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In This List
COMMENTS

Credit Trends: Potential Downgrades Reach Another Record High Amid COVID-19 Stress

COMMENTS

COVID-19 Impact: Key Takeaways From Our Articles

COMMENTS

Emerging Markets: A Tenuous And Varied Recovery Path

COMMENTS

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

COMMENTS

Credit Trends: 'BBB' Pulse: Potential Fallen Angels Remain Stable In August, With Five Outlook Revisions To Stable And Just One Downgrade


Credit Trends: Potential Downgrades Reach Another Record High Amid COVID-19 Stress

Chart 1

image

The number of potential bond downgrades (defined as corporate or sovereign issuers rated 'AAA' to 'B-' by S&P Global Ratings with either negative rating outlooks or ratings on CreditWatch with negative implications) rose to a record high of 1,350 as of May 29 from 1,287 in April, above the crisis-era high of 1,028 reached during 2009. Since our last report, we added 153 new potential downgrades to our list, 126 due to revised outlooks or CreditWatch placements. In April, new additions totaled 550. At the same time, we removed 90 issuers from our list since our last report, 66 due to downgrades (with or without a change in outlook or CreditWatch status). The potential bond downgrades tally thus widened by just 63 in May, while it increased by 211 and 427 in the previous two months.

Similarly, downgrades have started to slow: In May, 175 downgrades brought this year's tally through May 29 to 1,082. In April, the count surged by 415. The severe rise in downgrades started in March after many countries imposed lockdowns to fight the spread of the coronavirus pandemic, hurting revenue for many issuers, particularly those with weaker ratings. Social distancing measures tightened in April, which translated to a surge of companies affected by weak or muted business activity. In May, however, lockdowns eased, and fewer issuers faced compounding downgrade pressure. About 90% of the new additions to our list of potential bond downgrades in May were affected by the COVID-19 pandemic--similar to the previous month's share.

The Gap Between Potential Downgrades And Potential Upgrades Widens

Chart 2

image

The gap between potential downgrades and potential upgrades (issuers rated 'AA+' to 'B-' by S&P Global Ratings with either positive outlooks or ratings on CreditWatch with positive implications) widened further in May (see chart 2), with an increase in potential downgrades and a drop in potential upgrades. With 23 removals (five due to upgrades) and only three additions in May (one each from Asia, Europe, and the U.S.), the count of potential bond upgrades fell to a record low of 104 by end-May. All three additions were speculative-grade issuers (rated 'BB+' or lower), belonging to the insurance, high technology, and telecommunications sectors, and experienced positive rating actions due to issuer-specific reasons.

The widening gap between potential bond downgrades and upgrades reflects likely heavy credit deterioration in coming months as issuers, especially those at the lower end of the rating scale, potentially face poor earnings, continued difficulties in managing operational costs, and limited funding opportunities in capital markets.

Media And Entertainment, Financial Institutions, And Consumer Products Have The Highest Downgrade Potential

The sectors most affected by COVID-19-related social distancing measures and travel restrictions are those with the highest downgrade potential. Media and entertainment (179), financial institutions (153), and consumer products (146) lead the pack with a combined 35.4% of potential bond downgrades (see chart 3).

Within media and entertainment, the leisure and lodging subsector is most vulnerable, while consumer durables are the most exposed subsector of consumer products, since consumers reduce their purchases of durable goods during periods of economic recession and uncertainty. Among financial institutions, which have had the most additions to our list of potential bond downgrades since March, entities with the highest exposure to vulnerable sectors show the highest downgrade potential; regional and custodian banks and specialized finance segments especially are feeling the heat in their operational performance.

Chart 3

image

The Leisure And Lodging Subsector Feels The Highest Immediate Downgrade Pressure

Despite financial institutions leading in additions to our list of potential bond downgrades, these entities carry less immediate downgrade potential (see chart 4). Only seven financial institutions on our list (5% of the total) are on CreditWatch negative, compared with 146 with negative outlooks.

The sectors with the highest proportions of issuers with ratings on CreditWatch negative include media and entertainment, with 80 issuers (45%) on CreditWatch negative, compared with 99 with negative outlooks, and automotive, with 30 issuers (41%) on CreditWatch negative, compared with 43 with negative outlooks. However, leisure and lodging, a subsector of media and entertainment, leads the ranking with 49 issuers (59%) on CreditWatch negative, compared with 34 with negative outlooks.

These sectors are expected to contribute the most downgrades in the coming few months as their CreditWatch statuses are resolved.

Chart 4

image

Issuers placed on CreditWatch negative are more likely to be downgraded in the near term than those with negative outlooks: A negative CreditWatch status is typically resolved within 90 days, compared with one to two years for a negative outlook, dependent on whether the issuer is rated speculative grade (one year) or investment grade (two years). Issuers are placed on CreditWatch negative when there is an event or a deviation from an expected trend or a material change in their performance whose magnitude is not yet determined, or when our rating criteria change. This may not necessarily lead to a downgrade, but the tight timeline of 90 days indicates a high likelihood that a rating action will follow (see "General Criteria: Use Of CreditWatch And Outlooks," Sept. 14, 2009).

An examination of the proportion of potential bond downgrades with ratings placed on CreditWatch negative in crisis periods (that is, months with more than 80 downgrades) shows that whenever this proportion widened, a rise in downgrades followed. On average, a rating placed on CreditWatch negative has a 50% likelihood to be lowered in the next 90 days, compared with a 1-in-3 chance and a two-year time span for a rating with a negative outlook. The two-year time horizon of rating outlooks reduces the likelihood of an actual downgrade because the possibility is higher that the issuer's business and financial risk profiles might improve.

The Immediacy Of Downgrade Pressure Is Lessening As Negative CreditWatch Placements Slow

There is nonetheless some good news: Despite the increased negative bias (the proportion of issuers with negative outlooks or ratings on CreditWatch negative), the number of issuers on CreditWatch with negative implications has in fact decreased to 268 from 319, taking the ratio of negative outlooks to CreditWatch negative placements to 4 to 1 from 3 to 1. This shows that immediate downgrade pressure for issuers on our list decreased overall (see chart 5).

At the same time, however, this translated into higher long-term downgrade potential. For instance, the transportation, automotive, and media and entertainment sectors have seen a fall in the proportion of negative CreditWatch placements with an equivalent or higher rise in negative rating outlooks.

Chart 5

image

Of the 1,082 downgrades this year through May 29, 965 took place over the past three months. April accounted for the highest tally, at 415, followed by a sharp decline to 175 downgrades in May. Unsurprisingly, the media and entertainment, automotive, and transportation sectors showed the strongest increases in their downgrade proportions over the past 12 months relative to the past five years. This increase reflects their more immediate downgrade pressure. Since this pressure decreased in May, downgrade counts should continue to slow in the near term.

Chart 6

image

Table 1

More Than Two-Thirds Of The Removals From The Potential Downgrades List Were Downgraded
--Potential bond downgrade removals-- --Potential bond downgrade additions--
Reason for removal Issuer count Reason for addition Issuer count
Downgraded and outlook or CreditWatch change 41 Outlook or CreditWatch change 126
Downgraded 25 Downgraded and outlook or CreditWatch change 17
Outlook or CreditWatch change 13 Newly rated issuer 6
Parent* 9 Parent* 2
Ratings withdrawn 2 Newly rated debt 1
Default 0 Upgraded and outlook or CreditWatch change 1
No outstanding debt 0 Downgraded 0
Selective default 0 Upgraded 0
Upgraded 0
Upgraded and outlook or CreditWatch change 0
Total 90 Total 153
*Issuers removed due to a subsidiary relationship with a parent company that now qualifies as a potential downgrade. Data as of May 29, 2020. Source: S&P Global Ratings Research.

Table 2

Almost All Sectors Face Higher Current Downgrade Risk Than Their Historical Averages
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 downgrades (%)
Automotive 69 98.57 80.58 25.73 (54.85) 5.41
Oil and gas 169 92.86 69.32 19.59 (49.72) 5.11
Media and entertainment 220 94.02 64.79 25.96 (38.82) 13.26
Retail and restaurants 103 88.79 58.71 24.76 (33.95) 4.81
Transportation 75 92.59 49.17 21.22 (27.94) 3.78
Capital goods 101 90.99 47.32 21.42 (25.90) 4.96
Chemicals, packaging, and environmental services 84 88.42 43.41 19.01 (24.40) 5.33
Aerospace and defense 33 84.62 43.55 20.67 (22.87) 1.85
Consumer products 171 93.96 46.59 24.56 (22.02) 10.81
Health care 80 88.89 36.24 17.63 (18.62) 4.96
Forest products and building materials 28 93.33 40.31 22.23 (18.08) 3.70
Financial institutions 81 75.70 30.93 19.96 (10.97) 11.33
Homebuilders and real estate companies 36 73.47 24.40 15.48 (8.92) 4.22
Utilities 101 72.66 28.39 20.24 (8.15) 9.26
Sovereign 28 65.12 19.83 14.28 (5.55) 1.26
Diversified 3 100.00 23.53 18.18 (5.35) 0.30
Metals, mining, and steel 50 89.29 28.13 24.65 (3.48) 2.07
High technology 59 73.75 24.63 21.41 (3.22) 3.78
Telecommunications 48 81.36 21.48 20.25 (1.22) 1.63
Insurance 13 41.94 15.94 16.71 0.78 2.15
Data as of May 29, 2020. Source: S&P Global Ratings Research.

Table 3

Issuers With Ratings On CreditWatch Negative Or Negative Outlooks ('AAA' Through 'B-' Ratings)
Rating Issuer Parent company Sector/subsector New to the list this month Outlook or CreditWatch change Country
AAA

Airservices Australia

Utilities Australia
AAA Commonwealth of Australia Sovereign Australia
AA

Chevron Corp.

Oil and gas U.S.
AA

Exxon Mobil Corp.

Oil and gas U.S.
AA

Sanofi

Health care France
AA-/Watch Neg

Central Japan Railway Co.

Utilities Japan
AA-/Watch Neg

East Japan Railway Co.

Utilities Japan
AA-/Watch Neg

Flughafen Zurich AG

Utilities Switzerland
AA-/Watch Neg

Merck & Co. Inc.

Health care U.S.
AA-/Watch Neg

Pfizer Inc.

Health care U.S.
AA-

Australia and New Zealand Banking Group Ltd.

Financial institutions Australia
AA-

Commonwealth Bank of Australia

Financial institutions Australia
AA-

DZ BANK AG Deutsche Zentral-Genossenschaftsbank

Cooperative Banking Sector Germany

Financial institutions Germany
AA-

Deutsche Apotheker- und Aerztebank eG

Cooperative Banking Sector Germany

Financial institutions Germany
AA-

Equinor ASA

Oil and gas Norway
AA-

First Abu Dhabi Bank P.J.S.C.

Financial institutions U.A.E.
AA-

Japan Tobacco Inc.

Consumer products Japan
AA-

National Australia Bank Ltd.

Financial institutions Australia
AA-

Nordea Bank Abp

Financial institutions Yes Finland
AA-

OP Corporate Bank PLC

OP Financial Group Financial institutions Yes Finland
AA-

Royal Dutch Shell PLC

Oil and gas U.K.
AA-

Westpac Banking Corp.

Financial institutions Australia
A+/Watch Neg

Narita International Airport Corp.

Utilities Japan
A+/Watch Neg

Royal Schiphol Group N.V.

Utilities Netherlands
A+

3M Co.

Capital goods U.S.
A+

Avinor AS

Utilities Norway
A+

BNP Paribas

Financial institutions France
A+

BPCE

Financial institutions France
A+

Banco del Estado de Chile

Financial institutions Chile
A+

China Southern Power Grid Co. Ltd.

Utilities China
A+ Coca-Cola Co. (The) Consumer products U.S.
A+

Compagnie Financiere Richemont S.A.

Consumer products Yes Switzerland
A+

Cooperatieve Rabobank U.A.

Financial institutions Netherlands
A+

Credit Agricole S.A.

Financial institutions France
A+

DekaBank Deutsche Girozentrale

Deutscher Sparkassen- und Giroverband e.V. Financial institutions Germany
A+

Denso Corp.

Automotive Yes Japan
A+

Eli Lilly & Co.

Health care U.S.
A+

Empresa de Transporte de Pasajeros Metro S.A.

Utilities Chile
A+ Estee Lauder Cos. Inc. (The) Consumer products U.S.
A+

Jackson National Life Insurance Co.

Prudential PLC

Insurance U.S.
A+

LVMH Moet Hennessy Louis Vuitton S.E.

Consumer products Yes France
A+

Macquarie Bank Ltd.

Macquarie Group Ltd.

Financial institutions Australia
A+

NATS (En Route) PLC

Transportation U.K.
A+

Oracle Corp.

High technology U.S.
A+ Republic of Chile Sovereign Chile
A+

Robert Bosch GmbH

Automotive Germany
A+

Total S.A.

Oil and gas France
A+

Toyota Industries Corp.

Automotive Yes Japan
A+

Toyota Motor Corp.

Automotive Yes Japan
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

London Stock Exchange Group PLC

Financial institutions U.K.
A/Watch Neg

daa PLC

Utilities Ireland
A

ABB Ltd.

Capital goods Switzerland
A

ABN AMRO Bank N.V.

Financial institutions Netherlands
A

Abu Dhabi Commercial Bank PJSC

Financial institutions U.A.E.
A

Aeroports de Paris

Utilities France
A

Airbus SE

Aerospace and defense Yes Netherlands
A

Aisin Seiki Co. Ltd.

Automotive Yes Japan
A

Ameriprise Financial Inc.

Insurance U.S.
A Apollo Global Management Inc. Financial institutions U.S.
A

Autoridad del Canal de Panama

Utilities Panama
A

BMW AG

Automotive Germany
A

Banco Santander S.A.

Financial institutions Yes Spain
A

Banco de Credito e Inversiones

Financial institutions Chile
A

Caisse Centrale du Credit Mutuel

Financial institutions France
A

Chiba Bank Ltd.

Financial institutions Japan
A

Compass Group PLC

Consumer products U.K.
A

ConocoPhillips

Oil and gas U.S.
A

Corporacion Nacional del Cobre de Chile

Metals, mining, and steel Chile
A

Dongfeng Motor Group Co. Ltd.

Dongfeng Motor Corp.

Automotive China
A

EVN AG

Utilities Yes Austria
A Emirate of Ras Al Khaimah Sovereign U.A.E.
A

International Business Machines Corp.

High technology U.S.
A

Landesbank Hessen-Thueringen Girozentrale

Deutscher Sparkassen- und Giroverband e.V. Financial institutions Germany
A

Oberbank AG

Financial institutions Yes Austria
A

Proximus S.A.

Telecommunications Belgium
A

Qatar Insurance Co. S.A.Q.

Insurance Qatar
A

Scentre Group

Homebuilders/real estate companies Australia
A

Schlumberger Ltd.

Oil and gas Curacao
A

Shanghai Electric (Group) Corp.

Capital goods China
A Simon Property Group Inc. Homebuilders/real estate companies U.S.
A

Societe Generale

Financial institutions Yes France
A

Stanley Black & Decker Inc.

Forest products and building materials U.S.
A

Swiss Re Ltd.

Insurance Yes Switzerland
A

TJX Cos. Inc.

Retail/restaurants U.S.
A

The Hong Kong and China Gas Co. Ltd.

Utilities Hong Kong
A

Toyota Tsusho Corp.

Diversified Yes Japan
A

VF Corp.

Consumer products U.S.
A

Vicinity Centres

Homebuilders/real estate companies Australia
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 France
A-/Watch Neg

Magna International Inc.

Automotive Canada
A-/Watch Neg

RCS Trust

Homebuilders/real estate companies Singapore
A-/Watch Neg

Ralph Lauren Corp.

Consumer products U.S.
A-/Watch Neg

Sociedad Concesionaria Autopista Central S.A.

Utilities Chile
A-/Watch Neg

UNIQA Insurance Group AG

Insurance Austria
A-/Watch Neg

Walt Disney Co. (The)

Media and entertainment U.S.
A-

AXIS Capital Holdings Ltd.

Insurance Yes Bermuda
A-

Aktia Bank PLC

Financial institutions Yes Finland
A-

AmerisourceBergen Corp.

Consumer products U.S.
A-

Arch Capital Group Ltd.

Insurance Bermuda
A-

Argenta Spaarbank N.V.

Financial institutions Belgium
A-

Assa Abloy AB

Capital goods Yes Sweden
A-

Australian Prime Property Fund Retail

Homebuilders/real estate companies Australia
A-

BOC Aviation Ltd.

Bank of China Ltd.

Transportation Singapore
A-

Baker Hughes Co.

Oil and gas U.S.
A- Banco Bilbao Vizcaya Argentaria, S.A. Financial institutions Spain
A-

Booking Holdings Inc.

Media and entertainment U.S.
A-

Boston Properties Inc.

Homebuilders/real estate companies U.S.
A-

CEZ a.s.

Utilities Czech Republic
A-

Cboe Global Markets

Financial institutions U.S.
A-

Cembra Money Bank AG

Financial institutions Switzerland
A-

Central Bank of Savings Banks Finland PLC

Savings Banks Group Finland

Financial institutions Yes Finland
A-

China National Travel Service Group Corp. Ltd.

Media and entertainment China
A-

Cigna Corp.

Financial institutions U.S.
A-

Compagnie Generale des Etablissements Michelin S.C.A.

Automotive Yes France
A- Cullen/Frost Bankers Inc. Financial institutions U.S.
A-

DEPFA Bank PLC

FMS Wertmanagement Anstalt des oeffentlichen Rechts

Financial institutions Ireland
A-

Deutsche Pfandbriefbank AG

Financial institutions Germany
A-

Deutsche Wohnen SE

Homebuilders/real estate companies Germany
A-

Doctors Co. an Interinsurance Exchange

Insurance U.S.
A-

EOG Resources Inc.

Oil and gas U.S.
A-

Eni SpA

Oil and gas Italy
A-

Enterprise Holdings Inc.

Transportation U.S.
A- Fomento Economico Mexicano, S. A. B. de C. V. Retail/restaurants Mexico
A-

Formosa Plastics Corp.

Chemicals, packaging, and environmental services Taiwan
A-

Fortis Inc.

Utilities Canada
A-

Harman International Industries Inc.

Samsung Electronics Co. Ltd.

Automotive U.S.
A-

Honda Motor Co. Ltd.

Automotive Yes Japan
A-

ING Groep N.V.

Financial institutions Netherlands
A-

KBC Group N.V.

Financial institutions Belgium
A-

Klepierre S.A.

Homebuilders/real estate companies France
A-

LQ Inversiones Financieras S.A.

Financial institutions Chile
A- Marsh & McLennan Cos. Inc. Insurance U.S.
A-

Mashreqbank

Financial institutions U.A.E.
A-

ORIX Corp.

Financial institutions Japan
A-

Panasonic Corp.

High technology Japan
A- Principal Financial Group Inc. Insurance U.S.
A-

QIC Shopping Centre Fund

Homebuilders/real estate companies Australia
A-

Raiffeisen Bank International AG

Financial institutions Yes Austria
A- Raytheon Technologies Corp. Aerospace and defense Yes U.S.
A-

Reckitt Benckiser Group PLC

Consumer products U.K.
A- S.F. Holding Co. Ltd. Transportation China
A-

SK Telecom Co. Ltd.

Telecommunications Korea, Republic of
A-

Sharjah Islamic Bank

Financial institutions U.A.E.
A-

Shikoku Electric Power Co. Inc.

Utilities Yes Japan
A-

Sika AG

Chemicals, packaging, and environmental services Switzerland
A-

Sociedad Concesionaria Autovia de la Plata S.A.

Utilities Spain
A-

Sodexo S.A.

Consumer products France
A-

Southern Co.

Utilities U.S.
A-

Stryker Corp.

Health care U.S.
A-

Unibail-Rodamco-Westfield SE

Homebuilders/real estate companies France
A-

United Parcel Service Inc.

Transportation U.S.
A-

Wells Fargo & Co.

Financial institutions U.S.
A-

Yorkshire Water Services Finance Ltd.

Kelda Group Ltd. Utilities U.K.
BBB+/Watch Neg

Beijing Automotive Group Co. Ltd.

Automotive 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 Canada
BBB+/Watch Neg

Hyundai Motor Co.

Automotive Korea, Republic of
BBB+/Watch Neg JFK International Air Terminal LLC Utilities U.S.
BBB+/Watch Neg

Millennium Parking Garages LLC

Utilities U.S.
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+

AMP Ltd.

Insurance Australia
BBB+

America Movil S.A.B. de C.V.

Telecommunications Mexico
BBB+

Anheuser-Busch InBev S.A./N.V.

Consumer products Yes Belgium
BBB+

Aozora Bank Ltd.

Financial institutions Japan
BBB+

BOK Financial Corp.

Financial institutions U.S.
BBB+ Banco General, S.A. Financial institutions Panama
BBB+

Bankinter S.A.

Financial institutions Spain
BBB+

Bertelsmann SE & Co. KGaA

Media and entertainment Germany
BBB+

CenterPoint Energy Inc.

Utilities U.S.
BBB+ Coca-Cola Femsa, S.A.B. de C.V. Consumer products Mexico
BBB+

Comerica Inc.

Financial institutions U.S.
BBB+

Commerzbank AG

Financial institutions Germany
BBB+

Corning Inc.

High technology U.S.
BBB+

DTE Energy Center LLC

Utilities U.S.
BBB+

Daimler AG

Automotive Germany
BBB+

Deutsche Bank AG

Financial institutions Germany
BBB+

Dover Corp.

Capital goods Yes U.S.
BBB+

Fubon Financial Holding Co. Ltd.

Insurance Yes Taiwan
BBB+

GPT Wholesale Shopping Centre Fund

Homebuilders/real estate companies Australia
BBB+

General Electric Co.

Capital goods U.S.
BBB+

Genworth MI Canada Inc.

Financial institutions Canada
BBB+

Goodman European Partnership

Homebuilders/real estate companies Luxembourg
BBB+

Grenke AG

Financial institutions Germany
BBB+ Grupo Televisa, S. A. B. Media and entertainment Mexico
BBB+

Halliburton Co.

Oil and gas U.S.
BBB+

Heineken N.V.

Consumer products Netherlands
BBB+

Helmerich & Payne Inc.

Oil and gas U.S.
BBB+

Ignitis Group UAB

Utilities Lithuania
BBB+ Johnson Controls International Public Ltd. Co. Capital goods Yes Ireland
BBB+

Jones Lang LaSalle Inc.

Financial institutions U.S.
BBB+

Kimberly-Clark de Mexico S.A.B. de C.V.

Consumer products Mexico
BBB+

Lloyds Banking Group PLC

Financial institutions U.K.
BBB+

MDU Resources Group Inc.

Utilities U.S.
BBB+

McDonald's Corp.

Retail/restaurants U.S.
BBB+

NIBC Bank N.V.

Financial institutions Netherlands
BBB+

National Oilwell Varco Inc.

Oil and gas U.S.
BBB+

PPG Industries Inc.

Chemicals, packaging, and environmental services U.S.
BBB+

PTT Global Chemical Public Co. Ltd.

PTT Public Co. Ltd.

Chemicals, packaging, and environmental services Thailand
BBB+

Parker-Hannifin Corp.

Capital goods U.S.
BBB+

People's United Financial Inc.

Financial institutions U.S.
BBB+

RLI Corp.

Insurance U.S.
BBB+ Republic of Panama Sovereign Panama
BBB+

Ross Stores Inc.

Retail/restaurants U.S.
BBB+

Scotland Gas Networks PLC

Scotia Gas Networks PLC Utilities Yes U.K.
BBB+

Sempra Energy

Utilities U.S.
BBB+

Southern Gas Networks PLC

Scotia Gas Networks PLC Utilities Yes U.K.
BBB+ Southwest Gas Holdings Inc. Utilities U.S.
BBB+

Starbucks Corp.

Retail/restaurants Yes U.S.
BBB+

Takeda Pharmaceutical Co. Ltd.

Health care Japan
BBB+

TechnipFMC Plc

Oil and gas U.K.
BBB+

Telus Corp.

Telecommunications Canada
BBB+

Terna SpA

Utilities Italy
BBB+

Thai Oil Public Co. Ltd.

PTT Public Co. Ltd.

Oil and gas Thailand
BBB+

Transurban Finance Co. Pty Ltd.

Transurban Group Utilities Yes Australia
BBB+

Van Lanschot Kempen Wealth Management N.V.

Financial institutions Netherlands
BBB+

Ventas Inc.

Homebuilders/real estate companies Yes U.S.
BBB+

Volkswagen AG

Automotive Germany
BBB+

Welltower Inc.

Homebuilders/real estate companies Yes U.S.
BBB+

Woodside Petroleum Ltd.

Oil and gas Australia
BBB+ Zions BanCorp., N.A. Financial institutions 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 Jersey
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

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

JCDecaux S.A.

Media and entertainment France
BBB/Watch Neg Jinjiang International Holding Co. Ltd. Media and entertainment China
BBB/Watch Neg

Johnson Electric Holdings Ltd.

Automotive Bermuda
BBB/Watch Neg Madrilena Red de Gas, S.A.U. Utilities Spain
BBB/Watch Neg

Nissan Motor Co. Ltd.

Automotive Japan
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.

Sirius International Insurance Group Insurance Bermuda
BBB/Watch Neg

Southwest Airlines Co.

Transportation U.S.
BBB/Watch Neg

Textron Inc.

Aerospace and defense U.S.
BBB/Watch Neg

Yankee Stadium LLC

Media and entertainment U.S.
BBB

A.P. Moller - Maersk A/S

Transportation Denmark
BBB

AEON Co. Ltd.

Retail/restaurants Japan
BBB AMCO - Asset Management Co. S.p.A. Financial institutions Italy
BBB

AerCap Holdings N.V.

Transportation Netherlands
BBB

Air Lease Corp.

Transportation U.S.
BBB

Alfa S.A.B. de C.V.

Diversified Mexico
BBB

Altarea SCA

Homebuilders/real estate companies France
BBB

American Campus Communities Inc.

Homebuilders/real estate companies U.S.
BBB

Banco Inbursa S.A. Institucion de Banca Multiple Grupo Financiero Inbursa

Grupo Financiero Inbursa Financial institutions Mexico
BBB

Banco Latinoamericano de Comercio Exterior S.A.

Financial institutions Panama
BBB 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

Banco de Sabadell S.A.

Financial institutions Yes Spain
BBB

Bank of Aland PLC

Financial institutions Yes Finland
BBB

Barclays PLC

Financial institutions U.K.
BBB

Becton Dickinson & Co.

Health care U.S.
BBB

Boral Ltd.

Forest products and building materials Australia
BBB

Brookfield Property Partners L.P.

Brookfield Asset Management Inc.

Homebuilders/real estate companies Bermuda
BBB

Bruce Power L.P.

Merchant power Canada
BBB

Bunge Ltd.

Consumer products Bermuda
BBB CE Oaxaca Cuatro, S. de R.L. de C.V. Utilities Mexico
BBB CE Oaxaca Dos, S. de R.L. de C.V. Utilities Mexico
BBB

CPI Property Group SA

Homebuilders/real estate companies Luxembourg
BBB

Canadian Tire Corp. Ltd.

Retail/restaurants Canada
BBB

Capital One Financial Corp.

Financial institutions Yes U.S.
BBB

Carmila S.A.

Homebuilders/real estate companies France
BBB China National Chemical Corp. Ltd.. Chemicals, packaging, and environmental services China
BBB

Chongqing Nan'an Urban Construction & Development (Group) Co. Ltd.

Homebuilders/real estate companies China
BBB

Constellation Brands Inc.

Consumer products U.S.
BBB

DENTSPLY SIRONA Inc.

Health care U.S.
BBB DXC Technology Co. High technology U.S.
BBB

Dairy Farmers of America Inc.

Consumer products Yes U.S.
BBB

Drawbridge Special Opportunities Fund LP

Financial institutions Yes U.S.
BBB

EQUATE Petrochemical Co K.S.C.C.

Chemicals, packaging, and environmental services Kuwait
BBB

El Paso Electric Co.

Utilities U.S.
BBB El Puerto de Liverpool, S. A. B. de C. V. Retail/restaurants Mexico
BBB

Ellevio AB

Utilities Sweden
BBB

Emgesa S.A. E.S.P.

Utilities Colombia
BBB Emirate of Sharjah Sovereign U.A.E.
BBB

Enel Americas S.A.

Enel SpA

Utilities Chile
BBB

Equifax Inc.

Media and entertainment U.S.
BBB

Euronet Worldwide Inc.

Financial institutions Yes U.S.
BBB

FedEx Corp.

Transportation U.S.
BBB

Fermaca Enterprises S. de R.L. de C.V.

Utilities Mexico
BBB Ferrovie dello Stato Italiane S.p.A Utilities Italy
BBB Fideicomiso 209635 (Matehuala) Transportation Mexico
BBB

FinecoBank S.p.A.

Financial institutions Italy
BBB

Fortive Corp.

Capital goods Yes U.S.
BBB

Fortum Oyj

Utilities Finland
BBB

Genting Bhd.

Media and entertainment Malaysia
BBB Grupo Bimbo, S.A.B. de C.V. Consumer products Mexico
BBB

Hancock Whitney Corp.

Financial institutions U.S.
BBB

Harley-Davidson Inc.

Media and entertainment U.S.
BBB

Hexcel Corp.

Aerospace and defense U.S.
BBB

Hong Kong Telecommunications (HKT) Ltd.

PCCW Ltd.

Telecommunications Hong Kong
BBB

Huntington Ingalls Industries Inc.

Aerospace and defense U.S.
BBB

Husky Energy Inc.

CK Hutchison Holdings Ltd.

Oil and gas Canada
BBB IBERIABANK Corp. Financial institutions U.S.
BBB

ISS A/S

Consumer products Denmark
BBB Infraestructura Energetica Nova, S. A. B. de C. V. Utilities Mexico
BBB

InterContinental Hotels Group PLC

Media and entertainment U.K.
BBB

International Flavors & Fragrances Inc.

Consumer products Yes U.S.
BBB

Interpublic Group of Cos. Inc.

Media and entertainment U.S.
BBB

Intesa Sanpaolo SpA

Financial institutions Italy
BBB J.M. Smucker Co. (The) Consumer products U.S.
BBB Jefferies Financial Group Inc. Financial institutions U.S.
BBB

KKR Financial Holdings LLC

Financial institutions U.S.
BBB

Kennametal Inc.

Capital goods U.S.
BBB

Laurentian Bank of Canada

Financial institutions Canada
BBB

Li & Fung Ltd.

Consumer products Bermuda
BBB

LyondellBasell Industries N.V.

Chemicals, packaging, and environmental services Netherlands
BBB

MM SpA

Utilities Italy
BBB

Marathon Petroleum Corp.

Utilities U.S.
BBB Mediobanca Banca di Credito Finanziario S.p.A Financial institutions Italy
BBB

Mercialys

Homebuilders/real estate companies France
BBB

Mirae Asset Daewoo Co. Ltd.

Financial institutions Korea, Republic of
BBB

Motiva Enterprises LLC

Utilities U.S.
BBB

NEPI Rockcastle PLC

Homebuilders/real estate companies Isle of Man
BBB

NIPPON STEEL Corp.

Metals, mining, and steel Japan
BBB

Oshkosh Corp.

Capital goods Yes U.S.
BBB Otis Worldwide Corp. Capital goods U.S.
BBB

PerkinElmer Inc.

Health care U.S.
BBB

Portsmouth Water Ltd.

Utilities U.K.
BBB Republic of Indonesia Sovereign Indonesia
BBB Royal Bank of Scotland Group plc (The) Financial institutions U.K.
BBB SK Innovation Co. Ltd. Oil and gas Korea, Republic of
BBB

Societa Cattolica di Assicurazione

Insurance Italy
BBB

Sonoco Products Co.

Chemicals, packaging, and environmental services U.S.
BBB

South Jersey Industries Inc.

Utilities U.S.
BBB

South Staffordshire PLC

Utilities U.K.
BBB

Tanger Factory Outlet Centers Inc.

Homebuilders/real estate companies U.S.
BBB

Telefonica S.A.

Telecommunications Spain
BBB

UniCredit SpA

Financial institutions Yes Italy
BBB

Unite Group PLC

Homebuilders/real estate companies U.K.
BBB United Mexican States Sovereign Mexico
BBB

Valley National Bancorp

Financial institutions Yes U.S.
BBB

ViacomCBS Inc.

Media and entertainment U.S.
BBB

WPP PLC

Media and entertainment U.K.
BBB WestRock Co. Chemicals, packaging, and environmental services U.S.
BBB

Whirlpool Corp.

Consumer products U.S.
BBB Zimmer Biomet Holdings Inc. Health care U.S.
BBB-/Watch Neg

Austin Convention Enterprises Inc.

Media and entertainment U.S.
BBB-/Watch Neg

Brunswick Corp.

Media and entertainment U.S.
BBB-/Watch Neg

Carnival Corp.

Media and entertainment Panama
BBB-/Watch Neg Denver Convention Ctr Hotel Auth Media and entertainment U.S.
BBB-/Watch Neg

Eagle Materials Inc.

Forest products and building materials U.S.
BBB-/Watch Neg

Emaar Properties PJSC

Homebuilders/real estate companies 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 Germany
BBB-/Watch Neg

Kingfisher PLC

Retail/restaurants U.K.
BBB-/Watch Neg

Las Vegas Sands Corp.

Media and entertainment U.S.
BBB-/Watch Neg

Marriott International Inc.

Media and entertainment 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 U.K.
BBB-/Watch Neg

Nexteer Automotive Group Ltd.

Aviation Industry Corp. of China Ltd. Automotive Cayman Islands
BBB-/Watch Neg

SKYCITY Entertainment Group Ltd.

Media and entertainment New Zealand
BBB-/Watch Neg

Samhallsbyggnadsbolaget i Norden AB (publ)

Homebuilders/real estate companies Yes Sweden
BBB-/Watch Neg

Sociedad Concesionaria Vespucio Norte Express S.A.

Transportation Chile
BBB-/Watch Neg

Steelcase Inc.

Consumer products 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 U.S.
BBB-/Watch Neg

Valeo S.A.

Automotive France
BBB-/Watch Neg Zhejiang Geely Holding Group Co. Ltd. Automotive China
BBB-/Watch Neg

easyJet PLC

Transportation U.K.
BBB-

AIB Group PLC

Financial institutions Ireland
BBB-

Abertis Infraestructuras S.A.

Utilities Spain
BBB-

Accor S.A.

Media and entertainment France
BBB-

Aker BP ASA

Oil and gas Norway
BBB-

Ally Financial Inc.

Financial institutions Yes U.S.
BBB-

American Equity Investment Life Holding Co.

Insurance U.S.
BBB-

ArcelorMittal

Metals, mining, and steel Luxembourg
BBB- Argo Group US Inc.

Argo Group International Holdings Ltd.

Financial institutions U.S.
BBB-

Ashtead Group PLC

Capital goods U.K.
BBB-

Auchan Holding

Retail/restaurants France
BBB-

AutoNation Inc.

Automotive U.S.
BBB-

Aviation Capital Group LLC

Pacific LifeCorp

Transportation U.S.
BBB-

Avolon Holdings Ltd.

Transportation Cayman Islands
BBB-

Axis Bank Ltd.

Financial institutions India
BBB-

Bank of Ireland Group PLC

Financial institutions Ireland
BBB- Beijing Capital Group Co. Ltd. Homebuilders/real estate companies China
BBB-

Bharti Airtel Ltd.

Telecommunications India
BBB-

Braskem S.A.

Odebrecht S.A.

Chemicals, packaging, and environmental services Brazil
BBB-

BrightSphere Investment Group Inc.

Financial institutions U.S.
BBB-

Cameco Corp.

Metals, mining, and steel Canada
BBB- Capri Holdings Ltd. Retail/restaurants British Virgin Islands
BBB- Celulosa Arauco y Constitucion, S.A. (ARAUCO) AntarChile S.A. Forest products and building materials Yes Chile
BBB-

Cenovus Energy Inc.

Oil and gas Canada
BBB-

China Jinmao Holdings Group Ltd.

Sinochem Group

Homebuilders/real estate companies Hong Kong
BBB-

Choice Hotels International Inc.

Media and entertainment U.S.
BBB-

Cimarex Energy Co.

Oil and gas U.S.
BBB-

Citycon Oyj

Homebuilders/real estate companies Finland
BBB-

Conagra Brands Inc.

Consumer products U.S.
BBB-

DIFC Investments Ltd.

Homebuilders/real estate companies U.A.E.
BBB-

Darden Restaurants Inc.

Retail/restaurants U.S.
BBB-

Devon Energy Corp.

Oil and gas U.S.
BBB- Diamondback Energy Inc. Oil and gas U.S.
BBB-

Discover Financial Services

Financial institutions Yes U.S.
BBB-

EPR Properties

Homebuilders/real estate companies U.S.
BBB-

Ecopetrol S.A.

Oil and gas Colombia
BBB-

Elizabeth River Crossings Opco LLC

Utilities U.S.
BBB-

Empresa Nacional del Petroleo

Utilities Chile
BBB- Enable Midstream Partners LP Merchant power U.S.
BBB-

Energy Transfer LP

Midstream Yes U.S.
BBB- Expedia Group Inc. Media and entertainment U.S.
BBB-

Financiera de Desarrollo Territorial S.A. FINDETER

Financial institutions Colombia
BBB-

FirstGroup PLC

Transportation Yes U.K.
BBB-

Flowserve Corp.

Capital goods Yes U.S.
BBB-

Fluor Corp.

Capital goods Yes U.S.
BBB- GKN Holdings Ltd. Automotive U.K.
BBB-

Gerdau S.A.

Metalurgica Gerdau S.A.

Metals, mining, and steel Brazil
BBB-

Grupo Energia Bogota S.A.E.S.P.

Utilities Colombia
BBB-

Grupo de Inversiones Suramericana S.A.

Diversified Colombia
BBB-

Hess Corp.

Oil and gas U.S.
BBB- Howmet Aerospace Inc. Aerospace and defense U.S.
BBB-

ICICI Bank Ltd.

Financial institutions India
BBB-

ITV PLC

Media and entertainment U.K.
BBB- Indigo Group S.A.S. Utilities Yes France
BBB-

Innergex Renewable Energy Inc.

Merchant power Canada
BBB-

Inter Pipeline Ltd.

Midstream Canada
BBB-

Kohl's Corp.

Retail/restaurants U.S.
BBB-

Lear Corp.

Automotive U.S.
BBB-

Marathon Oil Corp.

Oil and gas U.S.
BBB-

Metro AG

Retail/restaurants Yes Germany
BBB- Molson Coors Beverage Co. Consumer products U.S.
BBB-

National Fuel Gas Co.

Utilities U.S.
BBB-

Nelnet Inc.

Financial institutions U.S.
BBB-

Noble Energy Inc.

Oil and gas U.S.
BBB-

Nordstrom Inc.

Retail/restaurants U.S.
BBB-

Nova Ljubljanska Banka D.D.

Financial institutions Yes Slovenia
BBB-

Ocean Spray Cranberries Inc.

Consumer products U.S.
BBB-

Ohio National Financial Services Inc.

Ohio National Mutual Holdings Inc. Financial institutions U.S.
BBB-

Ovintiv Inc.

Oil and gas U.S.
BBB-

PVH Corp.

Consumer products U.S.
BBB-

Peugeot S.A.

Automotive France
BBB-

PotlatchDeltic Corp.

Forest products and building materials U.S.
BBB- Power Finance Corp. Ltd. Republic of India Financial institutions India
BBB-

Prospect Capital Corp.

Financial institutions Yes U.S.
BBB-

Puget Energy Inc.

Puget Holdings LLC

Utilities U.S.
BBB- Rakuten Inc. High technology Japan
BBB- Republic of Colombia Sovereign Colombia
BBB-

Retail Opportunity Investments Corp.

Homebuilders/real estate companies U.S.
BBB-

Romania

Sovereign Romania
BBB-

Stagecoach Group PLC

Transportation Yes U.K.
BBB-

Standard Industries Inc.

Forest products and building materials Yes U.S.
BBB-

Suedzucker AG

Consumer products Germany
BBB-

Suzano S.A.

Forest products and building materials Brazil
BBB-

Synchrony Financial

Financial institutions Yes U.S.
BBB-

Synovus Financial Corp.

Financial institutions Yes U.S.
BBB-

Tabcorp Holdings Ltd.

Media and entertainment Australia
BBB-

Tanner Servicios Financieros S.A.

Financial institutions Chile
BBB- Tapestry Inc. Consumer products U.S.
BBB- Timken Co. (The) Capital goods Yes U.S.
BBB-

Vale S.A.

Metals, mining, and steel Brazil
BBB-

Virgin Money UK PLC

Financial institutions U.K.
BBB-

West Fraser Timber Co. Ltd.

Forest products and building materials Canada
BBB-

Westinghouse Air Brake Technologies Corp.

Capital goods U.S.
BBB-

Yangzhou Urban Construction State-owned Assets Holding (Group) Co. Ltd.

Utilities China
BBB-

Yuexiu Real Estate Investment Trust

Guangzhou Yuexiu Holdings Ltd.

Homebuilders/real estate companies Hong Kong
BBB-

Zijin Mining Group Co. Ltd.

Metals, mining, and steel China
BB+/Watch Neg

Aristocrat Leisure Ltd.

Media and entertainment Australia
BB+/Watch Neg

Deutsche Lufthansa AG

Transportation Germany
BB+/Watch Neg El Corte Ingles, S.A. Retail/restaurants Spain
BB+/Watch Neg Elanco Animal Health Inc. Health care U.S.
BB+/Watch Neg

Flutter Entertainment PLC

Media and entertainment Yes Ireland
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 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 Netherlands
BB+/Watch Neg

Speedway Motorsports LLC

Media and entertainment U.S.
BB+

Amplifon SpA

Health care Italy
BB+

Apache Corp.

Oil and gas U.S.
BB+

Asbury Automotive Group Inc.

Automotive U.S.
BB+ Beijing Easyhome Investment Holding Group Co. Ltd. Homebuilders/real estate companies China
BB+

CAP S.A.

Metals, mining, and steel Chile
BB+

CDK Global Inc.

Media and entertainment U.S.
BB+ CIT Group Inc. Financial institutions Yes U.S.
BB+ Cadence BanCorp. Cadence Bancorp LLC Financial institutions U.S.
BB+ Carter's Inc. Consumer products U.S.
BB+

China Water Affairs Group Ltd.

Utilities Bermuda
BB+

Continental Resources Inc.

Oil and gas U.S.
BB+

Crown Holdings Inc.

Chemicals, packaging, and environmental services Yes U.S.
BB+ DCP Midstream LP

Phillips 66

Midstream U.S.
BB+ Dell Technologies Inc. High technology U.S.
BB+ Fair Isaac Corp. High technology U.S.
BB+

Foot Locker Inc.

Consumer products U.S.
BB+

Gaming & Leisure Properties Inc.

Media and entertainment U.S.
BB+

Group 1 Automotive Inc.

Automotive U.S.
BB+ Hillenbrand Inc. Capital goods U.S.
BB+

Ibercaja Banco S.A.

Caja de Ahorros y Monte de Piedad de Zaragoza, Aragon y Rioja (IBERCAJA) Financial institutions Yes Spain
BB+

Icahn Enterprises L.P.

Financial institutions U.S.
BB+ Immobiliare Grande Distribuzione SIIQ S.p.A. Homebuilders/real estate companies Italy
BB+

Ingersoll Rand Inc.

Capital goods Yes U.S.
BB+

Kaiser Aluminum Corp.

Metals, mining, and steel U.S.
BB+ Kraft Heinz Co. (The) Consumer products U.S.
BB+ LPL Holdings Inc. Financial institutions U.S.
BB+

Levi Strauss & Co.

Consumer products U.S.
BB+ Lithia Motors Inc. Automotive Yes U.S.
BB+

MGIC Investment Corp.

Insurance U.S.
BB+

Midland Cogeneration Venture L.P.

Utilities U.S.
BB+ New York Community Bancorp Inc. Financial institutions Yes U.S.
BB+

Newell Brands Inc.

Consumer products U.S.
BB+

Nokia Corp.

High technology Finland
BB+

Novomatic AG

Media and entertainment Yes Austria
BB+

PHOENIX Pharmahandel GmbH & Co. KG

Health care Germany
BB+ Patterson-UTI Energy Inc. Oil and gas U.S.
BB+

Pitney Bowes Inc.

High technology U.S.
BB+ Promontoria MMB SAS Financial institutions France
BB+

Radian Group Inc.

Insurance U.S.
BB+

Red Star Macalline Group Corp. Ltd.

Red Star Macalline Holding Group Co. Ltd.

Homebuilders/real estate companies China
BB+

Renault S.A.

Automotive France
BB+ Ritchie Bros. Auctioneers Inc. Capital goods Canada
BB+

Rockies Express Pipeline LLC

Midstream U.S.
BB+ SLM Corp. Financial institutions Yes U.S.
BB+

SNC-Lavalin Group Inc.

Capital goods Canada
BB+ Science Applications International Corp. Aerospace and defense U.S.
BB+

Silgan Holdings Inc.

Chemicals, packaging, and environmental services U.S.
BB+

SoftBank Group Corp.

Financial institutions Japan
BB+

Terminales Portuarios Euroandinos Paita S.A

Utilities Yes Peru
BB+

TransUnion

Media and entertainment U.S.
BB+

Travis Perkins PLC

Forest products and building materials U.K.
BB+

Western Digital Corp.

High technology U.S.
BB+ Xerox Holdings Corp. High technology U.S.
BB+

Xinjiang Zhongtai (Group) Co. Ltd.

Chemicals, packaging, and environmental services China
BB+

ZF Friedrichshafen AG

Automotive Germany
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 Mexico
BB/Watch Neg

Churchill Downs Inc.

Media and entertainment U.S.
BB/Watch Neg Dana Inc. Automotive U.S.
BB/Watch Neg

Delta Air Lines Inc.

Transportation U.S.
BB/Watch Neg

FNAC Darty SA

Retail/restaurants France
BB/Watch Neg

Four Seasons Holdings Inc.

Media and entertainment Canada
BB/Watch Neg G-III Apparel Group Ltd. Consumer products U.S.
BB/Watch Neg Gestamp Automocion S.A. Acek Desarrollo Y Gestion Industrial, S.L.Y Sociedades Dependientes Automotive Spain
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 Trinidad and Tobago
BB/Watch Neg

US Foods Inc.

Consumer products U.S.
BB

AES Panama S.R.L.

Utilities Panama
BB AMN Healthcare Services Inc. Health care U.S.
BB

Adecoagro S.A.

Consumer products Brazil
BB

Agile Group Holdings Ltd.

Homebuilders/real estate companies Cayman Islands
BB American Woodmark Corp. Forest products and building materials Yes U.S.
BB Apergy Corp. Oil and gas Yes U.S.
BB

Arcelik A.S.

Consumer products Turkey
BB Blucora Inc. HDV Holdings Inc. Financial institutions U.S.
BB

British Airways PLC

Transportation Yes U.K.
BB

Burlington Stores Inc.

Retail/restaurants U.S.
BB CYDSA, S.A.B. de C.V. Chemicals, packaging, and environmental services Mexico
BB Cabot Microelectronics Corp. Chemicals, packaging, and environmental services U.S.
BB Clearway Energy Inc.

NRG Energy Inc.

Midstream U.S.
BB

Colfax Corp.

Capital goods U.S.
BB CoreCivic Inc. Consumer products Yes U.S.
BB

Corus Entertainment Inc.

Media and entertainment Canada
BB

Credit Acceptance Corp.

Financial institutions Yes U.S.
BB

DPL Inc.

AES Corp. (The) Utilities U.S.
BB

DaVita Inc.

Health care U.S.
BB

Doosan Bobcat Inc.

Doosan Infracore Co. Ltd.

Capital goods Korea, Republic of
BB

Elior Group S.A.

Consumer products France
BB

Elis S.A.

Consumer products France
BB Fly Leasing Ltd. Transportation Bermuda
BB Fuller (H.B) Co. Chemicals, packaging, and environmental services U.S.
BB

GMR Hyderabad International Airport Ltd

Utilities India
BB

Gartner Inc.

Media and entertainment U.S.
BB Getlink S.E. Utilities France
BB

Graham Holdings Co.

Media and entertainment U.S.
BB Greenhill & Co. Inc. Financial institutions U.S.
BB

Greif Inc.

Chemicals, packaging, and environmental services U.S.
BB

Haitong Bank S.A.

Haitong Securities Co. Ltd.

Financial institutions Portugal
BB

Hanesbrands Inc.

Consumer products U.S.
BB

Hilton Worldwide Holdings Inc.

Media and entertainment U.S.
BB

IDBI Bank Ltd.

Financial institutions India
BB

INEOS Enterprises Holdings Ltd.

Chemicals, packaging, and environmental services U.K.
BB

Iccrea Banca SpA

Financial institutions Italy
BB

Ineos Group Holdings S.A.

Chemicals, packaging, and environmental services Luxembourg
BB

Ineos Styrolution Holding Ltd.

Chemicals, packaging, and environmental services Germany
BB International Consolidated Airlines Group, S.A. Transportation Yes Spain
BB

Intrum AB (publ)

Financial institutions Sweden
BB James Hardie International Group Ltd. Forest products and building materials Yes Ireland
BB

KazMunayGas NC JSC

Oil and gas Kazakhstan
BB Macquarie Infrastructure Corp. Midstream U.S.
BB Matthews International Corp. Health care U.S.
BB

Meritor Inc.

Automotive Yes U.S.
BB

Methanex Corp.

Chemicals, packaging, and environmental services Canada
BB

Murphy Oil Corp.

Oil and gas U.S.
BB

Muthoot Finance Ltd.

Financial institutions India
BB NMI Holdings Inc. Insurance U.S.
BB Neenah Inc. Forest products and building materials U.S.
BB

Nexans S.A.

Capital goods France
BB

Nufarm Ltd.

Chemicals, packaging, and environmental services Australia
BB

OCI N.V.

Chemicals, packaging, and environmental services Netherlands
BB

PBF Holding Co. LLC

PBF Energy Inc.

Utilities Yes U.S.
BB PDC Energy Inc. Oil and gas U.S.
BB

Penske Automotive Group Inc.

Automotive U.S.
BB PolyOne Corp. Chemicals, packaging, and environmental services Yes U.S.
BB

RE/MAX LLC

Media and entertainment Yes U.S.
BB

Restaurant Brands International Inc.

Retail/restaurants Canada
BB

Rolls-Royce PLC

Rolls-Royce Holdings PLC

Aerospace and defense Yes U.K.
BB

Royal Caribbean Cruises Ltd.

Media and entertainment U.S.
BB

Sappi Ltd.

Forest products and building materials South Africa
BB

Service Properties Trust

Homebuilders/real estate companies Yes U.S.
BB

Shriram Transport Finance Co. Ltd.

Financial institutions India
BB

Signature Aviation PLC

Transportation U.K.
BB

Stericycle Inc.

Chemicals, packaging, and environmental services U.S.
BB

TTM Technologies Inc.

High technology U.S.
BB Taylor Morrison Home Corp. Homebuilders/real estate companies U.S.
BB

Teollisuuden Voima Oyj

Utilities Finland
BB The Commonwealth of The Bahamas Sovereign Bahamas
BB TriNet Group Inc. Media and entertainment U.S.
BB Under Armour Inc. Consumer products U.S.
BB

Vail Resorts Inc.

Media and entertainment Yes U.S.
BB

Valvoline Inc.

Consumer products Yes U.S.
BB

Wolverine World Wide Inc.

Consumer products U.S.
BB Wyndham Hotels & Resorts Inc. Media and entertainment U.S.
BB

iStar Inc.

Financial institutions U.S.
BB-/Watch Neg

Air Canada

ACE Aviation Holdings Inc. Transportation Canada
BB-/Watch Neg

Atlantia SpA

Utilities Italy
BB-/Watch Neg

Cinemark Holdings Inc.

Media and entertainment U.S.
BB-/Watch Neg

Delhi International Airport Ltd.

Utilities India
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

Garrett Motion Inc.

Automotive U.S.
BB-/Watch Neg

Georgian Oil and Gas Corp. JSC

Oil and gas Georgia
BB-/Watch Neg

Grupo Unicomer Corp.

Retail/restaurants Yes Panama
BB-/Watch Neg

Hilcorp Energy I L.P.

Oil and gas U.S.
BB-/Watch Neg

IAA Inc.

Automotive U.S.
BB-/Watch Neg

Ladder Capital Finance Holdings LLLP

Financial institutions 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 Operadora de Servicios Mega, S.A. de C.V. SOFOM, E.R. Financial institutions Mexico
BB-/Watch Neg Patrick Industries Inc. Media and entertainment U.S.
BB-/Watch Neg Salini Impregilo SpA Homebuilders/real estate companies Italy
BB-/Watch Neg Serba Dinamik Holdings Berhad Oil and gas 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 Mexico
BB-/Watch Neg United Airlines Holdings Inc. Transportation U.S.
BB-/Watch Neg

Visteon Corp.

Automotive U.S.
BB-/Watch Neg

Wynn Resorts Ltd.

Media and entertainment U.S.
BB-

ACCO Brands Corp.

Consumer products U.S.
BB-

AMG Advanced Metallurgical Group N.V.

Metals, mining, and steel Netherlands
BB-

Alkermes PLC

Health care Ireland
BB-

Arrow Global Group PLC

Financial institutions U.K.
BB- Avanos Medical Inc. Health care U.S.
BB-

BankMuscat S.A.O.G.

Financial institutions Oman
BB- Boels Topholding B.V. Capital goods Yes Netherlands
BB-

Bombardier Recreational Products Inc.

Media and entertainment Yes Canada
BB-

Borets International Ltd.

Capital goods U.A.E.
BB-

Builders FirstSource Inc.

Forest products and building materials U.S.
BB- CVR Energy Inc. Midstream Yes U.S.
BB- Cable & Wireless Communications Ltd.

Liberty Latin America Ltd.

Telecommunications U.K.
BB-

Cabot Financial Ltd.

Encore Capital Group Inc.

Financial institutions U.K.
BB-

Clearwater Paper Corp.

Forest products and building materials U.S.
BB-

Compass Minerals International Inc.

Metals, mining, and steel U.S.
BB-

Crestwood Equity Partners LP

Crestwood Holdings LLC

Midstream Yes U.S.
BB-

Dillard's Inc.

Retail/restaurants U.S.
BB-

Dometic Group AB

Capital goods Yes Sweden
BB-

Dominican Republic

Sovereign Dominican Republic
BB-

Douglas Dynamics Inc.

Capital goods Yes U.S.
BB-

EQT Corp.

Utilities U.S.
BB-

Element Solutions Inc.

Chemicals, packaging, and environmental services U.S.
BB-

Endeavor Energy Resources L.P

Oil and gas U.S.
BB-

Energizer Holdings Inc.

Consumer products U.S.
BB- Equitrans Midstream Corp. Midstream U.S.
BB- GEO Group (The) Inc. Consumer products Yes U.S.
BB- Gap Inc. (The) Consumer products U.S.
BB-

Glenmark Pharmaceuticals Ltd.

Health care India
BB- Greystar Real Estate Partners LLC Financial institutions U.S.
BB- Grupo KUO, S.A.B. de C.V. Diversified Yes Mexico
BB-

Guacolda Energia S.A

Utilities Chile
BB-

Harbor Freight Tools USA Inc.

Retail/restaurants U.S.
BB-

Harsco Corp.

Capital goods U.S.
BB-

Iron Mountain Inc.

Media and entertainment Yes U.S.
BB-

Jeld-Wen Inc.

Forest products and building materials U.S.
BB-

Lamar Advertising Co.

Media and entertainment U.S.
BB- Liquidnet Holdings Inc. Financial institutions U.S.
BB-

MEIF 5 Arena Holdings SLU

Utilities Yes Spain
BB-

Manappuram Finance Ltd.

Financial institutions India
BB-

Mannington Mills Inc.

Forest products and building materials Yes U.S.
BB-

Marriott Vacations Worldwide Corp.

Media and entertainment U.S.
BB-

Micro Focus International PLC

High technology U.K.
BB- Natgasoline LLC Utilities U.S.
BB-

Natura Cosmeticos S.A.

Natura & Co Holding S.A. Consumer products Yes Brazil
BB- Navient Corp. Financial institutions Yes U.S.
BB-

Neptune Energy Group Midco Ltd

Oil and gas U.K.
BB-

Olin Corp.

Chemicals, packaging, and environmental services U.S.
BB-

Oman Electricity Transmission Co.

Utilities Oman
BB-

PBF Logistics LP

PBF Energy Inc.

Midstream Yes U.S.
BB-

PT Japfa Comfeed Indonesia Tbk.

Japfa Ltd.

Consumer products Indonesia
BB-

Panama Canal Railway Co.

Transportation Cayman Islands
BB-

Permanent TSB Group Holdings PLC

Financial institutions Ireland
BB-

Playtech Plc

Media and entertainment Yes U.K.
BB-

Q-Park Holding I BV

Utilities Yes Netherlands
BB- Qurate Retail Inc. Retail/restaurants U.S.
BB-

Sally Beauty Holdings Inc.

Retail/restaurants U.S.
BB-

Samsonite International S.A.

Consumer products Luxembourg
BB-

Seven Generations Energy Ltd.

Oil and gas Canada
BB-

Sinclair Broadcast Group Inc.

Media and entertainment U.S.
BB-

Southwestern Energy Co.

Oil and gas U.S.
BB-

Spirit AeroSystems Inc.

Aerospace and defense U.S.
BB-

Starwood Property Trust Inc.

Financial institutions U.S.
BB- Sultanate of Oman Sovereign Oman
BB- TAMKO Building Products LLC Forest products and building materials Yes U.S.
BB-

TEGNA Inc.

Media and entertainment U.S.
BB-

TI Fluid Systems plc

Automotive U.K.
BB-

TMK PAO

Metals, mining, and steel Russia
BB- TRI Pointe Group Inc. Homebuilders/real estate companies U.S.
BB-

Terex Corp.

Capital goods U.S.
BB- Thor Industries Inc. Media and entertainment U.S.
BB- TreeHouse Foods Inc. Consumer products U.S.
BB-

Victoria PLC

Consumer products U.K.
BB-

WEX Inc.

Financial institutions U.S.
BB-

Wabash National Corp.

Automotive U.S.
BB-

William Hill PLC

Media and entertainment Yes U.K.
BB- Wyndham Destinations Inc. Media and entertainment U.S.
BB-

Zhongrong International Holdings Ltd.

Zhongrong International Trust Co. Ltd.

Financial institutions British Virgin Islands
B+/Watch Neg

Adient plc

Automotive Ireland
B+/Watch Neg

American Axle & Manufacturing Holdings Inc.

Automotive U.S.
B+/Watch Neg

Avis Budget Group Inc.

Transportation U.S.
B+/Watch Neg

B&M European Value Retail S.A.

Retail/restaurants Luxembourg
B+/Watch Neg

Banijay Group SAS

Media and entertainment France
B+/Watch Neg Callaway Golf Co. Consumer products U.S.
B+/Watch Neg

Cedar Fair L.P.

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 U.S.
B+/Watch Neg

ENA Sur Trust

Utilities Panama
B+/Watch Neg GBT JerseyCo Ltd. Media and entertainment U.K.
B+/Watch Neg Goodyear Tire & Rubber Co. (The) Automotive Yes U.S.
B+/Watch Neg

Novem Group GmbH

Automotive 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 U.S.
B+/Watch Neg

Twin River Worldwide Holdings Inc.

Media and entertainment U.S.
B+ 21Vianet Group Inc. High technology China
B+

361 Degrees International Ltd.

Consumer products Cayman Islands
B+

4finance Holding S.A.

Financial institutions Luxembourg
B+

ADES International Holdings PLC

Oil and gas U.A.E.
B+

Aernnova Aerospace Corp. S.A.

Aerospace and defense Spain
B+ Apollo Commercial Real Estate Finance Inc. Financial institutions U.S.
B+ Arch Resources Inc. Metals, mining, and steel Yes U.S.
B+

Aria Energy Operating LLC

Aria Energy LLC

Merchant power U.S.
B+

Avon Products Inc.

Natura & Co Holding S.A. Consumer products Yes U.S.
B+ B&G Foods Inc. Consumer products U.S.
B+

B2Holding ASA

Financial institutions Norway
B+

Bed Bath & Beyond Inc.

Retail/restaurants U.S.
B+

Blackstone Mortgage Trust Inc.

Financial institutions U.S.
B+ Bloomin' Brands Inc. Retail/restaurants Yes U.S.
B+ Braskem Idesa, S.A.P.I. and subsidiary Chemicals, packaging, and environmental services Yes Mexico
B+

Bright Horizons Family Solutions LLC

Bright Horizons Capital Corp. Media and entertainment U.S.
B+

Brinker International Inc.

Retail/restaurants Yes U.S.
B+

CCM Merger Inc.

Media and entertainment Yes U.S.
B+

CEVA Logistics AG

Transportation Switzerland
B+

CMA CGM S.A.

Transportation France
B+ CNX Resources Corp. Oil and gas U.S.
B+ Caleres Inc. Consumer products U.S.
B+

Ceridian HCM Holding Inc.

Ceridian LLC High technology U.S.
B+

China SCE Group Holdings Ltd.

Homebuilders/real estate companies Cayman Islands
B+

Cimpress plc

Media and entertainment Netherlands
B+ Claros Mortgage Trust Inc. Financial institutions U.S.
B+

Compass Group Diversified Holdings LLC

Consumer products Yes U.S.
B+ Concord New Energy Group Ltd. Utilities Bermuda
B+ Conduent Inc. Media and entertainment U.S.
B+ Donnelley Financial Solutions Inc. Media and entertainment U.S.
B+

ENERGO-PRO a.s.

Utilities Czech Republic
B+

Extended Stay America Inc.

Media and entertainment Yes U.S.
B+

FAGE International S.A

Consumer products Luxembourg
B+

Ferro Corp.

Chemicals, packaging, and environmental services Yes U.S.
B+ Frontera Energy Corp. Oil and gas Canada
B+

Garfunkelux Holdco 2 S.A.

Financial institutions Luxembourg
B+

Gates Global LLC

Capital goods Yes U.S.
B+

GeoPark Ltd.

Oil and gas Bermuda
B+ Global Partners LP Midstream Yes U.S.
B+ GreenSky Holdings LLC High technology Yes U.S.
B+ Hostess Brands Inc. Consumer products U.S.
B+

J.B. Poindexter & Co. Inc.

Capital goods Yes U.S.
B+

Jamaica

Sovereign Jamaica
B+

KWG Group Holdings Ltd.

Homebuilders/real estate companies Cayman Islands
B+

Ken Garff Automotive LLC

Automotive U.S.
B+ Kontoor Brands Inc. Consumer products U.S.
B+ Kraton Corp. Chemicals, packaging, and environmental services U.S.
B+

Kratos Defense & Security Solutions Inc.

Aerospace and defense U.S.
B+ L Brands Inc. Consumer products U.S.
B+ LBM Borrower LLC Forest products and building materials Yes U.S.
B+ Limetree Bay Terminals LLC Midstream U.S.
B+

Live Nation Entertainment Inc.

Media and entertainment Yes U.S.
B+ MI Windows and Doors LLC Forest products and building materials U.S.
B+

Mack-Cali Realty Corp.

Homebuilders/real estate companies U.S.
B+

Macy's Inc.

Retail/restaurants U.S.
B+

Magnolia Oil & Gas Corp.

Oil and gas U.S.
B+

Mattel Inc.

Media and entertainment U.S.
B+

Mercer International Inc.

Forest products and building materials U.S.
B+

Metro-Goldwyn-Mayer Inc.

Media and entertainment U.S.
B+

Miller Homes Group Holdings PLC

Homebuilders/real estate companies U.K.
B+

Momentive Performance Materials Inc.

Chemicals, packaging, and environmental services U.S.
B+

NGL Energy Partners LP

Midstream U.S.
B+

NewDay Group (Jersey) Ltd.

Financial institutions U.K.
B+ O-I Glass Inc. Chemicals, packaging, and environmental services U.S.
B+

Oceaneering International Inc.

Oil and gas U.S.
B+

Outfront Media Inc.

Media and entertainment U.S.
B+

Oxbow Carbon LLC

Metals, mining, and steel Yes U.S.
B+

PT Medco Energi Internasional Tbk.

Oil and gas Indonesia
B+

Peer Holding III B.V.

Retail/restaurants Netherlands
B+

Piaggio & C. SpA

Automotive Italy
B+ Plantronics Inc. High technology U.S.
B+ Polaris Intermediate Corp. Health care U.S.
B+

Press Metal Aluminium Holdings Bhd.

Metals, mining, and steel Malaysia
B+ Red Ventures Holdco LP Media and entertainment Yes U.S.
B+ Republic of Costa Rica Sovereign Costa Rica
B+

Resolute Forest Products Inc.

Forest products and building materials U.S.
B+ Resolute Investment Managers Inc. American Beacon Advisors Inc. Financial institutions U.S.
B+ Revere Power LLC Merchant power U.S.
B+

Reynolds Group Holdings Ltd.

Chemicals, packaging, and environmental services New Zealand
B+

Ruby Pipeline LLC

Midstream U.S.
B+ STV Group Inc. Capital goods U.S.
B+

Sabre Corp.

Media and entertainment U.S.
B+

Sazka Group A.S.

Media and entertainment Czech Republic
B+

Shea Homes L.P.

Forest products and building materials U.S.
B+

Sigma HoldCo BV

Consumer products Yes Netherlands
B+ Simply Good Foods Co. (The) Consumer products U.S.
B+

Sotheby's

Retail/restaurants U.S.
B+ Springer Nature AG & Co. KGaA Media and entertainment Yes Germany
B+ State of Montenegro Sovereign Yes Montenegro
B+

Stena AB

Oil and gas Sweden
B+

Synlab Unsecured Bondco PLC

Health care Germany
B+

Tata Steel Ltd.

Tata Sons Pte. Ltd.

Metals, mining, and steel India
B+

Techem Verwaltungsgesellschaft 674 mbH

Consumer products Germany
B+ The Chemours Company Co. Chemicals, packaging, and environmental services U.S.
B+

TransDigm Inc.

Aerospace and defense U.S.
B+ Turning Point Brands Inc. Consumer products U.S.
B+ USA Compression Partners LP Midstream U.S.
B+

Unigel Participacoes S.A.

Chemicals, packaging, and environmental services Brazil
B+

Universal Entertainment Corp.

Media and entertainment Yes Japan
B+

Verra Mobility Corp.

High technology Yes U.S.
B+

WCA Waste Corp.

Chemicals, packaging, and environmental services Yes U.S.
B+ WW International Inc. Consumer products Yes U.S.
B+ Wilsonart LLC Forest products and building materials Yes U.S.
B+ Winnebago Industries Inc. Media and entertainment U.S.
B+

eHi Car Services Ltd.

Transportation Cayman Islands
B/Watch Neg

ADMI Corp.

Health care 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 Air Baltic Corp. AS Transportation Latvia
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 U.S.
B/Watch Neg Autokiniton US Holdings Inc. Automotive U.S.
B/Watch Neg

Caesars Entertainment Corp.

Media and entertainment U.S.
B/Watch Neg Calceus Acquisition Inc. Consumer products U.S.
B/Watch Neg Compuware Corp. High technology U.S.
B/Watch Neg

Coty Inc.

Consumer products 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

Fender Musical Instruments Corp.

Consumer products U.S.
B/Watch Neg Fossil Group Inc. Consumer products 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 U.S.
B/Watch Neg

Ilpea Parent Inc.

Capital goods U.S.
B/Watch Neg

Joye Media SLU

Media and entertainment Spain
B/Watch Neg

KAR Auction Services Inc.

Automotive U.S.
B/Watch Neg

Koos Holding Cooperatief U.A.

Media and entertainment 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

Loancore Capital Markets LLC

Financial institutions Yes U.S.
B/Watch Neg

Metinvest B.V.

Metals, mining, and steel Netherlands
B/Watch Neg Motion Midco Ltd. Media and entertainment U.K.
B/Watch Neg

Navistar International Corp.

Automotive U.S.
B/Watch Neg

New Enterprise Stone & Lime Co. Inc.

Forest products and building materials U.S.
B/Watch Neg

Park-Ohio Industries Inc.

Capital goods 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 Spain
B/Watch Neg

Tenneco Inc.

Automotive U.S.
B/Watch Neg

The Knot Worldwide Inc.

Media and entertainment U.S.
B/Watch Neg Third Coast Midstream LLC Midstream U.S.
B/Watch Neg Tivity Health Inc. Consumer products U.S.
B/Watch Neg

Trader Corp.

Consumer products Canada
B/Watch Neg

UC Holdings Inc.

Chassix Holdings Inc. Automotive U.S.
B/Watch Neg

UFC Holdings LLC

Endeavor Operating Co. LLC Media and entertainment U.S.
B/Watch Neg Upstream Newco Inc. Health care U.S.
B/Watch Neg

Voyager Aviation Holdings LLC

Transportation U.S.
B/Watch Neg

Waste Pro USA Inc.

Chemicals, packaging, and environmental services Yes U.S.
B/Watch Neg Zest Acquisition Corp. Health care U.S.
B/Watch Neg

eDreams ODIGEO S.A.

Media and entertainment Luxembourg
B ACProducts Inc. Forest products and building materials Yes U.S.
B

AI Convoy (Luxembourg) S.a.r.l.

Aerospace and defense U.K.
B

AI Ladder (Luxembourg) Subco S.a.r.l.

High technology Luxembourg
B

AIS HoldCo LLC

Insurance U.S.
B ASM Global Parent Inc. Media and entertainment Yes U.S.
B Access CIG LLC Media and entertainment Yes U.S.
B Achilles Acquisition LLC Insurance U.S.
B

Advanced Integration Technology LP

Aerospace and defense U.S.
B

Ai Sirona (Luxembourg) Acquisition Sarl

Health care Luxembourg
B

Albaraka Turk Katilim Bankasi AS

Al Baraka Banking Group B.S.C.

Financial institutions Turkey
B

Alera Group Intermediate Holdings Inc.

Insurance U.S.
B

Alight Solutions LLC

Media and entertainment Yes U.S.
B

Allegiant Travel Co.

Transportation Yes U.S.
B

Alterra Mountain Co.

Media and entertainment Yes U.S.
B

Altice Europe N.V.

Telecommunications Netherlands
B American Bath Group LLC Forest products and building materials U.S.
B

American Greetings Corp.

Consumer products Yes U.S.
B

American Trailer World Corp.

BCD Intermediate Holdings Inc

Capital goods Yes U.S.
B

Amneal Pharmaceuticals LLC

Amneal Pharmaceuticals Inc. Health care U.S.
B Archroma Holdings S.a r.l. Chemicals, packaging, and environmental services Yes Luxembourg
B

Athena Bidco GmbH

High technology Germany
B Auris Luxembourg II S.A. Health care Luxembourg
B

Authentic Brands Group LLC

Consumer products U.S.
B

BCP VII Jade Topco (Cayman) Ltd.

Chemicals, packaging, and environmental services U.K.
B BCPE Empire Holdings Inc. Media and entertainment U.S.
B

BME Group Holding BV

Forest products and building materials Yes Netherlands
B BVI Holdings Mayfair Ltd. Health care Yes U.K.
B

Baytex Energy Corp.

Oil and gas Canada
B Bojangles' Inc. Retail/restaurants U.S.
B

Boyd Gaming Corp.

Media and entertainment Yes U.S.
B

Boyne USA Inc.

Media and entertainment Yes U.S.
B

CD&R Firefly 4 Ltd. (Motor Fuel Group)

Retail/restaurants U.K.
B

CES Energy Solutions Corp.

Oil and gas Canada
B CNG Holdings Inc. Financial institutions Yes U.S.
B CNT Holdings III Corp. Retail/restaurants U.S.
B

Caldic Midco B.V.

Chemicals, packaging, and environmental services Netherlands
B Carestream Dental Parent Ltd. Health care U.K.
B

Carriage Services Inc.

Health care U.S.
B

Casino Guichard - Perrachon S.A.

Retail/restaurants France
B CityCenter Holdings LLC Media and entertainment Yes U.S.
B Clarity Telecom LLC Telecommunications U.S.
B CommScope Holding Co. Inc. High technology U.S.
B

Commercial Vehicle Group Inc.

Automotive Yes U.S.
B

Consolidated Communications Holdings Inc.

Telecommunications U.S.
B

Corelle Brands Holdings Inc.

Consumer products U.S.
B

Credivalores - Crediservicios SAS

Financial institutions Yes Colombia
B

DISH Network Corp.

Telecommunications U.S.
B

DLG Acquisitions Ltd.

Media and entertainment U.K.
B

DaFa Properties Group Ltd.

Homebuilders/real estate companies Yes Cayman Islands
B

Damac Real Estate Development Ltd.

Homebuilders/real estate companies U.A.E.
B Datto Inc. High technology Yes U.S.
B

Dawn Acquisitions LLC

Infra Colodata Holdings LLC

Homebuilders/real estate companies U.S.
B

Dhanani Group Inc.

Retail/restaurants U.S.
B Dimora Brands Inc. Forest products and building materials Yes U.S.
B

DiversiTech Holdings Inc.

Forest products and building materials Yes U.S.
B Donnelley (R.R.) & Sons Co. Media and entertainment U.S.
B Drive Chassis Holdco LLC Transportation U.S.
B

ENC Holding Corp.

ENC Parent Corp. Transportation U.S.
B

EVO Payments International LLC

High technology Yes U.S.
B

EVOCA S.p.A.

Consumer products Italy
B Edelman Financial Engines Center LLC (The) Financial institutions U.S.
B Electro Rent Corp. Capital goods U.S.
B

Element Materials Technology Ltd.

Consumer products U.K.
B Elo Touch Solutions Inc. High technology U.S.
B

Endo International PLC

Health care Ireland
B

Entercom Communications Corp.

Media and entertainment U.S.
B Epic Crude Services LP EPIC Midstream Holdings LP Midstream U.S.
B

Everi Payments Inc.

Media and entertainment Yes U.S.
B EyeCare Partners LLC Health care Yes U.S.
B Federal Democratic Republic of Ethiopia Sovereign Ethiopia
B

Filtration Group Corp.

Capital goods Yes U.S.
B

Financiere Colisee SAS

Health care France
B

Financiere N

Health care France
B

Financiere Top Mendel SAS

Health care France
B Flex Acquisition Holdings Inc. Chemicals, packaging, and environmental services U.S.
B

Flynn Restaurant Group LP

Retail/restaurants U.S.
B GEMS MENASA (Cayman) Ltd.

GEMS Menasa Holdings Ltd. (Cayman islands)

Consumer products U.A.E.
B

Gamenet Group S.p.A.

Media and entertainment Yes Italy
B

Genesis Care Pty Ltd.

Health care Australia
B Goldcup Holdings Inc.

Explorer Holdings Inc

Health care U.S.
B Hayward Industries Inc. Consumer products U.S.
B Henry Holdings Inc. Henry Co. LLC Forest products and building materials U.S.
B

Hestiafloor 2

Forest products and building materials Yes France
B

High Liner Foods Inc.

Consumer products Canada
B Highline Aftermarket Acquisition LLC Consumer products Yes U.S.
B

House of HR NV

Consumer products Belgium
B HudBay Minerals Inc. Metals, mining, and steel Canada
B

Hyster-Yale Materials Handling Inc.

Capital goods U.S.
B

IWH UK Finco Ltd.

Health care U.K.
B

Indivior plc

Health care U.K.
B

Inmar Inc.

Consumer products U.S.
B

Inspire Brands Inc.

Retail/restaurants U.S.
B

International Design Group SpA

Consumer products Italy
B

Jaguar Land Rover Automotive PLC

Tata Sons Pte. Ltd.

Automotive U.K.
B

Jiayuan International Group Ltd.

Homebuilders/real estate companies China
B

Jingrui Holdings Ltd.

Homebuilders/real estate companies Cayman Islands
B K+S Aktiengesellschaft Chemicals, packaging, and environmental services Germany
B

KAPLA Holding (Kiloutou)

Capital goods France
B

Keystone Acquisition Corp.

Insurance U.S.
B

Kiwi VFS SUB I S.ar.l

Consumer products Luxembourg
B

Koppers Holdings Inc.

Chemicals, packaging, and environmental services U.S.
B Kosmos Energy Ltd. Oil and gas U.S.
B LABL Inc. Chemicals, packaging, and environmental services U.S.
B

LSF10 Edilians Investments S.a.r.l.

Forest products and building materials France
B

LSF10 Wolverine Investments SCA

Forest products and building materials France
B LSFX Flavum Bidco S.A. Forest products and building materials Spain
B

La Financiere Atalian SAS

Consumer products France
B Latham Pool Products Inc. Consumer products U.S.
B LifeScan Global Corp. Health care U.S.
B

Lifetime Brands Inc.

Consumer products U.S.
B Loire UK Midco 3 Ltd. Consumer products U.K.
B

Loxam SAS

Capital goods France
B Lucid Energy Group II Borrower LLC Lucid Energy Group II LLC Midstream U.S.
B MRO Holdings Inc. Aerospace and defense Panama
B MTN Infrastructure TopCo Inc. Telecommunications Yes U.S.
B Mauser Packaging Solutions Holding Co. BOE Intermediate Holding Corp. Chemicals, packaging, and environmental services U.S.
B Mercury Parent LLC Health care U.S.
B

Meredith Corp.

Media and entertainment Yes U.S.
B Michaels Cos. Inc. (The) Retail/restaurants U.S.
B

Mobilux 2 S.A.S.

Retail/restaurants Yes France
B

MoneyGram International

Financial institutions U.S.
B

Mr. Cooper Group Inc.

Financial institutions U.S.
B NFP Holdings LLC Insurance U.S.
B

National CineMedia Inc.

Media and entertainment Yes U.S.
B

Natural Resource Partners L.P.

Metals, mining, and steel U.S.
B

Navios Maritime Holdings Inc.

Transportation Marshall Islands
B

Neptune Holdco S.a.r.l.

Forest products and building materials Luxembourg
B

NexTier Oilfield Solutions Inc.

Oil and gas U.S.
B Oak Holdings LLC Consumer products U.S.
B

Outdoor Home Services Holdings LLC

Consumer products U.S.
B

PDC Beauty & Wellness Co.

Consumer products U.S.
B

PHM Netherlands Midco B.V.

Forest products and building materials Netherlands
B PLZ Aeroscience Corp. Chemicals, packaging, and environmental services Yes U.S.
B PS HoldCo LLC Transportation U.S.
B

PT Kawasan Industri Jababeka Tbk.

Homebuilders/real estate companies Indonesia
B

Peraton Corp.

Aerospace and defense U.S.
B Pioneer UK Midco 1 Ltd. Health care U.S.
B

Placin Sarl

Consumer products Spain
B

Platin 1425. GmbH

Capital goods Germany
B

Populus Financial Group Inc

Financial institutions U.S.
B

Precision Drilling Corp.

Precision Drilling Trust Oil and gas Canada
B PriSo Acquisition Corp. Forest products and building materials U.S.
B Q Holdco Ltd. Health care Yes U.S.
B

QEP Resources Inc.

Oil and gas U.S.
B

Quimper AB

Forest products and building materials Yes Sweden
B

Radio Systems Corp.

Consumer products U.S.
B

Range Resources Corp.

Oil and gas U.S.
B

Realogy Group LLC

Media and entertainment U.S.
B

Rekeep S.p.A.

Consumer products Italy
B Republic of Ghana Sovereign Yes Ghana
B Rockwood Service Corp. Capital goods U.S.
B Rough Country LLC Automotive U.S.
B

Ryerson Holding Corp.

Metals, mining, and steel U.S.
B Ryman Hospitality Properties Inc. Media and entertainment U.S.
B SRS Distribution Inc. Forest products and building materials U.S.
B

SSH Holdings Inc. d/b/a Spencer Spirit

Retail/restaurants U.S.
B Saffron Borrowco LLC Retail/restaurants U.S.
B

Schur Flexibles GmbH

Chemicals, packaging, and environmental services Germany
B Seplat Petroleum Development Co. PLC Oil and gas Nigeria
B

Shandong Sanxing Group Co. Ltd.

Consumer products China
B

Sisal Group S.p.A

Schumann S.p.A. Media and entertainment Italy
B

Soco 1

Media and entertainment France
B

Spectrum Brands Holdings Inc.

Consumer products U.S.
B

Staples Inc.

Media and entertainment U.S.
B

Stellagroup

Polaris Holding

Forest products and building materials France
B Summit Midstream Partners LP Midstream U.S.
B Superior Industries International Inc. Automotive U.S.
B

THOM Europe S.A.S.

Retail/restaurants France
B

TNS Inc.

Telecommunications Yes U.S.
B TRC Cos. Inc. Capital goods Yes U.S.
B

Talen Energy Supply LLC

Talen Energy Corp. Utilities U.S.
B TecoStar Holdings Inc. Health care U.S.
B

Teine Energy Ltd.

Oil and gas Canada
B The Cook & Boardman Group LLC Forest products and building materials U.S.
B The Schumacher Group of Delaware Inc. Clinical Acquisitions Holdings LP Health care U.S.
B Thermon Group Holdings Inc. Capital goods U.S.
B

Tortoise Parent Holdco LLC

Financial institutions U.S.
B Townsquare Media Inc. Media and entertainment Yes U.S.
B Trico Group LLC Automotive U.S.
B

Trinseo S.A.

Chemicals, packaging, and environmental services Luxembourg
B

Tronox Ltd.

Chemicals, packaging, and environmental services Australia
B

Tutor Perini Corp.

Capital goods U.S.
B United Natural Foods Inc. Retail/restaurants U.S.
B

Visual Comfort & Co.

Consumer products Yes U.S.
B

WP/AV CH HOLDINGS II B.V.

High technology Yes Netherlands
B

Walnut Bidco PLC

Consumer products Switzerland
B

Wendy's Co. (The)

Retail/restaurants U.S.
B

Xinhu Zhongbao Co. Ltd.

Homebuilders/real estate companies China
B

Xinjiang Guanghui Industry Investment (Group) Co. Ltd.

Homebuilders/real estate companies China
B

Zara UK Topco Ltd.

Consumer products U.K.
B

iHeartMedia Inc.

Media and entertainment U.S.
B-/Watch Neg 18 Fremont Street Acquisition LLC Media and entertainment U.S.
B-/Watch Neg

AAG FH LP

Retail/restaurants Canada
B-/Watch Neg

APCO Super Holdco LP

Insurance U.S.
B-/Watch Neg ATI Holdings Acquisition Inc. Health care U.S.
B-/Watch Neg

AVSC Holding Corp.

Media and entertainment U.S.
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 Canada
B-/Watch Neg

Alliance HealthCare Services

Health care U.S.
B-/Watch Neg American Dental Partners Inc. Health care U.S.
B-/Watch Neg

BURGER KING France SAS

NewCo GB SAS Retail/restaurants France
B-/Watch Neg CWGS Enterprises LLC 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 Chefs' Warehouse Inc. (The) Consumer products U.S.
B-/Watch Neg Comet Bidco Ltd. Media and entertainment U.K.
B-/Watch Neg Companhia Siderurgica Nacional (CSN) Metals, mining, and steel Brazil
B-/Watch Neg

Confie Seguros Holding Co.

Insurance U.S.
B-/Watch Neg Confluent Health LLC Health care U.S.
B-/Watch Neg Container Store Group Inc. (The) Retail/restaurants U.S.
B-/Watch Neg Covenant Surgical Partners Inc. Health care U.S.
B-/Watch Neg

Dentalcorp Health Services ULC

Health care Canada
B-/Watch Neg Digital Room Holdings Inc. Media and entertainment U.S.
B-/Watch Neg Edward Don & Co. Holdings LLC Consumer products U.S.
B-/Watch Neg

Ezdan Holding Group Q.S.C.

Homebuilders/real estate companies Yes Qatar
B-/Watch Neg

GI Revelation Acquisition LLC

High technology U.S.
B-/Watch Neg

Genworth Financial Inc.

Insurance Yes U.S.
B-/Watch Neg Hubbard Radio LLC Media and entertainment U.S.
B-/Watch Neg

International Park Holdings B.V.

Media and entertainment Spain
B-/Watch Neg

Jacobs Entertainment Inc.

Media and entertainment U.S.
B-/Watch Neg

KLDiscovery Inc.

Consumer products 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.

The Restaurant Group PLC Retail/restaurants U.K.
B-/Watch Neg

NEP/NCP Holdco Inc.

Media and entertainment U.S.
B-/Watch Neg NN Inc. Health care 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 U.S.
B-/Watch Neg

OCWEN Financial Corp.

Financial institutions U.S.
B-/Watch Neg

PT Modernland Realty Tbk.

Homebuilders/real estate companies Indonesia
B-/Watch Neg

Pesquera Exalmar S.A.A.

Consumer products Peru
B-/Watch Neg

Pinnacle Bidco PLC

Media and entertainment U.K.
B-/Watch Neg

Piolin Bidco S.A.U.

Media and entertainment 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 Germany
B-/Watch Neg Tensar Corp. (The) Forest products and building materials 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 Transportes Aereos Portugueses, SGPS, S.A. Transportation Portugal
B-/Watch Neg Travel Leaders Group LLC Media and entertainment U.S.
B-/Watch Neg URS Holdco Inc. Transportation U.S.
B-/Watch Neg

WestJet Airlines Ltd.

Transportation Canada
B- APX Group Holdings Inc. Media and entertainment U.S.
B- AQ Carver Buyer Inc. Media and entertainment U.S.
B-

ASP Chromaflo Holdings LP

Chemicals, packaging, and environmental services Cayman Islands
B- Acropole Holding Consumer products France
B- Aegis Toxicology Sciences Corp. Aegis Acquistion Inc. Health care U.S.
B-

Aerial Parent Corp.

Telecommunications Yes U.S.
B-

Afflelou SAS

Consumer products France
B-

Albany Molecular Research Inc.

Health care U.S.
B- Alvogen Pharma US Inc.

Alvogen Lux Holdings S.a.r.l.

Health care U.S.
B-

Amer Sports Holding 1 Oy

Consumer products Finland
B- American Renal Associates Holdings Inc. Health care U.S.
B-

Amynta Holdings LLC

Insurance U.S.
B- Antero Resources Corp. Oil and gas U.S.
B-

Arbor Pharmaceuticals Inc.

Health care U.S.
B-

Aspen Jersey Topco LLC

High technology U.S.
B-

AutoCanada Inc.

Retail/restaurants Canada
B- Avalign Holdings Inc. Health care U.S.
B- Aventiv Technologies LLC Telecommunications U.S.
B- BEP Ulterra Holdings Inc. Oil and gas U.S.
B-

Baffinland Iron Mines Corp.

Metals, mining, and steel Canada
B- Bahia de las Isletas, S.L. Transportation Spain
B- Ball Metalpack Finco LLC Chemicals, packaging, and environmental services U.S.
B- Berry Petroleum Corp. Oil and gas U.S.
B- Boardriders Inc. Consumer products U.S.
B- Bowlero Corp. Media and entertainment U.S.
B- Brand Industrial Services Inc. Capital goods U.S.
B- Buccaneer Intermediate Holdco Ltd. Health care U.K.
B- C&D Technologies Inc. Capital goods Yes U.S.
B- CB Poly Investments LLC Consumer products U.S.
B-

CFS Brands LLC

Capital goods U.S.
B-

CHG PPC Intermediate II LLC

Consumer products U.S.
B- CIRCOR International Inc. Capital goods U.S.
B- Calumet Specialty Products Partners LP Utilities U.S.
B-

Cassini SAS

Media and entertainment France
B- Cast & Crew Payroll LLC Consumer products U.S.
B-

Cengage Learning Holdings II Inc.

Media and entertainment U.S.
B-

Cirsa Enterprises S.L.U.

LHMC Finco 2 S.a.r.l.

Media and entertainment Spain
B-

Cleveland-Cliffs Inc.

Metals, mining, and steel U.S.
B- Cohu Inc. High technology U.S.
B- Cologix Holdings Inc. Telecommunications U.S.
B-

Conn's Inc.

Retail/restaurants Yes U.S.
B-

ConvergeOne Holdings Inc.

Media and entertainment U.S.
B- Cooper-Standard Holdings Inc. Automotive U.S.
B-

Cornerstone Chemical Co.

Chemicals, packaging, and environmental services U.S.
B-

Corporacion Azucarera del Peru S. A.

Consumer products Peru
B- DMT Solutions Global Corp. Media and entertainment U.S.
B-

Daseke Inc

Transportation U.S.
B-

Dealer Tire LLC

Automotive Yes U.S.
B-

DexKo Global Inc.

Capital goods Yes U.S.
B-

Diebold Nixdorf Inc.

High technology U.S.
B-

Dunn Paper Holdings Inc.

Chemicals, packaging, and environmental services U.S.
B- Dynasty Acquisition Co. Inc. Aerospace and defense U.S.
B- ERC Topco Holdings LLC Health care U.S.
B-

EagleView Technology Corp.

Media and entertainment U.S.
B- Eclipse Midco Inc. High technology U.S.
B- Electronics for Imaging Inc. High technology U.S.
B-

Ellaktor S.A.

Utilities Greece
B- EnTrans International LLC Automotive U.S.
B- EnVen Energy Corp. Oil and gas U.S.
B-

Encino Acquisition Partners LLC

Oil and gas U.S.
B- Energy Holdings (Cayman) Ltd. Capital goods Cayman Islands
B-

EnergySolutions Inc.

Chemicals, packaging, and environmental services U.S.
B-

Eyemart Express Holdings LLC

Retail/restaurants U.S.
B-

First American Payment Systems LP

High technology U.S.
B- FleetPride Inc. Fastlane Parent Co. Inc. Automotive U.S.
B- Forming Machining Industries Holdings LLC Aerospace and defense U.S.
B- Fort Dearborn Holding Co. Inc. Chemicals, packaging, and environmental services U.S.
B-

Freedom Mortgage Corp.

Financial institutions U.S.
B- GCI LLC GCI Liberty Inc. Telecommunications U.S.
B- Genuine Financial Holdings LLC Consumer products U.S.
B-

Golden Nugget Inc.

Retail/restaurants U.S.
B- Greenway Health LLC Health care U.S.
B-

Grupo Antolin Irausa SA

Automotive Spain
B- Halo Buyer Inc. Consumer products U.S.
B-

Haya Real Estate S.A.U

Consumer products Yes Spain
B-

Heidelberger Druckmaschinen AG

Capital goods Germany
B-

Hexion Inc.

Chemicals, packaging, and environmental services U.S.
B- Hillman Cos. Inc. (The) Consumer products U.S.
B- Holley Purchaser Inc. Automotive U.S.
B- Hoya Midco LLC Media and entertainment Yes U.S.
B-

IM Growth SAS

Consumer products France
B-

Idemia France SAS

High technology France
B-

Infogroup Inc.

Media and entertainment U.S.
B-

Innovative Water Care Global Corp.

Consumer products U.S.
B- International Seaways Inc. Transportation Marshall Islands
B-

Intrado Corp.

Telecommunications U.S.
B-

JMC Acquisition Corp.

Capital goods U.S.
B-

Jazz Acquisition Inc.

Wencor Group LLC Aerospace and defense U.S.
B-

K-Mac Holdings Corp.

Retail/restaurants U.S.
B-

KNEL Acquisition LLC

Consumer products U.S.
B-

Kleopatra Holdings 1 S.C.A.

Chemicals, packaging, and environmental services Luxembourg
B- Knowlton Development HoldCo Inc. Consumer products Canada
B-

Kronos Worldwide Inc.

Chemicals, packaging, and environmental services U.S.
B- LJ Ruby Holdings LLC Capital goods U.S.
B-

LSF9 Balta Issuer S.A.

Consumer products Belgium
B- Lannett Co. Inc. Health care U.S.
B-

Laredo Petroleum Inc.

Oil and gas U.S.
B-

Livingston International Inc.

Consumer products Canada
B- MED ParentCo LP Retail/restaurants Yes U.S.
B-

MRC Global (US) Inc.

McJunkin Red Man Holding Corp. Metals, mining, and steel Yes U.S.
B-

Marcolin SpA

Consumer products Italy
B- Matador Resources Co. Oil and gas U.S.
B-

Mavis Tire Express Services Corp.

Retail/restaurants U.S.
B- Maxim Crane Works Holdings Capital LLC Capital goods U.S.
B- McGraw-Hill Education Inc. Media and entertainment U.S.
B- Mitel Networks (International) Ltd. High technology U.K.
B-

Monitronics International Inc.

Media and entertainment U.S.
B- Moran Foods LLC SAL Acquisition Corp. Retail/restaurants Yes U.S.
B- Navitas Midstream Midland Basin LLC Midstream U.S.
B-

Nets Topco 3 S.a r.l.

High technology Denmark
B-

Norican Global A/S

Capital goods Denmark
B-

Nutrition Parent LLC

Consumer products U.S.
B-

Oi S.A.

Telecommunications Brazil
B-

One Call Corp.

One Call Care Management Inc. Insurance U.S.
B-

Oryx Midstream Holdings LLC

Midstream U.S.
B-

Owens & Minor Inc.

Consumer products U.S.
B- P&L Development Holdings LLC Consumer products U.S.
B-

PAX Midco Spain

Retail/restaurants Spain
B-

PT Lippo Karawaci Tbk.

Homebuilders/real estate companies Indonesia
B-

Panda Stonewall LLC

Merchant power U.S.
B-

Paradigm Midstream LLC

Midstream U.S.
B-

Parts Holding Europe SAS

Dakar Finance S.A. Automotive France
B-

Perstorp Holding AB (publ)

Chemicals, packaging, and environmental services Sweden
B- PetroChoice Holdings Inc. Consumer products U.S.
B-

Plaskolite PPC Intermediate II LLC

Plaskolite PPC Intermediate I LLC Forest products and building materials U.S.
B- Pregis TopCo Corp. Chemicals, packaging, and environmental services U.S.
B-

Premier Brands Group Holdings LLC

Consumer products U.S.
B- Procera I LP High technology Canada
B-

Project Boost Purchaser LLC

High technology U.S.
B-

Project Silverback Holding Corp.

High technology U.S.
B- Prometric Holdings Inc. Media and entertainment U.S.
B-

Promontoria Holding 264 B.V.

Transportation Netherlands
B- Pugnacious Endeavors Inc. Media and entertainment U.S.
B- QBS Parent Inc. Project Quarterback Parent LLC High technology U.S.
B- QualTek USA LLC Capital goods U.S.
B- Ring Container Technologies Group LLC Chemicals, packaging, and environmental services U.S.
B-

Rubix Group Holdings Ltd.

Capital goods U.K.
B- SIWF Holdings Inc. Consumer products U.S.
B-

SK Invictus Intermediate II S.a r.l.

Chemicals, packaging, and environmental services Luxembourg
B- STG-Fairway Holdings LLC (d/b/a First Advantage Corp.) Consumer products U.S.
B-

Safe Fleet Holdings LLC

Capital goods U.S.
B- Salient CRGT Inc. Aerospace and defense U.S.
B-

Schoeller Packaging B.V.

Chemicals, packaging, and environmental services Yes Netherlands
B-

Selecta Group B.V.

Consumer products Netherlands
B-

Shift4 Payments LLC

High technology U.S.
B- Solenis UK International Ltd. Chemicals, packaging, and environmental services U.K.
B- Solera Parent Holding LLC High technology U.S.
B- Specialty Building Products Holdings LLC Forest products and building materials U.S.
B- Star UK Midco Ltd. Capital goods U.K.
B-

Starfish Holdco LLC

High technology U.S.
B-

Sterling Intermediate Corp.

Media and entertainment U.S.
B- Sungard AS New Holdings LLC High technology Yes U.S.
B- TEG Pty Ltd. Media and entertainment Australia
B-

TMF Sapphire Midco B.V.

Media and entertainment Netherlands
B- TPC Group Inc. TPC Group LLC Chemicals, packaging, and environmental services U.S.
B- TPro Acquisition Corp. Automotive Yes U.S.
B-

Tacala LLC

Retail/restaurants U.S.
B-

Tank Holding Corp.

Capital goods U.S.
B- Team Health Holdings Inc. Health care U.S.
B-

Terra-Gen Finance Co. LLC

Terra-Gen Power Holding II LLC

Merchant power U.S.
B-

Tornante - MDP Joe Holding LLC

Media and entertainment U.S.
B- Toro Private Holdings I Ltd. Transportation U.K.
B-

Trade Me Group Ltd.

High technology New Zealand
B-

Triton UK Midco Ltd.

High technology U.K.
B-

Triumph Group Inc.

Aerospace and defense U.S.
B-

Truck Holdings Inc.

Automotive U.S.
B- USIC Holdings Inc. Capital goods Yes U.S.
B- USS Ultimate Holdings Inc. Chemicals, packaging, and environmental services U.S.
B-

Vantage Specialty Chemicals Inc.

Chemicals, packaging, and environmental services U.S.
B-

Veritas Holdings Ltd.

High technology Bermuda
B-

Viking Cruises Ltd.

Viking Holdings Ltd. Media and entertainment Yes U.S.
B-

Vue International Bidco plc

Media and entertainment U.K.
B-

WP CPP Holdings LLC

Aerospace and defense U.S.
B-

WWEX UNI Intermediate Holdings LLC

Transportation Yes U.S.
B- Wand NewCo 3 Inc. Automotive U.S.
B-

WaterBridge Operating LLC

WaterBridge Resources LLC Midstream U.S.
B-

Welltec A/S

Oil and gas Denmark
B-

Wesco Aircraft Holdings Inc.

Wolverine Intermediate Holding Corp.

Aerospace and defense U.S.
B- Wheel Pros Inc. Automotive U.S.
B-

WireCo WorldGroup Inc.

Metals, mining, and steel U.S.
B-

Wirepath LLC

Crackle Holdings LP High technology U.S.
B-

World Endurance Holdings Inc.

Media and entertainment U.S.
B-

YS Garments LLC

Consumer products U.S.
B- Zenith Energy U.S. Logistics Holdings LLC Midstream U.S.
B- pH Beauty Holdings I Inc. Consumer products U.S.
Data as of May 29, 2020. Source: S&P Global Ratings Research.

Related Publications

Related Criteria
Related Research

This report does not constitute a rating action.

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

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