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26 May, 2020 | 20:25
Canada, APAC, United States of America, APAC, EMEA, Latin America

Credit Trends: Downgrade Potential Rises To All-Time High On Sharp, Deep Economic Slowdown

Sector Coronavirus Credit Market Research Default Transition & Recovery
Segment Banking Corporations Institutional Investors Investment Management
Tags Americas Latin America APAC EMEA
Topic Shape of Recovery

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Table of Contents

Key Takeaways

Potential downgrades reached their all-time high of 1,287, above their previous record of 1087 during the 2009 subprime crisis and nearly double February's 649 issuers.
Out of 550 new potential downgrades since April, 90% of the ratings were affected by economic and financial consequences of the COVID-19 pandemic--led by financial institutions, consumer products, and utilities sectors by issuer count--and join sectors with highest downgrade prospects like automotive, transportation, and media, entertainment, and lodging sectors.
CreditWatch with negative implications placements are also elevated, indicative of a 50% chance of a downgrade in the near future, conditional on continued deleterious credit conditions.

Chart 1

The number of potential downgrades (defined as issuers rated 'AAA' to 'B-' by S&P Global Ratings with either negative rating outlooks or ratings on CreditWatch with negative implications) has widened to 1,287 as of April 28, from 860 in March and 649 in February. The tally has surpassed even the highest mark recorded in April 2009 during subprime crisis at 1,028 (see chart 2). We have added 550 issuers to the list since our last report in March, which includes 490 issuers facing direct economic fallout from the pandemic, mostly from financial institutions, consumer products, and utilities (see chart 1). On the other hand, we have removed 123 issuers, of which 110 were downgraded. Since last month, the ratings of 247 issuers from the list were lowered, of which 134 continue to be part of the list. About 64% of the potential downgrades show risk exposure from COVID-19 related containment measures to their operations (see chart 6).

Further, the gap between potential downgrades and upgrades widened after upgrades dropped to a record low of 124, with 117 removals and only one addition, Hungarian fertilizer producer Nitrogenmuvek Zrt., in April. Generally, we expect heavy credit erosion in coming months as issuers, especially those in the lower-rated spectrum come under heavy fire from poor earnings, continued difficulties in managing cost structures, and market volatility creating limited funding opportunities.

Chart 2

Downgrade Potential Likely To Continue To Escalate

The first quarter, and especially March, has seen an increase in the number of downgrades to 492, the second-highest level since first quarter 2009 (533). By April 28, the number of downgrades in the second quarter stood at 415, and the share of potential fallen angels on CreditWatch negative points to a new record high in the second quarter. A rating with negative CreditWatch implications carries a more immediate timeline for potential downgrade--90 days--compared to two years for a negative outlook. Though the pace of downgrades has slowed in recent weeks, we will likely resolve many CreditWatch placements as downgrades, and the CreditWatch-driven negative bias has hit an all-time high of 7.9%, above the previous record during the subprime crisis (see chart 3). This reflects a 50% likelihood of downgrades in the near term.

Chart 3

Issuers are placed on CreditWatch negative when there is an event or a deviation from an expected trend or material change in the performance of the issuers but its magnitude is not yet determined, or there is a change in rating criteria. This may not necessarily lead to a downgrade, but the tighter timeline indicates a high likelihood that a rating action in the direction of the CreditWatch will follow (see "General Criteria: Use Of CreditWatch And Outlooks," Sept. 14, 2009). A comparison of the negative CreditWatch bias in crisis periods (i.e., months with more than 80 downgrades) shows that whenever the bias rises, a rise in downgrades follows (see Chart 4a), as we see the dots align with the trend line when the bias moves beyond 2.5%. The rating outlook carries a longer-term view of two years, reducing the likelihood of an actual downgrade as there is more time for the issuer's environment and financing structure to evolve positively. Therefore, a negative rating outlook less often leads to downgrades (see Chart 4b), as we see dots following different paths after the bias crosses 20%.

Placements on CreditWatch negative are a better determinant of rising downgrades during crisis due to their shorter time horizon

Chart 4a

Chart 4b

Media and entertainment, automotive, and transportation have the highest proportion of issuers on CreditWatch with negative implications. This points to their heightened downgrade risk in the near-term. Crucially, within the sector of media and entertainment, it is companies in leisure, lodging, and entertainment that have the highest share of issuers on CreditWatch negative as a share of total potential downgrades, with 74% compared to 35% for other companies in media and entertainment, 49% in automotive, and 43% in transportation. The elevated downgrade risk in the short term is notably due to the high business exposure to restrictions stemming from the spread of COVID-19.

Chart 5

Downgrade Pressure Highest In Sectors Most Exposed To Restrictions Due To COVID-19

Automotive, consumer products, transportation, and media and entertainment have the highest proportion of issuers affected by COVID-related disruptions. Again, it is mainly companies in leisure, lodging, and entertainment that drive the number for media and entertainment.

Chart 6

With their businesses highly impacted by social distancing measures and travel bans, companies in tourism as well as gaming and leisure are subject to high downgrade pressures. Many airlines and transport firms were grounded during the lockdown phase due to low demand, putting their liquidity, reserves, and financial flexibility at test. Likewise, global automakers and suppliers are under intense credit pressures, due to a huge drop in revenues as auto sales plunged. Among consumer products, consumer durables face heightened credit risks while consumer staples are better placed. The cost-cutting done in the last downturn made their operations leaner, but it is difficult to repeat such an exercise in response to COVID-19. Firms rated 'B-' and below face high refinancing and default risks (see "Coronavirus Dramatically Increases Consumer Products Risk, But Staples Benefit," April 7, 2020).

Financial institutions added 78 issuers this month, 22 of which were from the U.S., eight were from the U.K., and seven were from France. Despite strengthened balance sheets and unprecedented support by central banks and governments, the credit rating outlook for financial institutions becomes somewhat dimmer. This is especially the case for those that are heavily exposed to sectors whose activity is depressed due to the spread of COVID-19. The longer lasting economic downturn as well as banks' low profitability are further downside risks ("How COVID-19 Is Affecting Bank Ratings: May 2020 Update," May 7, 2020). However, the outlook on financials is still relatively resilient, with only 9 of the 139 potential downgrades on CreditWatch negative.

Chart 7

Table 1

110 Of 123 Issuers Removed From The List This Month Have Faced A Downgrade
Potential Bond Downgrade Removals		Potential Bond Downgrade Additions
Reason For Removal	Issuer Count	Reason For Addition	Issuer Count
Downgraded	63	OLCW Change	404
Downgraded and OLCW Change	47	Downgraded and OLCW Change	137
Parent	6	Newly Rated Issuer	5
Ratings Withdrawn	3	Parent	3
Default	2	Newly Rated Debt	1
OLCW Change	1	Downgraded	0
Selective Default (SD)	1	Upgraded	0
No Outstanding Debt	0	Upgraded and OLCW Change	0
Upgraded	0
Upgraded and OLCW Change	0
Total	123	Total	550
Note: Includes issuers removed due to subsidiary relationship with a parent company, which now qualifies as potential downgrade. OLCW--Outlook/CreditWatch. Data as of April 28, 2020. Source: S&P Global Ratings Research.

Table 2

Almost All Sectors Except Insurance Have Higher Current Downgrade Potentials Than Their Long-Term Average
Sector	Trailing-12-month downgrade count	Trailing-12-month downgrade ratio (%)	Current negative bias (%)	Historical average negative bias (%)	Gap between current and historical average negative bias (%)	Negative bias contribution to total potential bond downgrade portfolio (%)
Automotive	59.0	98.3	76.7	25.6	(51.1)	5.5
Oil and gas	162.0	90.5	69.4	19.5	(50.0)	5.8
Media and entertainment	184.0	91.5	61.3	25.9	(35.4)	13.6
Retail and restaurants	97.0	87.4	54.8	24.7	(30.1)	4.6
Transportation	58.0	90.6	50.4	21.1	(29.3)	3.8
Aerospace and defense	27.0	79.4	43.5	20.6	(22.9)	2.1
Consumer products	168.0	92.8	45.4	24.5	(20.9)	10.5
Chemicals, packaging, and environmental services	80.0	86.0	39.6	18.9	(20.7)	5.1
Health care	76.0	86.4	37.4	17.6	(19.8)	5.5
Capital goods	94.0	89.5	40.8	21.4	(19.5)	4.1
Forest products and building materials	26.0	89.7	32.6	22.2	(10.4)	3.0
Homebuilders and real estate companies	32.0	68.1	23.8	15.5	(8.4)	4.4
Utilities	86.0	68.8	27.6	20.2	(7.4)	9.9
Financial institutions	70.0	66.0	26.9	19.9	(7.0)	10.8
Diversified	0.0	0.0	25.0	18.2	(6.8)	0.4
Sovereign	26.0	60.5	19.8	14.3	(5.6)	1.3
Metals, mining, and steel	45.0	86.5	27.7	24.6	(3.1)	2.2
Telecommunications	50.0	82.0	21.6	20.3	(1.4)	1.7
High technology	58.0	70.7	22.1	21.4	(0.7)	3.6
Insurance	11.0	37.9	13.1	16.7	3.6	2.1
Data as of April 28, 2020. Source: S&P Global Ratings Research.

We monitor potential downgrades because they are the most likely to be downgraded in the short to medium term, and their aggregate number indicates the direction of potential rating changes. Timely and ongoing surveillance of issuers at risk of being downgraded can be valuable to investors in their sector credit-allocation process, as well as in hedging against potential capital losses arising from a downgrade. For unabridged analysis of potential downgrades, please refer to our most recent quarterly report, "Leisure, Media, And Consumer Products Have The Highest Downgrade Potential," published Feb. 4, 2020.

Table 3

Issuers on CreditWatch/Outlook Negative ('AAA' Through 'B-' Ratings)
Ratings combination	Issuer	Parent company	Sector/subsector	New to the list this month	OLCW change	Country
AAA/Negative	Airservices Australia		Utilities	Yes		Australia
AAA/Negative	Australia		Sovereign	Yes		Australia
AA/Negative	Chevron Corp.		Oil and gas			U.S.
AA/Negative	Exxon Mobil Corp.		Oil and gas			U.S.
AA/Negative	Sanofi		Health care			France
AA-/Watch Neg	Central Japan Railway Co.		Utilities	Yes		Japan
AA-/Watch Neg	Denso Corp.		Automotive	Yes		Japan
AA-/Watch Neg	East Japan Railway Co.		Utilities	Yes		Japan
AA-/Watch Neg	Flughafen Zurich AG		Utilities	Yes		Switzerland
AA-/Watch Neg	Merck & Co. Inc.		Health care			U.S.
AA-/Watch Neg	Pfizer Inc.		Health care			U.S.
AA-/Watch Neg	Toyota Industries Corp.		Automotive	Yes		Japan
AA-/Watch Neg	Toyota Motor Corp.		Automotive	Yes		Japan
AA-/Negative	Australia and New Zealand Banking Group Ltd.		Financial institutions	Yes		Australia
AA-/Negative	Commonwealth Bank of Australia		Financial institutions	Yes		Australia
AA-/Negative	DZ BANK AG Deutsche Zentral-Genossenschaftsbank	Cooperative Banking Sector Germany	Financial institutions			Germany
AA-/Negative	Deutsche Apotheker- und Aerztebank eG	Cooperative Banking Sector Germany	Financial institutions			Germany
AA-/Negative	Equinor ASA		Oil and gas			Norway
AA-/Negative	First Abu Dhabi Bank P.J.S.C.		Financial institutions	Yes		U.A.E.
AA-/Negative	Japan Tobacco Inc.		Consumer products			Japan
AA-/Negative	National Australia Bank Ltd.		Financial institutions	Yes		Australia
AA-/Negative	Royal Dutch Shell PLC		Oil and gas			U.K.
AA-/Negative	Westpac Banking Corp.		Financial institutions	Yes		Australia
A+/Watch Neg	Airbus SE		Aerospace and defense	Yes		Netherlands
A+/Watch Neg	Aisin Seiki Co. Ltd.		Automotive	Yes		Japan
A+/Watch Neg	Narita International Airport Corp.		Utilities	Yes		Japan
A+/Watch Neg	Royal Schiphol Group N.V.		Utilities	Yes		Netherlands
A+/Watch Neg	Toyota Tsusho Corp.		Diversified	Yes		Japan
A+/Negative	3M Co.		Capital goods			U.S.
A+/Negative	Avinor AS		Utilities	Yes		Norway
A+/Negative	BNP Paribas		Financial institutions	Yes		France
A+/Negative	BPCE		Financial institutions	Yes		France
A+/Negative	Banco del Estado de Chile		Financial institutions	Yes		Chile
A+/Negative	China Southern Power Grid Co. Ltd.		Utilities			China
A+/Negative	The Coca-Cola Co.		Consumer products	Yes		U.S.
A+/Negative	Cooperatieve Rabobank U.A.		Financial institutions	Yes		Netherlands
A+/Negative	Credit Agricole S.A.		Financial institutions	Yes		France
A+/Negative	DekaBank Deutsche Girozentrale	Deutsche Sparkassen und Giroverband e.V.	Financial institutions			Germany
A+/Negative	Eli Lilly & Co.		Health care			U.S.
A+/Negative	Empresa de Transporte de Pasajeros Metro S.A.		Utilities	Yes		Chile
A+/Negative	The Estee Lauder Cos. Inc.		Consumer products	Yes		U.S.
A+/Negative	Franklin Resources Inc.		Financial institutions			U.S.
A+/Negative	Jackson National Life Insurance Co.	Prudential PLC	Insurance			U.S.
A+/Negative	Macquarie Bank Ltd.	Macquarie Group Ltd.	Financial institutions	Yes		Australia
A+/Negative	NATS (En Route) PLC		Transportation			U.K.
A+/Negative	Oracle Corp.		High technology			U.S.
A+/Negative	Chile		Sovereign	Yes		Chile
A+/Negative	Robert Bosch GmbH		Automotive			Germany
A+/Negative	Total S.A.		Oil and gas			France
A/Watch Neg	BASF SE		Chemicals, packaging, and environmental services			Germany
A/Watch Neg	General Dynamics Corp.		Aerospace and defense			U.S.
A/Watch Neg	Honda Motor Co. Ltd.		Automotive			Japan
A/Watch Neg	London Stock Exchange Group PLC		Financial institutions			U.K.
A/Watch Neg	daa PLC		Utilities	Yes		Ireland
A/Negative	ABB Ltd.		Capital goods			Switzerland
A/Negative	ABN AMRO Bank N.V.		Financial institutions	Yes		Netherlands
A/Negative	Abu Dhabi Commercial Bank PJSC		Financial institutions	Yes		U.A.E.
A/Negative	Aeroports de Paris		Utilities			France
A/Negative	Ameriprise Financial Inc.		Insurance			U.S.
A/Negative	Apollo Global Management Inc.		Financial institutions			U.S.
A/Negative	Autoridad del Canal de Panama		Utilities	Yes		Panama
A/Negative	BMW AG		Automotive			Germany
A/Negative	Banco Santander-Chile S.A.	Banco Santander S.A.	Financial institutions	Yes		Chile
A/Negative	Banco de Credito e Inversiones		Financial institutions	Yes		Chile
A/Negative	Caisse Centrale du Credit Mutuel		Financial institutions	Yes		France
A/Negative	Chiba Bank Ltd.		Financial institutions			Japan
A/Negative	Compass Group PLC		Consumer products			U.K.
A/Negative	ConocoPhillips		Oil and gas	Yes		U.S.
A/Negative	Corporacion Nacional del Cobre de Chile		Metals, mining, and steel			Chile
A/Negative	Dongfeng Motor Group Co. Ltd.	Dongfeng Motor Corp.	Automotive			China
A/Negative	Ras Al Khaimah (Emirate of)		Sovereign	Yes		U.A.E.
A/Negative	HSBC Holdings PLC		Financial institutions			U.K.
A/Negative	International Business Machines Corp.		High technology			U.S.
A/Negative	Landesbank Hessen-Thueringen Girozentrale	Deutsche Sparkassen und Giroverband e.V.	Financial institutions	Yes		Germany
A/Negative	Proximus S.A.		Telecommunications	Yes		Belgium
A/Negative	Qatar Insurance Co. S.A.Q.		Insurance			Qatar
A/Negative	Scentre Group		Homebuilders/real estate companies	Yes		Australia
A/Negative	Schlumberger Ltd.		Oil and gas			Curacao
A/Negative	Shanghai Electric (Group) Corp.		Capital goods			China
A/Negative	Simon Property Group Inc.		Homebuilders/real estate companies	Yes		U.S.
A/Negative	Stanley Black & Decker Inc.		Forest products and building materials	Yes		U.S.
A/Negative	TJX Cos. Inc.		Retail/restaurants	Yes		U.S.
A/Negative	The Hong Kong and China Gas Co. Ltd.		Utilities	Yes		Hong Kong
A/Negative	United Parcel Service Inc.		Transportation			U.S.
A/Negative	VF Corp.		Consumer products	Yes		U.S.
A/Negative	Vicinity Centres		Homebuilders/real estate companies	Yes		Australia
A-/Watch Neg	AbbVie Inc.		Health care			U.S.
A-/Watch Neg	Anheuser-Busch InBev S.A./N.V.		Consumer products	Yes		Belgium
A-/Watch Neg	Auckland International Airport Ltd.		Utilities			New Zealand
A-/Watch Neg	Australia Pacific Airports Corp. Ltd.		Utilities			Australia
A-/Watch Neg	Christchurch International Airport Ltd.		Utilities			New Zealand
A-/Watch Neg	Electricite de France S.A.		Utilities		Yes	France
A-/Watch Neg	Magna International Inc.		Automotive	Yes		Canada
A-/Watch Neg	RCS Trust		Homebuilders/real estate companies			Singapore
A-/Watch Neg	Ralph Lauren Corp.		Consumer products	Yes		U.S.
A-/Watch Neg	Rikshem AB		Homebuilders/real estate companies	Yes		Sweden
A-/Watch Neg	Sociedad Concesionaria Autopista Central S.A.		Utilities	Yes		Chile
A-/Watch Neg	UNIQA Insurance Group AG		Insurance			Austria
A-/Watch Neg	Walt Disney Co. (The)		Media and entertainment		Yes	U.S.
A-/Negative	AmerisourceBergen Corp.		Consumer products			U.S.
A-/Negative	Arch Capital Group Ltd.		Insurance	Yes		Bermuda
A-/Negative	Argenta Spaarbank N.V.		Financial institutions	Yes		Belgium
A-/Negative	Australian Prime Property Fund Retail		Homebuilders/real estate companies			Australia
A-/Negative	BOC Aviation Ltd.	Bank of China Ltd.	Transportation	Yes		Singapore
A-/Negative	Baker Hughes Co.		Oil and gas			U.S.
A-/Negative	Banco Bilbao Vizcaya Argentaria S.A.		Financial institutions			Spain
A-/Negative	Booking Holdings Inc.		Media and entertainment	Yes		U.S.
A-/Negative	Boston Properties Inc.		Homebuilders/real estate companies			U.S.
A-/Negative	CEZ a.s.		Utilities	Yes		Czech Republic
A-/Negative	Cboe Global Markets		Financial institutions			U.S.
A-/Negative	Cembra Money Bank AG		Financial institutions			Switzerland
A-/Negative	China National Travel Service Group Corp. Ltd.		Media and entertainment	Yes		China
A-/Negative	Cigna Corp.		Financial institutions			U.S.
A-/Negative	Cullen/Frost Bankers Inc.		Financial institutions	Yes		U.S.
A-/Negative	DEPFA Bank PLC	FMS Wertmanagement Anstalt des oeffentlichen Rechts	Financial institutions			Ireland
A-/Negative	Deutsche Pfandbriefbank AG		Financial institutions			Germany
A-/Negative	Deutsche Wohnen SE		Homebuilders/real estate companies			Germany
A-/Negative	Doctors Co. an Interinsurance Exchange		Insurance			U.S.
A-/Negative	EOG Resources Inc.		Oil and gas			U.S.
A-/Negative	Eni SpA		Oil and gas			Italy
A-/Negative	Enterprise Holdings Inc.		Transportation	Yes		U.S.
A-/Negative	Fomento Economico Mexicano S. A. B. de C. V.		Retail/restaurants	Yes		Mexico
A-/Negative	Formosa Plastics Corp.		Chemicals, packaging, and environmental services			Taiwan
A-/Negative	Fortis Inc.		Utilities			Canada
A-/Negative	Harman International Industries Inc.	Samsung Electronics Co. Ltd.	Automotive	Yes		U.S.
A-/Negative	ING Groep N.V.		Financial institutions	Yes		Netherlands
A-/Negative	KBC Group N.V.		Financial institutions	Yes		Belgium
A-/Negative	Klepierre S.A.		Homebuilders/real estate companies	Yes		France
A-/Negative	LQ Inversiones Financieras S.A.		Financial institutions	Yes		Chile
A-/Negative	Marsh & McLennan Cos.		Insurance			U.S.
A-/Negative	Mashreqbank		Financial institutions	Yes		U.A.E.
A-/Negative	ORIX Corp.		Financial institutions			Japan
A-/Negative	Panasonic Corp.		High technology			Japan
A-/Negative	Principal Financial Group Inc.		Insurance	Yes		U.S.
A-/Negative	QIC Shopping Centre Fund		Homebuilders/real estate companies	Yes		Australia
A-/Negative	Reckitt Benckiser Group PLC		Consumer products			U.K.
A-/Negative	S.F. Holding Co. Ltd.		Transportation			China
A-/Negative	SK Telecom Co. Ltd.		Telecommunications			Korea, Republic of
A-/Negative	Saudi Electric Co.	Saudi Arabia	Utilities			Saudi Arabia
A-/Negative	Sharjah Islamic Bank		Financial institutions	Yes		U.A.E.
A-/Negative	Sika AG		Chemicals, packaging, and environmental services	Yes		Switzerland
A-/Negative	Sociedad Concesionaria Autovia de la Plata S.A.		Utilities			Spain
A-/Negative	Sodexo S.A.		Consumer products			France
A-/Negative	Sogecap S.A.	Societe Generale	Insurance	Yes		France
A-/Negative	Southern Co.		Utilities			U.S.
A-/Negative	Stryker Corp.		Health care	Yes		U.S.
A-/Negative	Thales S.A.		Aerospace and defense			France
A-/Negative	Unibail-Rodamco-Westfield SE		Homebuilders/real estate companies			France
A-/Negative	Wells Fargo & Co.		Financial institutions			U.S.
A-/Negative	Yorkshire Water Services Finance Ltd.	Kelda Group Ltd.	Utilities			U.K.
BBB+/Watch Neg	Beijing Automotive Group Co. Ltd.		Automotive		Yes	China
BBB+/Watch Neg	Borealis AG		Chemicals, packaging, and environmental services			Austria
BBB+/Watch Neg	BorgWarner Inc.		Automotive			U.S.
BBB+/Watch Neg	DuPont de Nemours Inc.		Chemicals, packaging, and environmental services			U.S.
BBB+/Watch Neg	ENN Energy Holdings Ltd.	ENN Investment Holdings Co. Ltd.	Utilities			Cayman Islands
BBB+/Watch Neg	Finning International Inc.		Capital goods	Yes		Canada
BBB+/Watch Neg	Hyundai Motor Co.		Automotive	Yes		Korea, Republic of
BBB+/Watch Neg	JFK Internationatl Air Terminal LLC		Utilities			U.S.
BBB+/Watch Neg	Millennium Parking Garages LLC		Utilities			U.S.
BBB+/Watch Neg	Nissan Motor Co. Ltd.		Automotive		Yes	Japan
BBB+/Watch Neg	Northumbrian Water Ltd.	CK Hutchison Holdings Ltd.	Utilities			U.K.
BBB+/Watch Neg	Southern Cross Airports Corp. Holdings Ltd.		Utilities			Australia
BBB+/Watch Neg	Wellington International Airport Ltd.		Utilities			New Zealand
BBB+/Negative	ALD S.A.	Societe Generale	Financial institutions	Yes		France
BBB+/Negative	AMP Ltd.		Insurance			Australia
BBB+/Negative	America Movil S.A.B. de C.V.		Telecommunications			Mexico
BBB+/Negative	Aozora Bank Ltd.		Financial institutions			Japan
BBB+/Negative	Autoliv Inc.		Automotive			U.S.
BBB+/Negative	BOK Financial Corp.		Financial institutions	Yes		U.S.
BBB+/Negative	Banco General S.A.		Financial institutions	Yes		Panama
BBB+/Negative	Bankinter S.A.		Financial institutions			Spain
BBB+/Negative	Bertelsmann SE & Co. KGaA		Media and entertainment	Yes		Germany
BBB+/Negative	Caltex Australia Ltd.		Oil and gas			Australia
BBB+/Negative	CenterPoint Energy Inc.		Utilities	Yes		U.S.
BBB+/Negative	Coca-Cola Femsa S.A.B. de C.V.		Consumer products			Mexico
BBB+/Negative	Comerica Inc.		Financial institutions	Yes		U.S.
BBB+/Negative	Commerzbank AG		Financial institutions			Germany
BBB+/Negative	Corning Inc.		High technology			U.S.
BBB+/Negative	DTE Energy Center LLC		Utilities			U.S.
BBB+/Negative	Daimler AG		Automotive			Germany
BBB+/Negative	Deutsche Bank AG		Financial institutions	Yes		Germany
BBB+/Negative	GPT Wholesale Shopping Centre Fund		Homebuilders/real estate companies	Yes		Australia
BBB+/Negative	General Electric Co.		Capital goods	Yes		U.S.
BBB+/Negative	Genting Bhd.		Media and entertainment			Malaysia
BBB+/Negative	Genworth MI Canada Inc.	Genworth Financial Inc.	Financial institutions	Yes		Canada
BBB+/Negative	Goodman European Partnership		Homebuilders/real estate companies			Luxembourg
BBB+/Negative	Grenke AG		Financial institutions	Yes		Germany
BBB+/Negative	Grupo Televisa S.A.B.		Media and entertainment	Yes		Mexico
BBB+/Negative	Halliburton Co.		Oil and gas			U.S.
BBB+/Negative	Heineken N.V.		Consumer products	Yes		Netherlands
BBB+/Negative	Helmerich & Payne Inc.		Oil and gas	Yes		U.S.
BBB+/Negative	Ignitis Group UAB		Utilities			Lithuania
BBB+/Negative	Jones Lang LaSalle Inc.		Financial institutions			U.S.
BBB+/Negative	Kimberly-Clark de Mexico S.A.B. de C.V.		Consumer products			Mexico
BBB+/Negative	Lloyds Banking Group PLC		Financial institutions	Yes		U.K.
BBB+/Negative	MDU Resources Group Inc.		Utilities	Yes		U.S.
BBB+/Negative	McDonald's Corp.		Retail/restaurants			U.S.
BBB+/Negative	NIBC Bank N.V.		Financial institutions	Yes		Netherlands
BBB+/Negative	National Oilwell Varco Inc.		Oil and gas	Yes		U.S.
BBB+/Negative	PPG Industries Inc.		Chemicals, packaging, and environmental services			U.S.
BBB+/Negative	PSA Banque France	Banco Santander S.A.	Financial institutions	Yes		France
BBB+/Negative	PTT Global Chemical Public Co. Ltd.	PTT Public Co. Ltd.	Chemicals, packaging, and environmental services	Yes		Thailand
BBB+/Negative	Parker-Hannifin Corp.		Capital goods			U.S.
BBB+/Negative	People's United Financial Inc.		Financial institutions			U.S.
BBB+/Negative	RLI Corp.		Insurance			U.S.
BBB+/Negative	Panama		Sovereign	Yes		Panama
BBB+/Negative	Ross Stores Inc.		Retail/restaurants	Yes		U.S.
BBB+/Negative	Sempra Energy		Utilities			U.S.
BBB+/Negative	Southwest Gas Holdings Inc.		Utilities			U.S.
BBB+/Negative	Takeda Pharmaceutical Co. Ltd.		Health care			Japan
BBB+/Negative	TechnipFMC Plc		Oil and gas		Yes	U.K.
BBB+/Negative	Telus Corp.		Telecommunications			Canada
BBB+/Negative	Terna SpA		Utilities			Italy
BBB+/Negative	Thai Oil Public Co. Ltd.	PTT Public Co. Ltd.	Oil and gas	Yes		Thailand
BBB+/Negative	UniCredit Bank AG	UniCredit SpA	Financial institutions			Germany
BBB+/Negative	UniCredit Bank Austria AG	UniCredit SpA	Financial institutions			Austria
BBB+/Negative	Van Lanschot Kempen Wealth Management N.V.		Financial institutions	Yes		Netherlands
BBB+/Negative	Volkswagen AG		Automotive	Yes		Germany
BBB+/Negative	Woodside Petroleum Ltd.		Oil and gas		Yes	Australia
BBB+/Negative	Zions Bancorporation N.A.		Financial institutions	Yes		U.S.
BBB/Watch Neg	Adelaide Airport Ltd.		Utilities			Australia
BBB/Watch Neg	Amadeus IT Group S.A.		Media and entertainment			Spain
BBB/Watch Neg	Aptiv PLC		Automotive	Yes		Jersey
BBB/Watch Neg	Boeing Co.		Aerospace and defense			U.S.
BBB/Watch Neg	Brisbane Airport Corp. Pty Ltd.	BAC Holdings Ltd.	Utilities			Australia
BBB/Watch Neg	Crown Resorts Ltd.		Media and entertainment			Australia
BBB/Watch Neg	Dairy Farmers of America Inc.		Consumer products			U.S.
BBB/Watch Neg	Danfoss A/S		Capital goods			Denmark
BBB/Watch Neg	Falabella S.A.		Retail/restaurants			Chile
BBB/Watch Neg	GLP Pte. Ltd.		Homebuilders/real estate companies			Singapore
BBB/Watch Neg	General Motors Co.		Automotive			U.S.
BBB/Watch Neg	Idaho College of Osteopathic Medicine, LLC		Utilities			U.S.
BBB/Watch Neg	International Flavors & Fragrances Inc.		Consumer products			U.S.
BBB/Watch Neg	JCDecaux S.A.		Media and entertainment	Yes		France
BBB/Watch Neg	Jinjiang International Holding Co. Ltd.		Media and entertainment			China
BBB/Watch Neg	Johnson Electric Holdings Ltd.		Automotive	Yes		Bermuda
BBB/Watch Neg	Madrilena Red de Gas S.A.U.		Utilities			Spain
BBB/Watch Neg	Multibank Inc. y Subsidiarias		Financial institutions			Panama
BBB/Watch Neg	Perth Airport Pty Ltd.	Perth Airport Development Group Pty Ltd	Utilities			Australia
BBB/Watch Neg	Queens Ballpark Co. LLC		Utilities			U.S.
BBB/Watch Neg	Ryanair Holdings PLC		Transportation			Ireland
BBB/Watch Neg	Seminole Tribe of Florida		Media and entertainment			U.S.
BBB/Watch Neg	Sirius International Group Ltd.		Insurance			Bermuda
BBB/Watch Neg	Southwest Airlines Co.		Transportation			U.S.
BBB/Watch Neg	Textron Inc.		Aerospace and defense			U.S.
BBB/Watch Neg	Timken Co.		Capital goods	Yes		U.S.
BBB/Watch Neg	Yankee Stadium LLC		Media and entertainment			U.S.
BBB/Watch Neg	easyJet PLC		Transportation			U.K.
BBB/Negative	A.P. Moller - Maersk A/S		Transportation	Yes		Denmark
BBB/Negative	AEON Co. Ltd.		Retail/restaurants	Yes		Japan
BBB/Negative	AMCO - Asset Management Company S.p.A.		Financial institutions			Italy
BBB/Negative	AerCap Holdings N.V.		Transportation	Yes		Netherlands
BBB/Negative	Air Lease Corp.		Transportation	Yes		U.S.
BBB/Negative	Alfa S.A.B. de C.V.		Diversified			Mexico
BBB/Negative	Altarea SCA		Homebuilders/real estate companies	Yes		France
BBB/Negative	American Campus Communities Inc.		Homebuilders/real estate companies	Yes		U.S.
BBB/Negative	Banco Inbursa S.A. Institucion de Banca Multiple Grupo Financiero Inbursa	Grupo Financiero Inbursa	Financial institutions			Mexico
BBB/Negative	Banco Latinoamericano de Comercio Exterior S.A.		Financial institutions			Panama
BBB/Negative	Banco Mercantil del Norte S.A. Institucion de Banca Multiple Grupo Financiero Banorte	Grupo Financiero Banorte S.A.B. de C.V. y Subsidiarias	Financial institutions			Mexico
BBB/Negative	Barclays PLC		Financial institutions	Yes		U.K.
BBB/Negative	Becton Dickinson & Co.		Health care			U.S.
BBB/Negative	Boral Ltd.		Forest products and building materials	Yes		Australia
BBB/Negative	Brookfield Property Partners L.P.	Brookfield Asset Management Inc.	Homebuilders/real estate companies	Yes		Bermuda
BBB/Negative	Bruce Power L.P.		Merchant	Yes		Canada
BBB/Negative	Bunge Ltd.		Consumer products			Bermuda
BBB/Negative	CE Oaxaca Cuatro, S. de R.L. de C.V.		Utilities	Yes		Mexico
BBB/Negative	CE Oaxaca Dos, S. de R.L. de C.V.		Utilities	Yes		Mexico
BBB/Negative	CPI Property Group SA		Homebuilders/real estate companies	Yes		Luxembourg
BBB/Negative	Canadian Tire Corp. Ltd.		Retail/restaurants	Yes		Canada
BBB/Negative	Carmila S.A.		Homebuilders/real estate companies	Yes		France
BBB/Negative	China National Chemical Corp. Ltd.		Chemicals, packaging, and environmental services			China
BBB/Negative	Chongqing Nan'an Urban Construction & Development (Group) Co. Ltd.		Homebuilders/real estate companies	Yes		China
BBB/Negative	Constellation Brands Inc.		Consumer products	Yes		U.S.
BBB/Negative	DENTSPLY SIRONA Inc.		Health care	Yes		U.S.
BBB/Negative	DXC Technology Company		High technology			U.S.
BBB/Negative	EQUATE Petrochemical Co K.S.C.C.		Chemicals, packaging, and environmental services			Kuwait
BBB/Negative	El Paso Electric Co.		Utilities			U.S.
BBB/Negative	El Puerto de Liverpool S.A. B. de C.V.		Retail/restaurants			Mexico
BBB/Negative	Ellevio AB		Utilities			Sweden
BBB/Negative	Emgesa S.A. E.S.P.		Utilities	Yes		Colombia
BBB/Negative	Emirate of Sharjah		Sovereign	Yes		U.A.E.
BBB/Negative	Empresas Copec S.A. (E-Copec)	AntarChile S.A.	Diversified			Chile
BBB/Negative	Enel Americas S.A.	Enel SpA	Utilities	Yes		Chile
BBB/Negative	Equifax Inc.		Media and entertainment			U.S.
BBB/Negative	FedEx Corp.		Transportation			U.S.
BBB/Negative	Fermaca Enterprises S. de R.L. de C.V.		Utilities	Yes		Mexico
BBB/Negative	Ferrovie dello Stato Italiane		Utilities			Italy
BBB/Negative	Fideicomiso 209635 (Matehuala)		Transportation	Yes		Mexico
BBB/Negative	FinecoBank S.p.A.		Financial institutions			Italy
BBB/Negative	Fortum Oyj		Utilities			Finland
BBB/Negative	Grupo Bimbo S.A.B. de C.V.		Consumer products			Mexico
BBB/Negative	Hancock Whitney Corp.		Financial institutions	Yes		U.S.
BBB/Negative	Harley-Davidson Inc.		Media and entertainment		Yes	U.S.
BBB/Negative	Hexcel Corp.		Aerospace and defense			U.S.
BBB/Negative	Hong Kong Telecommunications (HKT) Ltd.	PCCW Ltd.	Telecommunications			Hong Kong
BBB/Negative	Huntington Ingalls Industries Inc.		Aerospace and defense			U.S.
BBB/Negative	Husky Energy Inc.	CK Hutchison Holdings Ltd.	Oil and gas	Yes		Canada
BBB/Negative	IBERIABANK Corp.		Financial institutions			U.S.
BBB/Negative	ISS A/S		Consumer products			Denmark
BBB/Negative	Incitec Pivot Ltd.		Chemicals, packaging, and environmental services			Australia
BBB/Negative	Infraestructura Energetica Nova S. A. B. de C. V.		Utilities			Mexico
BBB/Negative	InterContinental Hotels Group PLC		Media and entertainment			U.K.
BBB/Negative	Interpublic Group of Cos. Inc.		Media and entertainment			U.S.
BBB/Negative	Intesa Sanpaolo SpA		Financial institutions			Italy
BBB/Negative	The J.M. Smucker Co.		Consumer products			U.S.
BBB/Negative	Jefferies Financial Group Inc.		Financial institutions	Yes		U.S.
BBB/Negative	KKR Financial Holdings LLC		Financial institutions	Yes		U.S.
BBB/Negative	Kennametal Inc.		Capital goods	Yes		U.S.
BBB/Negative	Laurentian Bank of Canada		Financial institutions			Canada
BBB/Negative	Li & Fung Ltd.		Consumer products			Bermuda
BBB/Negative	LyondellBasell Industries N.V.		Chemicals, packaging, and environmental services			Netherlands
BBB/Negative	MM SpA		Utilities			Italy
BBB/Negative	Marathon Petroleum Corp.		Refining	Yes		U.S.
BBB/Negative	Mediobanca Banca di Credito Finanziario S.p.A		Financial institutions			Italy
BBB/Negative	Mercialys		Homebuilders/real estate companies			France
BBB/Negative	Mirae Asset Daewoo Co. Ltd.		Financial institutions	Yes		Korea, Republic of
BBB/Negative	Motiva Enterprises LLC		Refining	Yes		U.S.
BBB/Negative	NEPI Rockcastle PLC		Homebuilders/real estate companies	Yes		Isle of Man
BBB/Negative	NIPPON STEEL Corp.		Metals, mining, and steel			Japan
BBB/Negative	Otis Worldwide Corp.		Capital goods	Yes		U.S.
BBB/Negative	Pearson PLC		Media and entertainment			U.K.
BBB/Negative	PerkinElmer Inc.		Health care			U.S.
BBB/Negative	Portsmouth Water Ltd.		Utilities			U.K.
BBB/Negative	Indonesia		Sovereign	Yes		Indonesia
BBB/Negative	The Royal Bank of Scotland Group plc		Financial institutions	Yes		U.K.
BBB/Negative	SK Innovation Co. Ltd.		Oil and gas			Korea, Republic of
BBB/Negative	Santander UK Group Holdings PLC	Banco Santander S.A.	Financial institutions	Yes		U.K.
BBB/Negative	Societa Cattolica di Assicurazione		Insurance			Italy
BBB/Negative	Sonoco Products Co.		Chemicals, packaging, and environmental services			U.S.
BBB/Negative	South Jersey Industries Inc.		Utilities			U.S.
BBB/Negative	South Staffordshire PLC		Utilities			U.K.
BBB/Negative	Tanger Factory Outlet Centers Inc.		Homebuilders/real estate companies	Yes		U.S.
BBB/Negative	Telefonica S.A.		Telecommunications	Yes		Spain
BBB/Negative	Transurban Queensland Finance Pty Ltd.	Transurban Group	Utilities	Yes		Australia
BBB/Negative	Unite Group PLC		Homebuilders/real estate companies	Yes		U.K.
BBB/Negative	United Mexican States		Sovereign			Mexico
BBB/Negative	ViacomCBS Inc.		Media and entertainment			U.S.
BBB/Negative	WPP PLC		Media and entertainment			U.K.
BBB/Negative	WestRock Co.		Chemicals, packaging, and environmental services			U.S.
BBB/Negative	Westinghouse Air Brake Technologies Corp.		Capital goods			U.S.
BBB/Negative	Weyerhaeuser Co.		Forest products and building materials			U.S.
BBB/Negative	Whirlpool Corp.		Consumer products			U.S.
BBB/Negative	Zimmer Biomet Holdings, Inc.		Health care			U.S.
BBB-/Watch Neg	95 Express Lanes LLC	Transurban Group	Utilities	Yes		U.S.
BBB-/Watch Neg	Austin Convention Enterprises Inc.		Media and entertainment			U.S.
BBB-/Watch Neg	British Airways PLC		Transportation			U.K.
BBB-/Watch Neg	Brunswick Corp.		Media and entertainment			U.S.
BBB-/Watch Neg	Carnival Corp.		Media and entertainment			Panama
BBB-/Watch Neg	Denver Convention Center Hotel Authority		Media and entertainment			U.S.
BBB-/Watch Neg	Deutsche Lufthansa AG		Transportation			Germany
BBB-/Watch Neg	ENA Sur Trust		Utilities	Yes		Panama
BBB-/Watch Neg	Eagle Materials Inc.		Forest products and building materials			U.S.
BBB-/Watch Neg	Emaar Properties PJSC		Homebuilders/real estate companies	Yes		U.A.E.
BBB-/Watch Neg	Embraer S.A.		Aerospace and defense			Brazil
BBB-/Watch Neg	Host Hotels & Resorts Inc.		Media and entertainment			U.S.
BBB-/Watch Neg	Hyatt Hotels Corp.		Media and entertainment			U.S.
BBB-/Watch Neg	IHO Verwaltungs GmbH		Automotive		Yes	Germany
BBB-/Watch Neg	International Consolidated Airlines Group, S.A.		Transportation			Spain
BBB-/Watch Neg	Kingfisher PLC		Retail/restaurants		Yes	U.K.
BBB-/Watch Neg	Las Vegas Sands Corp.		Media and entertainment			U.S.
BBB-/Watch Neg	Marriott International Inc.		Media and entertainment		Yes	U.S.
BBB-/Watch Neg	Metso Corp.		Capital goods			Finland
BBB-/Watch Neg	Minsur S.A.	Breca Mineria S.A.C. and Subsidiaries	Metals, mining, and steel			Peru
BBB-/Watch Neg	Next PLC		Consumer products		Yes	U.K.
BBB-/Watch Neg	Nexteer Automotive Group Ltd.	Aviation Industry Corporation of China Ltd.	Automotive	Yes		Cayman Islands
BBB-/Watch Neg	Prospect Capital Corp.		Financial institutions		Yes	U.S.
BBB-/Watch Neg	Rolls-Royce Holdings PLC		Aerospace and defense	Yes		U.K.
BBB-/Watch Neg	SKYCITY Entertainment Group Ltd.		Media and entertainment			New Zealand
BBB-/Watch Neg	Sociedad Concesionaria Vespucio Norte Express S.A.		Transportation	Yes		Chile
BBB-/Watch Neg	Steelcase Inc.		Consumer products	Yes		U.S.
BBB-/Watch Neg	Sysco Corp.		Consumer products			U.S.
BBB-/Watch Neg	Tech Data Corp.		High technology			U.S.
BBB-/Watch Neg	Toll Road Investors Partnership II LP		Transportation		Yes	U.S.
BBB-/Watch Neg	Valeo S.A.		Automotive	Yes		France
BBB-/Watch Neg	Zhejiang Geely Holding Group Co. Ltd.		Automotive	Yes		China
BBB-/Negative	AIB Group PLC		Financial institutions	Yes		Ireland
BBB-/Negative	Abertis Infraestructuras S.A.		Utilities	Yes		Spain
BBB-/Negative	Accor S.A.		Media and entertainment			France
BBB-/Negative	Aker BP ASA		Oil and gas			Norway
BBB-/Negative	American Equity Investment Life Holding Co.		Insurance	Yes		U.S.
BBB-/Negative	ArcelorMittal		Metals, mining, and steel			Luxembourg
BBB-/Negative	Argo Group US Inc.	Argo Group International Holdings Ltd.	Financial institutions			U.S.
BBB-/Negative	Ashtead Group PLC		Capital goods	Yes		U.K.
BBB-/Negative	Auchan Holding		Retail/restaurants			France
BBB-/Negative	AutoNation Inc.		Automotive	Yes		U.S.
BBB-/Negative	Aviation Capital Group LLC	Pacific LifeCorp	Transportation	Yes		U.S.
BBB-/Negative	Avolon Holdings Ltd.		Transportation	Yes		Cayman Islands
BBB-/Negative	Axis Bank Ltd.		Financial institutions	Yes		India
BBB-/Negative	Bank of Ireland Group PLC		Financial institutions	Yes		Ireland
BBB-/Negative	Beijing Capital Group Co. Ltd.		Homebuilders/real estate companies			China
BBB-/Negative	Bharti Airtel Ltd.		Telecommunications		Yes	India
BBB-/Negative	Braskem S.A.	Odebrecht S.A.	Chemicals, packaging, and environmental services			Brazil
BBB-/Negative	BrightSphere Investment Group Inc.		Financial institutions			U.S.
BBB-/Negative	Cameco Corp.		Metals, mining, and steel			Canada
BBB-/Negative	Capri Holdings Limited		Retail/restaurants			British Virgin Islands
BBB-/Negative	Cenovus Energy Inc.		Oil and gas	Yes		Canada
BBB-/Negative	China Jinmao Holdings Group Ltd.	Sinochem Group	Homebuilders/real estate companies	Yes		Hong Kong
BBB-/Negative	Choice Hotels International Inc.		Media and entertainment	Yes		U.S.
BBB-/Negative	Cimarex Energy Co.		Oil and gas	Yes		U.S.
BBB-/Negative	Citycon Oyj		Homebuilders/real estate companies			Finland
BBB-/Negative	Conagra Brands Inc.		Consumer products			U.S.
BBB-/Negative	DIFC Investments Ltd.		Homebuilders/real estate companies	Yes		U.A.E.
BBB-/Negative	Darden Restaurants Inc.		Retail/restaurants		Yes	U.S.
BBB-/Negative	Devon Energy Corp.		Oil and gas	Yes		U.S.
BBB-/Negative	Diamondback Energy Inc		Oil and gas			U.S.
BBB-/Negative	EPR Properties		Homebuilders/real estate companies	Yes		U.S.
BBB-/Negative	Ecopetrol S.A.		Oil and gas	Yes		Colombia
BBB-/Negative	Elizabeth River Crossings Opco LLC		Utilities	Yes		U.S.
BBB-/Negative	Empresa Nacional del Petroleo		Utilities	Yes		Chile
BBB-/Negative	Enable Midstream Partners LP		Utilities	Yes		U.S.
BBB-/Negative	Expedia Group Inc.		Media and entertainment		Yes	U.S.
BBB-/Negative	Financiera de Desarrollo Territorial S.A. FINDETER		Financial institutions	Yes		Colombia
BBB-/Negative	GKN Holdings Limited		Automotive			U.K.
BBB-/Negative	Gerdau S.A.	Metalurgica Gerdau S.A.	Metals, mining, and steel	Yes		Brazil
BBB-/Negative	Grupo Energia Bogota S.A.E.S.P.		Utilities	Yes		Colombia
BBB-/Negative	Grupo de Inversiones Suramericana S.A.		Diversified	Yes		Colombia
BBB-/Negative	Hess Corp.		Oil and gas	Yes		U.S.
BBB-/Negative	Howmet Aerospace Inc.		Aerospace and defense	Yes		U.S.
BBB-/Negative	ICICI Bank Ltd.		Financial institutions	Yes		India
BBB-/Negative	ITV PLC		Media and entertainment			U.K.
BBB-/Negative	Innergex Renewable Energy Inc.		Merchant			Canada
BBB-/Negative	Inter Pipeline Ltd.		Midstream			Canada
BBB-/Negative	Kohl's Corp.		Retail/restaurants			U.S.
BBB-/Negative	Lear Corp.		Automotive	Yes		U.S.
BBB-/Negative	Marathon Oil Corp.		Oil and gas	Yes		U.S.
BBB-/Negative	Molson Coors Beverage Company		Consumer products	Yes		U.S.
BBB-/Negative	National Fuel Gas Co.		Utilities	Yes		U.S.
BBB-/Negative	Nelnet Inc.		Financial institutions	Yes		U.S.
BBB-/Negative	Noble Energy Inc.		Oil and gas	Yes		U.S.
BBB-/Negative	Nordstrom Inc.		Retail/restaurants			U.S.
BBB-/Negative	Ocean Spray Cranberries Inc.		Consumer products			U.S.
BBB-/Negative	Ohio National Financial Services Inc.	Ohio National Mutual Holdings Inc.	Financial institutions			U.S.
BBB-/Negative	Ovintiv Inc.		Oil and gas	Yes		U.S.
BBB-/Negative	PVH Corp.		Consumer products	Yes		U.S.
BBB-/Negative	Peugeot S.A.		Automotive	Yes		France
BBB-/Negative	PotlatchDeltic Corp.		Forest products and building materials			U.S.
BBB-/Negative	Power Finance Corp. Ltd.	Republic of India	Financial institutions	Yes		India
BBB-/Negative	Puget Energy Inc.	Puget Holdings LLC	Utilities			U.S.
BBB-/Negative	Rakuten Inc.		High technology			Japan
BBB-/Negative	Colombia		Sovereign	Yes		Colombia
BBB-/Negative	Retail Opportunity Investments Corp.		Homebuilders/real estate companies	Yes		U.S.
BBB-/Negative	Romania		Sovereign			Romania
BBB-/Negative	Suedzucker AG		Consumer products			Germany
BBB-/Negative	Suzano S.A.		Forest products and building materials			Brazil
BBB-/Negative	Tabcorp Holdings Ltd.		Media and entertainment			Australia
BBB-/Negative	Tanner Servicios Financieros S.A.		Financial institutions	Yes		Chile
BBB-/Negative	Tapestry Inc.		Consumer products			U.S.
BBB-/Negative	Trinity Industries Inc.		Transportation			U.S.
BBB-/Negative	Vale S.A.		Metals, mining, and steel			Brazil
BBB-/Negative	Virgin Money UK PLC		Financial institutions	Yes		U.K.
BBB-/Negative	West Fraser Timber Co. Ltd.		Forest products and building materials	Yes		Canada
BBB-/Negative	Yangzhou Urban Construction State-owned Assets Holding (Group) Co. Ltd.		Utilities	Yes		China
BBB-/Negative	Yuexiu Real Estate Investment Trust	Guangzhou Yuexiu Holdings Ltd.	Homebuilders/real estate companies			Hong Kong
BBB-/Negative	Zijin Mining Group Co. Ltd.		Metals, mining, and steel		Yes	China
BB+/Watch Neg	Aristocrat Leisure Ltd.		Media and entertainment	Yes		Australia
BB+/Watch Neg	El Corte Ingles, S.A.		Retail/restaurants	Yes		Spain
BB+/Watch Neg	Elanco Animal Health Incorporated		Health care			U.S.
BB+/Watch Neg	Ford Motor Co.		Automotive			U.S.
BB+/Watch Neg	HD Supply Inc.		Capital goods			U.S.
BB+/Watch Neg	Hilton Grand Vacations Inc.		Media and entertainment			U.S.
BB+/Watch Neg	IAC/InterActiveCorp.		Media and entertainment			U.S.
BB+/Watch Neg	Marks & Spencer PLC	Marks & Spencer Group PLC	Retail/restaurants		Yes	U.K.
BB+/Watch Neg	Occidental Petroleum Corp.		Oil and gas			U.S.
BB+/Watch Neg	PCI Gaming Authority		Media and entertainment			U.S.
BB+/Watch Neg	Sensata Technologies B.V.		Automotive	Yes		Netherlands
BB+/Watch Neg	Service Properties Trust		Homebuilders/real estate companies		Yes	U.S.
BB+/Watch Neg	Speedway Motorsports LLC		Media and entertainment			U.S.
BB+/Negative	Amplifon SpA		Health care	Yes		Italy
BB+/Negative	Apache Corp.		Oil and gas	Yes		U.S.
BB+/Negative	Asbury Automotive Group Inc.		Automotive			U.S.
BB+/Negative	Beijing Easyhome Investment Holding Group Co. Ltd.		Homebuilders/real estate companies			China
BB+/Negative	Berry Global Group Inc.		Chemicals, packaging, and environmental services			U.S.
BB+/Negative	The Brink's Co.		Media and entertainment			U.S.
BB+/Negative	CAP S.A.		Metals, mining, and steel			Chile
BB+/Negative	CDK Global Inc.		Media and entertainment			U.S.
BB+/Negative	Cadence BanCorp.	Cadence Bancorp LLC	Financial institutions	Yes		U.S.
BB+/Negative	Carter's Inc.		Consumer products	Yes		U.S.
BB+/Negative	China Water Affairs Group Ltd.		Utilities			Bermuda
BB+/Negative	Colfax Corp.		Capital goods			U.S.
BB+/Negative	Continental Resources Inc.		Oil and gas	Yes		U.S.
BB+/Negative	DCP Midstream, LP	Phillips 66	Midstream	Yes		U.S.
BB+/Negative	Dell Technologies Inc.		High technology	Yes		U.S.
BB+/Negative	Fair Isaac Corp.		High technology	Yes		U.S.
BB+/Negative	Foot Locker Inc.		Consumer products	Yes		U.S.
BB+/Negative	Gaming & Leisure Properties Inc.		Media and entertainment	Yes		U.S.
BB+/Negative	Group 1 Automotive Inc.		Automotive	Yes		U.S.
BB+/Negative	Hillenbrand Inc.		Capital goods			U.S.
BB+/Negative	Icahn Enterprises L.P.		Financial institutions			U.S.
BB+/Negative	Immobiliare Grande Distribuzione SIIQ S.p.A.		Homebuilders/real estate companies			Italy
BB+/Negative	Kaiser Aluminum Corp.		Metals, mining, and steel	Yes		U.S.
BB+/Negative	Kraft Heinz Co. (The)		Consumer products			U.S.
BB+/Negative	LPL Holdings Inc.		Financial institutions			U.S.
BB+/Negative	Levi Strauss & Co.		Consumer products	Yes		U.S.
BB+/Negative	MGIC Investment Corp.		Insurance	Yes		U.S.
BB+/Negative	Midland Cogeneration Venture L.P.		Utilities			U.S.
BB+/Negative	Newell Brands Inc.		Consumer products	Yes		U.S.
BB+/Negative	Nokia Corp.		High technology			Finland
BB+/Negative	PHOENIX Pharmahandel GmbH & Co. KG		Health care			Germany
BB+/Negative	Patterson-UTI Energy Inc.		Oil and gas			U.S.
BB+/Negative	Pitney Bowes Inc.		High technology	Yes		U.S.
BB+/Negative	Promontoria MMB SAS		Financial institutions	Yes		France
BB+/Negative	Radian Group Inc.		Insurance	Yes		U.S.
BB+/Negative	Red Star Macalline Group Corp. Ltd.	Red Star Macalline Holding Group Co. Ltd.	Homebuilders/real estate companies			China
BB+/Negative	Renault S.A.		Automotive		Yes	France
BB+/Negative	Ritchie Bros. Auctioneers Inc.		Capital goods	Yes		Canada
BB+/Negative	Rockies Express Pipeline LLC		Midstream		Yes	U.S.
BB+/Negative	SNC-Lavalin Group Inc.		Capital goods			Canada
BB+/Negative	Samvardhana Motherson Automotive Systems Group B.V.	Motherson Sumi Systems Ltd.	Automotive			Netherlands
BB+/Negative	Science Applications International Corp.		Aerospace and defense			U.S.
BB+/Negative	Silgan Holdings Inc.		Chemicals, packaging, and environmental services			U.S.
BB+/Negative	SoftBank Group Corp.		Financial institutions			Japan
BB+/Negative	TransUnion		Media and entertainment	Yes		U.S.
BB+/Negative	Travis Perkins PLC		Forest products and building materials			U.K.
BB+/Negative	Western Digital Corp.		High technology			U.S.
BB+/Negative	Xerox Holdings Corp.		High technology			U.S.
BB+/Negative	Xinjiang Zhongtai (Group) Co. Ltd.		Chemicals, packaging, and environmental services			China
BB+/Negative	ZF Friedrichshafen AG		Automotive			Germany
BB/Watch Neg	Air Canada	ACE Aviation Holdings Inc.	Transportation			Canada
BB/Watch Neg	Anixter International Inc.		High technology			U.S.
BB/Watch Neg	Aramark		Consumer products			U.S.
BB/Watch Neg	CEMEX S.A.B. de C.V.		Forest products and building materials	Yes		Mexico
BB/Watch Neg	Churchill Downs Inc.		Media and entertainment			U.S.
BB/Watch Neg	Dana Inc.		Automotive	Yes		U.S.
BB/Watch Neg	Delta Air Lines Inc.		Transportation			U.S.
BB/Watch Neg	FNAC Darty SA		Retail/restaurants	Yes		France
BB/Watch Neg	Four Seasons Holdings Inc.		Media and entertainment	Yes		Canada
BB/Watch Neg	G-III Apparel Group Ltd.		Consumer products	Yes		U.S.
BB/Watch Neg	Gestamp Automocion	Acek Desarrollo Y Gestion Industrial, S.L.Y Sociedades Dependientes	Automotive		Yes	Spain
BB/Watch Neg	Grupo KUO S.A.B. de C.V.		Diversified	Yes		Mexico
BB/Watch Neg	International Game Technology Plc		Media and entertainment			U.K.
BB/Watch Neg	Melco Resorts (Macau) Ltd.	Melco International Development Ltd.	Media and entertainment			Macau
BB/Watch Neg	Mobile Mini Inc.		Transportation			U.S.
BB/Watch Neg	NASCAR Holdings, LLC		Media and entertainment			U.S.
BB/Watch Neg	Nielsen Holdings PLC		Media and entertainment			U.K.
BB/Watch Neg	Teva Pharmaceutical Industries Ltd.		Health care			Israel
BB/Watch Neg	Trinidad Petroleum Holdings Ltd.		Oil and gas	Yes		Trinidad and Tobago
BB/Watch Neg	US Foods Inc.		Consumer products			U.S.
BB/Watch Neg	WESCO International Inc.		Capital goods			U.S.
BB/Negative	ACCO Brands Corp.		Consumer products			U.S.
BB/Negative	AES Panama S.R.L.		Utilities			Panama
BB/Negative	AMN Healthcare Services Inc.		Health care			U.S.
BB/Negative	Adecoagro S.A.		Consumer products	Yes		Brazil
BB/Negative	Agile Group Holdings Ltd.		Homebuilders/real estate companies	Yes		Cayman Islands
BB/Negative	Arcelik A.S.		Consumer products			Turkey
BB/Negative	Blucora Inc.	HDV Holdings Inc.	Financial institutions	Yes		U.S.
BB/Negative	Burlington Stores Inc.		Retail/restaurants	Yes		U.S.
BB/Negative	CYDSA, S.A.B. de C.V.		Chemicals, packaging, and environmental services			Mexico
BB/Negative	Cabot Microelectronics Corp.		Chemicals, packaging, and environmental services	Yes		U.S.
BB/Negative	Clearway Energy Inc.	NRG Energy Inc.	Utilities			U.S.
BB/Negative	Corus Entertainment Inc.		Media and entertainment	Yes		Canada
BB/Negative	DPL Inc.	The AES Corp.	Utilities			U.S.
BB/Negative	DaVita Inc.		Health care			U.S.
BB/Negative	Doosan Bobcat Inc.	Doosan Infracore Co. Ltd.	Capital goods	Yes		Korea, Republic of
BB/Negative	Elior Group S.A.		Consumer products	Yes		France
BB/Negative	Elis S.A.		Consumer products	Yes		France
BB/Negative	Fly Leasing Ltd.		Transportation	Yes		Bermuda
BB/Negative	Frontera Generation Holdings LLC		Merchant			U.S.
BB/Negative	H.B. Fuller Co.		Chemicals, packaging, and environmental services	Yes		U.S.
BB/Negative	GMR Hyderabad International Airport Ltd		Utilities		Yes	India
BB/Negative	Gartner Inc.		Media and entertainment	Yes		U.S.
BB/Negative	Getlink		Utilities			France
BB/Negative	Graham Holdings Co.		Media and entertainment	Yes		U.S.
BB/Negative	Greenhill & Co. Inc.		Financial institutions	Yes		U.S.
BB/Negative	Greif Inc.		Chemicals, packaging, and environmental services			U.S.
BB/Negative	Haitong Bank S.A.	Haitong Securities Co. Ltd.	Financial institutions	Yes		Portugal
BB/Negative	Hanesbrands Inc.		Consumer products	Yes		U.S.
BB/Negative	Hilton Worldwide Holdings Inc.		Media and entertainment		Yes	U.S.
BB/Negative	IDBI Bank Ltd.		Financial institutions			India
BB/Negative	INEOS Enterprises Holdings Ltd.		Chemicals, packaging, and environmental services	Yes		U.K.
BB/Negative	Iccrea Banca SpA		Financial institutions	Yes		Italy
BB/Negative	Ineos Group Holdings S.A.		Chemicals, packaging, and environmental services	Yes		Luxembourg
BB/Negative	Ineos Styrolution Holding Ltd.		Chemicals, packaging, and environmental services	Yes		Germany
BB/Negative	Intrum AB (publ)		Financial institutions			Sweden
BB/Negative	KazMunayGas NC JSC		Oil and gas	Yes		Kazakhstan
BB/Negative	MTN Group Ltd.		Telecommunications			South Africa
BB/Negative	Macquarie Infrastructure Corp.		Utilities	Yes		U.S.
BB/Negative	Marriott Vacations Worldwide Corp.		Media and entertainment			U.S.
BB/Negative	Matthews International Corp.		Health care			U.S.
BB/Negative	Methanex Corp.		Chemicals, packaging, and environmental services	Yes		Canada
BB/Negative	Murphy Oil Corp.		Oil and gas	Yes		U.S.
BB/Negative	Muthoot Finance Ltd.		Financial institutions	Yes		India
BB/Negative	NMI Holdings Inc.		Insurance	Yes		U.S.
BB/Negative	Neenah Inc.		Forest products and building materials	Yes		U.S.
BB/Negative	Nexans S.A.		Capital goods			France
BB/Negative	Nufarm Ltd.		Chemicals, packaging, and environmental services			Australia
BB/Negative	OCI N.V.		Chemicals, packaging, and environmental services			Netherlands
BB/Negative	Olin Corp.		Chemicals, packaging, and environmental services			U.S.
BB/Negative	PDC Energy Inc.		Oil and gas	Yes		U.S.
BB/Negative	Penske Automotive Group Inc.		Automotive	Yes		U.S.
BB/Negative	Rand Water		Utilities			South Africa
BB/Negative	South Africa		Sovereign			South Africa
BB/Negative	Restaurant Brands International Inc.		Retail/restaurants	Yes		Canada
BB/Negative	Royal Caribbean Cruises Ltd.		Media and entertainment		Yes	U.S.
BB/Negative	Sappi Ltd.		Forest products and building materials	Yes		South Africa
BB/Negative	Shriram Transport Finance Co. Ltd.		Financial institutions			India
BB/Negative	Signature Aviation PLC		Transportation	Yes		U.K.
BB/Negative	Stericycle Inc.		Chemicals, packaging, and environmental services			U.S.
BB/Negative	TTM Technologies Inc.		High technology			U.S.
BB/Negative	Taylor Morrison Home Corp.		Homebuilders/real estate companies			U.S.
BB/Negative	Teollisuuden Voima Oyj		Utilities		Yes	Finland
BB/Negative	Bahamas		Sovereign			Bahamas
BB/Negative	Transnet SOC Ltd.		Utilities			South Africa
BB/Negative	TriNet Group Inc.		Media and entertainment	Yes		U.S.
BB/Negative	Under Armour Inc.		Consumer products	Yes		U.S.
BB/Negative	Wolverine World Wide Inc.		Consumer products			U.S.
BB/Negative	Wyndham Hotels & Resorts Inc.		Media and entertainment		Yes	U.S.
BB/Negative	iStar Inc.		Financial institutions	Yes		U.S.
BB-/Watch Neg	Atlantia SpA		Utilities			Italy
BB-/Watch Neg	Bloomin' Brands Inc.		Retail/restaurants			U.S.
BB-/Watch Neg	Cinemark Holdings Inc.		Media and entertainment			U.S.
BB-/Watch Neg	Delhi International Airport Ltd.		Utilities			India
BB-/Watch Neg	Dometic Group AB		Capital goods	Yes		Sweden
BB-/Watch Neg	Douglas Dynamics Inc.		Capital goods	Yes		U.S.
BB-/Watch Neg	Dufry AG		Retail/restaurants			Switzerland
BB-/Watch Neg	Elementia S.A.B. de C.V.		Forest products and building materials			Mexico
BB-/Watch Neg	Extended Stay America Inc.		Media and entertainment			U.S.
BB-/Watch Neg	Garrett Motion Inc.		Automotive		Yes	U.S.
BB-/Watch Neg	Georgian Oil and Gas Corp. JSC		Oil and gas			Georgia
BB-/Watch Neg	Hilcorp Energy I L.P.		Oil and gas			U.S.
BB-/Watch Neg	IAA Inc.		Automotive	Yes		U.S.
BB-/Watch Neg	Ladder Capital Finance Holdings LLLP		Financial institutions	Yes		U.S.
BB-/Watch Neg	Live Nation Entertainment Inc.		Media and entertainment			U.S.
BB-/Watch Neg	MGM Resorts International		Media and entertainment			U.S.
BB-/Watch Neg	NCL Corp. Ltd.		Media and entertainment			Bermuda
BB-/Watch Neg	Natura Cosmeticos S.A.	Natura Holding S.A.	Consumer products			Brazil
BB-/Watch Neg	Operadora de Servicios Mega, S.A. de C.V. SOFOM, E.R.		Financial institutions		Yes	Mexico
BB-/Watch Neg	Patrick Industries Inc.		Media and entertainment	Yes		U.S.
BB-/Watch Neg	Salini Impregilo SpA		Homebuilders/real estate companies			Italy
BB-/Watch Neg	Serba Dinamik Holdings Bhd.		Oil and gas	Yes		Malaysia
BB-/Watch Neg	Studio City Co. Ltd.	Melco International Development Ltd.	Media and entertainment			British Virgin Islands
BB-/Watch Neg	Unifin Financiera, S.A.B. de C.V.		Financial institutions		Yes	Mexico
BB-/Watch Neg	United Airlines Holdings Inc.		Transportation			U.S.
BB-/Watch Neg	Universal Entertainment Corp.		Media and entertainment			Japan
BB-/Watch Neg	Visteon Corp.		Automotive			U.S.
BB-/Watch Neg	Wynn Resorts Ltd.		Media and entertainment			U.S.
BB-/Negative	AMG Advanced Metallurgical Group N.V.		Metals, mining, and steel			Netherlands
BB-/Negative	Advanced Integration Technology LP		Aerospace and defense			U.S.
BB-/Negative	Alkermes PLC		Health care			Ireland
BB-/Negative	Arrow Global Group PLC		Financial institutions	Yes		U.K.
BB-/Negative	Avanos Medical Inc.		Health care			U.S.
BB-/Negative	BankMuscat S.A.O.G.		Financial institutions			Oman
BB-/Negative	Borets International Ltd.		Capital goods	Yes		U.A.E.
BB-/Negative	Builders FirstSource Inc.		Forest products and building materials	Yes		U.S.
BB-/Negative	Cable & Wireless Communications Limited	Liberty Latin America Ltd.	Telecommunications	Yes		U.K.
BB-/Negative	Cabot Financial Ltd.	Encore Capital Group Inc.	Financial institutions	Yes		U.K.
BB-/Negative	Clearwater Paper Corp.		Forest products and building materials			U.S.
BB-/Negative	Compass Minerals International Inc.		Metals, mining, and steel			U.S.
BB-/Negative	Dillard's Inc.		Retail/restaurants	Yes		U.S.
BB-/Negative	Dominican Republic		Sovereign	Yes		Dominican Republic
BB-/Negative	Ducommun Inc.		Aerospace and defense			U.S.
BB-/Negative	EQT Corp.		Utilities			U.S.
BB-/Negative	Element Solutions Inc.		Chemicals, packaging, and environmental services	Yes		U.S.
BB-/Negative	Endeavor Energy Resources L.P		Oil and gas	Yes		U.S.
BB-/Negative	Energizer Holdings Inc.		Consumer products			U.S.
BB-/Negative	Equitrans Midstream		Utilities	Yes		U.S.
BB-/Negative	The Gap Inc.		Consumer products			U.S.
BB-/Negative	Glenmark Pharmaceuticals Ltd.		Health care			India
BB-/Negative	Greystar Real Estate Partners, LLC		Financial institutions			U.S.
BB-/Negative	Guacolda Energia S.A		Utilities			Chile
BB-/Negative	Harbor Freight Tools USA Inc.		Retail/restaurants			U.S.
BB-/Negative	Harsco Corp.		Capital goods	Yes		U.S.
BB-/Negative	Jeld-Wen Inc.		Forest products and building materials	Yes		U.S.
BB-/Negative	Lamar Advertising Co.		Media and entertainment	Yes		U.S.
BB-/Negative	Liquidnet Holdings Inc.		Financial institutions			U.S.
BB-/Negative	MEDNAX Inc.		Health care			U.S.
BB-/Negative	Manappuram Finance Ltd.		Financial institutions	Yes		India
BB-/Negative	Micro Focus International PLC		High technology			U.K.
BB-/Negative	Natgasoline, LLC		Refining	Yes		U.S.
BB-/Negative	Neptune Energy Group Midco Ltd		Oil and gas			U.K.
BB-/Negative	NuStar Energy L.P.		Midstream			U.S.
BB-/Negative	Oman Electricity Transmission Co.		Utilities			Oman
BB-/Negative	PT Japfa Comfeed Indonesia Tbk.		Consumer products			Indonesia
BB-/Negative	Panama Canal Railway Co.		Transportation	Yes		Cayman Islands
BB-/Negative	Permanent TSB Group Holdings PLC		Financial institutions	Yes		Ireland
BB-/Negative	Qurate Retail Inc.		Retail/restaurants			U.S.
BB-/Negative	Sally Beauty Holdings Inc.		Retail/restaurants	Yes		U.S.
BB-/Negative	Samsonite International S.A.		Consumer products		Yes	Luxembourg
BB-/Negative	Seven Generations Energy Ltd.		Oil and gas	Yes		Canada
BB-/Negative	Sinclair Broadcast Group Inc.		Media and entertainment			U.S.
BB-/Negative	Southwestern Energy Co.		Oil and gas			U.S.
BB-/Negative	Spirit AeroSystems Inc.		Aerospace and defense			U.S.
BB-/Negative	Starwood Property Trust Inc.		Financial institutions	Yes		U.S.
BB-/Negative	Oman		Sovereign			Oman
BB-/Negative	TEGNA Inc.		Media and entertainment			U.S.
BB-/Negative	TI Fluid Systems plc		Automotive	Yes		U.K.
BB-/Negative	TMK PAO		Metals, mining, and steel	Yes		Russia
BB-/Negative	TRI Pointe Group Inc.		Homebuilders/real estate companies	Yes		U.S.
BB-/Negative	Terex Corp.		Capital goods	Yes		U.S.
BB-/Negative	Thor Industries Inc.		Media and entertainment			U.S.
BB-/Negative	TreeHouse Foods Inc.		Consumer products			U.S.
BB-/Negative	Victoria PLC		Consumer products	Yes		U.K.
BB-/Negative	WEX Inc.		Financial institutions			U.S.
BB-/Negative	Wabash National Corp.		Automotive	Yes		U.S.
BB-/Negative	Wyndham Destinations Inc.		Media and entertainment			U.S.
BB-/Negative	Zhongrong International Holdings Ltd.	Zhongrong International Trust Co. Ltd.	Financial institutions			British Virgin Islands
B+/Watch Neg	ASM Global Parent Inc.		Media and entertainment			U.S.
B+/Watch Neg	Adient plc		Automotive		Yes	Ireland
B+/Watch Neg	Air Baltic Corp. AS		Transportation			Latvia
B+/Watch Neg	Allegiant Travel Co.		Transportation			U.S.
B+/Watch Neg	American Axle & Manufacturing Holdings Inc.		Automotive	Yes		U.S.
B+/Watch Neg	Avis Budget Group Inc.		Transportation			U.S.
B+/Watch Neg	Avon Products Inc.	Natura Holding S.A.	Consumer products			U.S.
B+/Watch Neg	B&M European Value Retail S.A.		Retail/restaurants	Yes		Luxembourg
B+/Watch Neg	Banijay Group SAS		Media and entertainment			France
B+/Watch Neg	Boyd Gaming Corp.		Media and entertainment			U.S.
B+/Watch Neg	Brinker International Inc.		Retail/restaurants			U.S.
B+/Watch Neg	CCM Merger Inc.		Media and entertainment			U.S.
B+/Watch Neg	Caesars Entertainment Corp.		Media and entertainment			U.S.
B+/Watch Neg	Callaway Golf Co.		Consumer products	Yes		U.S.
B+/Watch Neg	Cedar Fair L.P.		Media and entertainment	Yes		U.S.
B+/Watch Neg	CityCenter Holdings LLC		Media and entertainment			U.S.
B+/Watch Neg	Clearwater Seafoods Inc.		Consumer products			Canada
B+/Watch Neg	Connect Bidco Ltd.		Telecommunications			Guernsey
B+/Watch Neg	Cornerstone Building Brands Inc		Forest products and building materials	Yes		U.S.
B+/Watch Neg	Eldorado Resorts Inc.		Media and entertainment			U.S.
B+/Watch Neg	Emerald X Inc.		Media and entertainment			U.S.
B+/Watch Neg	GBT JerseyCo Ltd.		Media and entertainment			U.K.
B+/Watch Neg	Gamenet Group S.p.A.		Media and entertainment			Italy
B+/Watch Neg	Hanger Inc.		Health care	Yes		U.S.
B+/Watch Neg	Mexarrend, S.A.P.I. de C.V.		Financial institutions			Mexico
B+/Watch Neg	National CineMedia Inc.		Media and entertainment			U.S.
B+/Watch Neg	Novem Group GmbH		Automotive	Yes		Germany
B+/Watch Neg	Performance Food Group Inc.		Consumer products			U.S.
B+/Watch Neg	Six Flags Entertainment Corp.		Media and entertainment			U.S.
B+/Watch Neg	Station Casinos LLC		Media and entertainment			U.S.
B+/Watch Neg	Tata Chemicals North America Inc.		Chemicals, packaging, and environmental services	Yes		U.S.
B+/Watch Neg	Twin River Worldwide Holdings Inc.		Media and entertainment			U.S.
B+/Negative	21Vianet Group Inc.		High technology			China
B+/Negative	361 Degrees International Ltd.		Consumer products			Cayman Islands
B+/Negative	4finance Holding S.A.		Financial institutions	Yes		Luxembourg
B+/Negative	ADES International Holdings PLC		Oil and gas	Yes		U.A.E.
B+/Negative	Aernnova Aerospace Corp. S.A.		Aerospace and defense	Yes		Spain
B+/Negative	African Bank Ltd.		Financial institutions			South Africa
B+/Negative	Apollo Commercial Real Estate Finance Inc.		Financial institutions	Yes		U.S.
B+/Negative	Aria Energy Operating LLC	Aria Energy LLC	Merchant			U.S.
B+/Negative	B&G Foods Inc.		Consumer products			U.S.
B+/Negative	B2Holding ASA		Financial institutions	Yes		Norway
B+/Negative	BCP Renaissance Parent L.L.C.		Midstream			U.S.
B+/Negative	Bed Bath & Beyond Inc.		Retail/restaurants		Yes	U.S.
B+/Negative	Blackstone Mortgage Trust Inc.		Financial institutions	Yes		U.S.
B+/Negative	Bright Horizons Family Solutions LLC	Bright Horizons Capital Corp.	Media and entertainment	Yes		U.S.
B+/Negative	CAA Holdings LLC		Media and entertainment			U.S.
B+/Negative	CEVA Logistics AG		Transportation			Switzerland
B+/Negative	CMA CGM S.A.		Transportation			France
B+/Negative	CNX Resources Corp.		Oil and gas			U.S.
B+/Negative	Caleres Inc.		Consumer products			U.S.
B+/Negative	Ceridian HCM Holding Inc.	Ceridian LLC	High technology	Yes		U.S.
B+/Negative	China SCE Group Holdings Ltd.		Homebuilders/real estate companies	Yes		Cayman Islands
B+/Negative	Cimpress plc		Media and entertainment			Netherlands
B+/Negative	Claros Mortgage Trust Inc.		Financial institutions	Yes		U.S.
B+/Negative	Concord New Energy Group Ltd.		Utilities	Yes		Bermuda
B+/Negative	Conduent Inc.		Media and entertainment			U.S.
B+/Negative	Core & Main LP		Forest products and building materials			U.S.
B+/Negative	Donnelley Financial Solutions Inc.		Media and entertainment	Yes		U.S.
B+/Negative	ENERGO-PRO a.s.		Utilities			Czech Republic
B+/Negative	FAGE International S.A		Consumer products			Luxembourg
B+/Negative	FirstRand Ltd.		Financial institutions			South Africa
B+/Negative	Frontera Energy Corp.		Oil and gas	Yes		Canada
B+/Negative	Garfunkelux Holdco 2 S.A.		Financial institutions			Luxembourg
B+/Negative	GeoPark Ltd.		Oil and gas		Yes	Bermuda
B+/Negative	The Goodyear Tire & Rubber Co.		Automotive	Yes		U.S.
B+/Negative	Hostess Brands Inc.		Consumer products			U.S.
B+/Negative	Jamaica		Sovereign	Yes		Jamaica
B+/Negative	K+S AG		Chemicals, packaging, and environmental services			Germany
B+/Negative	KWG Group Holdings Ltd.		Homebuilders/real estate companies			Cayman Islands
B+/Negative	Ken Garff Automotive LLC		Automotive	Yes		U.S.
B+/Negative	Kontoor Brands Inc.		Consumer products	Yes		U.S.
B+/Negative	Kraton Corp.		Chemicals, packaging, and environmental services	Yes		U.S.
B+/Negative	Kratos Defense & Security Solutions Inc.		Aerospace and defense			U.S.
B+/Negative	L Brands Inc.		Consumer products	Yes		U.S.
B+/Negative	Limetree Bay Terminals, LLC		Midstream			U.S.
B+/Negative	Loancore Capital Markets LLC		Financial institutions	Yes		U.S.
B+/Negative	MI Windows and Doors, LLC		Forest products and building materials	Yes		U.S.
B+/Negative	Mack-Cali Realty Corp.		Homebuilders/real estate companies			U.S.
B+/Negative	Macy's Inc.		Retail/restaurants			U.S.
B+/Negative	Magnolia Oil & Gas Corp.		Oil and gas	Yes		U.S.
B+/Negative	Mattel Inc.		Media and entertainment			U.S.
B+/Negative	Mercer International Inc.		Forest products and building materials	Yes		U.S.
B+/Negative	Metro-Goldwyn-Mayer Inc.		Media and entertainment			U.S.
B+/Negative	Miller Homes Group Holdings PLC		Homebuilders/real estate companies	Yes		U.K.
B+/Negative	Momentive Performance Materials Inc.		Chemicals, packaging, and environmental services			U.S.
B+/Negative	NGL Energy Partners LP		Midstream			U.S.
B+/Negative	NewDay Group (Jersey) Ltd.		Financial institutions	Yes		U.K.
B+/Negative	O-I Glass Inc.		Chemicals, packaging, and environmental services	Yes		U.S.
B+/Negative	Oceaneering International Inc.		Oil and gas			U.S.
B+/Negative	Outfront Media Inc.		Media and entertainment	Yes		U.S.
B+/Negative	PT Medco Energi Internasional Tbk.		Oil and gas			Indonesia
B+/Negative	Peer Holding III B.V.		Retail/restaurants	Yes		Netherlands
B+/Negative	Piaggio & C. SpA		Automotive			Italy
B+/Negative	Plantronics Inc.		High technology	Yes		U.S.
B+/Negative	Polaris Intermediate Corp. (d/b/a Multiplan)		Health care	Yes		U.S.
B+/Negative	Press Metal Aluminium Holdings Bhd.		Metals, mining, and steel			Malaysia
B+/Negative	Quad/Graphics Inc.		Media and entertainment			U.S.
B+/Negative	Realogy Group LLC		Media and entertainment			U.S.
B+/Negative	Costa Rica		Sovereign			Costa Rica
B+/Negative	Resolute Forest Products Inc.		Forest products and building materials			U.S.
B+/Negative	Resolute Investment Managers Inc.	American Beacon Advisors Inc.	Financial institutions			U.S.
B+/Negative	Revere Power, LLC		Merchant	Yes		U.S.
B+/Negative	Reynolds Group Holdings Ltd.		Chemicals, packaging, and environmental services	Yes		New Zealand
B+/Negative	Rockpoint Gas Storage Partners LP		Midstream			U.S.
B+/Negative	Ruby Pipeline LLC		Midstream		Yes	U.S.
B+/Negative	STV Group Inc.		Capital goods	Yes		U.S.
B+/Negative	Sabre Corp.		Media and entertainment			U.S.
B+/Negative	Sazka Group A.S.		Media and entertainment			Czech Republic
B+/Negative	Shea Homes L.P.		Forest products and building materials	Yes		U.S.
B+/Negative	Sibanye Gold Ltd.		Metals, mining, and steel			South Africa
B+/Negative	The Simply Good Foods Co.		Consumer products			U.S.
B+/Negative	Sisal Group S.p.A	Schumann S.p.A.	Media and entertainment			Italy
B+/Negative	Sotheby's		Retail/restaurants	Yes		U.S.
B+/Negative	Staples Inc.		Media and entertainment			U.S.
B+/Negative	Stena AB		Oil and gas	Yes		Sweden
B+/Negative	Synlab Unsecured Bondco PLC		Health care	Yes		Germany
B+/Negative	Tata Steel Ltd.	Tata Sons Pte. Ltd.	Metals, mining, and steel	Yes		India
B+/Negative	Techem Verwaltungsgesellschaft 674 mbH		Consumer products			Germany
B+/Negative	The Chemours Company Co.		Chemicals, packaging, and environmental services			U.S.
B+/Negative	TransDigm Inc.		Aerospace and defense	Yes		U.S.
B+/Negative	Traverse Midstream Partners LLC		Midstream			U.S.
B+/Negative	Turning Point Brands Inc.		Consumer products			U.S.
B+/Negative	USA Compression Partners, LP		Midstream	Yes		U.S.
B+/Negative	Unigel Participacoes S.A.		Chemicals, packaging, and environmental services	Yes		Brazil
B+/Negative	Waste Pro USA Inc.		Chemicals, packaging, and environmental services			U.S.
B+/Negative	Winnebago Industries Inc.		Media and entertainment	Yes		U.S.
B+/Negative	Yuzhou Properties Co. Ltd.		Homebuilders/real estate companies			Cayman Islands
B+/Negative	eHi Car Services Ltd.		Transportation			Cayman Islands
B/Watch Neg	ADMI Corp.		Health care	Yes		U.S.
B/Watch Neg	AP Gaming Holdings LLC		Media and entertainment			U.S.
B/Watch Neg	Acadia Healthcare Co. Inc.		Health care			U.S.
B/Watch Neg	American Airlines Group Inc.		Transportation			U.S.
B/Watch Neg	Amigo Loans Ltd.		Financial institutions			U.K.
B/Watch Neg	Athletico Holdings LLC		Health care	Yes		U.S.
B/Watch Neg	Autokiniton US Holdings Inc.		Automotive	Yes		U.S.
B/Watch Neg	CPG International LLC d/b/a/ The Azek Company		Forest products and building materials	Yes		U.S.
B/Watch Neg	Calceus Acquisition Inc.		Consumer products	Yes		U.S.
B/Watch Neg	Cineworld Group PLC		Media and entertainment			U.K.
B/Watch Neg	Compuware Corp.		High technology			U.S.
B/Watch Neg	Coty Inc.		Consumer products			U.S.
B/Watch Neg	EmployBridge Holding Co.		Media and entertainment	Yes		U.S.
B/Watch Neg	Everi Payments Inc.		Media and entertainment			U.S.
B/Watch Neg	Fender Musical Instruments Corp.		Consumer products	Yes		U.S.
B/Watch Neg	Fossil Group Inc.		Consumer products		Yes	U.S.
B/Watch Neg	Go Wireless Holdings Inc.		Retail/restaurants			U.S.
B/Watch Neg	Golden Entertainment Inc.		Media and entertainment			U.S.
B/Watch Neg	IXS Holdings Inc.		Automotive	Yes		U.S.
B/Watch Neg	Ilpea Parent Inc.		Capital goods	Yes		U.S.
B/Watch Neg	Joye Media SLU		Media and entertainment	Yes		Spain
B/Watch Neg	KAR Auction Services Inc.		Automotive	Yes		U.S.
B/Watch Neg	Koos Holding Cooperatief U.A.		Media and entertainment	Yes		Netherlands
B/Watch Neg	Korean Air Lines Co. Ltd.		Transportation			Korea, Republic of
B/Watch Neg	LSF9 Atlantis Holdings, LLC		Retail/restaurants			U.S.
B/Watch Neg	Lindblad Expeditions Holdings Inc.		Media and entertainment			U.S.
B/Watch Neg	MRC Global (US) Inc.	McJunkin Red Man Holding Corp.	Metals, mining, and steel			U.S.
B/Watch Neg	Metinvest B.V.		Metals, mining, and steel	Yes		Netherlands
B/Watch Neg	Motion Midco Ltd		Media and entertainment		Yes	U.K.
B/Watch Neg	Navistar International Corp.		Automotive	Yes		U.S.
B/Watch Neg	New Enterprise Stone & Lime Co. Inc.		Forest products and building materials	Yes		U.S.
B/Watch Neg	Park-Ohio Industries Inc.		Capital goods	Yes		U.S.
B/Watch Neg	Penn National Gaming Inc.		Media and entertainment			U.S.
B/Watch Neg	PlayPower Holdings Inc.		Media and entertainment			U.S.
B/Watch Neg	Playa Hotels & Resorts N.V.		Media and entertainment			Netherlands
B/Watch Neg	Recess Holdings Inc.		Media and entertainment			U.S.
B/Watch Neg	Scientific Games Corp.		Media and entertainment			U.S.
B/Watch Neg	Screenvision, LLC		Media and entertainment			U.S.
B/Watch Neg	Tendam Brands S.A.U.		Consumer products	Yes		Spain
B/Watch Neg	Tenneco Inc.		Automotive	Yes		U.S.
B/Watch Neg	The Knot Worldwide Inc.		Media and entertainment	Yes		U.S.
B/Watch Neg	Third Coast Midstream, LLC		Midstream	Yes		U.S.
B/Watch Neg	Tivity Health Inc.		Consumer products	Yes		U.S.
B/Watch Neg	Trader Corp.		Consumer products	Yes		Canada
B/Watch Neg	Transportes Aereos Portugueses, SGPS, S.A.		Transportation			Portugal
B/Watch Neg	Travel Leaders Group LLC		Media and entertainment			U.S.
B/Watch Neg	UC Holdings Inc.	Chassix Holdings Inc.	Automotive	Yes		U.S.
B/Watch Neg	UFC Holdings LLC	Endeavor Operating Company LLC	Media and entertainment	Yes		U.S.
B/Watch Neg	Upstream Newco Inc.		Health care	Yes		U.S.
B/Watch Neg	Viking Cruises Ltd.	Viking Holdings Ltd	Media and entertainment			U.S.
B/Watch Neg	Voyager Aviation Holdings LLC		Transportation	Yes		U.S.
B/Watch Neg	WestJet Airlines Ltd.		Transportation			Canada
B/Watch Neg	Zest Acquisition Corp.		Health care	Yes		U.S.
B/Watch Neg	eDreams ODIGEO S.A.		Media and entertainment			Luxembourg
B/Negative	AI Convoy (Luxembourg) S.a.r.l.		Aerospace and defense	Yes		U.K.
B/Negative	AI Ladder (Luxembourg) Subco S.a.r.l.		High technology	Yes		Luxembourg
B/Negative	AIS HoldCo LLC		Insurance	Yes		U.S.
B/Negative	Achilles Acquisition LLC (d/b/a OneDigital)		Insurance	Yes		U.S.
B/Negative	Ai Sirona (Luxembourg) Acquisition Sarl		Health care			Luxembourg
B/Negative	Albaraka Turk Katilim Bankasi AS	Al Baraka Banking Group B.S.C.	Financial institutions	Yes		Turkey
B/Negative	Alera Group Intermediate Holdings Inc.		Insurance	Yes		U.S.
B/Negative	Altice Europe N.V.		Telecommunications			Netherlands
B/Negative	American Bath Group, LLC		Forest products and building materials	Yes		U.S.
B/Negative	Amneal Pharmaceuticals LLC	Amneal Pharmaceuticals Inc.	Health care			U.S.
B/Negative	Arab Tunisian Bank	Arab Bank Group	Financial institutions			Tunisia
B/Negative	Arbor Pharmaceuticals Inc.		Health care			U.S.
B/Negative	Athena Bidco GmbH		High technology	Yes		Germany
B/Negative	Auris Luxembourg II S.a.r.l.		Health care			Luxembourg
B/Negative	Authentic Brands Group LLC		Consumer products	Yes		U.S.
B/Negative	BCP VII Jade Topco (Cayman) Ltd.		Chemicals, packaging, and environmental services	Yes		U.K.
B/Negative	BCPE Empire Holdings Inc.		Media and entertainment	Yes		U.S.
B/Negative	Baytex Energy Corp.		Oil and gas	Yes		Canada
B/Negative	Bojangles' Inc.		Retail/restaurants	Yes		U.S.
B/Negative	CD&R Firefly 4 Ltd. (Motor Fuel Group)		Retail/restaurants			U.K.
B/Negative	CES Energy Solutions Corp.		Oil and gas	Yes		Canada
B/Negative	CNT Holdings III Corp.		Retail/restaurants			U.S.
B/Negative	Caldic Midco B.V.		Chemicals, packaging, and environmental services			Netherlands
B/Negative	Carestream Dental Parent Ltd.		Health care	Yes		U.K.
B/Negative	Carriage Services Inc.		Health care			U.S.
B/Negative	Casino Guichard - Perrachon S.A.		Retail/restaurants			France
B/Negative	Clarity Telecom LLC		Telecommunications			U.S.
B/Negative	CommScope Holding Co. Inc.		High technology	Yes		U.S.
B/Negative	Consolidated Communications Holdings Inc.		Telecommunications			U.S.
B/Negative	Corelle Brands Holdings Inc.		Consumer products	Yes		U.S.
B/Negative	DISH Network Corp.		Telecommunications			U.S.
B/Negative	DLG Acquisitions Ltd.		Media and entertainment	Yes		U.K.
B/Negative	Damac Real Estate Development Ltd.		Homebuilders/real estate companies			U.A.E.
B/Negative	Dawn Acquisitions LLC	Infra Colodata Holdings LLC	Homebuilders/real estate companies			U.S.
B/Negative	Sri Lanka		Sovereign			Sri Lanka
B/Negative	Dhanani Group Inc.		Retail/restaurants	Yes		U.S.
B/Negative	R.R. Donnelley & Sons Co.		Media and entertainment			U.S.
B/Negative	Drive Chassis Holdco, LLC		Transportation			U.S.
B/Negative	EG Group Ltd.		Consumer products			U.K.
B/Negative	ENC Holding Corp.	ENC Parent Corp.	Transportation	Yes		U.S.
B/Negative	EVOCA S.p.A.		Consumer products	Yes		Italy
B/Negative	Edelman Financial Engines Center, LLC (The)		Financial institutions			U.S.
B/Negative	Electro Rent Corp.		Capital goods			U.S.
B/Negative	Element Materials Technology Ltd.		Consumer products			U.K.
B/Negative	Elo Touch Solutions Inc.		High technology			U.S.
B/Negative	Endo International PLC		Health care			Ireland
B/Negative	Entercom Communications Corp.		Media and entertainment	Yes		U.S.
B/Negative	Epic Crude Services, LP	EPIC Midstream Holdings, LP	Midstream			U.S.
B/Negative	Ezdan Holding Group Q.S.C.		Homebuilders/real estate companies			Qatar
B/Negative	Ethiopia		Sovereign	Yes		Ethiopia
B/Negative	Financiere Colisee SAS		Health care			France
B/Negative	Financiere N		Health care			France
B/Negative	Financiere Top Mendel SAS		Health care	Yes		France
B/Negative	Flex Acquisition Holdings Inc.		Chemicals, packaging, and environmental services			U.S.
B/Negative	Flynn Restaurant Group LP		Retail/restaurants			U.S.
B/Negative	GEMS Menasa Holdings Ltd. (Cayman islands)	GEMS Menasa Holdings Ltd. (Cayman islands)	Consumer products	Yes		U.A.E.
B/Negative	Genesis Care Pty Ltd.		Health care			Australia
B/Negative	Goldcup Holdings Inc.	Explorer Holdings Inc	Health care			U.S.
B/Negative	Gran Tierra Energy Inc.		Oil and gas	Yes		U.S.
B/Negative	Green Country Energy LLC		Utilities			U.S.
B/Negative	Hayward Industries Inc.		Consumer products			U.S.
B/Negative	Henry Holdings Inc.	Henry Co. LLC	Forest products and building materials	Yes		U.S.
B/Negative	High Liner Foods Inc.		Consumer products	Yes		Canada
B/Negative	House of HR NV		Consumer products	Yes		Belgium
B/Negative	HudBay Minerals Inc.		Metals, mining, and steel			Canada
B/Negative	Hyster-Yale Materials Handling Inc.		Capital goods	Yes		U.S.
B/Negative	IWH UK Finco Ltd.		Health care			U.K.
B/Negative	Indivior plc		Health care			U.K.
B/Negative	Inmar Inc.		Consumer products			U.S.
B/Negative	Inspire Brands Inc.		Retail/restaurants		Yes	U.S.
B/Negative	International Design Group SpA		Consumer products	Yes		Italy
B/Negative	Jaguar Land Rover Automotive PLC	Tata Sons Pte. Ltd.	Automotive	Yes		U.K.
B/Negative	Jiayuan International Group Ltd.		Homebuilders/real estate companies			China
B/Negative	Jingrui Holdings Ltd.		Homebuilders/real estate companies			Cayman Islands
B/Negative	KAPLA Holding (Kiloutou)		Capital goods	Yes		France
B/Negative	Keystone Acquisition Corp.		Insurance			U.S.
B/Negative	Kiwi VFS SUB I S.ar.l		Consumer products	Yes		Luxembourg
B/Negative	Koppers Holdings Inc.		Chemicals, packaging, and environmental services	Yes		U.S.
B/Negative	Kosmos Energy Finance International		Oil and gas	Yes		U.S.
B/Negative	LABL Inc.		Chemicals, packaging, and environmental services			U.S.
B/Negative	LSF10 Edilians Investments S.a.r.l.		Forest products and building materials	Yes		France
B/Negative	LSF10 Wolverine Investments SCA		Forest products and building materials			France
B/Negative	LSFX Flavum Bidco S.A.		Forest products and building materials	Yes		Spain
B/Negative	La Financiere Atalian SAS		Consumer products			France
B/Negative	Latham Pool Products Inc.		Consumer products			U.S.
B/Negative	LifeScan Global Corp.		Health care			U.S.
B/Negative	Lifetime Brands Inc.		Consumer products			U.S.
B/Negative	Loire UK Midco 3 (LGC)		Consumer products	Yes		U.K.
B/Negative	Loxam SAS		Capital goods			France
B/Negative	Lucid Energy Group II Borrower, LLC	Lucid Energy Group II, LLC	Midstream	Yes		U.S.
B/Negative	MRO Holdings Inc.		Aerospace and defense	Yes		Panama
B/Negative	Mauser Packaging Solutions Holding Co.	BOE Intermediate Holding Corp.	Chemicals, packaging, and environmental services	Yes		U.S.
B/Negative	Maxim Crane Works Holdings Capital LLC		Capital goods			U.S.
B/Negative	Mercury Parent, LLC		Health care			U.S.
B/Negative	The Michaels Companies Inc.		Retail/restaurants			U.S.
B/Negative	MoneyGram International		Financial institutions	Yes		U.S.
B/Negative	Mr. Cooper Group Inc.		Financial institutions	Yes		U.S.
B/Negative	NFP Corp.	National Financial Partners Holdings A Corp.	Insurance	Yes		U.S.
B/Negative	NFP Holdings, LLC		Insurance	Yes		U.S.
B/Negative	Natural Resource Partners L.P.		Metals, mining, and steel	Yes		U.S.
B/Negative	Navios Maritime Holdings Inc.		Transportation	Yes		Marshall Islands
B/Negative	Neptune Holdco S.a.r.l.		Forest products and building materials	Yes		Luxembourg
B/Negative	NexTier Oilfield Solutions Inc.		Oil and gas	Yes		U.S.
B/Negative	Oak Holdings LLC		Consumer products			U.S.
B/Negative	Oi S.A.		Telecommunications			Brazil
B/Negative	Outdoor Home Services Holdings LLC		Consumer products			U.S.
B/Negative	PDC Beauty & Wellness Co.		Consumer products			U.S.
B/Negative	PHM Netherlands Midco B.V.		Forest products and building materials			Netherlands
B/Negative	PS HoldCo LLC		Transportation	Yes		U.S.
B/Negative	PT Kawasan Industri Jababeka Tbk.		Homebuilders/real estate companies			Indonesia
B/Negative	Peraton Corp.		Aerospace and defense			U.S.
B/Negative	Pioneer UK Midco 1 Limited		Health care			U.S.
B/Negative	Placin Sarl		Consumer products			Spain
B/Negative	Platin 1425. GmbH		Capital goods			Germany
B/Negative	Populus Financial Group Inc		Financial institutions			U.S.
B/Negative	Precision Drilling Corp.	Precision Drilling Trust	Oil and gas	Yes		Canada
B/Negative	PriSo Acquisition Corp.		Forest products and building materials	Yes		U.S.
B/Negative	QEP Resources Inc.		Oil and gas			U.S.
B/Negative	Radio Systems Corp.		Consumer products	Yes		U.S.
B/Negative	Radiology Partners Holdings, LLC		Health care			U.S.
B/Negative	Range Resources Corp.		Oil and gas			U.S.
B/Negative	Rekeep S.p.A.		Consumer products	Yes		Italy
B/Negative	Rockwood Service Corp.		Capital goods	Yes		U.S.
B/Negative	Rough Country LLC		Automotive			U.S.
B/Negative	Ryerson Holding Corp.		Metals, mining, and steel	Yes		U.S.
B/Negative	Ryman Hospitality Properties Inc.		Media and entertainment		Yes	U.S.
B/Negative	SRS Distribution Inc.		Forest products and building materials			U.S.
B/Negative	SSH Holdings Inc. d/b/a Spencer Spirit		Retail/restaurants	Yes		U.S.
B/Negative	Saffron Borrowco, LLC		Retail/restaurants			U.S.
B/Negative	Schur Flexibles GmbH		Chemicals, packaging, and environmental services			Germany
B/Negative	Seplat Petroleum Development Co. PLC		Oil and gas	Yes		Nigeria
B/Negative	Shandong Sanxing Group Co. Ltd.		Consumer products		Yes	China
B/Negative	Soco 1		Media and entertainment			France
B/Negative	Sound Inpatient Physicians Holdings, LLC		Health care			U.S.
B/Negative	Spectrum Brands Holdings Inc.		Consumer products			U.S.
B/Negative	Stellagroup	Polaris Holding	Forest products and building materials	Yes		France
B/Negative	Summit Midstream Partners, LP		Midstream			U.S.
B/Negative	Superior Industries International Inc.		Automotive			U.S.
B/Negative	THOM Europe S.A.S.		Retail/restaurants	Yes		France
B/Negative	Talen Energy Supply LLC	Talen Energy Corp.	IPP			U.S.
B/Negative	TecoStar Holdings Inc.		Health care	Yes		U.S.
B/Negative	Teine Energy Ltd.		Oil and gas	Yes		Canada
B/Negative	The Cook & Boardman Group, LLC		Forest products and building materials			U.S.
B/Negative	The Schumacher Group of Delaware Inc.	Clinical Acquisitions Holdings LP	Health care	Yes		U.S.
B/Negative	Thermon Group Holdings Inc.		Capital goods	Yes		U.S.
B/Negative	Tortoise Parent Holdco LLC		Financial institutions			U.S.
B/Negative	Trico Group LLC		Automotive	Yes		U.S.
B/Negative	Trinseo S.A.		Chemicals, packaging, and environmental services	Yes		Luxembourg
B/Negative	Tronox Ltd.		Chemicals, packaging, and environmental services	Yes		Australia
B/Negative	Tutor Perini Corp.		Capital goods			U.S.
B/Negative	United Natural Foods Inc.		Retail/restaurants			U.S.
B/Negative	Walnut Bidco PLC		Consumer products	Yes		Switzerland
B/Negative	Wendy's Co. (The)		Retail/restaurants	Yes		U.S.
B/Negative	Xinhu Zhongbao Co. Ltd.		Homebuilders/real estate companies			China
B/Negative	Xinjiang Guanghui Industry Investment (Group) Co. Ltd.		Homebuilders/real estate companies			China
B/Negative	Zara UK Topco Ltd.		Consumer products			U.K.
B/Negative	iHeartMedia Inc.		Media and entertainment	Yes		U.S.
B-/Watch Neg	18 Fremont Street Acquisition, LLC		Media and entertainment			U.S.
B-/Watch Neg	AAG FH LP		Retail/restaurants	Yes		Canada
B-/Watch Neg	APCO Super Holdco LP		Insurance	Yes		U.S.
B-/Watch Neg	ATI Holdings Acquisition Inc.		Health care		Yes	U.S.
B-/Watch Neg	AVSC Holding Corp.		Media and entertainment			U.S.
B-/Watch Neg	Adler Pelzer Holding GmbH		Automotive		Yes	Germany
B-/Watch Neg	Affinity Gaming		Media and entertainment			U.S.
B-/Watch Neg	AgroFresh Inc.		Chemicals, packaging, and environmental services			U.S.
B-/Watch Neg	Airxcel Inc.		Media and entertainment			U.S.
B-/Watch Neg	Algoma Steel Inc.		Metals, mining, and steel		Yes	Canada
B-/Watch Neg	Alliance HealthCare Services		Health care			U.S.
B-/Watch Neg	American Dental Partners Inc.		Health care	Yes		U.S.
B-/Watch Neg	BURGER KING France SAS	NewCo GB SAS (Burger King France)	Retail/restaurants	Yes		France
B-/Watch Neg	Banff Parent Inc.		High technology			U.S.
B-/Watch Neg	CWGS Enterprises LLC		Media and entertainment			U.S.
B-/Watch Neg	Carestream Health Inc.		Health care			U.S.
B-/Watch Neg	Carlson Travel Inc.		Media and entertainment			U.S.
B-/Watch Neg	Casper MidCo SAS		Media and entertainment			France
B-/Watch Neg	Century Casinos Inc.		Media and entertainment			U.S.
B-/Watch Neg	The Chefs' Warehouse Inc.		Consumer products			U.S.
B-/Watch Neg	Comet Bidco Ltd.		Media and entertainment			U.K.
B-/Watch Neg	Companhia Siderurgica Nacional		Metals, mining, and steel	Yes		Brazil
B-/Watch Neg	Compania General de Combustibles S.A.		Oil and gas			Argentina
B-/Watch Neg	Confie Seguros Holding Co.		Insurance	Yes		U.S.
B-/Watch Neg	Confluent Health LLC		Health care	Yes		U.S.
B-/Watch Neg	Container Store Group Inc.		Retail/restaurants	Yes		U.S.
B-/Watch Neg	Covenant Surgical Partners Inc.		Health care			U.S.
B-/Watch Neg	Dentalcorp Health Services ULC		Health care	Yes		Canada
B-/Watch Neg	Digital Room Holdings Inc.		Media and entertainment	Yes		U.S.
B-/Watch Neg	Edward Don & Co. Holdings LLC		Consumer products			U.S.
B-/Watch Neg	Europcar Mobility Group		Media and entertainment		Yes	France
B-/Watch Neg	GI Revelation Acquisition LLC		High technology	Yes		U.S.
B-/Watch Neg	Hoya Midco, LLC		Media and entertainment			U.S.
B-/Watch Neg	Hubbard Radio LLC		Media and entertainment	Yes		U.S.
B-/Watch Neg	International Park Holdings B.V.		Media and entertainment	Yes		Spain
B-/Watch Neg	Jacobs Entertainment Inc.		Media and entertainment			U.S.
B-/Watch Neg	KLDiscovery Inc.		Consumer products	Yes		U.S.
B-/Watch Neg	Kongsberg Automotive ASA		Automotive			Norway
B-/Watch Neg	Lands' End Inc.		Consumer products			U.S.
B-/Watch Neg	Mabel Topco Ltd.	Restaurant Group PLC (The)	Retail/restaurants	Yes		U.K.
B-/Watch Neg	Mohegan Tribal Finance Authority		Media and entertainment			U.S.
B-/Watch Neg	Mohegan Tribal Gaming Authority		Media and entertainment			U.S.
B-/Watch Neg	NEP/NCP Holdco Inc.		Media and entertainment			U.S.
B-/Watch Neg	NN Inc.		Health care	Yes		U.S.
B-/Watch Neg	National Amusements Inc.		Media and entertainment			U.S.
B-/Watch Neg	Neenah Foundry Co.	Neenah Enterprises Inc.	Metals, mining, and steel	Yes		U.S.
B-/Watch Neg	OCWEN Financial Corp.		Financial institutions	Yes		U.S.
B-/Watch Neg	PT Alam Sutera Realty Tbk.		Homebuilders/real estate companies			Indonesia
B-/Watch Neg	PT Modernland Realty Tbk.		Homebuilders/real estate companies		Yes	Indonesia
B-/Watch Neg	Pesquera Exalmar S.A.A.		Consumer products	Yes		Peru
B-/Watch Neg	Pinnacle Bidco PLC		Media and entertainment			U.K.
B-/Watch Neg	Piolin Bidco S.A.U.		Media and entertainment	Yes		Spain
B-/Watch Neg	Pro.Gest SpA		Forest products and building materials			Italy
B-/Watch Neg	Red Lobster Management LLC	Red Lobster Intermediate Holdings LLC	Retail/restaurants			U.S.
B-/Watch Neg	SBP Holding LP		Media and entertainment			U.S.
B-/Watch Neg	SIRVA Inc.		Consumer products			U.S.
B-/Watch Neg	Spectacle Gary Holdings LLC		Media and entertainment			U.S.
B-/Watch Neg	Sugarhouse HSP Gaming Prop. Mezz. L.P.		Media and entertainment			U.S.
B-/Watch Neg	Surgery Partners Inc.		Health care			U.S.
B-/Watch Neg	TUI AG		Media and entertainment			Germany
B-/Watch Neg	Tele Columbus AG		Telecommunications		Yes	Germany
B-/Watch Neg	The Tensar Corp.		Forest products and building materials	Yes		U.S.
B-/Watch Neg	The New Home Co. Inc.		Forest products and building materials			U.S.
B-/Watch Neg	The Octave Music Group Inc.		Media and entertainment			U.S.
B-/Watch Neg	Tribe Buyer LLC		Media and entertainment			U.S.
B-/Watch Neg	URS Holdco Inc.		Transportation	Yes		U.S.
B-/Watch Neg	Welbilt Inc.		Capital goods			U.S.
B-/Negative	AES Argentina Generacion S.A	The AES Corp.	Utilities			Argentina
B-/Negative	APX Group Holdings Inc. (A/K/A Vivint)		Media and entertainment	Yes		U.S.
B-/Negative	AQ Carver Buyer Inc.		Media and entertainment	Yes		U.S.
B-/Negative	ASP Chromaflo Holdings LP		Chemicals, packaging, and environmental services	Yes		Cayman Islands
B-/Negative	Acropole Holding		Consumer products			France
B-/Negative	Aegis Toxicology Sciences Corp.	Aegis Acquistion, Inc.	Health care			U.S.
B-/Negative	Aeropuertos Argentina 2000 S.A.		Utilities			Argentina
B-/Negative	Afflelou SAS		Consumer products	Yes		France
B-/Negative	Albany Molecular Research Inc.		Health care			U.S.
B-/Negative	Alvogen Pharma US Inc.	Alvogen Lux Holdings S.a.r.l.	Health care			U.S.
B-/Negative	Amer Sports Holding 1 Oy		Consumer products	Yes		Finland
B-/Negative	American Renal Associates Holdings Inc.		Health care	Yes		U.S.
B-/Negative	Amynta Holdings LLC		Insurance	Yes		U.S.
B-/Negative	Antero Resources Corp.		Oil and gas			U.S.
B-/Negative	Aspen Jersey Topco LLC		High technology	Yes		U.S.
B-/Negative	AutoCanada Inc.		Retail/restaurants	Yes		Canada
B-/Negative	Avalign Holdings Inc.		Health care			U.S.
B-/Negative	Aventiv Technologies, LLC		Telecommunications			U.S.
B-/Negative	BEP Ulterra Holdings Inc.		Oil and gas	Yes		U.S.
B-/Negative	Baffinland Iron Mines Corp.		Metals, mining, and steel			Canada
B-/Negative	Bahia de las Isletas, S.L.		Transportation			Spain
B-/Negative	Ball Metalpack Finco LLC		Chemicals, packaging, and environmental services			U.S.
B-/Negative	Banco De Galicia Y Buenos Aires S.A.U.		Financial institutions		Yes	Argentina
B-/Negative	Berry Petroleum Corp.		Oil and gas	Yes		U.S.
B-/Negative	Boardriders Inc.		Consumer products			U.S.
B-/Negative	Bowlero Corp.		Media and entertainment			U.S.
B-/Negative	Brand Industrial Services Inc.		Capital goods	Yes		U.S.
B-/Negative	Buccaneer Intermediate Holdco Ltd.		Health care	Yes		U.K.
B-/Negative	CAPEX S.A.		Utilities			Argentina
B-/Negative	CB Poly Investments, LLC		Consumer products	Yes		U.S.
B-/Negative	CFS Brands LLC		Capital goods			U.S.
B-/Negative	CHG PPC Intermediate II LLC		Consumer products	Yes		U.S.
B-/Negative	CIRCOR International Inc.		Capital goods	Yes		U.S.
B-/Negative	Callon Petroleum Co.		Oil and gas	Yes		U.S.
B-/Negative	Calumet Specialty Products Partners L.P.		Utilities	Yes		U.S.
B-/Negative	Cassini		Media and entertainment			France
B-/Negative	Cast & Crew Payroll LLC		Consumer products		Yes	U.S.
B-/Negative	Cengage Learning Holdings II Inc.		Media and entertainment	Yes		U.S.
B-/Negative	Cirsa Enterprises S.L.U.	LHMC Finco 2 S.a.r.l.	Media and entertainment	Yes		Spain
B-/Negative	Cleveland-Cliffs Inc.		Metals, mining, and steel	Yes		U.S.
B-/Negative	Cohu Inc.		High technology	Yes		U.S.
B-/Negative	Cologix Holdings Inc.		Telecommunications			U.S.
B-/Negative	ConvergeOne Holdings Inc.		Media and entertainment	Yes		U.S.
B-/Negative	Cooper-Standard Holdings Inc.		Automotive			U.S.
B-/Negative	Cornerstone Chemical Co.		Chemicals, packaging, and environmental services	Yes		U.S.
B-/Negative	Corporacion Azucarera del Peru S. A.		Consumer products			Peru
B-/Negative	DMT Solutions Global Corp.		Media and entertainment			U.S.
B-/Negative	Daseke Inc		Transportation	Yes		U.S.
B-/Negative	Diebold Nixdorf Inc.		High technology			U.S.
B-/Negative	Dunn Paper Holdings Inc.		Chemicals, packaging, and environmental services			U.S.
B-/Negative	Dynasty Acquisition Co. Inc.		Aerospace and defense	Yes		U.S.
B-/Negative	ERC Topco Holdings, LLC		Health care	Yes		U.S.
B-/Negative	EagleView Technology Corp.		Media and entertainment			U.S.
B-/Negative	Eclipse Midco Inc.		High technology	Yes		U.S.
B-/Negative	Electronics for Imaging Inc.		High technology			U.S.
B-/Negative	Ellaktor S.A.		Utilities			Greece
B-/Negative	EnTrans International LLC		Automotive			U.S.
B-/Negative	EnVen Energy Corp.		Oil and gas			U.S.
B-/Negative	Encino Acquisition Partners LLC		Oil and gas			U.S.
B-/Negative	Energy Holdings (Cayman) Ltd.		Capital goods	Yes		Cayman Islands
B-/Negative	EnergySolutions Inc.		Chemicals, packaging, and environmental services			U.S.
B-/Negative	Eyemart Express Holdings LLC		Retail/restaurants	Yes		U.S.
B-/Negative	First American Payment Systems LP		High technology	Yes		U.S.
B-/Negative	FleetPride Inc.	Fastlane Parent Co. Inc.	Automotive	Yes		U.S.
B-/Negative	Forming Machining Industries Holdings, LLC		Aerospace and defense			U.S.
B-/Negative	Fort Dearborn Holding Co. Inc.		Chemicals, packaging, and environmental services			U.S.
B-/Negative	Freedom Mortgage Corp.		Financial institutions	Yes		U.S.
B-/Negative	GC EOS Buyer Inc.		Automotive			U.S.
B-/Negative	GCI, LLC	GCI Liberty Inc.	Telecommunications			U.S.
B-/Negative	Genuine Financial Holdings LLC		Consumer products			U.S.
B-/Negative	Glass Mountain Pipeline, LLC		Midstream			U.S.
B-/Negative	Golden Nugget Inc.		Retail/restaurants		Yes	U.S.
B-/Negative	Greenway Health LLC		Health care			U.S.
B-/Negative	Grupo Antolin Irausa SA		Automotive			Spain
B-/Negative	Halo Buyer Inc.		Consumer products	Yes		U.S.
B-/Negative	Heidelberger Druckmaschinen AG		Capital goods	Yes		Germany
B-/Negative	Hexion Inc.		Chemicals, packaging, and environmental services			U.S.
B-/Negative	The Hillman Group Inc.		Consumer products	Yes		U.S.
B-/Negative	Holley Purchaser Inc.		Automotive			U.S.
B-/Negative	IM Growth SAS		Consumer products	Yes		France
B-/Negative	Idemia France SAS		High technology			France
B-/Negative	Infogroup Inc.		Media and entertainment			U.S.
B-/Negative	Innovative Water Care Global Corp.		Consumer products			U.S.
B-/Negative	International Seaways Inc.		Transportation	Yes		Marshall Islands
B-/Negative	Intrado Corp.		Telecommunications			U.S.
B-/Negative	JMC Acquisition Corp.		Capital goods	Yes		U.S.
B-/Negative	Jazz Acquisition Inc.	Wencor Group LLC	Aerospace and defense	Yes		U.S.
B-/Negative	K-Mac Holdings Corp.		Retail/restaurants	Yes		U.S.
B-/Negative	KNEL Acquisition LLC		Consumer products			U.S.
B-/Negative	Kleopatra Holdings 1 S.C.A.		Chemicals, packaging, and environmental services			Luxembourg
B-/Negative	Knowlton Development HoldCo Inc.		Consumer products	Yes		Canada
B-/Negative	Kronos Worldwide Inc.		Chemicals, packaging, and environmental services	Yes		U.S.
B-/Negative	L1R HB Finance Ltd		Retail/restaurants			U.K.
B-/Negative	LJ Ruby Holdings, LLC		Capital goods	Yes		U.S.
B-/Negative	LSF9 Balta Issuer S.A.		Consumer products	Yes		Belgium
B-/Negative	Lannett Co. Inc.		Health care			U.S.
B-/Negative	Laredo Petroleum Inc.		Oil and gas			U.S.
B-/Negative	Livingston International Inc.		Consumer products	Yes		Canada
B-/Negative	Marcolin SpA		Consumer products	Yes		Italy
B-/Negative	Matador Resources Co.		Oil and gas	Yes		U.S.
B-/Negative	Mavis Tire Express Services Corp.		Retail/restaurants	Yes		U.S.
B-/Negative	McGraw-Hill Education Inc.		Media and entertainment	Yes		U.S.
B-/Negative	Mitel Networks (International) Ltd.		High technology	Yes		U.K.
B-/Negative	Monitronics International Inc.		Media and entertainment			U.S.
B-/Negative	Nabors Industries Ltd.		Oil and gas			Bermuda
B-/Negative	Navitas Midstream Midland Basin, LLC		Midstream			U.S.
B-/Negative	Nets Topco 3 S.a r.l.		High technology	Yes		Denmark
B-/Negative	Norican Global A/S		Capital goods			Denmark
B-/Negative	Nutrition Parent LLC		Consumer products			U.S.
B-/Negative	One Call Corp.	One Call Care Management Inc.	Insurance	Yes		U.S.
B-/Negative	Oryx Midstream Holdings LLC		Utilities	Yes		U.S.
B-/Negative	Owens & Minor Inc.		Consumer products			U.S.
B-/Negative	P&L Development Holdings, LLC		Consumer products			U.S.
B-/Negative	PAX Midco Spain		Retail/restaurants	Yes		Spain
B-/Negative	PT Lippo Karawaci Tbk.		Homebuilders/real estate companies			Indonesia
B-/Negative	Pampa Energia S.A.		Utilities			Argentina
B-/Negative	Panda Stonewall LLC		Merchant	Yes		U.S.
B-/Negative	Paradigm Midstream LLC		Midstream			U.S.
B-/Negative	Parts Holding Europe SAS	Dakar Finance S.A.	Automotive			France
B-/Negative	Perstorp Holding AB (publ)		Chemicals, packaging, and environmental services			Sweden
B-/Negative	PetroChoice Holdings Inc.		Consumer products	Yes		U.S.
B-/Negative	Plaskolite PPC Intermediate II LLC	Plaskolite PPC Intermediate I LLC	Forest products and building materials	Yes		U.S.
B-/Negative	PowerTeam Services LLC		Capital goods			U.S.
B-/Negative	Pregis TopCo Corp.		Chemicals, packaging, and environmental services	Yes		U.S.
B-/Negative	Premier Brands Group Holdings LLC		Consumer products	Yes		U.S.
B-/Negative	Procera I, LP		High technology	Yes		Canada
B-/Negative	Project Boost Purchaser LLC		High technology	Yes		U.S.
B-/Negative	Project Silverback Holding Corp.		High technology	Yes		U.S.
B-/Negative	Prometric Holdings Inc.		Media and entertainment			U.S.
B-/Negative	Promontoria Holding 264 B.V.		Transportation			Netherlands
B-/Negative	Pugnacious Endeavors Inc.		Media and entertainment		Yes	U.S.
B-/Negative	QBS Parent Inc.	Project Quarterback Parent, LLC	High technology			U.S.
B-/Negative	QualTek USA, LLC		Capital goods			U.S.
B-/Negative	Ring Container Technologies Group, LLC		Chemicals, packaging, and environmental services	Yes		U.S.
B-/Negative	Rubix Group Holdings Ltd.		Capital goods			U.K.
B-/Negative	SIWF Holdings Inc.		Consumer products	Yes		U.S.
B-/Negative	SK Invictus Intermediate II S.a r.l.		Chemicals, packaging, and environmental services			Luxembourg
B-/Negative	SM Energy Co.		Oil and gas	Yes		U.S.
B-/Negative	SP PF Buyer LLC		Media and entertainment			U.S.
B-/Negative	STG-Fairway Holdings LLC (d/b/a First Advantage Corp.)		Consumer products			U.S.
B-/Negative	Safe Fleet Holdings LLC		Capital goods	Yes		U.S.
B-/Negative	Salient CRGT Inc.		Aerospace and defense			U.S.
B-/Negative	Selecta Group B.V.		Consumer products	Yes		Netherlands
B-/Negative	Shift4 Payments LLC		High technology	Yes		U.S.
B-/Negative	Solenis UK International Ltd.		Chemicals, packaging, and environmental services			U.K.
B-/Negative	Solera Parent Holding LLC		High technology	Yes		U.S.
B-/Negative	Specialty Building Products Holdings, LLC		Forest products and building materials			U.S.
B-/Negative	Star UK Midco Ltd.		Capital goods	Yes		U.K.
B-/Negative	Starfish Holdco LLC		High technology	Yes		U.S.
B-/Negative	Sterling Intermediate Corp.		Media and entertainment	Yes		U.S.
B-/Negative	TEG Pty Ltd.		Media and entertainment			Australia
B-/Negative	TMF Sapphire Midco B.V.		Media and entertainment			U.K.
B-/Negative	TPC Group Inc.	TPC Group LLC	Chemicals, packaging, and environmental services		Yes	U.S.
B-/Negative	Tacala LLC		Retail/restaurants	Yes		U.S.
B-/Negative	Tank Holding Corp.		Capital goods	Yes		U.S.
B-/Negative	Team Health Holdings Inc.		Health care	Yes		U.S.
B-/Negative	Telecom Argentina S.A.		Telecommunications			Argentina
B-/Negative	Terra-Gen Finance Co. LLC	Terra-Gen Power Holding II LLC	Merchant			U.S.
B-/Negative	Tornante - MDP Joe Holding LLC		Media and entertainment			U.S.
B-/Negative	Toro Private Holdings I Ltd.		Transportation	Yes		U.K.
B-/Negative	Trade Me Group Ltd.		High technology	Yes		New Zealand
B-/Negative	Transportadora de Gas del Sur S.A. (TGS)	Compania De Inversiones de Energia S.A.	Utilities			Argentina
B-/Negative	Triton UK Midco Ltd.		High technology			U.K.
B-/Negative	Triumph Group Inc.		Aerospace and defense	Yes		U.S.
B-/Negative	Truck Holdings Inc.		Automotive			U.S.
B-/Negative	USS Ultimate Holdings Inc.		Chemicals, packaging, and environmental services	Yes		U.S.
B-/Negative	United States Steel Corp.		Metals, mining, and steel			U.S.
B-/Negative	Vantage Specialty Chemicals Inc.		Chemicals, packaging, and environmental services			U.S.
B-/Negative	Veritas Holdings Ltd.		High technology	Yes		Bermuda
B-/Negative	Vue International Bidco plc		Media and entertainment			U.K.
B-/Negative	WP CPP Holdings LLC		Aerospace and defense			U.S.
B-/Negative	Wand NewCo 3 Inc.		Automotive	Yes		U.S.
B-/Negative	WaterBridge Operating LLC	WaterBridge Resources, LLC	Midstream	Yes		U.S.
B-/Negative	Welltec A/S		Oil and gas	Yes		Denmark
B-/Negative	Wesco Aircraft Holdings Inc.	Wolverine Intermediate Holding Corp.	Aerospace and defense	Yes		U.S.
B-/Negative	Wheel Pros Inc.		Automotive			U.S.
B-/Negative	WireCo WorldGroup Inc.		Metals, mining, and steel		Yes	U.S.
B-/Negative	Wirepath LLC	Crackle Holdings LP	High technology			U.S.
B-/Negative	World Endurance Holdings Inc.		Media and entertainment			U.S.
B-/Negative	Xplornet Communications Inc.		Telecommunications			Canada
B-/Negative	YPF S.A.		Oil and gas			Argentina
B-/Negative	YS Garments LLC		Consumer products			U.S.
B-/Negative	Zenith Energy U.S. Logistics Holdings, LLC		Midstream			U.S.
B-/Negative	nThrive Inc.		Health care			U.S.
B-/Negative	pH Beauty Holdings I Inc.		Consumer products	Yes		U.S.
Data as of April 28, 2020. Source: S&P Global Ratings Research.

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This report does not constitute a rating action.

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Research Contributor:	Abhik Debnath, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai

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Sector
Coronavirus Credit Market Research Default Transition & Recovery
Segment
Banking Corporations Institutional Investors Investment Management
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Americas Latin America APAC EMEA
Topic
Shape of Recovery

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