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In This List
COMMENTS

Credit Trends: U.S. Corporate Downgrades Rise To A New High In Second-Quarter 2020

COMMENTS

COVID-19 Battered Global Consumer Discretionary Sectors But Lifted Staples; Recovery Varies By Subsector

COMMENTS

History Of U.S. State Ratings

COMMENTS

U.S. State Ratings And Outlooks: Current List

COMMENTS

COVID-19 Impact: Key Takeaways From Our Articles


Credit Trends: U.S. Corporate Downgrades Rise To A New High In Second-Quarter 2020

Second-Quarter 2020 Marks The First Time That U.S. Quarterly Downgrades Exceeded 400

S&P Global Ratings lowered 414 long-term issuer credit ratings in the second quarter, surpassing the prior peak of 331, which was set in first-quarter 2009. The number of monthly downgrades peaked at 268 in April before falling in May and June as states eased social distancing measures to restart economic activity (see chart 1).

Chart 1

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Downgrade Potential Reaches New High For Speculative-Grade Companies

Companies that entered this stress period with weaker credit metrics have been particularly challenged by the shocks to economic and funding conditions. The negative bias (the percentage of issuer credit ratings with negative outlooks or on CreditWatch with negative implications) for speculative-grade ('BB+' and lower) companies reached a historic quarter-end high of 52%, even as the negative bias of 26% for investment-grade companies remains below its 2009 peak of 28% (see charts 2 and 3).

Chart 2

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Chart 3

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While we expect the economic recovery to begin in the second half of this year, credit quality is likely to take longer to recover. The time horizon for potential downgrades has shifted from the near term to the medium term. The share of companies with ratings on CreditWatch with negative implications declined at the end of the second quarter, even as the share of ratings with a negative outlook increased (see chart 4). A rating on CreditWatch indicates a one-in-two chance of a rating change within the next 90 days, while a negative outlook indicates a one-in-three chance of downgrade for up to two years for investment-grade companies and generally up to one year for speculative-grade companies. 

Chart 4

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Downgrade potential is highest among the lowest-rated issuers. With their weaker credit metrics, lower-rated entities are not as well-positioned to weather a business, financial, or economic shock as higher rated peers. By rating level, the lowest level of 'CCC'/'C' has the highest negative bias, at 92%, followed by 'B-' rated issuers, which have a negative bias of 51% (see chart 5).

Chart 5

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As the effects of the coronavirus pandemic and the sudden-stop recession are being felt across all sectors, negative bias rose in all 18 sectors in the second quarter (see chart 6).

Chart 6

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The automotive sector negative bias jumped 37 percentage points to 83% and is now the highest among all sectors (see chart 7). This came as S&P Global Ratings revised its estimate for light vehicle sales in 2020 lower to 12.7 million units, a 25% drop from 2019. Even with a recovery, we expect sales to remain 10% to 15% below 2019 levels in 2021.

The oil and gas sector now has the second-highest negative bias at 81% after increasing 17 percentage points during the quarter. Nearly half of all rated oil and gas issuers are rated 'B-' or lower, and most rating actions among speculative-grade issuers have been due to difficulties accessing capital markets. As a result, we expect the rate of distressed exchanges and bankruptcies in the sector to increase substantially over the next year.

The media and entertainment sector had the third-highest negative bias at the end of the second quarter at 64%, an increase of 9 percentage points since the end of the first quarter. This sector includes the leisure subsector, which has been particularly affected by social-distancing measures. Most rating actions have been concentrated among travel-related issuers, issuers in local media, live events issuers, and movie exhibitors. More downward rating actions are expected in the coming months, especially if the pace of economic recovery is slower than anticipated.

Chart 7

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Chart 8

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All Sectors Now Have A Negative Bias Above Their Long-Term Averages

One way we examine downgrade propensity is by comparing the current negative bias with the historical average. Currently, all 18 sectors show a negative bias above their long-term average, an increase of five sectors during the quarter. This is the first time that all 18 sectors have an above-average negative bias.

Autos and oil and gas are the sectors with current negative biases that are highest above their historical averages (see chart 9).

We use a similar approach to gauge upgrade potential, comparing the current positive bias of a sector with its long-term average. Currently, no sectors show above-average upgrade potential (see chart 10).

Chart 9

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Chart 10

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Speculative-Grade Nonfinancial Companies Lead Downgrades

U.S. corporate downgrades totaled 414 in the second quarter, and this is the first time quarterly downgrades have topped 400.   Nonfinancial corporate issuers accounted for 405 of the downgrades, and just nine were from financial services (see chart 11).

Chart 11

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The number of speculative-grade downgrades increased by 49% in the quarter (to 379), while investment-grade downgrades fell by 24% (to 35), (see chart 12). Meanwhile, the total number of upgrades fell by 35% to 22 (see chart 13).

Chart 12

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Chart 13

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Table 1

Second-Quarter 2020 U.S. Corporate Ratings Statistics--All-Time Lows In Upgrade Potential
Overall Investment grade Speculative grade Financial Nonfinancial
Downgrades (issuer count) 414 35 379 9 405
Debt volume (bil. $US) 1,044.7 364.4 680.4 10.8 1,034.0
Upgrades (issuer count) 22 3 19 2 20
Debt Volume (bil. $US) 85.8 45.0 40.8 2.0 83.9
Total rating actions 436 38 398 11 425
Downgrade ratio (%) 95.0 92.1 95.2 81.8 95.3
Historical average (%) 63.8 59.7 64.9 54.6 64.8
High (%), quarter 95, 2020Q2 92, 2020Q2 95, 2020Q2 100, 2000Q3 95, 2020Q2
Low (%), quarter 30, 1997Q3 21, 2012Q2 25, 1997Q3 9, 1996Q3 30, 1997Q3
Negative bias (%) 44.2 26.0 52.4 29.4 46.3
Historical average (%) 21.5 16.3 25.3 17.7 22.3
High (%), quarter 44, 2020Q2 28, 2009Q3 52, 2020Q2 45, 2009Q3 46, 2020Q2
Low (%), quarter 11, 2013Q4 9, 2013Q4 12, 2014Q2 4, 1996Q1 11, 2014Q2
Positive bias (%) 1.9 0.9 2.3 2.6 1.8
Historical average (%) 9.4 7.0 11.5 8.2 9.7
High (%), quarter 17, 1996Q3 14, 1997Q4 23, 1996Q2 17, 2006Q1 17, 1996Q2
Low (%), quarter 2, 2020Q2 1, 2020Q2 2, 2020Q2 3, 2020Q2 2, 2020Q2
Historical average from 1995Q1-2020Q2. See Table 4 for details. Rating changes exclude entities with no rated debt. Data as of June 30, 2020, Source: S&P Global Ratings Research.

Second-Quarter Downgrades Were Concentrated In The Lowest Rating Categories

The majority of downgrades in the quarter were from issuers rated 'B+' and lower because companies with weaker credit metrics were less able to withstand the rapid deterioration of business and economic conditions.   While issuers rated 'B+' and lower have grown to account for 42% of U.S. issuer credit ratings, these issuers represented an even higher share of downgrades in the second quarter (with 75%). Issuers rated 'B-' or lower accounted for nearly 39% of downgrades, while issuers rated 'B+' or 'B', accounted for 36% (see chart 14).

Chart 14

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Four Sectors Continue To Lead Downgrades

The same four sectors continued to lead downgrades in the second quarter that led in the first.

Media and entertainment tops the list again with 80 downgrades (up from 48 in the first quarter). Nearly all of the downgrades were speculative-grade issuers (74) and just over half of the downgrades (41) were concentrated in the hotel or leisure industries.

Downgrades in the consumer products and retail and restaurants sectors remained elevated in the second quarter. Consumer products sector downgrades increased to 50 from 33 in the previous quarter, while retail and restaurants sector downgrades increased to 34 from 27. Nearly all of the downgrades in each sector were speculative-grade issuers (49 of 50 in consumer products and 33 of 34 in retail and restaurants). In the retail and restaurants sector, rating actions have been concentrated among dine-in restaurants, department stores, issuers within apparel, and issuers with specialty offerings. In the consumer products sector, rating actions have been concentrated among issuers within durable goods, apparel, food service, and cosmetics. Liquidity concerns are paramount in each sector amid tighter financing conditions for the weakest rated issuers.

We expect consumer sentiment to remain depressed even after states broadly reopen and traffic patterns begin rebounding. Sales for many issuers within retail and restaurants aren't expected to return to 2019 levels until 2022 with risks tilted to the downside, and issuers in discretionary subsectors of the consumer products sector likely face a similar outlook. More negative rating actions are expected in each sector.

Oil and gas sector downgrades remained elevated in the second quarter, increasing to 48 from 41 in the previous quarter. All of the downgrades were speculative-grade issuers.

New to the top five, the capital goods sector had 36 downgrades in the second quarter, up from just 14 in the previous quarter. Nearly all of the downgrades were speculative-grade issuers (32). The COVID-19 pandemic added significant pressure to a sector that was already vulnerable due to ongoing strain from the U.S.-China trade war, further disrupting supply chains and causing end-market demand to weaken even more. More negative rating actions may be ahead as the sector has the sixth-highest negative bias at 54% after spiking 28 percentage points (second most) during the second quarter (see chart 15 and table 2).

Chart 15

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Table 2

U.S. Rating Actions By Sector (Second-Quarter 2020)
--Number-- --Mil. US$-- --Totals--
Up Down Up Down Number Mil. US$
Aerospace and defense 2 11 43,624 32,080 13 75,704
Automotive 0 16 0 39,197 16 39,197
Capital goods 0 36 0 33,774 36 33,774
Chemicals, packaging, and environmental services 0 27 0 69,241 27 69,241
Consumer products 2 50 730 64,653 52 65,383
Financial institutions 1 7 1,400 7,239 8 8,639
Forest products and building materials 1 5 1,453 11,919 6 13,372
Health care 0 21 0 115,215 21 115,215
High technology 3 16 2,105 124,514 19 126,619
Homebuilders/Real estate co. 1 4 1,875 11,825 5 13,700
Insurance 1 2 550 3,523 3 4,073
Media and entertainment 1 80 3,934 252,866 81 256,800
Metals, mining, and steel 1 11 500 13,813 12 14,313
Oil and gas 4 48 5,002 85,266 52 90,268
Retail/Restaurants 2 34 2,425 75,797 36 78,222
Telecommunications 1 6 20,780 10,192 7 30,972
Transportation 0 20 0 56,517 20 56,517
Utilities 2 20 1,440 37,089 22 38,529
Total 22 414 85,818 1,044,720 436 1,130,538
Rating changes exclude entities with no rated debt. Media and entertainment includes leisure. Data as of June 30, 2020. Source: S&P Global Ratings Research.

Fewer Fallen Angels In The Second Quarter

Fallen angels (issuers downgraded to speculative grade from investment grade) totaled six in the second quarter after spiking to 13 in the first-quarter. All six issuers operate in different sectors and were downgraded from 'BBB-', the lowest investment-grade rating. Two of the issuers were downgraded by two notches to 'BB' (Royal Caribbean Cruises Ltd. and Tech Data Corp.) and four were downgraded by one notch to 'BB+' (Hillenbrand Inc., Service Properties Trust, Trinity Industries Inc., and Rockies Express Pipeline LLC). Global cruise operator Carnival Corp. was also downgraded to speculative grade during the second quarter, although this issuer is not included in this group of U.S. fallen angels as it is incorporated in Panama.

There was one rising star (upgraded to investment grade from speculative grade) in the quarter. We upgraded FGL Holdings to 'BBB-' from 'BB+' in June after it was acquired by Fidelity National Financial Inc. (see table 3).

Table 3

2016Q1-2020Q2 S&P Global Ratings Trends, U.S. Corporates
Defaulted issuers Weakest links Fallen angels Rising stars Potential downgrades Potential upgrades
2016Q1 30 160 9 6 316 141
2016Q2 32 182 4 4 339 150
2016Q3 25 174 5 5 324 156
2016Q4 18 173 4 4 320 142
2017Q1 17 169 5 0 290 158
2017Q2 23 154 0 9 301 152
2017Q3 9 156 2 5 294 166
2017Q4 15 147 6 3 294 176
2018Q1 18 138 1 5 284 184
2018Q2 14 144 5 4 294 190
2018Q3 3 145 4 5 301 196
2018Q4 12 145 6 2 301 179
2019Q1 21 151 4 1 309 163
2019Q2 23 167 2 2 316 151
2019Q3 13 179 3 2 322 139
2019Q4 20 196 4 7 351 127
2020Q1 21 318 13 1 573 92
2020Q2 60 432 6 1 776 41
Data as of June 30, 2020. Source : S&P Global Ratings Research.

Defaults Spiked In The Second Quarter

The number of U.S. corporate defaults nearly tripled in the quarter, rising to 60 from 21 in the first quarter. The 81 defaults in the first half of 2020 outnumber 2019's full-year total of 77.

With a growing number of downgrades and the proportion of issuers with a negative bias, the number of weakest links rose to 432 during the quarter (from 318 at the end of the first quarter). Weakest links are issuers rated 'B-' or lower with negative outlooks or ratings on CreditWatch negative, and these issuers typically show the greatest default risk.

This growing number of weakest links supports our view that the U.S. trailing-12-month speculative-grade corporate default rate will continue to climb, reaching 12.5% in March 2021.

Table 4

U.S. Corporate Upgrades (Second-Quarter 2020)
Issuer Country To From Date Sector

Raytheon Technologies Corp.

U.S. A- BBB+ 4/3/2020 Aerospace & Defense

Vertex Aerospace Services Corp.

U.S. B+ B 5/14/2020 Aerospace & Defense

BMC Acquisition Inc.

U.S. B- CCC+ 6/2/2020 Consumer Products

Del Monte Foods Inc.

U.S. CCC+ CCC 6/2/2020 Consumer Products

FGL Holdings

Cayman Islands BBB- BB+ 6/1/2020 Financial Institutions

Pershing Square Holdings Ltd.

U.S. BBB+ BBB 6/3/2020 Financial Institutions

CPG International LLC

U.S. B+ B 6/24/2020 Forest Products & Building Materials

Cadence Design Systems Inc.

U.S. BBB+ BBB 5/12/2020 High Technology

DiscoverOrg Holdings LLC (ZoomInfo Technologies Inc.)

U.S. B+ B- 6/17/2020 High Technology

Shift4 Payments LLC (Shift4 Payments Inc.)

U.S. B B- 6/17/2020 High Technology

William Lyon Homes Inc. (William Lyon Homes)

U.S. BB B 4/24/2020 Homebuilders/Real Estate Co.

Warner Music Group Corp.

U.S. BB BB- 6/16/2020 Media & Entertainment

Century Aluminum Co.

U.S. B- CCC+ 6/18/2020 Metals, Mining & Steel

Apergy Corporation

U.S. BB BB- 5/18/2020 Oil & Gas

Callon Petroleum Co.

U.S. CCC+ CC 6/18/2020 Oil & Gas

Comstock Resources Inc.

U.S. B- CCC+ 6/23/2020 Oil & Gas

Gran Tierra Energy Inc.

U.S. B- CCC+ 6/9/2020 Oil & Gas

BJ's Wholesale Club Holdings Inc.

U.S. BB- B+ 6/3/2020 Retail/Restaurants

Carrols Restaurant Group Inc.

U.S. B- CCC+ 6/24/2020 Retail/Restaurants

Sprint Corp. (SoftBank Group Corp.)

U.S. BB B 4/1/2020 Telecommunications

ContourGlobal PLC

Cayman Islands BB BB- 5/27/2020 Utilities

NSG Holdings LLC

U.S. BB+ BB 4/21/2020 Utilities
Rating changes exclude sovereign and entities with no rated debt. Data as of June 30, 2020. Source: S&P Global Ratings Research.

Table 5

U.S. Corporate Downgrades (Second-Quarter 2020)
Issuer Country To From Date Sector

Advanced Integration Technology L.P.

U.S. B BB- 5/15/2020 Aerospace & Defense

API Holdings III Corp.

U.S. B- B 4/10/2020 Aerospace & Defense

Boeing Co.

U.S. BBB- BBB 4/29/2020 Aerospace & Defense

Ducommun Inc.

U.S. B+ BB- 5/1/2020 Aerospace & Defense

Dynasty Acquisition Co. Inc.

U.S. B- B 4/17/2020 Aerospace & Defense

Forming Machining Industries Holdings LLC

U.S. CCC+ B- 6/19/2020 Aerospace & Defense

Propulsion Acquisition LLC

U.S. CCC+ B- 5/29/2020 Aerospace & Defense

Spirit AeroSystems Inc.

U.S. BB- BB 4/14/2020 Aerospace & Defense

Spirit AeroSystems Inc.

U.S. B+ BB- 6/25/2020 Aerospace & Defense

Triumph Group Inc.

U.S. CCC+ B- 6/2/2020 Aerospace & Defense

WP CPP Holdings LLC

U.S. B- B 4/17/2020 Aerospace & Defense

American Axle & Manufacturing Holdings Inc.

U.S. B+ BB- 4/6/2020 Automotive

Autoliv Inc.

U.S. BBB BBB+ 5/28/2020 Automotive

BorgWarner Inc.

U.S. BBB BBB+ 6/16/2020 Automotive

Cooper Tire & Rubber Co.

U.S. BB- BB 5/13/2020 Automotive

Cooper-Standard Holdings Inc.

U.S. B- B 4/2/2020 Automotive

EnTrans International LLC

U.S. B- B 4/20/2020 Automotive

GC EOS Buyer Inc

U.S. CCC+ B- 4/30/2020 Automotive

Goodyear Tire & Rubber Co. (The)

U.S. B+ BB- 4/17/2020 Automotive

Harman International Industries Inc. (Samsung Electronics Co. Ltd.)

U.S. A- A 4/9/2020 Automotive

K&N Parent Inc.

U.S. CCC CCC+ 6/17/2020 Automotive

KAR Auction Services Inc.

U.S. B B+ 4/23/2020 Automotive

SK HoldCo LLC

U.S. CCC CCC+ 4/17/2020 Automotive

Tenneco Inc.

U.S. B B+ 4/7/2020 Automotive

USF Holdings LLC

U.S. CCC B 4/2/2020 Automotive

Wabash National Corp.

U.S. BB- BB 4/27/2020 Automotive

Wand NewCo 3 Inc.

U.S. B- B 4/13/2020 Automotive

Ahern Rentals Inc.

U.S. CCC+ B 4/3/2020 Capital Goods

ASP Unifrax Holdings Inc.

U.S. CCC+ B- 4/3/2020 Capital Goods

Big Ass Fans LLC

U.S. CCC+ B 4/8/2020 Capital Goods

Blount International Inc.

U.S. B- B 4/22/2020 Capital Goods

Briggs & Stratton Corp.

U.S. SD CCC- 6/16/2020 Capital Goods

Briggs & Stratton Corp.

U.S. CCC- CCC 6/2/2020 Capital Goods

CIRCOR International Inc.

U.S. B- B 4/23/2020 Capital Goods

Colfax Corp.

U.S. BB BB+ 5/29/2020 Capital Goods

CPM Holdings Inc.

U.S. CCC+ B- 4/14/2020 Capital Goods

DexKo Global Inc.

U.S. B- B 5/6/2020 Capital Goods

Helix Acquisition Holdings Inc.

U.S. CCC+ B- 4/8/2020 Capital Goods

Hillenbrand Inc.

U.S. BB+ BBB- 4/20/2020 Capital Goods

Hoover Group Inc.

U.S. CCC- CCC 6/11/2020 Capital Goods

Hyster-Yale Materials Handling Inc.

U.S. B B+ 4/3/2020 Capital Goods

J.B. Poindexter & Co. Inc.

U.S. B+ BB- 5/18/2020 Capital Goods

Jason Inc.

U.S. SD CCC 4/7/2020 Capital Goods

Leggett & Platt Inc.

U.S. BBB- BBB 5/5/2020 Capital Goods

Liqui-Box Holdings Inc.

U.S. CCC+ B 4/7/2020 Capital Goods

LJ Ruby Holdings LLC

U.S. B- B 4/16/2020 Capital Goods

MAI Holdings Inc.

U.S. CCC- CCC 5/15/2020 Capital Goods

Maxim Crane Works Holdings Capital LLC

U.S. B- B 5/7/2020 Capital Goods

NESCO Holdings Inc.

U.S. CCC+ B 4/28/2020 Capital Goods

North American Lifting Holdings Inc.

U.S. SD CCC- 4/8/2020 Capital Goods

QualTek USA LLC

U.S. B- B 4/28/2020 Capital Goods

Range Parent Inc.

U.S. CCC+ B- 4/14/2020 Capital Goods

Safety Products/JHC Acquisition Corp. (JMC Acquisition Corp.)

U.S. B- B 4/21/2020 Capital Goods

Shape Technologies Group Inc.

U.S. CCC+ B- 4/10/2020 Capital Goods

Tank Holding Corp.

U.S. B- B 4/20/2020 Capital Goods

Terex Corp.

U.S. BB- BB 4/7/2020 Capital Goods

Thermon Group Holdings Inc.

U.S. B B+ 4/8/2020 Capital Goods

Timken Co. (The)

U.S. BBB- BBB 5/20/2020 Capital Goods

Tunnel Hill Partners L.P.

U.S. B- B 6/22/2020 Capital Goods

Welbilt Inc.

U.S. CCC+ B- 4/29/2020 Capital Goods

WESCO International Inc.

U.S. BB- BB 5/26/2020 Capital Goods

Westinghouse Air Brake Technologies Corp.

U.S. BBB- BBB 5/4/2020 Capital Goods

Yak Access LLC

U.S. CCC+ B 4/13/2020 Capital Goods

Albemarle Corp.

U.S. BBB- BBB 4/23/2020 Chemicals, Packaging & Environmental Services

Celanese US Holdings LLC

U.S. BBB- BBB 4/3/2020 Chemicals, Packaging & Environmental Services

Cornerstone Chemical Co.

U.S. B- B 4/16/2020 Chemicals, Packaging & Environmental Services

CPG Intermediate LLC

U.S. B- B 5/12/2020 Chemicals, Packaging & Environmental Services

DCG Acquisition Corp.

U.S. CCC+ B- 4/2/2020 Chemicals, Packaging & Environmental Services

Dow Chemical Co. (The) (Dow Inc.)

U.S. BBB- BBB 4/9/2020 Chemicals, Packaging & Environmental Services

Eastman Chemical Co.

U.S. BBB- BBB 4/7/2020 Chemicals, Packaging & Environmental Services

Ferro Corp.

U.S. B+ BB- 4/30/2020 Chemicals, Packaging & Environmental Services

Fuller (H.B) Co.

U.S. BB BB+ 4/13/2020 Chemicals, Packaging & Environmental Services

FXI Holdings Inc.

U.S. CCC+ B- 4/23/2020 Chemicals, Packaging & Environmental Services

Koppers Holdings Inc.

U.S. B B+ 4/17/2020 Chemicals, Packaging & Environmental Services

Kronos Worldwide Inc.

U.S. B- B 4/3/2020 Chemicals, Packaging & Environmental Services

O-I Glass Inc.

U.S. B+ BB- 4/17/2020 Chemicals, Packaging & Environmental Services

Olin Corp.

U.S. BB- BB 5/12/2020 Chemicals, Packaging & Environmental Services

Polymer Additives Holdings Inc.

U.S. CCC B- 4/14/2020 Chemicals, Packaging & Environmental Services

Pregis TopCo Corp.

U.S. B- B 4/3/2020 Chemicals, Packaging & Environmental Services

PSC Industrial Outsourcing L.P. (PSC Holdings I L.P.)

U.S. CCC+ B 4/17/2020 Chemicals, Packaging & Environmental Services

Ring Container Technologies Group LLC

U.S. B- B 4/10/2020 Chemicals, Packaging & Environmental Services

RPM International Inc.

U.S. BBB- BBB 4/16/2020 Chemicals, Packaging & Environmental Services

Sherwin-Williams Co.

U.S. BBB- BBB 4/24/2020 Chemicals, Packaging & Environmental Services

Strategic Materials Holding Corp.

U.S. CCC CCC+ 4/20/2020 Chemicals, Packaging & Environmental Services

Tata Chemicals North America Inc.

U.S. B B+ 6/2/2020 Chemicals, Packaging & Environmental Services

TPC Group Inc. (TPC Group LLC)

U.S. B- B 4/7/2020 Chemicals, Packaging & Environmental Services

Transcendia Holdings Inc.

U.S. CCC+ B- 4/14/2020 Chemicals, Packaging & Environmental Services

USS Ultimate Holdings Inc.

U.S. B- B 4/13/2020 Chemicals, Packaging & Environmental Services

Viskase Cos. Inc.

U.S. CCC B- 4/9/2020 Chemicals, Packaging & Environmental Services

Waste Pro USA Inc.

U.S. B B+ 5/8/2020 Chemicals, Packaging & Environmental Services

ACCO Brands Corp.

U.S. BB- BB 5/12/2020 Consumer Products

Advantage Solutions Inc.

U.S. CCC+ B- 4/8/2020 Consumer Products

Anastasia Holdings LLC

U.S. CCC B- 4/14/2020 Consumer Products

Arctic Glacier Group Holdings Inc.

U.S. CCC+ B- 4/8/2020 Consumer Products

ASP MCS Acquisition Corp.

U.S. D CCC 6/18/2020 Consumer Products

Atlantic Aviation FBO Inc. (Macquarie Infrastructure Corp.)

U.S. B+ BB- 4/15/2020 Consumer Products

BMC Acquisition Inc.

U.S. CCC+ B- 4/2/2020 Consumer Products

Boardriders Inc.

U.S. CCC+ B- 6/10/2020 Consumer Products

Caleres Inc.

U.S. B+ BB- 4/24/2020 Consumer Products

Callaway Golf Co.

U.S. B+ BB- 4/9/2020 Consumer Products

Cast & Crew Payroll LLC

U.S. B- B 4/17/2020 Consumer Products

CB Poly Investments LLC

U.S. B- B 4/2/2020 Consumer Products

CHG PPC Intermediate II LLC

U.S. B- B 4/2/2020 Consumer Products

Corelle Brands Holdings Inc.

U.S. B B+ 4/21/2020 Consumer Products

CRCI Longhorn Holdings Inc.

U.S. B- B 4/14/2020 Consumer Products

CSM Bakery Solutions LLC

U.S. SD CCC 4/29/2020 Consumer Products

Elevate Textiles Inc.

U.S. CCC+ B- 4/17/2020 Consumer Products

Fossil Group Inc.

U.S. B B+ 4/13/2020 Consumer Products

Gap Inc. (The)

U.S. BB- BB 4/23/2020 Consumer Products

Genuine Financial Holdings LLC

U.S. B- B 4/1/2020 Consumer Products

Halo Buyer Inc.

U.S. B- B 4/2/2020 Consumer Products

Inmar Inc.

U.S. B- B 6/9/2020 Consumer Products

Innovative Water Care Global Corp.

U.S. CCC+ B- 6/17/2020 Consumer Products

J. Crew Group Inc. (Chinos Intermediate Holdings A, Inc.)

U.S. D CCC- 5/4/2020 Consumer Products

Jill Acquisition LLC (Jill Holdings LLC)

U.S. CCC- CCC+ 5/6/2020 Consumer Products

KAMC Holdings Inc.

U.S. B- B 4/15/2020 Consumer Products

KC Culinarte Holdings LP

U.S. CCC+ B- 4/1/2020 Consumer Products

KNB Holdings Corp.

U.S. CCC- CCC+ 4/17/2020 Consumer Products

Kontoor Brands Inc.

U.S. B+ BB- 4/1/2020 Consumer Products

Lands' End Inc.

U.S. B- B 4/27/2020 Consumer Products

Lands' End Inc.

U.S. CCC B- 6/12/2020 Consumer Products

Outerstuff LLC

U.S. SD CCC 5/13/2020 Consumer Products

Output Services Group Inc.

U.S. CCC+ B- 4/1/2020 Consumer Products

Pyxus International Inc.

U.S. CCC- CCC 4/6/2020 Consumer Products

Pyxus International Inc.

U.S. D CCC- 6/15/2020 Consumer Products

Renfro Corp.

U.S. CCC- CCC 5/18/2020 Consumer Products

Revlon Inc.

U.S. CC CCC- 4/22/2020 Consumer Products

Revlon Inc.

U.S. SD CC 5/12/2020 Consumer Products

RGIS Holdings LLC

U.S. CCC- CCC+ 4/15/2020 Consumer Products

Serta Simmons Bedding LLC

U.S. CCC- CCC 4/21/2020 Consumer Products

Serta Simmons Bedding LLC

U.S. CC CCC- 6/9/2020 Consumer Products

Serta Simmons Bedding LLC

U.S. SD CC 6/23/2020 Consumer Products

SIWF Holdings Inc.

U.S. B- B 4/16/2020 Consumer Products

Steelcase Inc.

U.S. BBB- BBB 4/14/2020 Consumer Products

STG-Fairway Holdings LLC (d/b/a First Advantage Corp.)

U.S. B- B 4/1/2020 Consumer Products

Tivity Health Inc.

U.S. B B+ 4/6/2020 Consumer Products

Tupperware Brands Corp.

U.S. CCC+ B 4/6/2020 Consumer Products

Tupperware Brands Corp.

U.S. CC CCC+ 5/27/2020 Consumer Products

Varsity Brands Holding Co Inc.

U.S. CCC+ B- 4/8/2020 Consumer Products

Wolverine World Wide Inc.

U.S. BB BB+ 4/28/2020 Consumer Products

Apollo Global Management Inc.

U.S. A- A 6/2/2020 Financial Institutions

Aretec Group Inc.

U.S. B- B 4/3/2020 Financial Institutions

CCF Holdings LLC

U.S. CCC CCC+ 5/27/2020 Financial Institutions

DriveTime Automotive Group Inc.

U.S. CCC+ B- 4/6/2020 Financial Institutions

Franklin Resources Inc.

U.S. A A+ 5/15/2020 Financial Institutions

FS Energy and Power Fund

U.S. B- B+ 4/14/2020 Financial Institutions

Genworth Financial Inc.

U.S. B- B 5/15/2020 Financial Institutions

Loancore Capital Markets LLC

U.S. B B+ 5/7/2020 Financial Institutions

Apex Tool Group LLC

U.S. CCC+ B- 4/16/2020 Forest Products & Building Materials

Core & Main L.P.

U.S. B B+ 5/5/2020 Forest Products & Building Materials

Mercer International Inc.

U.S. B+ BB- 4/2/2020 Forest Products & Building Materials

Northwest Hardwoods Inc.

U.S. CCC- CCC 4/16/2020 Forest Products & Building Materials

Weyerhaeuser Co.

U.S. BBB- BBB 5/8/2020 Forest Products & Building Materials

AbbVie Inc.

U.S. BBB+ A- 5/8/2020 Health Care

Akorn Inc.

U.S. CC CCC- 4/3/2020 Health Care

Akorn Inc.

U.S. D CC 5/21/2020 Health Care

Alcami Corp.

U.S. CCC CCC+ 6/10/2020 Health Care

Arbor Pharmaceuticals Inc.

U.S. B- B 5/1/2020 Health Care

BW Homecare Holdings LLC

U.S. SD CCC 4/6/2020 Health Care

Danaher Corp.

U.S. BBB+ A 4/1/2020 Health Care

Envision Healthcare Corp. (Envision Healthcare Holdings Inc.)

U.S. CC B 4/6/2020 Health Care

Envision Healthcare Corp. (Envision Healthcare Holdings Inc.)

U.S. SD CC 4/28/2020 Health Care

Exactech Inc.

U.S. CCC+ B- 5/5/2020 Health Care

Femur Buyer Inc.

U.S. CCC+ B- 4/21/2020 Health Care

HealthPartners Inc.

U.S. A A+ 4/22/2020 Health Care

Immucor Inc.

U.S. CCC CCC+ 4/28/2020 Health Care

MEDNAX Inc.

U.S. B+ BB- 5/11/2020 Health Care

New Millennium Holdco Inc.

U.S. D CC 4/3/2020 Health Care

NN Inc.

U.S. B- B 4/21/2020 Health Care

nThrive Inc.

U.S. CCC+ B- 5/7/2020 Health Care

Quorum Health Corp.

U.S. D CCC- 4/7/2020 Health Care

Radiology Partners Holdings LLC

U.S. B- B 4/29/2020 Health Care

StoneMor Partners L.P.

U.S. CCC CCC+ 4/7/2020 Health Care

U.S. Renal Care Inc.

U.S. B- B 5/14/2020 Health Care

Viant Medical Holdings Inc.

U.S. CCC+ B- 4/27/2020 Health Care

Anixter International Inc.

U.S. BB- BB 6/23/2020 High Technology

ASG Technologies Group Inc.

U.S. B- B 5/27/2020 High Technology

Blackhawk Network Holdings Inc.

U.S. B- B 4/6/2020 High Technology

BY Crown Parent LLC

U.S. B- B 4/6/2020 High Technology

Elo Touch Solutions Inc.

U.S. B B+ 4/2/2020 High Technology

Finastra Ltd.

Cayman Islands CCC+ B- 4/15/2020 High Technology

First American Payment Systems L.P.

U.S. B- B 4/10/2020 High Technology

NAB Holdings LLC

U.S. B- B 4/27/2020 High Technology

Natel Engineering Co. Inc. (Natel Engineering Holdings Inc.)

U.S. CCC+ B 4/3/2020 High Technology

NCR Corp.

U.S. BB- BB 4/7/2020 High Technology

Oracle Corp.

U.S. A A+ 6/19/2020 High Technology

Priority Holdings LLC

U.S. CCC+ B 4/15/2020 High Technology

Rocket Software Inc.

U.S. B- B 4/28/2020 High Technology

Shift4 Payments LLC

U.S. B- B 4/14/2020 High Technology

Tech Data Corp.

U.S. BB BBB- 6/15/2020 High Technology

Transact Holdings Inc.

U.S. CCC+ B- 4/7/2020 High Technology

Dawn Acquisitions LLC (Infra Colodata Holdings LLC)

U.S. B- B 6/12/2020 Homebuilders/Real Estate Co.

Service Properties Trust

U.S. BB BB+ 5/20/2020 Homebuilders/Real Estate Co.

Service Properties Trust

U.S. BB+ BBB- 4/2/2020 Homebuilders/Real Estate Co.

Yuzhou Properties Co. Ltd.

Cayman Islands B+ BB- 4/17/2020 Homebuilders/Real Estate Co.

24 Hour Fitness Worldwide Inc.

U.S. D CCC+ 6/5/2020 Media & Entertainment

AMC Entertainment Holdings Inc.

U.S. CCC- B 4/2/2020 Media & Entertainment

AMC Entertainment Holdings Inc.

U.S. CC CCC- 6/3/2020 Media & Entertainment

AP Gaming Holdings LLC

U.S. B B+ 4/7/2020 Media & Entertainment

ASM Global Parent Inc.

U.S. B B+ 5/29/2020 Media & Entertainment

AVSC Holding Corp.

U.S. CCC B- 6/12/2020 Media & Entertainment

Beasley Broadcast Group Inc

U.S. CCC+ B 4/22/2020 Media & Entertainment

Boyd Gaming Corp.

U.S. B B+ 5/13/2020 Media & Entertainment

Bright Horizons Family Solutions LLC (Bright Horizons Capital Corp.)

U.S. B+ BB- 4/22/2020 Media & Entertainment

Bulldog Purchaser Inc.

U.S. CCC+ B- 5/20/2020 Media & Entertainment

CAA Holdings LLC

U.S. B B+ 5/4/2020 Media & Entertainment

Caesars Entertainment Corp.

U.S. B B+ 4/30/2020 Media & Entertainment

Carlson Travel Inc

U.S. CCC B- 5/29/2020 Media & Entertainment

Cinemark Holdings Inc.

U.S. BB- BB 4/8/2020 Media & Entertainment

CityCenter Holdings LLC

U.S. B B+ 5/6/2020 Media & Entertainment

Donnelley Financial Solutions Inc.

U.S. B+ BB- 4/3/2020 Media & Entertainment

Downstream Development Authority

U.S. SD CCC 5/20/2020 Media & Entertainment

Eldorado Resorts Inc.

U.S. B B+ 4/30/2020 Media & Entertainment

Emerald X Inc.

U.S. B B+ 5/22/2020 Media & Entertainment

EmployBridge Holding Co.

U.S. B- B 5/21/2020 Media & Entertainment

Endeavor Operating Co. LLC

U.S. CCC+ B 4/13/2020 Media & Entertainment

Entercom Communications Corp.

U.S. B B+ 4/2/2020 Media & Entertainment

Entravision Communications Corp.

U.S. B B+ 6/1/2020 Media & Entertainment

Equinox Holdings Inc.

U.S. SD CCC 5/20/2020 Media & Entertainment

Equinox Holdings Inc.

U.S. CCC B- 4/20/2020 Media & Entertainment

Everi Payments Inc.

U.S. B B+ 4/6/2020 Media & Entertainment

Expedia Group Inc.

U.S. BBB- BBB 4/23/2020 Media & Entertainment

Extended Stay America Inc.

U.S. B+ BB- 5/7/2020 Media & Entertainment

Fitness International LLC

U.S. CCC+ B 4/17/2020 Media & Entertainment

GK Holdings Inc.

U.S. D CC 6/19/2020 Media & Entertainment

Graham Holdings Co.

U.S. BB BB+ 4/27/2020 Media & Entertainment

Harley-Davidson Inc.

U.S. BBB BBB+ 4/2/2020 Media & Entertainment

Hilton Grand Vacations Inc.

U.S. BB BB+ 6/5/2020 Media & Entertainment

Hilton Worldwide Holdings Inc.

U.S. BB BB+ 4/8/2020 Media & Entertainment

Hoya Midco LLC

U.S. B- B 4/17/2020 Media & Entertainment

Hubbard Radio LLC

U.S. B- B+ 4/23/2020 Media & Entertainment

Hyatt Hotels Corp.

U.S. BBB- BBB 4/2/2020 Media & Entertainment

iHeartMedia Inc.

U.S. B B+ 4/1/2020 Media & Entertainment

Jacobs Entertainment Inc.

U.S. B- B 4/13/2020 Media & Entertainment

Lamar Advertising Co.

U.S. BB- BB 4/2/2020 Media & Entertainment

Learning Care Group (US) No. 2 Inc. (Learning Care Group (US) Inc.)

U.S. CCC B- 4/3/2020 Media & Entertainment

Life Time Inc.

U.S. CCC+ B- 4/17/2020 Media & Entertainment

Lindblad Expeditions Holdings Inc.

U.S. B B+ 4/24/2020 Media & Entertainment

Live Nation Entertainment Inc.

U.S. B+ BB- 5/13/2020 Media & Entertainment

LSC Communications Inc.

U.S. D CC 4/14/2020 Media & Entertainment

Marriott International Inc.

U.S. BBB- BBB 4/2/2020 Media & Entertainment

Marriott Vacations Worldwide Corp.

U.S. BB- BB 5/6/2020 Media & Entertainment

McGraw-Hill Education Inc.

U.S. B- B 4/27/2020 Media & Entertainment

Meredith Corp.

U.S. B B+ 4/29/2020 Media & Entertainment

Mohegan Tribal Finance Authority

U.S. CCC+ B- 5/8/2020 Media & Entertainment

Mohegan Tribal Gaming Authority

U.S. CCC+ B- 5/8/2020 Media & Entertainment

National CineMedia Inc.

U.S. B B+ 5/14/2020 Media & Entertainment

NCL Corp. Ltd.

Bermuda BB- BB+ 4/16/2020 Media & Entertainment

Outfront Media Inc.

U.S. B+ BB- 4/2/2020 Media & Entertainment

Peninsula Pacific Entertainment LLC

U.S. CCC+ B 4/16/2020 Media & Entertainment

PGX Holdings Inc.

U.S. D CCC 4/1/2020 Media & Entertainment

PlayPower Holdings Inc.

U.S. B- B 6/12/2020 Media & Entertainment

Pugnacious Endeavors Inc.

U.S. B- B 4/17/2020 Media & Entertainment

Quad/Graphics Inc.

U.S. B B+ 5/18/2020 Media & Entertainment

Realogy Group LLC

U.S. B B+ 5/7/2020 Media & Entertainment

Recess Holdings Inc.

U.S. B- B 6/12/2020 Media & Entertainment

Red Ventures Holdco L.P.

U.S. B+ BB- 5/8/2020 Media & Entertainment

Royal Caribbean Cruises Ltd.

U.S. BB BBB- 4/2/2020 Media & Entertainment

Ryman Hospitality Properties Inc.

U.S. B B+ 4/13/2020 Media & Entertainment

Sabre Corp.

U.S. B+ BB- 4/13/2020 Media & Entertainment

Salem Media Group Inc.

U.S. CCC B- 4/13/2020 Media & Entertainment

Seminole Hard Rock Entertainment Inc. (Seminole Tribe of Florida)

U.S. B+ BB 5/26/2020 Media & Entertainment

Seminole Hard Rock International LLC (Seminole Tribe of Florida)

U.S. B+ BB 5/26/2020 Media & Entertainment

Shutterfly Inc.

U.S. B- B 6/26/2020 Media & Entertainment
SP PF Buyer LLC U.S. CCC+ B- 5/29/2020 Media & Entertainment

Speedway Motorsports LLC

U.S. BB- BB+ 6/9/2020 Media & Entertainment

Sterling Intermediate Corp.

U.S. B- B 4/1/2020 Media & Entertainment

Town Sports International Holdings Inc.

U.S. CC CCC 6/15/2020 Media & Entertainment

Travel Leaders Group LLC

U.S. B- B 5/21/2020 Media & Entertainment

Tribe Buyer LLC

U.S. CCC+ B- 5/8/2020 Media & Entertainment

Urban One Inc.

U.S. CCC B- 4/15/2020 Media & Entertainment

Viking Cruises Ltd. (Viking Holdings Ltd.)

U.S. B B+ 4/21/2020 Media & Entertainment

Viking Cruises Ltd. (Viking Holdings Ltd.)

U.S. B- B 5/12/2020 Media & Entertainment

Walt Disney Co. (The)

U.S. A- A 4/23/2020 Media & Entertainment

Wyndham Hotels & Resorts Inc.

U.S. BB BB+ 4/13/2020 Media & Entertainment

Arch Resources Inc.

U.S. B+ BB- 5/22/2020 Metals, Mining & Steel

Century Aluminum Co.

U.S. CCC+ B- 4/6/2020 Metals, Mining & Steel

Cleveland-Cliffs Inc.

U.S. B- B 4/15/2020 Metals, Mining & Steel

CONSOL Energy Inc.

U.S. B- B+ 6/26/2020 Metals, Mining & Steel

Contura Energy Inc.

U.S. CCC+ B- 6/2/2020 Metals, Mining & Steel

Covia Holdings Corp. (SCR-Sibelco NV)

U.S. CCC+ BB- 4/3/2020 Metals, Mining & Steel

Covia Holdings Corp. (SCR-Sibelco NV)

U.S. D CCC+ 6/30/2020 Metals, Mining & Steel

MRC Global (US) Inc. (McJunkin Red Man Holding Corp.)

U.S. B- B 5/4/2020 Metals, Mining & Steel

Natural Resource Partners L.P.

U.S. B B+ 4/13/2020 Metals, Mining & Steel

Oxbow Carbon LLC

U.S. B+ BB- 5/8/2020 Metals, Mining & Steel

WireCo WorldGroup Inc.

U.S. B- B 4/13/2020 Metals, Mining & Steel

Berry Petroleum Corp.

U.S. B- B 4/3/2020 Oil & Gas

Bruin E&P Partners LLC

U.S. CCC- CCC+ 4/13/2020 Oil & Gas

Bruin E&P Partners LLC

U.S. CC CCC- 6/2/2020 Oil & Gas

Callon Petroleum Co.

U.S. CC B- 5/11/2020 Oil & Gas

Callon Petroleum Co.

U.S. B- B+ 4/2/2020 Oil & Gas

Centennial Resource Development Inc.

U.S. CC CCC+ 4/23/2020 Oil & Gas

Chaparral Energy Inc.

U.S. CCC- CCC+ 4/14/2020 Oil & Gas

Chesapeake Energy Corp.

U.S. D CC 6/19/2020 Oil & Gas

Chesapeake Energy Corp.

U.S. CC CCC 5/1/2020 Oil & Gas

Diamond Offshore Drilling Inc.

U.S. CC CCC+ 4/16/2020 Oil & Gas

Diamond Offshore Drilling Inc.

U.S. D CC 4/24/2020 Oil & Gas

EnVen Energy Corporation

U.S. B- B 4/8/2020 Oil & Gas

Extraction Oil & Gas Inc. (Extraction Oil & Gas Holdings, LLC)

U.S. CCC+ B- 4/3/2020 Oil & Gas

Extraction Oil & Gas Inc. (Extraction Oil & Gas Holdings, LLC)

U.S. D CC 5/15/2020 Oil & Gas

Extraction Oil & Gas Inc. (Extraction Oil & Gas Holdings, LLC)

U.S. CC CCC+ 5/13/2020 Oil & Gas

Fieldwood Energy LLC

U.S. CCC B- 4/8/2020 Oil & Gas

Fieldwood Energy LLC

U.S. D CCC 5/12/2020 Oil & Gas

Forum Energy Technologies Inc.

U.S. CCC B- 4/3/2020 Oil & Gas

Forum Energy Technologies Inc.

U.S. SD CC 5/15/2020 Oil & Gas

Forum Energy Technologies Inc.

U.S. CC CCC 4/15/2020 Oil & Gas

FTS International Inc.

U.S. CCC- CCC+ 4/20/2020 Oil & Gas

Gavilan Resources LLC

U.S. CCC- CCC+ 4/1/2020 Oil & Gas

Gavilan Resources LLC

U.S. D CCC- 4/7/2020 Oil & Gas

Gran Tierra Energy Inc.

U.S. CCC+ B 5/15/2020 Oil & Gas

HGIM Corp.

U.S. CCC+ B- 4/13/2020 Oil & Gas

Hilcorp Energy I L.P.

U.S. BB- BB+ 4/7/2020 Oil & Gas

Jonah Energy LLC

U.S. CCC- CCC+ 5/21/2020 Oil & Gas

Kosmos Energy Ltd.

U.S. B B+ 4/7/2020 Oil & Gas

Laredo Petroleum Inc.

U.S. B- B+ 4/2/2020 Oil & Gas

Lonestar Resources U.S. Inc.

U.S. CCC- CCC+ 4/20/2020 Oil & Gas

Moss Creek Resources Holdings Inc.

U.S. CCC+ B 4/3/2020 Oil & Gas

Nabors Industries Ltd.

Bermuda B- BB- 4/1/2020 Oil & Gas

Nabors Industries Ltd.

Bermuda CCC+ B- 5/14/2020 Oil & Gas

NexTier Oilfield Solutions Inc.

U.S. B B+ 4/3/2020 Oil & Gas

Northern Oil and Gas Inc.

U.S. CCC+ B- 4/3/2020 Oil & Gas

Oceaneering International Inc.

U.S. B+ BB 4/6/2020 Oil & Gas

Profrac Services LLC

U.S. CCC B- 4/3/2020 Oil & Gas

QEP Resources Inc.

U.S. B B+ 4/1/2020 Oil & Gas

SM Energy Co.

U.S. B- BB- 4/1/2020 Oil & Gas

SM Energy Co.

U.S. CC B- 4/30/2020 Oil & Gas

SM Energy Co.

U.S. SD CC 6/15/2020 Oil & Gas

Southwestern Energy Co.

U.S. BB- BB 4/7/2020 Oil & Gas

Unit Corp.

U.S. D CC 5/26/2020 Oil & Gas

Vantage Drilling International

Cayman Islands CCC CCC+ 4/20/2020 Oil & Gas

W&T Offshore Inc.

U.S. CCC+ B- 4/8/2020 Oil & Gas

W&T Offshore Inc.

U.S. SD CCC+ 6/25/2020 Oil & Gas

Whiting Petroleum Corp.

U.S. D CCC+ 4/1/2020 Oil & Gas

Zenith Energy U.S. Logistics Holdings LLC

U.S. B- B 4/7/2020 Oil & Gas

Bass Pro Group LLC

U.S. B B+ 4/6/2020 Retail/Restaurants

Bloomin' Brands Inc.

U.S. B+ BB- 5/15/2020 Retail/Restaurants

Brinker International Inc.

U.S. B+ BB- 4/10/2020 Retail/Restaurants

California Pizza Kitchen Inc.

U.S. D CCC- 6/4/2020 Retail/Restaurants

Carrols Restaurant Group Inc.

U.S. CCC+ B- 4/20/2020 Retail/Restaurants

CEC Entertainment Inc.

U.S. CCC B- 4/1/2020 Retail/Restaurants

CEC Entertainment Inc.

U.S. CC CCC 4/14/2020 Retail/Restaurants

CEC Entertainment Inc.

U.S. D CC 6/25/2020 Retail/Restaurants

Conn's Inc.

U.S. B- B 4/29/2020 Retail/Restaurants

Cooper's Hawk Intermediate Holding LLC

U.S. CCC+ B- 4/16/2020 Retail/Restaurants

Darden Restaurants Inc.

U.S. BBB- BBB 4/1/2020 Retail/Restaurants

Dillard's Inc.

U.S. BB- BB 4/3/2020 Retail/Restaurants

Eyemart Express Holdings LLC

U.S. B- B 4/9/2020 Retail/Restaurants

Flynn Restaurant Group LP

U.S. B- B 6/12/2020 Retail/Restaurants

Fogo De Chao Inc.

U.S. CCC+ B 4/3/2020 Retail/Restaurants

Golden Nugget Inc.

U.S. B- B 4/9/2020 Retail/Restaurants

Guitar Center Inc. (Guitar Center Holdings Inc.)

U.S. SD CCC 5/21/2020 Retail/Restaurants

Inspire Brands Inc.

U.S. B B+ 4/9/2020 Retail/Restaurants

Jo-ann Stores, LLC (Jo-Ann Stores Holdings Inc)

U.S. SD CCC 6/18/2020 Retail/Restaurants

Macy's Inc.

U.S. B+ BB 4/24/2020 Retail/Restaurants

Mavis Tire Express Services Corp.

U.S. B- B 4/8/2020 Retail/Restaurants

MED ParentCo L.P.

U.S. B- B 5/20/2020 Retail/Restaurants

Miller's Ale House Inc.

U.S. CCC B- 4/1/2020 Retail/Restaurants

Mister Car Wash Holdings Inc.

U.S. SD CCC+ 4/17/2020 Retail/Restaurants

Mister Car Wash Holdings Inc.

U.S. CCC+ B- 4/2/2020 Retail/Restaurants

Neiman Marcus Group LTD LLC

U.S. CCC- CCC 4/14/2020 Retail/Restaurants

Neiman Marcus Group LTD LLC

U.S. D CCC- 4/22/2020 Retail/Restaurants

Party City Holdings Inc. (PC Nextco Holdings LLC)

U.S. CC CCC+ 5/29/2020 Retail/Restaurants
Penney (J.C.) Co. Inc. U.S. D CCC 4/16/2020 Retail/Restaurants

PHD Group Holdings LLC

U.S. CCC B- 4/13/2020 Retail/Restaurants

Quidditch Acquisition Inc.

U.S. CCC+ B- 4/3/2020 Retail/Restaurants

Qurate Retail Inc.

U.S. BB- BB 4/3/2020 Retail/Restaurants

Staples Inc.

U.S. B B+ 5/8/2020 Retail/Restaurants

Steak n Shake Inc. (Biglari Holdings Inc.)

U.S. SD CCC- 4/1/2020 Retail/Restaurants

Cincinnati Bell Inc.

U.S. B- B 4/8/2020 Telecommunications

Global Eagle Entertainment Inc.

U.S. CCC- CCC 4/13/2020 Telecommunications

GTT Communications Inc.

U.S. CCC+ B- 4/10/2020 Telecommunications

iQor Holdings Inc.

U.S. CC CCC 6/10/2020 Telecommunications

Syniverse Holdings Inc.

U.S. CCC+ B- 4/23/2020 Telecommunications

Trilogy International Partners LLC

U.S. B- B 4/17/2020 Telecommunications

Allegiant Travel Co.

U.S. B B+ 5/21/2020 Transportation

American Airlines Group Inc.

U.S. B- B 6/3/2020 Transportation

Avis Budget Group Inc.

U.S. B+ BB 4/21/2020 Transportation

Brink's Co. (The)

U.S. BB BB+ 5/13/2020 Transportation

CAR Inc.

Cayman Islands CCC B- 4/27/2020 Transportation

CAR Inc.

Cayman Islands B- B+ 4/7/2020 Transportation

Drive Chassis Holdco LLC

U.S. B B+ 4/13/2020 Transportation

GlobalTranz Enterprises LLC

U.S. CCC+ B- 4/14/2020 Transportation

Hertz Global Holdings Inc.

U.S. CCC- B- 4/27/2020 Transportation

Hertz Global Holdings Inc.

U.S. B- B+ 4/21/2020 Transportation

Hertz Global Holdings Inc.

U.S. SD CCC- 5/7/2020 Transportation

JetBlue Airways Corp.

U.S. B+ BB- 6/11/2020 Transportation

Kenan Advantage Group Inc.

U.S. CCC+ B 4/7/2020 Transportation

Neovia Logistics Intermediate Holdings L.P.

U.S. CCC CCC+ 4/22/2020 Transportation

Odyssey Logistics and Technology Corp.

U.S. B- B 5/5/2020 Transportation

Trinity Industries Inc.

U.S. BB+ BBB- 5/22/2020 Transportation

United Parcel Service Inc.

U.S. A- A 5/8/2020 Transportation

URS Holdco Inc.

U.S. B- B 4/10/2020 Transportation

YRC Worldwide Inc.

U.S. CCC+ B- 4/6/2020 Transportation

YRC Worldwide Inc.

U.S. CCC CCC+ 5/28/2020 Transportation

Antero Midstream Partners L.P. (Antero Resources Corp.)

U.S. B- B+ 4/2/2020 Utility

BCP Renaissance Parent LLC

U.S. B B+ 5/29/2020 Utility

Concord New Energy Group Ltd.

Bermuda B+ BB- 4/28/2020 Utility

CSI Compressco L.P.

U.S. SD CC 6/16/2020 Utility

CSI Compressco L.P.

U.S. CC B- 4/20/2020 Utility

Epic Y Grade Services L.P.

U.S. CCC+ B 4/21/2020 Utility

EQT Corp.

U.S. BB- BB+ 4/1/2020 Utility

Equitrans Midstream Corp.

U.S. BB- BB 4/7/2020 Utility

Ferrellgas Partners L.P.

U.S. SD CC 6/16/2020 Utility

GCL New Energy Holdings Ltd. (GCL-Poly Energy Holdings Ltd.)

Bermuda CCC B- 4/8/2020 Utility

GIP III Stetson I L.P.

U.S. B- B 4/3/2020 Utility

Glass Mountain Pipeline LLC

U.S. CCC B- 5/11/2020 Utility

Macquarie Infrastructure Corp.

U.S. BB BB+ 4/22/2020 Utility

PNM Resources Inc.

U.S. BBB BBB+ 4/6/2020 Utility

Rockies Express Pipeline LLC

U.S. BB+ BBB- 4/10/2020 Utility

Rockpoint Gas Storage Partners L.P.

U.S. B B+ 5/12/2020 Utility

Ruby Pipeline LLC

U.S. B+ BB 4/28/2020 Utility

Summit Midstream Partners L.P.

U.S. CCC B 6/5/2020 Utility

Summit Midstream Partners L.P.

U.S. SD CCC 6/23/2020 Utility

Traverse Midstream Partners LLC

U.S. B B+ 5/29/2020 Utility
Rating changes exclude sovereign and entities with no rated debt. Data as of June 30, 2020. Source: S&P Global Ratings Research.

Related Research

This report does not constitute a rating action.

Ratings Performance Analytics:Evan M Gunter, New York (1) 212-438-6412;
evan.gunter@spglobal.com
Jon Palmer, CFA, New York;
jon.palmer@spglobal.com
Head Of Ratings Performance Analytics:Nick W Kraemer, FRM, New York (1) 212-438-1698;
nick.kraemer@spglobal.com
Research Contributor:Lyndon Fernandes, CRISIL Global Analytical Center, an S&P affiliate, Mumbai

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