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COMMENTS

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

COMMENTS

Credit Trends: U.S. Corporate Bond Yields As Of Jan. 13, 2021

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COVID-19 Impact: Key Takeaways From Our Articles

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COVID-19- And Oil Price-Related Public Rating Actions On Corporations, Sovereigns, International Public Finance, And Project Finance To Date

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Default, Transition, and Recovery: The 2020 Global Corporate Default Tally Reached 226


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

Chart 1

image

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

image

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

image

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

image

Chart 4b

image

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

image

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

image

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

image

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.

CREDIT MARKETS RESEARCH:Sudeep K Kesh, New York (1) 212-438-7982;
sudeep.kesh@spglobal.com
Sarah Limbach, Paris + 33 14 420 6708;
Sarah.Limbach@spglobal.com
Research Contributor:Abhik Debnath, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai

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