBB- 225
10/30/2003 Mayne Group Ltd. Australia Health care BB BBB- 547
11/4/2003 (PMA Capital Corp.) U.S. Insurance BB- BBB- 133
12/9/2003 Parmalat Finanziaria SpA Italy Consumer products B+ BBB- 7,177
12/10/2003 DPL Inc. U.S. Utility BB BBB 1,225
12/11/2003 Texas-New Mexico Power Co. (TNP Enterprises Inc.) U.S. Utility BB+ BBB- 800
12/17/2003 Tupperware Corp. U.S. Consumer products BB+ BBB- 100
12/17/2003 M-real Corp. Finland Forest products and building materials BB+ BBB- 244
12/22/2003 Visteon Corp. U.S. Automotive BB+ BBB 1,200
12/29/2003 New York Water Service Corp. U.S. Utility BB BBB 10
2004 1/8/2004 Toys "R" Us Inc. U.S. Retail/restaurants BB+ BBB- 1,503
1/9/2004 Tommy Hilfiger U.S.A. Inc. U.S. Consumer products BB+ BBB- 350
2/25/2004 Coca Cola Embonor S.A. Chile Consumer products BB+ BBB- 160
3/2/2004 Valentia Telecommunications upc Ireland Telecommunications BB+ BBB- 1,319
3/3/2004 Metso Corp. Finland Capital goods BB+ BBB 613
3/5/2004 Sun Microsystems Inc. U.S. High technology BB+ BBB 1,300
3/8/2004 IKON Office Solutions Inc. U.S. High technology BB BBB- 1,500
4/16/2004 Atlantic Mutual Insurance Co. (Atlantic Mutual Cos.) U.S. Insurance BB+ BBB 100
4/16/2004 Lubrizol Corp. U.S. Chemicals, packaging, and environmental services BB+ A+ 300
4/19/2004 Adecco S.A. Switzerland Media and entertainment BB+ BBB- 1,987
4/28/2004 Glanbia PLC Ireland Consumer products BB+ BBB- 100
5/6/2004 (UnumProvident Corp.) U.S. Insurance BB+ BBB- 1,975
6/7/2004 Pacific Energy Partners L.P. U.S. Oil and gas exploration and production BB+ BBB- 250
7/20/2004 TECO Energy Inc. U.S. Utility BB BBB- 4,300
7/21/2004 Citizens Communications Co. U.S. Telecommunications BB+ BBB 4,951
7/23/2004 Ferro Corp. U.S. Chemicals, packaging, and environmental services BB+ BBB- 355
8/3/2004 AT&T Corp. U.S. Telecommunications BB+ BBB 17,010
8/10/2004 National Provident Life Ltd. (HHG PLC) U.K. Insurance BB+ BBB 239
8/18/2004 Leucadia National Corp. U.S. Finance companies BB BBB- 1,258
9/10/2004 Converium Holdings (North America) Inc. (Converium Holding AG) U.S. Insurance BB BBB- 200
10/13/2004 HCA Inc. U.S. Health care BB+ BBB- 7,079
11/2/2004 (Health Net Inc.) U.S. Insurance BB+ BBB- 400
11/30/2004 Bombardier Inc. Canada Aerospace and defense BB BBB- 4,854
12/21/2004 Delphi Corp. U.S. Automotive BB+ BBB- 2,150
2005 1/7/2005 Cap Gemini S.A. France High technology BB+ BBB- 601
1/21/2005 Intelsat Ltd. Bermuda Telecommunications BB- BBB+ 1,900
2/24/2005 Anixter International Inc. U.S. High technology BB+ BBB- 219
3/1/2005 Glatfelter (P.H.) Co. U.S. Forest products and building materials BB+ BBB 150
3/7/2005 SPX Corp. U.S. Capital goods BB+ BBB- 2,515
3/15/2005 Liberty Media Corp. U.S. Media and entertainment BB+ BBB- 10,900
3/28/2005 Sears, Roebuck and Co. (Sears Holdings Corp.) U.S. Retail/restaurants BB+ BBB 2,250
4/14/2005 Kerr-McGee Corp. U.S. Oil and gas exploration and production BB+ BBB- 3,100
4/19/2005 Doral Financial Corp. U.S. Bank BB+ BBB- 1,473
4/21/2005 EMI Group PLC U.K. Media and entertainment BB+ BBB- 1,920
4/22/2005 Maytag Corp. U.S. Consumer products BB+ BBB- 960
4/22/2005 Eastman Kodak Co. U.S. Media and entertainment BB+ BBB- 2,138
4/28/2005 Rock-Tenn Co. U.S. Forest products and building materials BB BBB- 450
5/5/2005 General Motors Corp. U.S. Automotive BB BBB- 291,800
5/5/2005 Basell B.V. Netherlands Chemicals, packaging, and environmental services BB+ BBB- 600
5/5/2005 Ford Motor Co. U.S. Automotive BB+ BBB- 161,300
5/9/2005 Royal Group Technologies Ltd. Canada Forest products and building materials BB BBB- 121
5/11/2005 Domtar Inc. Canada Forest products and building materials BB+ BBB- 1,957
5/12/2005 ISS A/S Denmark Consumer products BB+ BBB+ 1,715
6/10/2005 FKI PLC U.K. Capital goods BB BBB- 728
6/10/2005 Central Vermont Public Service Corp. U.S. Utility BB+ BBB- 51
6/17/2005 Fuji Heavy Industries Ltd. Japan Automotive BB+ BBB- 1,010
7/7/2005 SunGard Data Systems Inc. U.S. High technology B+ BBB+ 5,500
7/20/2005 Sensient Technologies Corp. U.S. Consumer products BB+ BBB- 300
7/29/2005 Kellwood Co. U.S. Consumer products BB BBB- 480
7/29/2005 Allied Domecq PLC (Pernod Ricard S.A.) U.K. Consumer products BB BBB+ 3,230
8/2/2005 Lear Corp. U.S. Automotive BB+ BBB- 1,705
9/8/2005 Quebecor World Inc. Canada Media and entertainment BB+ BBB- 2,607
9/14/2005 Sears Canada Inc. Canada Retail/restaurants BB+ BBB 501
9/15/2005 Dana Corp. U.S. Automotive BB+ BBB- 1,749
9/16/2005 Carter Holt Harvey Ltd. (International Paper Company) New Zealand Forest products and building materials BB BBB 529
9/19/2005 (Blyth Inc.) U.S. Consumer products BB+ BBB- 400
9/20/2005 Entergy New Orleans Inc. (Entergy Corp) U.S. Utility CCC+ BBB 230
9/30/2005 Neiman Marcus Group Inc. (The) U.S. Retail/restaurants B+ BBB 125
10/5/2005 Cooper Tire & Rubber Co. U.S. Automotive BB+ BBB- 775
10/6/2005 Pioneer Natural Resources Co. U.S. Oil and gas exploration and production BB+ BBB- 1,400
10/25/2005 Allgemeine Hypothekenbank Rheinboden AG (BHW Holding AG) Germany Bank BB+ BBB- 3,908
11/22/2005 Apria Healthcare Group Inc. U.S. Health care BB+ BBB- 750
11/22/2005 Sanyo Electric Co. Ltd. Japan Capital goods BB BBB- 2,026
12/13/2005 FirstBank Puerto Rico (First BanCorp) U.S. Bank BB+ BBB- 100
12/22/2005 Hertz Corp. U.S. Transportation BB- BBB- 6,467
2006 1/26/2006 TDC A/S Denmark Telecommunications BB BBB+ 4,587
1/27/2006 Affiliated Computer Services Inc. U.S. High technology BB+ BBB+ 500
2/8/2006 EPCOS AG Germany High technology BB+ BBB- 151
2/16/2006 (PXRE Group Ltd.) U.S. Insurance BB+ BBB- 100
2/23/2006 Hilton Hotels Corp. U.S. Media and entertainment BB BBB- 2,625
2/23/2006 Ladbrokes PLC U.K. Media and entertainment BB BBB 2,242
3/6/2006 Rank Group PLC (The) U.K. Media and entertainment BB- BBB- 462
3/17/2006 CBRL Group Inc. U.S. Retail/restaurants BB+ BBB- 367
3/20/2006 Vodafone K.K. (Vodafone Group PLC ) Japan Telecommunications BB+ A+ 1,072
3/23/2006 Scholastic Corp. U.S. Media and entertainment BB+ BBB- 475
5/4/2006 American Axle & Manufacturing Holdings Inc. U.S. Automotive BB BBB- 575
5/16/2006 Nasdaq Stock Market, Inc. (The) U.S. Brokerage BB+ BBB- 1,925
5/17/2006 Banca Popolare di Intra SCPARL Italy Bank BB+ BBB- 192
5/22/2006 VNU N.V. Netherlands Media and entertainment B+ BBB- 3,808
6/1/2006 Millipore Corporation U.S. Health care BB+ BBB 100
6/5/2006 SuperValu Inc. U.S. Consumer products BB- BBB 6,028
6/20/2006 Pilkington PLC U.K. Forest products and building materials BB+ BBB 442
6/22/2006 CITIC Pacific Ltd. Hong Kong Diversified BB+ BBB- 450
6/23/2006 Nexans S.A. France Capital goods BB+ BBB- 748
6/26/2006 Sappi Ltd. South Africa Forest products and building materials BB+ BBB- 2,136
6/26/2006 Valassis Communications Inc. U.S. Media and entertainment BB+ BBB- 410
6/28/2006 Wendy's International Inc. U.S. Retail/restaurants BB+ BBB- 525
6/29/2006 Univision Communications Inc. U.S. Media and entertainment BB- BBB- 1,400
6/30/2006 Deluxe Corp. U.S. Media and entertainment BB+ BBB- 950
7/5/2006 CA Inc. U.S. High technology BB BBB- 1,750
7/17/2006 ALLTEL Georgia Communications Corp. (Windstream Corp.) U.S. Telecommunications BB+ A- 200
7/17/2006 Alltel Communications Holdings of the Midwest Inc. (Windstream Corp.) U.S. High technology BB+ A- 100
7/18/2006 Degussa AG Germany Chemicals, packaging, and environmental services BB BBB 1,562
7/24/2006 Skylark Co. Ltd. Japan Retail/restaurants BB BBB- 429
8/1/2006 Southwestern Energy Co. U.S. Oil and gas exploration and production BB+ BBB- 568
8/2/2006 (Scottish Re Group Ltd.) Cayman Islands Insurance BB+ BBB- 976
8/8/2006 ARAMARK Corp. U.S. Consumer products BB+ BBB- 975
8/21/2006 Compania Sud Americana de Vapores Chile Transportation BB+ BBB- 202
8/21/2006 Ashland Inc. U.S. Chemicals, packaging, and environmental services BB+ BBB- 550
9/18/2006 Freescale Semiconductor Inc. U.S. High technology BB+ BBB- 1,250
9/22/2006 Tribune Co. U.S. Media and entertainment BB+ BBB- 2,789
9/26/2006 Reynolds & Reynolds Co. (The) U.S. High technology B+ BBB 2,485
10/2/2006 Harrah's Entertainment Inc. U.S. Media and entertainment BB+ BBB- 10,800
10/24/2006 Road King Infrastructure Ltd. Hong Kong Transportation BB+ BBB- 340
10/25/2006 RadioShack Corp. U.S. Retail/restaurants BB BBB- 750
11/14/2006 Norske Skogindustrier ASA Norway Forest products and building materials BB+ BBB- 1,000
11/16/2006 Four Seasons Hotels Inc. Canada Media and entertainment BB+ BBB- 250
11/16/2006 Clear Channel Communications Inc. U.S. Media and entertainment BB+ BBB- 6,650
11/17/2006 Gap Inc. (The) U.S. Retail/restaurants BB+ BBB- 513
12/6/2006 Societe Fonciere Lyonnaise S.A. France Homebuilders/real estate companies BB+ BBB- 125
12/18/2006 Realogy Corp. U.S. Media and entertainment BB+ BBB 2,850
12/21/2006 Sabre Holdings Corp. U.S. Transportation BB BBB 800
2007 1/5/2007 Kinder Morgan Inc. U.S. Oil and gas exploration and production BB- BBB 6,777
1/17/2007 Health Management Associates Inc. U.S. Health care B+ BBB 4,555
1/23/2007 Briggs & Stratton Corp. U.S. Consumer products BB+ BBB- 375
2/28/2007 Phelps Dodge Corp. U.S. Metals, mining, and steel BB BBB 1,450
3/2/2007 TXU Corp. U.S. Oil and gas exploration and production BB BBB- 11,299
3/12/2007 Dollar General Corp. U.S. Retail/restaurants BB+ BBB- 200
3/19/2007 ServiceMaster Co. (The) U.S. Consumer products BB+ BBB- 850
4/2/2007 First Data Corp. U.S. High technology BB+ A 4,000
4/23/2007 Telephone & Data Systems Inc. U.S. Telecommunications BB+ BBB- 1,800
4/26/2007 Harman International Industries Inc. U.S. Automotive BB- BBB+ 150
4/26/2007 McClatchy Co. (The) U.S. Media and entertainment BB+ BBB 2,700
5/14/2007 Mylan Laboratories Inc. U.S. Health care BB+ BBB- 1,550
5/16/2007 Bausch & Lomb Inc. U.S. Health care BB+ BBB 660
5/21/2007 ALLTEL Corp. U.S. Telecommunications BB A- 3,740
6/1/2007 Commonwealth Edison Co. (Exelon Corp.) U.S. Utility BB BBB- 6,139
6/18/2007 Omnicare Inc. U.S. Health care BB+ BBB- 2,688
6/19/2007 Expedia Inc. U.S. Media and entertainment BB+ BBB- 500
7/2/2007 Manor Care Inc. U.S. Health care B+ BBB- 950
7/5/2007 Alliance Boots PLC U.K. Retail/restaurants BB- BBB 1,010
7/10/2007 Tata Steel Ltd. (Tata Sons Ltd.) India Metals, mining, and steel BB BBB 9,200
7/31/2007 Sobeys Inc. (Empire Co. Ltd.) Canada Retail/restaurants BB+ BBB- 258
8/3/2007 Boston Scientific Corp. U.S. Health care BB+ BBB- 3,050
8/29/2007 Olin Corp. U.S. Chemicals, packaging, and environmental services BB+ BBB- 200
9/10/2007 Jones Apparel Group Inc. U.S. Consumer products BB+ BBB- 750
9/24/2007 BCE Inc. Canada Telecommunications BB- A- 14,042
9/26/2007 Meinl European Land Ltd. Channel Islands Homebuilders/real estate companies BB+ BBB- 848
10/1/2007 Belo Corp. U.S. Media and entertainment BB+ BBB- 1,050
10/9/2007 Archstone-Smith Operating Trust (Tishman Speyer Archstone-Smith Multifamily Guarantor L.P.) U.S. Homebuilders/real estate companies BB- BBB+ 4,956
10/9/2007 TMB Bank Public Co. Ltd. Thailand Bank BB+ BBB- 200
10/17/2007 Nuveen Investments, Inc. U.S. Bank B+ BBB 3,650
11/1/2007 Residential Capital, LLC (General Motors Corp.) U.S. Finance companies BB+ BBB- 16,632
11/2/2007 Pulte Homes Inc. U.S. Homebuilders/real estate companies BB+ BBB- 3,537
11/2/2007 D.R. Horton Inc. U.S. Homebuilders/real estate companies BB+ BBB- 3,800
11/2/2007 Lennar Corp. U.S. Homebuilders/real estate companies BB+ BBB 2,173
11/21/2007 BAA Ltd. U.K. Transportation BB- BBB+ 10,635
12/10/2007 Indymac Bancorp U.S. S&L BB+ BBB- 675
12/13/2007 YRC Worldwide Inc. U.S. Transportation BB+ BBB- 1,025
12/14/2007 Centro NP LLC (Centro Properties Group) U.S. Homebuilders/real estate companies BB+ BBB 1,425
12/19/2007 Kingsway Financial Services Inc. Canada Insurance BB+ BBB- 449
12/19/2007 ACA Financial Guaranty Corp. (ACA Capital Holdings Inc.) U.S. Insurance CCC A 100
12/24/2007 EMAP PLC U.K. Media and entertainment B BBB- 495
2008 2/6/2008 Norbord Inc. Canada Forest products and building materials BB BBB- 637
2/15/2008 Centex Corp. U.S. Homebuilders/real estate companies BB+ BBB- 3,375
3/5/2008 Universal American Corp. U.S. Insurance BB+ BBB- 500
3/11/2008 Thomson France High technology BB BBB- 769
3/18/2008 General Growth Properties, Inc. U.S. Homebuilders/real estate companies BB+ BBB- 4,311
3/20/2008 Gecina France Homebuilders/real estate companies BB+ BBB- 1,691
4/3/2008 Triad Guaranty Inc. U.S. Insurance BB A- 35
4/3/2008 Royal Caribbean Cruises Ltd. U.S. Media and entertainment BB+ BBB- 4,036
4/4/2008 Jabil Circuit Inc. U.S. High technology BB+ BBB- 550
4/8/2008 Broadridge Financial Solutions Inc. U.S. Brokerage BB BBB- 250
4/15/2008 Office Depot Inc. U.S. Retail/restaurants BB+ BBB- 400
4/18/2008 PNM Resources Inc U.S. Utility BB+ BBB- 1,522
5/1/2008 Sprint Nextel Corp. U.S. Telecommunications BB BBB- 19,585
5/1/2008 Ryland Group Inc. (The) U.S. Homebuilders/real estate companies BB+ BBB- 825
5/2/2008 Countrywide Financial Corp. U.S. Bank BB+ BBB+ 26,360
6/3/2008 Liz Claiborne Inc. U.S. Consumer products BB+ BBB 1,294
6/23/2008 SourceGas LLC U.S. Utility BB+ BBB- 325
7/1/2008 Pioneer Corp. Japan Capital goods BB+ BBB- 664
7/8/2008 Brunswick Corp. U.S. Media and entertainment BB+ BBB- 725
7/25/2008 Downey Financial Corp. U.S. S&L BB+ BBB- 200
7/29/2008 Louisiana-Pacific Corp. U.S. Forest products and building materials BB+ BBB- 200
8/6/2008 ITV PLC U.K. Media and entertainment BB+ BBB- 2,619
8/8/2008 LandAmerica Financial Group, Inc. U.S. Insurance BB+ BBB- 125
8/22/2008 Chartered Semiconductor Manufacturing Ltd. Singapore High technology BB+ BBB- 972
8/26/2008 Radian Group Inc. U.S. Insurance BB+ BBB 970
9/4/2008 Tyson Foods Inc. U.S. Consumer products BB BBB- 3,354
9/15/2008 Washington Mutual, Inc. U.S. S&L BB- BBB- 29,803
9/15/2008 Lehman Brothers Holdings Inc. U.S. Brokerage SD A 79,455
10/6/2008 CIR-Compagnie Industriali Riunite SpA Italy Diversified BB+ BBB- 1,495
10/7/2008 Wrigley (Wm.) Jr. Company U.S. Consumer products BB+ A+ 1,000
10/7/2008 Glitnir banki hf. Iceland Bank CCC BBB 2,527
10/9/2008 Wendel France Financial institutions BB+ BBB- 3,399
10/9/2008 Controladora Comercial Mexicana, S. A. B. de C. V. Mexico Retail/restaurants CC BBB- 465
10/13/2008 GRUMA, S. A. B. de C. V. Mexico Consumer products BB BBB- 300
10/17/2008 Primus Guaranty Ltd. Bermuda Bank BB BBB+ 100
10/23/2008 New York Times Co. (The) U.S. Media and entertainment BB- BBB- 724
10/24/2008 HeidelbergCement AG Germany Forest products and building materials BB+ BBB- 4,822
10/27/2008 Republic of Romania Romania Sovereign BB+ BBB- 4,406
10/29/2008 Banca Comerciala Romana (Erste Group Bank AG) Romania Bank BB+ BBB- 705
10/31/2008 Phoenix Companies, Inc. (The) U.S. Insurance BB+ BBB- 475
11/7/2008 Convergys Corp. U.S. Telecommunications BB+ BBB- 250
11/7/2008 Aeroporti di Roma SpA Italy Transportation BB+ BBB- 1,745
11/11/2008 Stora Enso Oyj Finland Forest products and building materials BB+ BBB- 3,093
11/25/2008 CMA CGM S.A. France Transportation BB+ BBB- 939
11/25/2008 MOL Hungarian Oil and Gas PLC Hungary Oil and gas exploration and production BB+ BBB- 1,738
11/28/2008 Country Garden Holdings Co. Ltd. China Homebuilders/real estate companies BB+ BBB- 600
12/2/2008 National Central Cooling Co. PJSC United Arab Emirates Utility BB BBB- 663
12/4/2008 Wan Hai Lines Ltd. Taiwan Transportation BB+ BBB- 325
12/5/2008 Motorola Inc. U.S. High technology BB+ BBB 3,918
12/16/2008 Nine Dragons Paper (Holdings) Ltd. China Forest products and building materials BB BBB- 300
12/18/2008 Banca di Credito Cooperativo dell'Alta Padovana SCaRL Italy Bank BB BBB- 215
12/19/2008 Limited Brands U.S. Retail/restaurants BB+ BBB- 2,150
12/22/2008 Starwood Hotels & Resorts Worldwide Inc. U.S. Media and entertainment BB+ BBB- 2,250
12/23/2008 Reckson Operating Partnership, L.P. (SL Green Realty Corp) U.S. Homebuilders/real estate companies BB+ BBB- 1,063
12/24/2008 AutoNation Inc. U.S. Automotive BB+ BBB- 1,200
2009 1/13/2009 Gazprombank (OAO Gazprom ) Russia Bank BB+ BBB- 6,239
1/14/2009 American Greetings Corp. U.S. Media and entertainment BB+ BBB- 300
1/16/2009 Puget Energy Inc. U.S. Utility BB+ BBB- 2,709
1/16/2009 Sealed Air Corp. U.S. Chemicals, packaging, and environmental services BB+ BBB- 1,525
1/21/2009 Cemex S.A.B. de C.V. Mexico Forest products and building materials BB+ BBB- 4,455
1/27/2009 Continental AG Germany Automotive BB BBB- 525
1/30/2009 Colonial BancGroup Inc. U.S. Bank B BBB- 1,180
2/9/2009 American General Finance Corp. (American International Group Inc.) U.S. Finance companies BB+ BBB 15,956
2/11/2009 PHH Corp. U.S. Finance companies BB+ BBB- 677
2/13/2009 Fortis SA/NV (Fortis Group) Belgium Bank BB BBB- 23,237
2/18/2009 MBIA Inc. U.S. Insurance BB+ A- 9,402
2/20/2009 Allied Capital Corp. U.S. Finance companies BB+ BBB- 850
2/23/2009 Janus Capital Group Inc. U.S. Bank BB+ BBB- 2,238
2/24/2009 Republic of Latvia Latvia Sovereign BB+ BBB- 1,705
2/24/2009 Security Benefit Life Insurance Co. U.S. Insurance BB BBB+ 150
3/2/2009 iStar Financial Inc. U.S. Finance companies BB BBB- 8,220
3/2/2009 Capmark Financial Group Inc. U.S. Finance companies B+ BBB- 8,050
3/2/2009 Gannett Co., Inc. U.S. Media and entertainment BB BBB- 1,750
3/3/2009 American Capital Ltd. U.S. Finance companies BB- BBB- 800
3/6/2009 British Airways PLC U.K. Transportation BB+ BBB- 729
3/6/2009 First Industrial Realty Trust Inc. U.S. Homebuilders/real estate companies BB BBB- 1,840
3/9/2009 ETA Group United Arab Emirates Diversified BB+ BBB- 900
3/11/2009 Mohawk Industries Inc. U.S. Consumer products BB+ BBB- 1,800
3/12/2009 National Semiconductor Corp. U.S. High technology BB+ BBB- 1,000
3/13/2009 GKN Holdings PLC U.K. Capital goods BB+ BBB- 932
3/13/2009 Mortgage Guaranty Insurance Corp. U.S. Insurance BB A- 825
3/18/2009 Victor Co. of Japan Ltd. (JVC Corp.) Japan Capital goods BB BBB- 202
3/19/2009 West Fraser Timber Co. Ltd. Canada Forest products and building materials BB+ BBB- 418
3/20/2009 Teck Cominco Ltd. Canada Metals, mining, and steel BB+ BBB- 1,200
3/30/2009 Colonial Properties Trust U.S. Homebuilders/real estate companies BB+ BBB- 1,453
3/31/2009 Gruppo Editoriale L'Espresso SpA Italy Media and entertainment BB+ BBB- 395
3/31/2009 Fiat SpA Italy Automotive BB+ BBB- 7,628
4/1/2009 UPM-Kymmene Corp. Finland Forest products and building materials BB+ BBB- 2,723
4/2/2009 Developers Diversified Realty Corp. U.S. Homebuilders/real estate companies BB BBB- 2,805
4/8/2009 PMI Group, Inc. (The) U.S. Insurance CCC BBB- 841
4/16/2009 Macy's Inc. U.S. Retail/restaurants BB BBB- 10,176
4/16/2009 Penney (J.C.) Co. Inc. U.S. Retail/restaurants BB BBB- 6,208
4/21/2009 Popular Inc. U.S. Bank BB+ BBB- 2,423
4/23/2009 Daily Mail & General Trust PLC U.K. Media and entertainment BB+ BBB- 964
4/23/2009 Hrvatska Elektroprivreda d.d. Croatia Utility BB+ BBB- 210
5/5/2009 Sotheby's U.S. Retail/restaurants BB- BBB- 350
5/13/2009 Fairfax Media Ltd. Australia Media and entertainment BB+ BBB- 2,542
5/15/2009 Drax Power Ltd. U.K. Utility BB+ BBB- 909
6/2/2009 CapitalSource Inc. U.S. Finance companies BB BBB- 250
6/12/2009 CIT Group, Inc. U.S. Finance companies BB- BBB- 38,191
6/15/2009 Takefuji Corp. Japan Finance companies BB+ BBB- 2,435
6/15/2009 Aiful Corp. Japan Finance companies BB BBB- 3,128
6/16/2009 Wienerberger AG Austria Forest products and building materials BB+ BBB- 1,300
6/16/2009 Ethan Allen Interiors Inc. U.S. Consumer products BB BBB- 200
6/17/2009 Citizens Republic Bancorp, Inc. U.S. Bank BB- BBB- 750
6/17/2009 Whitney Holding Corp. U.S. Bank BB+ BBB 150
6/17/2009 Synovus Financial Corp. U.S. Bank BB- BBB+ 750
6/17/2009 Huntington Bancshares Inc. U.S. Bank BB+ BBB 1,565
6/19/2009 Renault S.A. France Automotive BB BBB- 12,728
6/24/2009 Ambac Financial Group, Inc. U.S. Insurance BB BBB 2,200
6/25/2009 BW Group Limited Bermuda Transportation BB+ BBB- 500
6/30/2009 Landsvirkjun Iceland Utility BB BBB- 1,384
6/30/2009 Vodokanal St. Petersburg (City of St. Petersburg) Russia Utility BB+ BBB- 84
7/7/2009 Acquedotto Pugliese SpA Italy Utility BB+ BBB- 267
7/7/2009 JSC NC KazMunayGas Kazakhstan Oil and gas exploration and production BB+ BBB- 3,850
7/9/2009 Brussels Airport Holding S.A./N.V. Belgium Transportation BB+ BBB 2
8/6/2009 Peugeot S.A. France Automotive BB+ BBB- 12,762
8/13/2009 MARAC Finance Ltd. New Zealand Finance companies BB+ BBB- 68
8/13/2009 South Canterbury Finance Ltd. New Zealand Finance companies BB+ BBB- 204
8/25/2009 Interconexion Electrica S.A. E.S.P. (ISA) Colombia Utility BB+ BBB- 554
9/4/2009 AES Panama, S. A. Panama Utility BB+ BBB- 300
9/23/2009 BE Aerospace Inc. U.S. Aerospace and defense BB+ BBB- 1,125
11/17/2009 ThyssenKrupp AG Germany Capital goods BB+ BBB- 6,842
11/24/2009 Radian Asset Assurance Inc. (Radian Group Inc.) U.S. Insurance BB BBB- 150
11/25/2009 Associated Banc Corp. U.S. Bank BB+ BBB 401
11/26/2009 Gulf Finance House G.S.C. Bahrain Bank BB+ BBB- 200
12/2/2009 DP World Ltd. (Dubai World Corp.) United Arab Emirates Transportation BB+ BBB- 3,250
12/2/2009 Dubai Holding Commercial Operations Group LLC United Arab Emirates Financial institutions BB+ BBB+ 2,824
12/2/2009 Jebel Ali Free Zone (FZE) (Dubai World Corp.) United Arab Emirates Homebuilders/real estate companies B+ BBB- 2,042
12/22/2009 RusHydro (OJSC) Russia Utility BB+ BBB- 164
2010 2/1/2010 Wilmington Trust Corp. U.S. Bank BB+ BBB- 809
2/19/2010 Public Power Corp. S.A. Greece Utility BB+ BBB- 544
4/1/2010 Gulf Investment Corporation G.S.C. Kuwait Bank BB- BBB- 1,044
4/7/2010 Phillips-Van Heusen Corp. U.S. Consumer products BB+ BBB- 400
4/27/2010 Hellenic Republic Greece Sovereign BB+ BBB+ 332,890
4/27/2010 EFG Eurobank Ergasias S.A. Greece Bank BB BBB 14,177
4/27/2010 Alpha Bank A.E. Greece Bank BB BBB 29,217
4/27/2010 National Bank of Greece S.A. Greece Bank BB+ BBB+ 1,323
4/27/2010 Piraeus Bank S.A. Greece Bank BB BBB 5,872
6/25/2010 Universal Health Services Inc. U.S. Health care BB BBB- 3,150
7/2/2010 QEP Resources Inc. U.S. Utility BB+ BBB+ 1,300
7/15/2010 Nufarm Ltd. Australia Chemicals, packaging, and environmental services BB BBB- 222
7/30/2010 Aldar Properties PJSC United Arab Emirates Homebuilders/real estate companies BB- A- 2,271
9/13/2010 Tomkins Finance PLC (Pinafore Holdings B.V.) U.K. Capital goods BB- BBB 614
10/7/2010 Banca Carim - Cassa di Risparmio di Rimini SpA Italy Bank BB BBB- 70
10/21/2010 Marshall & Ilsley Corporation U.S. Bank BB+ BBB- 4,930
11/23/2010 Regions Financial Corp. U.S. Bank BB+ BBB- 8,210
11/26/2010 Anglo Irish Bank Corp. Ltd. Ireland Bank B BBB 7,463
12/2/2010 Pactiv Corp. (Reynolds Group Holdings Ltd.) U.S. Chemicals, packaging, and environmental services B+ BBB 1,026
12/6/2010 SSAB AB Sweden Metals, mining, and steel BB+ BBB- 2,015
2011 1/4/2011 Israel Electric Corp. Ltd. Israel Utility BB+ BBB- 3,196
1/11/2011 Promise Co. Ltd. (Sumitomo Mitsui Financial Group Inc.) Japan Finance companies BB BBB- 2,374
2/2/2011 Allied Irish Banks PLC Ireland Bank BB BBB 38,978
2/2/2011 Bank of Ireland Ireland Bank BB+ BBB+ 28,012
2/8/2011 Hashemite Kingdom of Jordan Jordan Sovereign BB+ BBB- 2,458
2/10/2011 Arab Bank PLC (Arab Bank Group) Jordan Bank BB+ BBB- 36
3/4/2011 Comboios de Portugal, E.P.E Portugal Transportation BB BBB 3,325
3/4/2011 PARPUBLICA - Participacoes Publicas (SGPS), S.A. Portugal Financial institutions BB+ BBB 5,728
3/4/2011 Rede Ferroviaria Nacional REFER, E.P.E. (Republic of Portugal ) Portugal Transportation BB BBB 3,771
3/8/2011 Hellenic Telecommunications Organization S.A. Greece Telecommunications BB BBB- 4,749
3/10/2011 Socialist People's Libyan Arab Jamahiriya Libyan Arab Jamahiriya Sovereign BB BBB+ 0
3/17/2011 Lafarge S.A. France Forest products and building materials BB+ BBB- 15,826
3/18/2011 Vulcan Materials Co. U.S. Forest products and building materials BB BBB- 1,971
4/1/2011 CenturyLink, Inc. U.S. Telecommunications BB BBB- 21,644
4/1/2011 BES Investimento do Brasil S.A. - Banco de Investimento (Banco Espirito Santo, S.A.) Brazil Bank BB+ BBB- 500
4/5/2011 Irish Life & Permanent PLC Ireland Mortgage Institution BB+ BBB- 8,413
4/25/2011 NGPL PipeCo. LLC U.S. Utility BB+ BBB- 3,000
5/10/2011 Kawasaki Kisen Kaisha Ltd. Japan Transportation BB+ BBB- 1,120
5/16/2011 Donnelley (R.R.) & Sons Company U.S. Media and entertainment BB+ BBB- 4,350
5/30/2011 Tokyo Electric Power Co. Inc. Japan Utility B+ BBB 64,994
6/8/2011 ACOM Co. Ltd. (Mitsubishi UFJ Financial Group, Inc.) Japan Finance companies BB+ BBB- 2,497
6/27/2011 Toll Brothers Inc. U.S. Homebuilders/real estate companies BB+ BBB- 1,600
6/27/2011 MDC Holdings Inc. U.S. Homebuilders/real estate companies BB+ BBB- 1,250
7/1/2011 SEACOR Holdings Inc. U.S. Oil and gas exploration and production BB+ BBB- 450
7/18/2011 CITIC Pacific Ltd. (CITIC Group) Hong Kong Diversified BB+ BBB- 500
7/26/2011 Sunoco Inc. U.S. Oil and gas exploration and production BB+ BBB- 2,300
7/27/2011 Polkomtel S.A. Poland Telecommunications BB+ BBB+ 363
8/4/2011 Yellow Media Inc. (Yellow Pages Income Fund) Canada Media and entertainment BB+ BBB- 3,368
9/27/2011 Buzzi Unicem SpA Italy Forest products and building materials BB+ BBB- 909
9/30/2011 Controladora Mabe, S.A. de C.V. Mexico Consumer products BB+ BBB- 550
10/18/2011 Cassa di Risparmio di Cento SpA Italy Bank BB+ BBB- 118
10/28/2011 Zenith National Insurance Corp. (Fairfax Financial Holdings Ltd.) U.S. Insurance BB+ BBB- 67
11/23/2011 Commercial Metals Co. U.S. Metals, mining, and steel BB+ BBB- 1,100
11/29/2011 Romania Romania Sovereign BB+ BBB- 5,580
11/29/2011 Franshion Properties (China) Ltd. Hong Kong Homebuilders/real estate companies BB+ BBB- 500
12/2/2011 Franz Haniel & Cie GmbH Germany Financial institutions BB+ BBB- 2,017
12/6/2011 Banco Bilbao Vizcaya Argentaria Puerto Rico (Banco Bilbao Vizcaya Argentaria, S.A.) U.S. Bank BB+ BBB 520
12/7/2011 Dexia Crediop SpA (Dexia S.A.) Italy Bank BB+ BBB+ 1,350
12/15/2011 Banco Financiero y de Ahorros S.A. (Caja de Ahorros y Monte de Piedad de Madrid) Spain Bank BB+ BBB- 24,768
12/16/2011 Caixa Geral de Depositos S.A. Portugal Bank BB+ BBB- 9,480
12/16/2011 Banco Comercial Portugues, S.A. Portugal Bank BB BBB- 14,031
12/16/2011 Banco BPI S.A. Portugal Bank BB+ BBB- 8,170
12/16/2011 Banco Espirito Santo, S.A. Portugal Bank BB BBB- 15,687
12/21/2011 Capital Power Income L.P. (Atlantic Power Corp.) Canada Utility BB- BBB 609
12/21/2011 Republic of Hungary Hungary Sovereign BB+ BBB- 51,177
2012 1/13/2012 Republic of Portugal Portugal Sovereign BB BBB- 118,816
1/13/2012 Republic of Cyprus Cyprus Sovereign BB+ BBB 14,044
1/20/2012 Portugal Telecom SGPS S.A. Portugal Telecommunications BB+ BBB- 7,396
1/30/2012 Rockies Express Pipeline LLC U.S. Utility BB BBB- 3,000
2/1/2012 EDP - Energias de Portugal, S.A. Portugal Utility BB+ BBB 18,736
2/15/2012 Eksportfinans ASA Norway Bank BB+ BBB+ 14,446
2/16/2012 F&C Asset Management PLC U.K. Bank BB+ BBB- 431
2/27/2012 REN-Redes Energeticas Nacionais, SGPS, S.A. Portugal Utility BB+ BBB- 1,266
2/28/2012 AmerenEnergy Generating Co. (Ameren Corp.) U.S. Utility BB BBB- 825
3/6/2012 Edison SpA Italy Utility BB+ BBB- 2,376
4/5/2012 Capstone Infrastructure Corp Canada Utility BB+ BBB- 388
4/23/2012 GFI Group Inc. U.S. Brokerage BB+ BBB- 250
4/27/2012 Nokia Corp. Finland High technology BB+ BBB- 3,813
4/30/2012 Banca Civica S.A. Spain Bank BB+ BBB- 1,723
4/30/2012 Banco de Sabadell S.A. Spain Bank BB+ BBB- 5,349
5/23/2012 Republic of Tunisia Tunisia Sovereign BB BBB- 3,734
5/25/2012 Bankinter S.A. Spain Bank BB+ BBB- 5,247
5/25/2012 Banco Popular Espanol, S.A. Spain Bank BB+ BBB- 2,885
5/28/2012 Italcementi SpA (Italmobiliare SpA) Italy Forest products and building materials BB+ BBB- 1,565
5/29/2012 Arab Tunisian Bank (Arab Bank Group) Tunisia Bank BB BBB- 31
6/20/2012 Choice Hotels International Inc. U.S. Media and entertainment BB+ BBB 650
6/25/2012 Groupama S.A. France Insurance BB BBB- 2,828
6/26/2012 Cimpor Cimentos de Portugal, S.G.P.S., S.A. Portugal Forest products and building materials BB BBB- 603
7/6/2012 NuStar Energy L.P. U.S. Utility BB+ BBB- 1,650
7/17/2012 Barbados Barbados Sovereign BB+ BBB- 1,432
8/2/2012 ArcelorMittal Luxembourg Metals, mining, and steel BB+ BBB- 23,824
8/3/2012 Caja de Ahorros y Pensiones de Barcelona Spain Bank BB+ BBB- 5,100
8/3/2012 Banca Popolare dell'Emilia Romagna S.C. Italy Bank BB+ BBB 1,922
8/3/2012 Banca Popolare di Milano SCRL Italy Bank BB+ BBB- 4,502
8/3/2012 Banca Carige SpA Italy Bank BB+ BBB- 2,259
8/3/2012 Banca Popolare di Vicenza ScpA Italy Bank BB+ BBB- 5,005
8/6/2012 Best Buy Co. Inc. U.S. Retail/restaurants BB+ BBB- 1,500
8/9/2012 Unipol Gruppo Finanziario SpA Italy Insurance BB+ BBB- 1,674
8/24/2012 Usinas Siderurgicas de Minas Gerais S.A. (Usiminas) Brazil Metals, mining, and steel BB+ BBB- 400
8/31/2012 Sharp Corp. Japan Capital goods BB+ BBB 4,955
10/19/2012 Co-operative Group Ltd. U.K. Retail/restaurants BB+ BBB- 1,292
11/8/2012 DPL Inc. (AES Corp. (The)) U.S. Utility BB BBB- 1,915
11/15/2012 Gold Fields Ltd. South Africa Metals, mining, and steel BB+ BBB- 1,000
11/23/2012 Ibercaja Banco S.A. (Caja de Ahorros y Monte de Piedad de Zaragoza, Aragon y Rioja (IBERCAJA)) Spain Bank BB+ BBB- 718
12/5/2012 Banca Monte dei Paschi di Siena SpA Italy Bank BB+ BBB- 18,129
12/14/2012 Republic of Croatia Croatia Sovereign BB+ BBB- 11,773
12/17/2012 Hrvatska banka za obnovu i razvitak (Republic of Croatia) Croatia Bank BB+ BBB- 526
12/20/2012 Veneto Banca S.C.P.A. Italy Bank BB+ BBB- 2,438
2013 1/18/2013 Finmeccanica SpA Italy Aerospace and defense BB+ BBB- 6,127
2/13/2013 Sagicor Life Inc. Barbados Insurance BB+ BBB- 150
3/22/2013 Banco Popolare Societa Cooperativa SCRL Italy Bank BB+ BBB- 18,667
3/28/2013 Barry Callebaut AG Switzerland Consumer products BB+ BBB- 772
4/12/2013 RONA Inc. Canada Retail/restaurants BB+ BBB- 564
5/28/2013 China Metallurgical Group Corporation China Capital goods BB+ BBB- 500
6/10/2013 CommonWealth REIT U.S. Homebuilders/real estate companies BB+ BBB- 2,760
6/17/2013 Heinz (H.J.) Co. U.S. Consumer products BB- BBB+ 16,373
6/21/2013 SNS REAAL N.V. Netherlands Bank BB+ BBB- 6,564
6/25/2013 NLMK OJSC Russia Metals, mining, and steel BB+ BBB- 2,600
7/8/2013 Softbank Corp. Japan High technology BB+ BBB 3,287
7/17/2013 AngloGold Ashanti Ltd. South Africa Metals, mining, and steel BB+ BBB- 2,750
7/24/2013 Iccrea Holding SpA Italy Bank BB+ BBB- 2,628
7/24/2013 FGA Capital SpA Italy Bank BB+ BBB- 1,978
7/29/2013 BMC Software Inc. U.S. High technology B+ BBB+ 5,744
7/31/2013 ADT Corporation (The) U.S. High technology BB- BBB- 3,200
8/6/2013 Al Baraka Banking Group B.S.C. Bahrain Bank BB+ BBB- 400
9/11/2013 Dell Inc. U.S. High technology BB- BBB 13,550
9/30/2013 Yanzhou Coal Mining Company Limited China Metals, mining, and steel BB+ BBB- 1,000
11/12/2013 D.E MASTER BLENDERS 1753 N.V Netherlands Consumer products B+ BBB 4,011
11/14/2013 AES Panama, S. A. Panama Utility BB+ BBB- 300
11/14/2013 Telecom Italia SpA Italy Telecommunications BB+ BBB- 48,302
11/25/2013 IDBI Bank Ltd. India Bank BB+ BBB- 1,778
11/27/2013 First Horizon National Corp. U.S. Bank BB+ BBB- 2,100
12/5/2013 Qantas Airways Ltd. Australia Transportation BB+ BBB- 1,651
12/9/2013 IPALCO Enterprises Inc. (AES Corp. (The)) U.S. Utility BB+ BBB- 1,601
12/10/2013 Volcan Compania Minera S.A.A. Peru Metals, mining, and steel BB+ BBB- 600
12/19/2013 Bahrain Telecommunications Co. Bahrain Telecommunications BB+ BBB- 650
12/20/2013 Harsco Corp. U.S. Capital goods BB+ BBB- 700
2014 2/3/2014 ONEOK Inc. U.S. Utility BB+ BBB 7,700
2/4/2014 Government Development Bank for Puerto Rico U.S. Bank BB BBB- 5,435
2/20/2014 Mallinckrodt plc Ireland Health care BB- BBB- 2,200
3/31/2014 Avago Technologies Finance Pte. Ltd. (Avago Technologies Holdings Pte. Ltd.) Singapore High technology BB+ BBB- 4,600
4/4/2014 Telephone and Data Systems Inc. U.S. Telecommunications BB+ BBB- 1,521
4/14/2014 Banco ABC Brasil S.A. (Arab Banking Corp. B.S.C.) Brazil Bank BB+ BBB- 113
4/30/2014 Navient Inc. (Navient Corporation) U.S. Finance companies BB BBB- 18,846
5/15/2014 AerCap Holdings N.V. Netherlands Transportation BB+ BBB- 16,800
5/20/2014 Banco Votorantim S.A. (Votorantim Participacoes S.A.) Brazil Bank BB+ BBB- 1,350
5/30/2014 PPL Energy Supply LLC (PPL Corp.) U.S. Utility BB+ BBB 2,550
6/16/2014 Williams Companies Inc. (The) U.S. Utility BB+ BBB 16,821
6/18/2014 FirstRand Ltd. South Africa Bank BB+ BBB- 643
7/18/2014 Oi S.A. Brazil Telecommunications BB+ BBB- 18,323
8/5/2014 Remy Cointreau S.A. France Consumer products BB+ BBB- 375
9/3/2014 Energen Corp. U.S. Utility BB BBB- 752
10/3/2014 Companhia Siderurgica Nacional (CSN) Brazil Metals, mining, and steel BB+ BBB- 3,050
10/7/2014 Cliffs Natural Resources Inc. U.S. Metals, mining, and steel BB- BBB- 2,900
10/20/2014 URS Corporation U.S. Capital goods BB BBB- 2,000
11/3/2014 Avon Products Inc. U.S. Consumer products BB+ BBB- 2,350
11/3/2014 Indian Overseas Bank India Bank BB+ BBB- 1,000
11/6/2014 Genworth Financial Inc. U.S. Insurance BB+ BBB- 7,169
11/20/2014 AREVA France Utility BB+ BBB- 7,629
12/12/2014 Republic of Bulgaria Bulgaria Sovereign BB+ BBB- 333,036
12/16/2014 American Realty Capital Properties Inc. U.S. Homebuilders/real estate companies BB BBB- 6,300
12/17/2014 Odebrecht Oleo e Gas S.A. (Odebrecht S.A.) Brazil Oil and gas exploration and production BB+ BBB- 550
2015 1/14/2015 Tesco PLC U.K. Retail/restaurants BB+ BBB- 17,195
1/26/2015 Russian Federation Russia Sovereign BB+ BBB- 175,896
1/28/2015 Safeway Inc. U.S. Retail/restaurants B BBB 2,330
1/29/2015 Vnesheconombank (Russian Federation) Russia Bank BB+ BBB- 13,633
1/30/2015 International Game Technology U.S. Media and entertainment BB+ BBB- 1,300
1/30/2015 CAP S.A. Chile Metals, mining, and steel BB+ BBB- 200
1/30/2015 GTECH S.p.A. (Georgia Worldwide PLC) Italy Media and entertainment BB+ BBB- 2,830
2/2/2015 SME Bank (Russian Federation) Russia Bank BB+ BBB- 144
2/4/2015 ZAO UniCredit Bank (UniCredit SpA) Russia Bank BB+ BBB- 72
2/4/2015 Raiffeisenbank ZAO (Raiffeisen Banking Group Austria) Russia Bank BB+ BBB- 144
2/4/2015 Gazprom OAO Russia Integrated oil and gas BB+ BBB- 63,911
2/4/2015 Gazprombank Russia Bank BB+ BBB- 14,093
2/4/2015 Oil Company Rosneft OJSC Russia Oil and gas exploration and production BB+ BBB- 9,400
2/4/2015 Mobile TeleSystems (OJSC) (Sistema (JSFC)) Russia Telecommunications BB+ BBB- 3,754
2/4/2015 Federal Grid Co. of the Unified Energy System Russia Utility BB+ BBB- 504
2/4/2015 OAO AK Transneft Russia Utility BB+ BBB- 2,100
2/4/2015 VTB Bank JSC (Russian Federation) Russia Bank BB+ BBB- 19,874
2/4/2015 Russian Railways JSC Russia Transportation BB+ BBB- 13,302
2/4/2015 LLC Rusfinance Bank (Societe Generale) Russia Bank BB+ BBB- 345
2/4/2015 OAO NOVATEK Russia Oil and gas exploration and production BB+ BBB- 5,903
2/4/2015 MegaFon OJSC Russia Telecommunications BB+ BBB- 144
2/6/2015 W.R. Grace & Co. U.S. Chemicals, packaging, and environmental services BB+ BBB- 2,119
2/16/2015 KazMunayGas NC JSC Kazakhstan Oil and gas exploration and production BB+ BBB- 9,450
2/23/2015 DCP Midstream LLC U.S. Utility BB BBB- 5,675
2/27/2015 Mack-Cali Realty Corp. U.S. Homebuilders/real estate companies BB+ BBB- 1,274
3/19/2015 ESKOM Holdings SOC Ltd. South Africa Utility BB+ BBB- 5,285
3/19/2015 Transocean Inc. U.S. Oil and gas exploration and production BB+ BBB- 6,250
3/24/2015 Allegheny Technologies Inc. U.S. Metals, mining, and steel BB+ BBB- 1,500
4/15/2015 Petroleum Company of Trinidad and Tobago Limited Trinidad and Tobago Integrated oil and gas BB+ BBB- 1,725
4/17/2015 Golden Eagle Retail Group Limited Cayman Islands Retail/restaurants BB+ BBB- 400
5/15/2015 TRW Automotive Inc. (ZF Friedrichshafen AG) U.S. Automotive BB BBB- 1,400
6/17/2015 HSBC Bank Brasil S.A. (HSBC Holdings PLC) Brazil Bank BB+ BBB- 500
6/22/2015 Vallourec France Oil and gas exploration and production BB+ BBB- 1,759
6/26/2015 Bilfinger SE Germany Capital goods BB+ BBB- 560
7/1/2015 Graham Holdings Co. U.S. Media and entertainment BB+ BBB 400
7/16/2015 Family Dollar Stores, Inc. (Dollar Tree, Inc.) U.S. Retail/restaurants BB BBB- 300
7/21/2015 Hill-Rom Holdings Inc. U.S. Health care BB+ BBB 2,050
8/13/2015 Edgewell Personal Care U.S. Consumer products BB+ BBB- 1,100
9/9/2015 Federative Republic of Brazil Brazil Sovereign BB+ BBB- 489,116
9/10/2015 Petroleo Brasileiro S.A. - Petrobras Brazil Oil and gas exploration and production BB BBB- 50,081
9/10/2015 Banco Santander (Brasil) S.A. (Banco Santander S.A.) Brazil Bank BB+ BBB- 4,584
9/10/2015 Samarco Mineracao S.A. (Valepar S.A.) Brazil Metals, mining, and steel BB+ BBB- 2,200
9/10/2015 Neoenergia S.A. Brazil Utility BB+ BBB- 106
9/10/2015 Banco Bradesco S.A. Brazil Bank BB+ BBB- 1,300
9/10/2015 Banco do Brasil S.A. Brazil Bank BB+ BBB- 11,448
9/10/2015 Banco do Nordeste do Brasil S.A. (BNB) Brazil Bank BB+ BBB- 600
9/10/2015 Eletrobras - Centrais Eletricas Brasileiras S.A. Brazil Utility BB+ BBB- 3,050
9/10/2015 Banco Nacional de Desenvolvimento Economico e Social Brazil Bank BB+ BBB- 8,503
9/11/2015 Compania Minera Milpo S.A.A. (Votorantim Participacoes S.A.) Peru Metals, mining, and steel BB+ BBB- 350
9/14/2015 Banco Safra S.A. Brazil Bank BB+ BBB- 103
9/21/2015 Kazakhstan Temir Zholy Kazakhstan Transportation BB+ BBB- 2,444
9/30/2015 Teck Resources Ltd. Canada Metals, mining, and steel BB BBB- 7,200
11/3/2015 Weatherford International Ltd (Weatherford International plc) Bermuda Oil and gas exploration and production BB+ BBB- 6,800
12/10/2015 Yum! Brands Inc. U.S. Retail/restaurants BB BBB 3,050
12/22/2015 Toshiba Corp. Japan Capital goods BB+ BBB- 825
2016 1/7/2016 Noble Group Ltd. Bermuda Metals, mining, and steel BB+ BBB- 1,656
1/26/2016 Cooper Companies, Inc. (The) U.S. Health care BB+ BBB- 1,000
1/29/2016 Republic of Azerbaijan Azerbaijan Sovereign BB+ BBB- 0
2/2/2016 Southwestern Energy Co. U.S. Oil and gas exploration and production BB+ BBB- 4,550
2/2/2016 Continental Resources Inc. U.S. Oil and gas exploration and production BB+ BBB- 6,100
2/2/2016 Enable Midstream Partners, LP U.S. Utility BB+ BBB- 1,900
2/9/2016 Texas Capital Bancshares, Inc U.S. Bank BB+ BBB- 425
2/12/2016 Freeport-McMoRan Inc. U.S. Metals, mining, and steel BB BBB- 25,812
2/17/2016 Odebrecht Engenharia e Construcao S.A. (Odebrecht S.A.) Brazil Capital goods BB+ BBB- 4,773
2/17/2016 Votorantim S.A. (Votorantim Participacoes S.A.) Brazil Forest products and building materials BB+ BBB- 4,142
2/17/2016 Kingdom of Bahrain Bahrain Sovereign BB BBB- 9,205
2/18/2016 Kinross Gold Corp. Canada Metals, mining, and steel BB+ BBB- 1,500
2/18/2016 BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias e Futuros Brazil Brokerage BB+ BBB- 612
2/18/2016 Anglo American PLC U.K. Metals, mining, and steel BB BBB- 14,897
3/11/2016 Superior Energy Services Inc. U.S. Oil and gas exploration and production BB BBB- 1,200
3/17/2016 Newfield Exploration Co. U.S. Oil and gas exploration and production BB+ BBB- 2,250
3/21/2016 Casino Guichard - Perrachon & Cie S.A. France Retail/restaurants BB+ BBB- 11,998
4/8/2016 Empresa Electrica Guacolda S.A. Chile Utility BB+ BBB- 500
4/21/2016 Joy Global Inc. U.S. Capital goods BB+ BBB- 650
4/29/2016 Greenland Holding Group Company Limited China Homebuilders/real estate companies BB BBB- 2,700
5/12/2016 Fossil Group, Inc. U.S. Consumer products BB+ BBB- 231
5/17/2016 Icahn Enterprises L.P. U.S. Financial institutions BB+ BBB- 15,500
5/19/2016 Gap Inc. (The) U.S. Retail/restaurants BB+ BBB- 1,250
5/23/2016 Teollisuuden Voima Oyj Finland Utility BB+ BBB- 1,825
5/30/2016 Bank of India India Bank BB+ BBB- 2,075
5/30/2016 Syndicate Bank India Bank BB+ BBB- 1,400
6/29/2016 Klabin S.A. Brazil Forest products and building materials BB+ BBB- 500
7/5/2016 Rexam PLC (Ball Corporation) U.K. Chemicals, packaging, and environmental services BB+ BBB- 836
7/15/2016 Rowan Cos. Inc. U.S. Oil and gas exploration and production BB BBB- 2,600
7/26/2016 Noble Corporation Cayman Islands Oil and gas exploration and production BB+ BBB 4,250
8/1/2016 FirstEnergy Solutions Corp. (FirstEnergy Corp.) U.S. Utility BB- BBB- 1,100
8/12/2016 Union Bank of India India Bank BB+ BBB- 1,050
9/7/2016 EMC Corp. (Dell Technologies Inc) U.S. High technology BB+ A 27,125
9/13/2016 Brinker International U.S. Retail/restaurants BB+ BBB- 900
9/19/2016 Methanex Corp. Canada Chemicals, packaging, and environmental services BB+ BBB- 1,200
9/21/2016 Alumina Ltd. Australia Metals, mining, and steel BB BBB- 394
9/30/2016 MTN Group Ltd. South Africa Telecommunications BB+ BBB- 750
10/4/2016 Edison SpA (Electricite de France S.A.) Italy Utility BB+ BBB- 673
10/17/2016 CF Industries Inc. U.S. Chemicals, packaging, and environmental services BB+ BBB- 7,100
10/21/2016 K+S Aktiengesellschaft Germany Chemicals, packaging, and environmental services BB+ BBB- 1,639
11/1/2016 Diamond Offshore Drilling Inc. U.S. Oil and gas exploration and production BB+ BBB 2,400
11/17/2016 CDK Global Inc. U.S. High technology BB+ BBB- 1,600
11/30/2016 Lexmark International Inc. U.S. High technology BB- BBB- 800
12/8/2016 Ensco plc U.K. Oil and gas exploration and production BB BBB- 6,950
12/19/2016 Sobeys Inc. (Empire Co. Ltd.) Canada Retail/restaurants BB+ BBB- 1,162
12/20/2016 The Commonwealth of The Bahamas Bahamas Sovereign BB+ BBB- 900
2017 1/5/2017 Och-Ziff Capital Management Group LLC U.S. Bank BB+ BBB- 400
2/1/2017 Symantec Corp. U.S. High technology BB+ BBB- 7,300
2/1/2017 Under Armour, Inc. U.S. Consumer products BB+ BBB- 600
3/8/2017 Fifth Street Finance Corp. U.S. Bank BB BBB- 375
3/27/2017 Dun & Bradstreet Corp. (The) U.S. Media and entertainment BB+ BBB- 750
4/3/2017 Republic of South Africa South Africa Sovereign BB+ BBB- 18,493
4/6/2017 Transnet SOC Ltd. South Africa Utility BB+ BBB- 1,616
4/6/2017 Rand Water South Africa Utility BB+ BBB- 37
4/27/2017 Home Capital Group Inc. Canada Financial institutions B+ BBB- 587
5/12/2017 Sultanate of Oman Oman Sovereign BB+ BBB- 8,234
5/15/2017 Oman Electricity Transmission Co. Oman Utility BB+ BBB- 2,000
5/15/2017 BankMuscat S.A.O.G. Oman Bank BB+ BBB- 1,000
5/17/2017 Yuexiu Property Company Limited (Guangzhou Yuexiu Holdings Limited) Hong Kong Homebuilders/real estate companies BB+ BBB- 350
6/12/2017 Intrum Justitia AB (publ) Sweden Finance companies BB+ BBB- 4,590
7/24/2017 Ericsson (Telefonaktiebolaget L.M.) Sweden High technology BB+ BBB- 2,166
7/27/2017 Seagate Technology plc Ireland High technology BB+ BBB- 4,950
8/8/2017 Staples Inc. U.S. Retail/restaurants B+ BBB- 5,000
9/29/2017 Fuller (H.B) Co. U.S. Chemicals, packaging, and environmental services BB+ BBB- 400
10/3/2017 Brink's Company (The) U.S. Transportation BB+ BBB- 500
10/23/2017 Nabors Industries Ltd Bermuda Oil and gas exploration and production BB BBB- 5,025
10/27/2017 Mattel Inc. U.S. Media and entertainment BB BBB- 1,810
11/13/2017 Ezdan Holding Group Q.S.C. Qatar Homebuilders/real estate companies BB BBB- 1,500
12/1/2017 Dillard's Inc. U.S. Retail/restaurants BB+ BBB- 628
12/1/2017 Clipper Acquisitions Corp. U.S. Bank BB+ BBB- 1,026
12/4/2017 Hartford Life Inc. (Hartford Financial Services Group Inc. (The)) U.S. Insurance BB BBB 975
12/12/2017 Banco de Bogota S.A. y Subsidiarias Colombia Bank BB+ BBB- 600
12/12/2017 Bancolombia, S. A. y Companias Subordinadas Colombia Bank BB+ BBB- 500
12/22/2017 Daily Mail & General Trust PLC U.K. Media and entertainment BB+ BBB- 845
2018 1/12/2018 Globo Comunicacao e Participacoes S.A. (GLOBO) Brazil Media and entertainment BB+ BBB- 825
2/8/2018 Teva Pharmaceutical Industries Ltd. Israel Health care BB BBB- 40,500
3/16/2018 BRF S.A. Brazil Consumer products BB+ BBB- 4,014
3/21/2018 Signet Jewelers Ltd. U.S. Retail/restaurants BB+ BBB- 400
3/28/2018 PT Pelabuhan Indonesia III (Persero) (Republic of Indonesia) Indonesia Utility BB+ BBB- 500
4/23/2018 Apollo Investment Corporation U.S. Finance companies BB+ BBB- 485
4/27/2018 Operadora de Sites Mexicanos, S.A. de C.V. Mexico Telecommunications BB+ BBB- 519
5/1/2018 Owens & Minor Inc. U.S. Health care BB BBB- 5,530
5/4/2018 Pitney Bowes Inc. U.S. High technology BB+ BBB- 3,675
5/8/2018 Turkcell Iletisim Hizmetleri A.S. Turkey Telecommunications BB+ BBB- 1,000
5/8/2018 Turk Telekom (Ojer Telekomunikasyon A.S.) Turkey Telecommunications BB+ BBB- 1,500
5/9/2018 TDC A/S (DKT Holdings ApS) Denmark Telecommunications B+ BBB- 3,601
5/30/2018 IQVIA Holdings Inc. U.S. Consumer products BB+ BBB- 9,451
6/1/2018 Wyndham Destinations, Inc. U.S. Media and entertainment BB- BBB- 3,225
7/9/2018 EnLink Midstream Partners L.P. U.S. Utility BB+ BBB- 3,550
7/13/2018 Koc Holding A.S. Turkey Financial institutions BB+ BBB- 1,500
8/7/2018 Solar Capital Ltd. U.S. Finance companies BB+ BBB- 225
9/5/2018 Hercules Capital, Inc. U.S. Finance companies BB+ BBB- 578
9/27/2018 BlackRock Capital Investment Corp U.S. Finance companies BB+ BBB- 150
10/19/2018 Distribuidora Internacional de Alimentacion S.A. Spain Retail/restaurants BB- BBB- 1,047
10/24/2018 Bed Bath & Beyond Inc. U.S. Retail/restaurants BB+ BBB- 1,500
10/26/2018 New York Community Bancorp, Inc U.S. Financial institutions BB+ BBB- 240
11/19/2018 PennantPark Investment Corporation U.S. Finance companies BB+ BBB- 318
12/17/2018 Xerox Corp. U.S. High technology BB+ BBB- 5,275
12/20/2018 Ohio Valley Electric Corp. U.S. Utility BB+ BBB- 695
12/20/2018 Oceaneering International Inc. U.S. Oil and gas exploration and production BB+ BBB- 1,100
2019 1/7/2019

PG&E Corp.

U.S. Utility B BBB- 17,525
2/22/2019

Washington Prime Group Inc.

U.S. Homebuilders/real estate companies BB BBB- 1,893
3/4/2019

Magellan Health Services Inc.

U.S. Insurance BB+ BBB- 400
3/15/2019

Macquarie Infrastructure Corporation

U.S. Utility BB+ BBB- 3,854
4/2/2019

Senior Housing Properties Trust

U.S. Homebuilders/real estate companies BB+ BBB- 2,250
4/14/2019

Red Star Macalline Group Corp. Ltd.

China Homebuilders/real estate companies BB+ BBB- 300
5/1/2019

Charles River Laboratories International Inc.

U.S. Health care BB+ BBB- 1,250
6/4/2019

TransAlta Corp.

Canada Utilities BB+ BBB- 2,191
6/13/2019

Novomatic AG

Austria Media and entertainment BB+ BBB- 792
Data as of July 8, 2019. Source: S&P Global Ratings Research.

This report does not constitute a rating action.

Credit Markets Research:Sudeep K Kesh, New York (1) 212-438-7982;
sudeep.kesh@spglobal.com
Nicole Serino, New York + 1 (212) 438 1396;
nicole.serino@spglobal.com

No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.

Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses.

To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw or suspend such acknowledgment at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.

S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.

S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees.

Any Passwords/user IDs issued by S&P to users are single user-dedicated and may ONLY be used by the individual to whom they have been assigned. No sharing of passwords/user IDs and no simultaneous access via the same password/user ID is permitted. To reprint, translate, or use the data or information other than as provided herein, contact S&P Global Ratings, Client Services, 55 Water Street, New York, NY 10041; (1) 212-438-7280 or by e-mail to: research_request@spglobal.com.


Register with S&P Global Ratings

Register now to access exclusive content, events, tools, and more.

Go Back