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Credit Trends: Downgrade Potential Eases But Remains Above Pre-Pandemic Levels

In August, the number of potential bond downgrades decreased to 1,349 after hitting a historical high of 1,365 in July. This was the first decline in 15 months. (Potential bond downgrades are issuers rated 'AAA' to 'B-' by S&P Global Ratings with either negative rating outlooks or ratings on CreditWatch with negative implications.)

In August, we added 42 companies to our list of potential downgrades, while we removed 58. Of these, 36 were removed because of outlook and CreditWatch revisions, and 18 because they were downgraded. In previous months, removals from the list were mostly due to downgrades.

The count of potential bond downgrades had started to rise starting in April 2019, but it skyrocketed from February when the global economy was hit by the coronavirus pandemic and an oil price war. Following the surge in potential bond downgrades was a wave of downgrades, especially in the sectors most affected by lockdowns and social distancing measures--media and entertainment (including leisure and lodging) and transportation--as well as autos and oil and gas. Comparing the proportion of entities in a given sector that were downgraded over the last 12 months versus over the last five years highlights the sectors most exposed to downgrades due to the economic impact of COVID-19--pointing to media and entertainment as the hardest hit (see chart 1).

Chart 1

image

The Gap Between Potential Downgrades And Potential Upgrades Narrowed In August

For the first time since July 2018, the gap between potential bond downgrades and potential bond upgrades (issuers rated 'AA+' to 'B-' by S&P Global Ratings with either positive outlooks or ratings on CreditWatch with positive implications) narrowed. This seems to hint that the scope for credit deterioration has hit its peak and credit quality is on its way to recovery (see chart 2). The gap narrowed on the back of decreasing potential bond downgrades and an increase in potential bond upgrades to 108 from their low of 98 in June.

In August, we removed 13 issuers from our list of potential upgrades (eight due to upgrades) and added 17. Only one of these additions is investment grade (rated 'BBB-' and higher). The issuers added to the potential upgrades list are from a wide variety of sectors: three from health care, two each from retail and restaurants, forest products and building materials, homebuilders and real estate companies, capital goods, and media and entertainment, and one each from high technology, oil and gas, consumer products, and merchant power.

Despite these positive developments, downgrade potential remains at record highs, signaling an elevated count of downgrades over the coming months. In particular, issuers at the lower end of the rating spectrum might see a decline in revenues and strained operations while credit availability and liquidity conditions remain tight.

Chart 2

image

COVID-19 Remains The Main Factor Behind Additions To Potential Bond Downgrades

Of the 42 new potential downgrades in August, 28 (67%) are COVID-19-related (see chart 3)--still the majority though below the 90% in April and May. Financial institutions have had the most additions, four out of nine (44%) of which are related to the coronavirus. Utilities comes in second, with five out of its seven additions related to COVID-19. Media and entertainment takes third place with four new potential downgrades--three of these (75%) are COVID-19-related. This again underlines the sector's vulnerability to the economic consequences of the pandemic.

Chart 3

image

Media And Entertainment Continues To Be The Most Vulnerable Sector

The three sectors with the most potential downgrades as of Aug. 31 are media and entertainment with 170, financial institutions with 169, and consumer products with 130. Businesses in media and entertainment include hotels, tourism, and leisure services, which will continue to face challenges as the gradual reopening of economies leads to a spike in infections in some regions.

Downgrade potential among financial institutions mainly stems from their exposure to vulnerable sectors and their links to risks on sovereign ratings. For instance, the negative bias for sovereigns more than doubled to 22.9% in August 2020 from 10.4% six months ago. Noteworthy, of the 169 financial institutions ratings with a negative bias, only four are on CreditWatch negative. This means that, despite the negative bias, immediate downward pressure is very low.

The picture looks different for media and entertainment: Despite the recent wave of downgrades in this sector, it still leads in potential bond downgrades, with 170, of which 44 are on CreditWatch negative (a less than 3 to 1 ratio for outlooks versus CreditWatch). Also, 85% of the issuers on our list are rated speculative grade. As a result, the sector is more susceptible to downgrades than sectors like financial institutions (see table 1).

Chart 4

image

Near-Term Downgrade Risk Has Eased

Across all sectors, 1,202 issuers have negative outlooks and 147 are on CreditWatch negative. This represents a ratio of 8 to 1, compared with 4 to 1 in May, indicating that the pace of downgrades will slow.

An examination of the proportion of potential bond downgrades placed on CreditWatch negative in crisis periods (defined as months with more than 80 downgrades) shows that an increase is followed by a rise in downgrades. On average, a rating 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 (one year for speculative grade) for a rating with a negative outlook. The longer time horizon gives more room for an issuer's business and financial risk profiles to improve.

S&P Global Ratings places a rating on CreditWatch negative when there is an event or a deviation from an expected trend or material change in the performance of an issuer, but its magnitude is not yet determined, or there is a change in rating criteria. This may not necessarily lead to a downgrade, but the short timeline of 90 days indicates a high likelihood that a rating action in the direction mentioned in the CreditWatch will follow ("S&P Global Ratings Definitions," Aug. 7, 2020).

The Negative Bias In The Sectors Most Affected By COVID-19 Is Down From Highs Reached Earlier This Year

As a result of the high shares of credit deterioration since the start of the year in the media and entertainment, auto, oil and gas, and transportation sectors, their negative bias in August is below their maximums this year.

On the other side are sectors like sovereigns, financial institutions, and utilities, which saw changes in outlook and CreditWatch statuses to negative to reflect the risk rather than downgrades. Therefore, the negative bias in these sectors is currently at its highest point in 2020 (see chart 5).

Chart 5

image

Table 1

image

Table 2

Removals Due To A Change In Outlook Or CreditWatch Placements Outweigh Removals Due To Downgrades
--Potential bond downgrade removals-- --Potential bond downgrade additions--
Reason for removal Issuer count Reason for addition Issuer count
Outlook/CreditWatch change 36 Outlook/CreditWatch change 28
Downgraded and outlook/CreditWatch change 13 Downgraded and outlook/CreditWatch change 4
Downgraded 5 Parent 4
No outstanding debt 2 Newly rated issuer 3
Ratings withdrawn 2 Upgraded and outlook/CreditWatch change 2
Default 0 Upgraded 1
Parent 0 Downgraded 0
Selective default ('SD') 0 Newly rated debt 0
Upgraded 0
Upgraded and outlook/CreditWatch change 0
Total 58 Total 42
Data as of Aug. 31, 2020. *Issuer removed due to subsidiary relationship with parent company, which now qualifies as potential downgrade. Source: S&P Global Ratings Research.

Table 3

All Sectors--Except Insurance--Face Current Downgrade Risks Above 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 downgrade portfolio (%)
Automotive 77 97.47 75.49 26.15 (49.34) 5.04
Oil and gas 162 93.64 64.20 19.97 (44.23) 4.82
Media and entertainment 246 96.09 61.80 26.27 (35.53) 12.60
Retail and restaurants 106 89.08 56.95 25.02 (31.93) 4.82
Capital goods 91 91.92 50.45 21.66 (28.79) 5.56
Transportation 81 93.10 49.58 21.46 (28.12) 3.85
Chemicals, packaging, and environmental services 86 91.49 45.19 19.23 (25.97) 5.86
Aerospace and defense 36 85.71 46.77 20.88 (25.90) 1.78
Consumer products 176 91.67 43.38 24.73 (18.66) 9.64
Forest products and building materials 27 90.00 40.48 22.38 (18.09) 3.48
Health care 74 90.24 32.76 17.76 (15.00) 4.52
Financial institutions 88 77.19 33.80 20.06 (13.74) 12.53
Homebuilders and real estate companies 45 81.82 23.79 15.55 (8.24) 3.93
Utilities 113 80.71 28.46 20.30 (8.16) 10.08
Sovereign 28 68.29 22.41 14.35 (8.07) 1.78
Metals, mining, and steel 54 88.52 31.75 24.70 (7.04) 2.08
Diversified 4 100.00 23.53 18.24 (5.28) 0.30
Telecommunications 40 86.96 23.65 20.29 (3.36) 1.85
High technology 63 71.59 23.11 21.42 (1.68) 3.48
Insurance 12 46.15 15.29 16.70 1.41 2.00
Data as of Aug. 31, 2020. Source: S&P Global Ratings Research.

We monitor potential downgrades because they are the most likely to be downgraded in the short to medium term, and their aggregate number indicates the direction of potential rating changes. Timely and ongoing surveillance of issuers at risk of being downgraded can be valuable to investors in their sector credit-allocation process, as well as in hedging against potential capital losses arising from a downgrade.

Table 4

Issuers With Negative Outlooks/On CreditWatch Negative (Rated 'AAA' Through 'B-')
Rating Issuer Parent company Sector/subsector New to the list this month Outlook/CreditWatch change Country
AAA/Negative Airservices Australia Utilities Australia
AAA/Negative Commonwealth of Australia Sovereign Australia
AA/Negative Chevron Corp. Oil and gas U.S.
AA/Negative Exxon Mobil Corp. Oil and gas U.S.
AA-/Watch Neg Merck & Co. Inc. Health care U.S.
AA-/Watch Neg Pfizer Inc. Health care U.S.
AA-/Watch Neg Seven & i Holdings Co. Ltd., Retail/restaurants Yes Japan
AA-/Watch Neg Societe nationale SNCF S.A. Utilities France
AA-/Negative Australia and New Zealand Banking Group Ltd. Financial institutions Australia
AA-/Negative Commonwealth Bank of Australia Financial institutions Australia
AA-/Negative DZ BANK AG Deutsche Zentral-Genossenschaftsbank Cooperative Banking Sector Germany Financial institutions Germany
AA-/Negative Deutsche Apotheker- und Aerztebank eG Cooperative Banking Sector Germany Financial institutions Germany
AA-/Negative Deutsche Bahn AG Utilities Germany
AA-/Negative East Japan Railway Co. Utilities Japan
AA-/Negative Equinor ASA Oil and gas Norway
AA-/Negative First Abu Dhabi Bank P.J.S.C. Financial institutions U.A.E.
AA-/Negative Japan Tobacco Inc. Consumer products Japan
AA-/Negative National Australia Bank Ltd. Financial institutions Australia
AA-/Negative Nordea Bank Abp Financial institutions Finland
AA-/Negative OP Corporate Bank PLC OP Financial Group Financial institutions Finland
AA-/Negative Royal Dutch Shell PLC Oil and gas U.K.
AA-/Negative State of Kuwait Sovereign Kuwait
AA-/Negative Westpac Banking Corp. Financial institutions Australia
A+/Negative 3M Co. Capital goods U.S.
A+/Negative BNP Paribas Financial institutions France
A+/Negative BPCE Financial institutions France
A+/Negative Banco del Estado de Chile Financial institutions Chile
A+/Negative China Southern Power Grid Co. Ltd. Utilities China
A+/Negative Coca-Cola Co. (The) Consumer products U.S.
A+/Negative Compagnie Financiere Richemont S.A. Consumer products Switzerland
A+/Negative Cooperatieve Rabobank U.A. Financial institutions Netherlands
A+/Negative Credit Agricole S.A. Financial institutions France
A+/Negative DekaBank Deutsche Girozentrale Deutscher Sparkassen- und Giroverband e.V. Financial institutions Germany
A+/Negative Denso Corp. Automotive Japan
A+/Negative Eli Lilly & Co. Health care U.S.
A+/Negative Empresa de Transporte de Pasajeros Metro S.A. Utilities Chile
A+/Negative Estee Lauder Cos. Inc. (The) Consumer products U.S.
A+/Negative Flughafen Zurich AG Utilities Switzerland
A+/Negative LVMH Moet Hennessy Louis Vuitton S.E. Consumer products France
A+/Negative Macquarie Bank Ltd. Macquarie Group Ltd. Financial institutions Australia
A+/Negative NATS (En Route) PLC Transportation U.K.
A+/Negative Republic of Chile Sovereign Chile
A+/Negative Robert Bosch GmbH Automotive Germany
A+/Negative Siemens AG Capital goods Yes Germany
A+/Negative Slovak Republic Sovereign Slovak Republic
A+/Negative Total SE Oil and gas France
A+/Negative Toyota Industries Corp. Automotive Japan
A+/Negative Toyota Motor Corp. Automotive Japan
A/Watch Neg BASF SE Chemicals, packaging, and environmental services Germany
A/Watch Neg KKR & Co. Inc. Financial institutions U.S.
A/Watch Neg London Stock Exchange Group PLC Financial institutions U.K.
A/Negative ABB Ltd. Capital goods Switzerland
A/Negative ABN AMRO Bank N.V. Financial institutions Netherlands
A/Negative Abu Dhabi Commercial Bank PJSC Financial institutions U.A.E.
A/Negative Aeroports de Paris Utilities France
A/Negative Airbus SE Aerospace and defense Netherlands
A/Negative Aisin Seiki Co. Ltd. Automotive Japan
A/Negative Ameriprise Financial Inc. Insurance U.S.
A/Negative Autoridad del Canal de Panama Utilities Panama
A/Negative Avinor AS Utilities Norway
A/Negative BMW AG Automotive Germany
A/Negative Banco Santander S.A. Financial institutions Spain
A/Negative Banco de Credito e Inversiones Financial institutions Chile
A/Negative Caisse Centrale du Credit Mutuel Financial institutions France
A/Negative Compass Group PLC Consumer products U.K.
A/Negative ConocoPhillips Oil and gas U.S.
A/Negative Corporacion Nacional del Cobre de Chile Metals, mining, and steel Chile
A/Negative Dongfeng Motor Group Co. Ltd. Dongfeng Motor Corp. Automotive China
A/Negative EVN AG Utilities Austria
A/Negative Emirate of Ras Al Khaimah Sovereign U.A.E.
A/Negative General Dynamics Corp. Aerospace and defense U.S.
A/Negative International Business Machines Corp. High technology U.S.
A/Negative Landesbank Hessen-Thueringen Girozentrale Deutscher Sparkassen- und Giroverband e.V. Financial institutions Germany
A/Negative Oberbank AG Financial institutions Austria
A/Negative Oracle Corp. High technology U.S.
A/Negative Proximus S.A. Telecommunications Belgium
A/Negative Qatar Insurance Co. S.A.Q. Insurance Qatar
A/Negative Royal Schiphol Group N.V. Utilities Netherlands
A/Negative Scentre Group Homebuilders/real estate companies Australia
A/Negative Schlumberger Ltd. Oil and gas Curacao
A/Negative Shanghai Electric (Group) Corp. Capital goods China
A/Negative Simon Property Group Inc., Homebuilders/real estate companies U.S.
A/Negative Societe Generale Financial institutions France
A/Negative Stanley Black & Decker Inc. Forest products and building materials U.S.
A/Negative Swiss Re Ltd. Insurance Switzerland
A/Negative TJX Cos. Inc. Retail/restaurants U.S.
A/Negative The Hong Kong and China Gas Co. Ltd. Utilities Hong Kong
A/Negative Toyota Tsusho Corp. Diversified Japan
A/Negative VF Corp. Consumer products U.S.
A/Negative VP Bank AG Financial institutions Liechtenstein
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 Walt Disney Co. (The) Media and entertainment U.S.
A-/Negative AXIS Capital Holdings Ltd. Insurance Bermuda
A-/Negative Aktia Bank PLC Financial institutions Finland
A-/Negative AmerisourceBergen Corp. Consumer products U.S.
A-/Negative Arch Capital Group Ltd. Insurance Bermuda
A-/Negative Argenta Spaarbank N.V. Financial institutions Belgium
A-/Negative Assa Abloy AB Capital goods Sweden
A-/Negative Australian Prime Property Fund Retail Homebuilders/real estate companies Australia
A-/Negative BOC Aviation Ltd. Bank of China Ltd. Transportation Singapore
A-/Negative Baker Hughes Co. Oil and gas U.S.
A-/Negative Banco Bilbao Vizcaya Argentaria, S.A. Financial institutions Spain
A-/Negative Booking Holdings Inc. Media and entertainment U.S.
A-/Negative CEZ a.s. Utilities Czech Republic
A-/Negative Cboe Global Markets Financial institutions U.S.
A-/Negative Cembra Money Bank AG Financial institutions Switzerland
A-/Negative Central Bank of Savings Banks Finland PLC Savings Banks Group Finland Financial institutions Finland
A-/Negative China National Travel Service Group Corp. Ltd. Media and entertainment China
A-/Negative Cigna Corp. Financial institutions U.S.
A-/Negative Compagnie Generale des Etablissements Michelin S.C.A. Automotive France
A-/Negative Cullen/Frost Bankers Inc., Financial institutions U.S.
A-/Negative Deutsche Pfandbriefbank AG Financial institutions Germany
A-/Negative Deutsche Wohnen SE Homebuilders/real estate companies Germany
A-/Negative EOG Resources Inc. Oil and gas U.S.
A-/Negative Eni SpA Oil and gas Italy
A-/Negative Enterprise Holdings Inc. Transportation U.S.
A-/Negative Fomento Economico Mexicano, S. A. B. de C. V. Retail/restaurants Mexico
A-/Negative Formosa Plastics Corp. Chemicals, packaging, and environmental services Taiwan
A-/Negative Fortis Inc. Utilities Canada
A-/Negative Harman International Industries Inc. Samsung Electronics Co. Ltd. Automotive U.S.
A-/Negative Honda Motor Co. Ltd. Automotive Japan
A-/Negative ING Groep N.V. Financial institutions Netherlands
A-/Negative KBC Group N.V. Financial institutions Belgium
A-/Negative Klepierre S.A. Homebuilders/real estate companies France
A-/Negative LQ Inversiones Financieras S.A. Financial institutions Chile
A-/Negative M&T Bank Corp. Financial institutions Yes U.S.
A-/Negative Magna International Inc. Automotive Canada
A-/Negative Malayan Banking Berhad Financial institutions Malaysia
A-/Negative Malaysia Sovereign Malaysia
A-/Negative Marsh & McLennan Cos. Inc., Insurance U.S.
A-/Negative Mashreqbank Financial institutions U.A.E.
A-/Negative National Grid PLC Utilities Yes U.K.
A-/Negative ORIX Corp. Financial institutions Japan
A-/Negative Panasonic Corp. High technology Japan
A-/Negative PartnerRe Ltd. Insurance Yes Bermuda
A-/Negative Principal Financial Group Inc., Insurance U.S.
A-/Negative QIC Shopping Centre Fund Homebuilders/real estate companies Australia
A-/Negative Raiffeisen Bank International AG Financial institutions Austria
A-/Negative Raytheon Technologies Corp Aerospace and defense U.S.
A-/Negative Reckitt Benckiser Group PLC Consumer products U.K.
A-/Negative SK Telecom Co. Ltd. Telecommunications Korea, Republic of
A-/Negative Sharjah Islamic Bank Financial institutions U.A.E.
A-/Negative Shikoku Electric Power Co. Inc. Utilities Japan
A-/Negative Sika AG Chemicals, packaging, and environmental services Switzerland
A-/Negative Sociedad Concesionaria Autovia de la Plata S.A. Utilities Spain
A-/Negative Sodexo S.A. Consumer products France
A-/Negative Southern Co. Utilities U.S.
A-/Negative Stryker Corp. Health care U.S.
A-/Negative Telekom Malaysia Berhad Telecommunications Malaysia
A-/Negative Unibail-Rodamco-Westfield SE Homebuilders/real estate companies France
A-/Negative United Parcel Service Inc. Transportation U.S.
A-/Negative Yorkshire Water Services Finance Ltd. Kelda Group Ltd. Utilities U.K.
A-/Negative daa PLC Utilities Ireland
BBB+/Watch Neg Borealis AG Mamoura Diversified Global Holding PJSC Chemicals, packaging, and environmental services Austria
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 Hyundai Motor Co. Automotive Korea, Republic of
BBB+/Watch Neg KASIKORNBANK PCL. Financial institutions Yes Thailand
BBB+/Watch Neg Northumbrian Water Ltd. CK Hutchison Holdings Ltd. Utilities U.K.
BBB+/Negative America Movil S.A.B. de C.V. Telecommunications Mexico
BBB+/Negative Anheuser-Busch InBev S.A./N.V. Consumer products Belgium
BBB+/Negative Aozora Bank Ltd. Financial institutions Japan
BBB+/Negative Australia Pacific Airports Corp. Ltd. Utilities Australia
BBB+/Negative BOK Financial Corp. Financial institutions U.S.
BBB+/Negative Banco BBVA Peru Financial institutions Peru
BBB+/Negative Banco General, S.A. Financial institutions Panama
BBB+/Negative Banco de Credito del Peru Credicorp Ltd. Financial institutions Peru
BBB+/Negative Bankinter S.A. Financial institutions Spain
BBB+/Negative Bertelsmann SE & Co. KGaA Media and entertainment Germany
BBB+/Negative CenterPoint Energy Inc. Utilities U.S.
BBB+/Negative Coca-Cola Femsa, S.A.B. de C.V. Consumer products Mexico
BBB+/Negative Comerica Inc. Financial institutions U.S.
BBB+/Negative Commerzbank AG Financial institutions Germany
BBB+/Negative Corning Inc. High technology U.S.
BBB+/Negative DEPFA Bank PLC FMS Wertmanagement Anstalt des oeffentlichen Rechts Financial institutions Ireland
BBB+/Negative DTE Energy Center LLC Utilities U.S.
BBB+/Negative Daimler AG Automotive Germany
BBB+/Negative Deutsche Bank AG Financial institutions Germany
BBB+/Negative Dover Corp. Capital goods U.S.
BBB+/Negative Equitable Holdings Inc., Financial institutions U.S.
BBB+/Negative Exelon Corp. Utilities U.S.
BBB+/Negative Finning International Inc. Capital goods Canada
BBB+/Negative Fubon Financial Holding Co. Ltd. Insurance Taiwan
BBB+/Negative GPT Wholesale Shopping Centre Fund Homebuilders/real estate companies Australia
BBB+/Negative General Electric Co. Capital goods U.S.
BBB+/Negative Genworth MI Canada Inc. Financial institutions Canada
BBB+/Negative Goodman European Partnership Homebuilders/real estate companies Luxembourg
BBB+/Negative Grenke AG Financial institutions Germany
BBB+/Negative Grupo Televisa, S. A. B. Media and entertainment Mexico
BBB+/Negative Guangzhou Finance Holdings Group Co. Ltd. Financial institutions China
BBB+/Negative Halliburton Co. Oil and gas U.S.
BBB+/Negative Heineken N.V. Consumer products Netherlands
BBB+/Negative Helmerich & Payne Inc. Oil and gas U.S.
BBB+/Negative Ignitis Group UAB Utilities Lithuania
BBB+/Negative Intercontinental Exchange Inc., Financial institutions Yes U.S.
BBB+/Negative Johnson Controls International Public Ltd. Co. Capital goods Ireland
BBB+/Negative Jones Lang LaSalle Inc. Financial institutions U.S.
BBB+/Negative Kimberly-Clark de Mexico S.A.B. de C.V. Consumer products Mexico
BBB+/Negative Lloyds Banking Group PLC Financial institutions U.K.
BBB+/Negative MDU Resources Group Inc. Utilities U.S.
BBB+/Negative McDonald's Corp. Retail/restaurants U.S.
BBB+/Negative Meridian Energy Ltd. Utilities New Zealand
BBB+/Negative Millennium Parking Garages LLC Utilities U.S.
BBB+/Negative Mohawk Industries Inc. Forest products and building materials Yes U.S.
BBB+/Negative NIBC Bank N.V. Financial institutions Netherlands
BBB+/Negative National Oilwell Varco Inc. Oil and gas U.S.
BBB+/Negative North West Redwater Partnership Merchant Power Canada
BBB+/Negative PPG Industries Inc. Chemicals, packaging, and environmental services U.S.
BBB+/Negative PTT Global Chemical Public Co. Ltd. PTT Public Co. Ltd. Chemicals, packaging, and environmental services Thailand
BBB+/Negative Parker-Hannifin Corp. Capital goods U.S.
BBB+/Negative People's United Financial Inc Financial institutions U.S.
BBB+/Negative Portland General Electric Co. Utilities Yes U.S.
BBB+/Negative RHB Bank Berhad Financial institutions Malaysia
BBB+/Negative RLI Corp. Insurance U.S.
BBB+/Negative Republic of Panama Sovereign Panama
BBB+/Negative Ross Stores Inc. Retail/restaurants U.S.
BBB+/Negative Scotland Gas Networks PLC Scotia Gas Networks PLC Utilities U.K.
BBB+/Negative Sempra Energy Utilities U.S.
BBB+/Negative Siam Commercial Bank Public Co. Ltd. Financial institutions Yes Thailand
BBB+/Negative Southern Cross Airports Corp. Holdings Ltd. Utilities Australia
BBB+/Negative Southern Gas Networks PLC Scotia Gas Networks PLC Utilities U.K.
BBB+/Negative Southwest Gas Holdings Inc Utilities U.S.
BBB+/Negative Starbucks Corp. Retail/restaurants U.S.
BBB+/Negative Takeda Pharmaceutical Co. Ltd. Health care Japan
BBB+/Negative TechnipFMC Plc Oil and gas U.K.
BBB+/Negative Telus Corp. Telecommunications Canada
BBB+/Negative Tenaska Georgia Partners L.P. Utilities Yes U.S.
BBB+/Negative Terna SpA Utilities Italy
BBB+/Negative Thai Oil Public Co. Ltd. PTT Public Co. Ltd. Oil and gas Thailand
BBB+/Negative Transurban Finance Co. Pty Ltd. Transurban Group Utilities Australia
BBB+/Negative Van Lanschot Kempen Wealth Management N.V. Financial institutions Netherlands
BBB+/Negative Ventas Inc. Homebuilders/real estate companies U.S.
BBB+/Negative Volkswagen AG Automotive Germany
BBB+/Negative Welltower Inc. Homebuilders/real estate companies U.S.
BBB+/Negative Woodside Petroleum Ltd. Oil and gas Australia
BBB+/Negative Zions BanCorp., N.A. Financial institutions U.S.
BBB/Watch Neg AMP Ltd. Insurance Australia
BBB/Watch Neg Alfa S.A.B. de C.V. Diversified Yes Mexico
BBB/Watch Neg Danfoss A/S Capital goods Denmark
BBB/Watch Neg FirstEnergy Corp. Utilities U.S.
BBB/Watch Neg Ryanair Holdings PLC Transportation Ireland
BBB/Watch Neg Seminole Tribe of Florida Media and entertainment U.S.
BBB/Negative A.P. Moller - Maersk A/S Transportation Denmark
BBB/Negative AEON Co. Ltd. Retail/restaurants Japan
BBB/Negative AMCO - Asset Management Co. S.p.A. Financial institutions Italy
BBB/Negative Adelaide Airport Ltd. Utilities Australia
BBB/Negative AerCap Holdings N.V. Transportation Netherlands
BBB/Negative Air Lease Corp. Transportation U.S.
BBB/Negative Altarea SCA Homebuilders/real estate companies France
BBB/Negative American Campus Communities Inc. Homebuilders/real estate companies U.S.
BBB/Negative Aptiv PLC Automotive Jersey
BBB/Negative Babcock International Group PLC Consumer products U.K.
BBB/Negative Banco Inbursa S.A. Institucion de Banca Multiple Grupo Financiero Inbursa Grupo Financiero Inbursa Financial institutions Mexico
BBB/Negative Banco Latinoamericano de Comercio Exterior S.A. Financial institutions Panama
BBB/Negative Banco Mercantil del Norte, S.A. Institucion de Banca Multiple Grupo Financiero Banorte Grupo Financiero Banorte S.A.B. de C.V. y Subsidiarias Financial institutions Mexico
BBB/Negative Banco de Sabadell S.A. Financial institutions Spain
BBB/Negative Bank of Aland PLC Financial institutions Finland
BBB/Negative Barclays PLC Financial institutions U.K.
BBB/Negative Becton Dickinson & Co. Health care U.S.
BBB/Negative Beijing Automotive Group Co. Ltd. Automotive China
BBB/Negative Boral Ltd. Forest products and building materials Australia
BBB/Negative BorgWarner Inc. Automotive U.S.
BBB/Negative Brisbane Airport Corp. Pty Ltd. BAC Holdings Ltd. Utilities Australia
BBB/Negative Brookfield Property Partners L.P. Brookfield Asset Management Inc. Homebuilders/real estate companies Bermuda
BBB/Negative Bunge Ltd. Consumer products Bermuda
BBB/Negative CE Oaxaca Cuatro, S. de R.L. de C.V. Utilities Mexico
BBB/Negative CE Oaxaca Dos, S. de R.L. de C.V. Utilities Mexico
BBB/Negative CPI Property Group SA Homebuilders/real estate companies Luxembourg
BBB/Negative Canadian Tire Corp. Ltd. Retail/restaurants Canada
BBB/Negative Capital One Financial Corp. Financial institutions U.S.
BBB/Negative Carmila S.A. Homebuilders/real estate companies France
BBB/Negative Carrier Global Corp. Forest products and building materials U.S.
BBB/Negative Centrica PLC Utilities U.K.
BBB/Negative China National Chemical Corp. Ltd.. Chemicals, packaging, and environmental services China
BBB/Negative Chongqing Nan'an Urban Construction & Development (Group) Co. Ltd. Homebuilders/real estate companies China
BBB/Negative Constellation Brands Inc. Consumer products U.S.
BBB/Negative Crane Co. Capital goods Yes U.S.
BBB/Negative Crown Resorts Ltd. Media and entertainment Australia
BBB/Negative DENTSPLY SIRONA Inc. Health care U.S.
BBB/Negative Dairy Farmers of America Inc. Consumer products U.S.
BBB/Negative Drawbridge Special Opportunities Fund LP Financial institutions U.S.
BBB/Negative EQUATE Petrochemical Co K.S.C.C. Chemicals, packaging, and environmental services Kuwait
BBB/Negative El Paso Electric Co. Sun Jupiter Holdings LLC Utilities U.S.
BBB/Negative El Puerto de Liverpool, S. A. B. de C. V. Retail/restaurants Mexico
BBB/Negative Ellevio AB Utilities Sweden
BBB/Negative Emgesa S.A. E.S.P. Utilities Colombia
BBB/Negative Emirate of Sharjah Sovereign U.A.E.
BBB/Negative Enel Americas S.A. Enel SpA Utilities Chile
BBB/Negative Equifax Inc. Media and entertainment U.S.
BBB/Negative Euronet Worldwide Inc. Financial institutions U.S.
BBB/Negative Falabella S.A. Retail/restaurants Chile
BBB/Negative FedEx Corp. Transportation U.S.
BBB/Negative Fermaca Enterprises S. de R.L. de C.V. Utilities Mexico
BBB/Negative Ferrovie dello Stato Italiane S.p.A Utilities Italy
BBB/Negative Fideicomiso 209635 (Matehuala) Transportation Mexico
BBB/Negative FinecoBank S.p.A. Financial institutions Italy
BBB/Negative Fortive Corp. Capital goods U.S.
BBB/Negative Fortum Oyj Utilities Finland
BBB/Negative GLP Pte. Ltd. Homebuilders/real estate companies Singapore
BBB/Negative General Motors Co. Automotive Yes U.S.
BBB/Negative Genting Bhd. Media and entertainment Malaysia
BBB/Negative Hancock Whitney Corp. Financial institutions U.S.
BBB/Negative Harley-Davidson Inc. Media and entertainment U.S.
BBB/Negative Hexcel Corp. Aerospace and defense U.S.
BBB/Negative Hong Kong Telecommunications (HKT) Ltd. PCCW Ltd. Telecommunications Hong Kong
BBB/Negative Huntington Ingalls Industries Inc. Aerospace and defense U.S.
BBB/Negative Husky Energy Inc. CK Hutchison Holdings Ltd. Oil and gas Canada
BBB/Negative ISS A/S Consumer products Denmark
BBB/Negative Infraestructura Energetica Nova, S. A. B. de C. V. Utilities Mexico
BBB/Negative International Flavors & Fragrances Inc. Consumer products U.S.
BBB/Negative Interpublic Group of Cos. Inc. Media and entertainment U.S.
BBB/Negative Intesa Sanpaolo SpA Financial institutions Italy
BBB/Negative J.M. Smucker Co. (The) Consumer products U.S.
BBB/Negative JFK International Air Terminal LLC Utilities U.S.
BBB/Negative Jefferies Financial Group Inc Automotive U.S.
BBB/Negative Jinjiang International Holding Co. Ltd., Media and entertainment China
BBB/Negative KKR Financial Holdings LLC Financial institutions U.S.
BBB/Negative Kennametal Inc. Capital goods U.S.
BBB/Negative Laurentian Bank of Canada Financial institutions Canada
BBB/Negative Li & Fung Ltd. Consumer products Bermuda
BBB/Negative LyondellBasell Industries N.V. Chemicals, packaging, and environmental services Netherlands
BBB/Negative MM SpA Utilities Italy
BBB/Negative Marathon Petroleum Corp. Utilities U.S.
BBB/Negative Mediobanca Banca di Credito Finanziario S.p.A Financial institutions Italy
BBB/Negative Mercialys Homebuilders/real estate companies France
BBB/Negative Mirae Asset Daewoo Co. Ltd. Financial institutions Korea, Republic of
BBB/Negative Motiva Enterprises LLC Utilities U.S.
BBB/Negative NEPI Rockcastle PLC Homebuilders/real estate companies Isle of Man
BBB/Negative NIPPON STEEL Corp. Metals, mining, and steel Japan
BBB/Negative NatWest Group plc Financial institutions U.K.
BBB/Negative Oshkosh Corp. Capital goods U.S.
BBB/Negative Otis Worldwide Corp. Capital goods U.S.
BBB/Negative Otter Tail Corp. Utilities Yes U.S.
BBB/Negative Perth Airport Pty Ltd. Perth Airport Development Group Pty Ltd Utilities Australia
BBB/Negative Portsmouth Water Ltd. Utilities U.K.
BBB/Negative Republic of Indonesia Sovereign Indonesia
BBB/Negative Royal Mail plc Transportation U.K.
BBB/Negative SK Innovation Co. Ltd., Oil and gas Korea, Republic of
BBB/Negative Sirius International Group Ltd. Sirius International Insurance Group Insurance Yes Bermuda
BBB/Negative Societa Cattolica di Assicurazione Insurance Italy
BBB/Negative Sonoco Products Co. Chemicals, packaging, and environmental services U.S.
BBB/Negative South Jersey Industries Inc. Utilities U.S.
BBB/Negative South Staffordshire PLC Utilities U.K.
BBB/Negative Southwest Airlines Co. Transportation Yes U.S.
BBB/Negative TMB Bank Public Co. Ltd. Financial institutions Yes Thailand
BBB/Negative Tanger Factory Outlet Centers Inc. Homebuilders/real estate companies U.S.
BBB/Negative Telefonica S.A. Telecommunications Spain
BBB/Negative Textron Inc. Aerospace and defense Yes U.S.
BBB/Negative UBI Banca SpA Financial institutions Yes Italy
BBB/Negative UniCredit SpA Financial institutions Italy
BBB/Negative Unite Group PLC Homebuilders/real estate companies U.K.
BBB/Negative United Mexican States Sovereign Mexico
BBB/Negative Valley National Bancorp Financial institutions U.S.
BBB/Negative ViacomCBS Inc. Media and entertainment U.S.
BBB/Negative Vornado Realty Trust Homebuilders/real estate companies U.S.
BBB/Negative WPP PLC Media and entertainment U.K.
BBB/Negative Walgreens Boots Alliance Inc., Retail/restaurants U.S.
BBB/Negative Wellington International Airport Ltd. Utilities New Zealand
BBB/Negative WestRock Co. Chemicals, packaging, and environmental services U.S.
BBB/Negative Whirlpool Corp. Consumer products U.S.
BBB/Negative Xylem Inc. Capital goods U.S.
BBB/Negative Zimmer Biomet Holdings Inc., Health care U.S.
BBB-/Watch Neg Autopistas Metropolitanas de Puerto Rico LLC Atlantia SpA Utilities Yes U.S.
BBB-/Watch Neg Avnet Inc. High technology Yes U.S.
BBB-/Watch Neg Eagle Materials Inc. Forest products and building materials U.S.
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 Jets Stadium Development, LLC Media and entertainment U.S.
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 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 Sociedad Concesionaria Vespucio Norte Express S.A. Transportation Chile
BBB-/Watch Neg Southeast Supply Header, LLC Midstream U.S.
BBB-/Watch Neg Sunrise Communications Group AG High technology Yes Switzerland
BBB-/Watch Neg Toll Road Investors Partnership II LP Transportation U.S.
BBB-/Watch Neg Zhejiang Geely Holding Group Co. Ltd., Automotive China
BBB-/Watch Neg easyJet PLC Transportation U.K.
BBB-/Negative AIB Group PLC Financial institutions Ireland
BBB-/Negative Abertis Infraestructuras S.A. Utilities Spain
BBB-/Negative Ally Financial Inc. Financial institutions U.S.
BBB-/Negative Amadeus IT Group S.A. Media and entertainment Spain
BBB-/Negative ArcelorMittal Metals, mining, and steel Luxembourg
BBB-/Negative Argo Group International Holdings Ltd. Financial institutions U.S.
BBB-/Negative Ashtead Group PLC Capital goods U.K.
BBB-/Negative Auchan Holding Retail/restaurants France
BBB-/Negative Austin Convention Enterprises Inc Utilities U.S.
BBB-/Negative AutoNation Inc. Automotive U.S.
BBB-/Negative Aviation Capital Group LLC Pacific LifeCorp Transportation U.S.
BBB-/Negative Avolon Holdings Ltd. Transportation Cayman Islands
BBB-/Negative Bank of Ireland Group PLC Financial institutions Ireland
BBB-/Negative Beijing Capital Group Co. Ltd., Homebuilders/real estate companies China
BBB-/Negative Bharti Airtel Ltd. Telecommunications India
BBB-/Negative Boeing Co. Aerospace and defense Yes U.S.
BBB-/Negative BrightSphere Investment Group Inc. Financial institutions U.S.
BBB-/Negative Cameco Corp. Metals, mining, and steel Canada
BBB-/Negative Capri Holdings Ltd. Retail/restaurants British Virgin Islands
BBB-/Negative Carpenter Technology Corp. Metals, mining, and steel U.S.
BBB-/Negative Celulosa Arauco y Constitucion, S.A. (ARAUCO) AntarChile S.A. Forest products and building materials Chile
BBB-/Negative Cenovus Energy Inc. Oil and gas Canada
BBB-/Negative China Jinmao Holdings Group Ltd. Sinochem Group Homebuilders/real estate companies Hong Kong
BBB-/Negative Choice Hotels International Inc. Media and entertainment U.S.
BBB-/Negative Cimarex Energy Co. Oil and gas U.S.
BBB-/Negative Citycon Oyj Homebuilders/real estate companies Finland
BBB-/Negative Darden Restaurants Inc. Retail/restaurants U.S.
BBB-/Negative Denver Convention Ctr Hotel Auth Media and entertainment U.S.
BBB-/Negative Devon Energy Corp. Oil and gas U.S.
BBB-/Negative Diamondback Energy Inc Oil and gas U.S.
BBB-/Negative Discover Financial Services Financial institutions U.S.
BBB-/Negative EPR Properties Homebuilders/real estate companies U.S.
BBB-/Negative Ecopetrol S.A. Oil and gas Colombia
BBB-/Negative Eesti Energia AS Utilities Yes Estonia
BBB-/Negative Elizabeth River Crossings Opco LLC Utilities U.S.
BBB-/Negative Empresa Nacional del Petroleo Utilities Chile
BBB-/Negative Enable Midstream Partners, LP Merchant Power U.S.
BBB-/Negative Energy Transfer LP Midstream U.S.
BBB-/Negative Expedia Group Inc., Media and entertainment U.S.
BBB-/Negative Financiera de Desarrollo Territorial S.A. FINDETER Financial institutions Colombia
BBB-/Negative FirstGroup PLC Transportation U.K.
BBB-/Negative Flowserve Corp. Capital goods U.S.
BBB-/Negative Fluor Corp. Capital goods U.S.
BBB-/Negative GKN Holdings Ltd. Automotive U.K.
BBB-/Negative Gas Natural de Lima y Callao S.A. Grupo Energia Bogota S.A.E.S.P. Utilities Yes Peru
BBB-/Negative Gerdau S.A. Metalurgica Gerdau S.A. Metals, mining, and steel Brazil
BBB-/Negative Grupo de Inversiones Suramericana S.A. Diversified Colombia
BBB-/Negative Hess Corp Oil and gas U.S.
BBB-/Negative Howmet Aerospace Inc Aerospace and defense U.S.
BBB-/Negative ICICI Bank Ltd. Financial institutions India
BBB-/Negative ITV PLC Media and entertainment U.K.
BBB-/Negative Indigo Group S.A. Utilities France
BBB-/Negative Innergex Renewable Energy Inc. Merchant Power Canada
BBB-/Negative Inter Pipeline Ltd. Midstream Canada
BBB-/Negative InterContinental Hotels Group PLC Media and entertainment U.K.
BBB-/Negative Intercorp Financial Services Inc. Intercorp Peru Ltd. Financial institutions Peru
BBB-/Negative Kohl's Corp. Retail/restaurants U.S.
BBB-/Negative Lear Corp. Automotive U.S.
BBB-/Negative Madrilena Red de Gas, S.A.U. Utilities Yes Spain
BBB-/Negative Marathon Oil Corp. Oil and gas U.S.
BBB-/Negative Marex Spectron Group Ltd. Financial institutions U.K.
BBB-/Negative Metro AG Retail/restaurants Germany
BBB-/Negative Metso Outotec Oyj Capital goods Yes Finland
BBB-/Negative Molson Coors Beverage Co. Consumer products U.S.
BBB-/Negative Mosaic Co. (The) Chemicals, packaging, and environmental services U.S.
BBB-/Negative Nelnet Inc. Financial institutions U.S.
BBB-/Negative Nexteer Automotive Group Ltd. Aviation Industry Corp. of China Ltd., Automotive Cayman Islands
BBB-/Negative Nissan Motor Co. Ltd. Automotive Japan
BBB-/Negative Nordstrom Inc. Retail/restaurants U.S.
BBB-/Negative Nova Ljubljanska Banka D.D. Financial institutions Slovenia
BBB-/Negative Ocean Spray Cranberries Inc. Consumer products U.S.
BBB-/Negative Ohio National Financial Services Inc. Ohio National Mutual Holdings Inc. Financial institutions U.S.
BBB-/Negative Ovintiv Inc. Oil and gas U.S.
BBB-/Negative PVH Corp. Consumer products U.S.
BBB-/Negative Peugeot S.A. Automotive France
BBB-/Negative Prospect Capital Corp. Financial institutions U.S.
BBB-/Negative Puget Energy Inc. Puget Holdings LLC Utilities Yes U.S.
BBB-/Negative Rakuten Inc., High technology Japan
BBB-/Negative Republic of Colombia Sovereign Colombia
BBB-/Negative Retail Opportunity Investments Corp. Homebuilders/real estate companies U.S.
BBB-/Negative Romania Sovereign Romania
BBB-/Negative SKYCITY Entertainment Group Ltd. Media and entertainment New Zealand
BBB-/Negative Stagecoach Group PLC Transportation U.K.
BBB-/Negative Standard Industries Inc. Forest products and building materials U.S.
BBB-/Negative Steelcase Inc. Consumer products U.S.
BBB-/Negative Suedzucker AG Consumer products Germany
BBB-/Negative Suzano S.A. Forest products and building materials Brazil
BBB-/Negative Synchrony Financial Financial institutions U.S.
BBB-/Negative Synovus Financial Corp. Financial institutions U.S.
BBB-/Negative Sysco Corp. Consumer products U.S.
BBB-/Negative Tanner Servicios Financieros S.A. Financial institutions Chile
BBB-/Negative Tapestry Inc., Consumer products U.S.
BBB-/Negative Timken Co. (The) Capital goods U.S.
BBB-/Negative UPL Corp. Ltd. UPL Ltd Chemicals, packaging, and environmental services Mauritius
BBB-/Negative Vale S.A. Metals, mining, and steel Brazil
BBB-/Negative Virgin Money UK PLC Financial institutions U.K.
BBB-/Negative West Fraser Timber Co. Ltd. Forest products and building materials Canada
BBB-/Negative Westinghouse Air Brake Technologies Corp. Capital goods U.S.
BBB-/Negative Yangzhou Urban Construction State-owned Assets Holding (Group) Co. Ltd. Utilities China
BBB-/Negative Yuexiu Real Estate Investment Trust Guangzhou Yuexiu Holdings Ltd. Homebuilders/real estate companies Hong Kong
BB+/Watch Neg Adani Green Energy (UP) Ltd. Utilities India
BB+/Watch Neg Aristocrat Leisure Ltd. Media and entertainment Australia
BB+/Watch Neg HD Supply Inc. Capital goods U.S.
BB+/Watch Neg Marks & Spencer PLC Marks & Spencer Group PLC Retail/restaurants U.K.
BB+/Watch Neg Nemak, S.A.B. de C.V. Automotive Yes Mexico
BB+/Watch Neg Occidental Petroleum Corp. Oil and gas U.S.
BB+/Watch Neg Parampujya Solar Energy Private Ltd. Restricted Group Utilities India
BB+/Watch Neg Prayatna Developers Private Ltd. Utilities India
BB+/Watch Neg Queens Ballpark Co. LLC Utilities U.S.
BB+/Negative Accor S.A. Media and entertainment Yes France
BB+/Negative Alcoa Corp. Metals, mining, and steel U.S.
BB+/Negative Amplifon SpA Health care Italy
BB+/Negative Apache Corp. Oil and gas U.S.
BB+/Negative Asbury Automotive Group Inc. Automotive U.S.
BB+/Negative Ashland Global Holdings Inc. Chemicals, packaging, and environmental services U.S.
BB+/Negative Beijing Easyhome Investment Holding Group Co. Ltd., Homebuilders/real estate companies China
BB+/Negative CAP S.A. Metals, mining, and steel Chile
BB+/Negative CDK Global Inc. Media and entertainment U.S.
BB+/Negative CIT Group Inc., Financial institutions U.S.
BB+/Negative Cadence BanCorp. Cadence Bancorp LLC Financial institutions U.S.
BB+/Negative Carter's Inc., Consumer products U.S.
BB+/Negative Cementos Pacasmayo S.A.A. Forest products and building materials Peru
BB+/Negative China Water Affairs Group Ltd. Utilities Bermuda
BB+/Negative Continental Resources Inc. Oil and gas U.S.
BB+/Negative Crown Holdings Inc. Chemicals, packaging, and environmental services U.S.
BB+/Negative DCP Midstream, LP Phillips 66 Midstream U.S.
BB+/Negative Dell Technologies Inc High technology U.S.
BB+/Negative El Corte Ingles, S.A. Retail/restaurants Spain
BB+/Negative Emaar Properties PJSC Homebuilders/real estate companies U.A.E.
BB+/Negative Embraer S.A. Aerospace and defense Brazil
BB+/Negative Fair Isaac Corp. High technology U.S.
BB+/Negative Foot Locker Inc. Consumer products U.S.
BB+/Negative Ford Motor Co. Automotive Yes U.S.
BB+/Negative Gaming & Leisure Properties Inc. Media and entertainment U.S.
BB+/Negative Group 1 Automotive Inc. Automotive U.S.
BB+/Negative Hillenbrand Inc., Capital goods U.S.
BB+/Negative Ibercaja Banco S.A. Caja de Ahorros y Monte de Piedad de Zaragoza, Aragon y Rioja (IBERCAJA) Financial institutions Spain
BB+/Negative Icahn Enterprises L.P. Financial institutions U.S.
BB+/Negative Immobiliare Grande Distribuzione SIIQ S.p.A. Homebuilders/real estate companies Italy
BB+/Negative Ingersoll Rand Inc. Capital goods U.S.
BB+/Negative Kaiser Aluminum Corp. Metals, mining, and steel U.S.
BB+/Negative Kraft Heinz Co. (The) Consumer products U.S.
BB+/Negative LPL Holdings Inc., Financial institutions U.S.
BB+/Negative Levi Strauss & Co. Consumer products U.S.
BB+/Negative Lithia Motors Inc., Automotive U.S.
BB+/Negative MGIC Investment Corp. Insurance U.S.
BB+/Negative Moog Inc. Aerospace and defense U.S.
BB+/Negative New York Community Bancorp Inc., Financial institutions U.S.
BB+/Negative Newell Brands Inc. Consumer products U.S.
BB+/Negative Nokia Corp. High technology Finland
BB+/Negative Novomatic AG Media and entertainment Austria
BB+/Negative PCI Gaming Authority Media and entertainment Yes U.S.
BB+/Negative PHOENIX Pharmahandel GmbH & Co. KG Health care Germany
BB+/Negative Patterson-UTI Energy Inc., Oil and gas U.S.
BB+/Negative Pitney Bowes Inc. High technology U.S.
BB+/Negative Promontoria MMB SAS Financial institutions France
BB+/Negative Radian Group Inc. Insurance U.S.
BB+/Negative Red Star Macalline Group Corp. Ltd. Red Star Macalline Holding Group Co. Ltd. Homebuilders/real estate companies China
BB+/Negative Renault S.A. Automotive France
BB+/Negative Ritchie Bros. Auctioneers Inc. Capital goods Canada
BB+/Negative Rockies Express Pipeline LLC Midstream U.S.
BB+/Negative SLM Corp. Financial institutions U.S.
BB+/Negative SNC-Lavalin Group Inc. Capital goods Canada
BB+/Negative Science Applications International Corp. Aerospace and defense U.S.
BB+/Negative Sensata Technologies B.V. Automotive Yes Netherlands
BB+/Negative Silgan Holdings Inc. Chemicals, packaging, and environmental services U.S.
BB+/Negative SoftBank Group Corp. Financial institutions Japan
BB+/Negative Terminales Portuarios Euroandinos Paita S.A Utilities Peru
BB+/Negative TransUnion Media and entertainment U.S.
BB+/Negative Travis Perkins PLC Forest products and building materials U.K.
BB+/Negative ZF Friedrichshafen AG Automotive Germany
BB/Watch Neg Churchill Downs Inc. Media and entertainment 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 Hilton Grand Vacations Inc. Media and entertainment U.S.
BB/Watch Neg INEOS Enterprises Holdings Ltd. Chemicals, packaging, and environmental services U.K.
BB/Watch Neg Ineos Group Holdings S.A. Chemicals, packaging, and environmental services Luxembourg
BB/Watch Neg Ineos Styrolution Holding Ltd. Chemicals, packaging, and environmental services Germany
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 Nielsen Holdings PLC Media and entertainment U.K.
BB/Watch Neg Teva Pharmaceutical Industries Ltd. Health care Israel
BB/Watch Neg US Foods Inc. Consumer products U.S.
BB/Negative AES Panama S.R.L. Utilities Panama
BB/Negative AMN Healthcare Services Inc., Health care U.S.
BB/Negative Adecoagro S.A. Consumer products Brazil
BB/Negative Agile Group Holdings Ltd. Homebuilders/real estate companies Cayman Islands
BB/Negative American Woodmark Corp. Forest products and building materials U.S.
BB/Negative Apergy Corp. Oil and gas U.S.
BB/Negative Arcelik A.S. Consumer products Turkey
BB/Negative Avient Corp. Chemicals, packaging, and environmental services U.S.
BB/Negative Blucora Inc., HDV Holdings Inc., Financial institutions U.S.
BB/Negative British Airways PLC Transportation U.K.
BB/Negative Burlington Stores Inc. Retail/restaurants U.S.
BB/Negative CEMEX S.A.B. de C.V. Forest products and building materials Yes Mexico
BB/Negative CORESTATE Capital Holding S.A. Financial institutions Yes Luxembourg
BB/Negative CYDSA, S.A.B. de C.V. Chemicals, packaging, and environmental services Mexico
BB/Negative Cabot Microelectronics Corp. Chemicals, packaging, and environmental services U.S.
BB/Negative Cheniere Energy Inc. Utilities U.S.
BB/Negative Colfax Corp. Capital goods U.S.
BB/Negative Corus Entertainment Inc. Media and entertainment Canada
BB/Negative Credit Acceptance Corp. Financial institutions U.S.
BB/Negative DEMIRE Deutsche Mittelstand Real Estate AG Homebuilders/real estate companies Yes Germany
BB/Negative DPL Inc. AES Corp. (The) Utilities U.S.
BB/Negative DaVita Inc. Health care U.S.
BB/Negative Dana Inc. Automotive Yes U.S.
BB/Negative Delta Air Lines Inc. Transportation U.S.
BB/Negative Deutsche Lufthansa AG Transportation Germany
BB/Negative Doosan Bobcat Inc. Doosan Infracore Co. Ltd. Capital goods Korea, Republic of
BB/Negative Edgewell Personal Care Co. Consumer products Yes U.S.
BB/Negative Elior Group S.A. Consumer products France
BB/Negative Fly Leasing Ltd Transportation Bermuda
BB/Negative Fosun International Ltd. Metals, mining, and steel Yes Hong Kong
BB/Negative Fuller (H.B) Co. Chemicals, packaging, and environmental services U.S.
BB/Negative G-III Apparel Group Ltd., Consumer products U.S.
BB/Negative Graham Holdings Co. Media and entertainment U.S.
BB/Negative Greenhill & Co. Inc., Financial institutions U.S.
BB/Negative Greif Inc. Chemicals, packaging, and environmental services U.S.
BB/Negative Haitong Bank S.A. Haitong Securities Co. Ltd. Financial institutions Portugal
BB/Negative Hanesbrands Inc. Consumer products U.S.
BB/Negative Hilton Worldwide Holdings Inc. Media and entertainment U.S.
BB/Negative IDBI Bank Ltd. Financial institutions India
BB/Negative Iccrea Banca SpA Financial institutions Italy
BB/Negative International Consolidated Airlines Group, S.A. Transportation Spain
BB/Negative Intrum AB (publ) Financial institutions Sweden
BB/Negative James Hardie International Group Ltd Forest products and building materials Ireland
BB/Negative KazMunayGas NC JSC Oil and gas Kazakhstan
BB/Negative Macquarie Infrastructure Corp. Midstream U.S.
BB/Negative Match Group Inc., Media and entertainment Yes U.S.
BB/Negative Matthews International Corp. Health care U.S.
BB/Negative Meritor Inc. Automotive U.S.
BB/Negative Methanex Corp. Chemicals, packaging, and environmental services Canada
BB/Negative Midland Cogeneration Venture L.P. Utilities U.S.
BB/Negative Murphy Oil Corp. Oil and gas U.S.
BB/Negative Muthoot Finance Ltd Financial institutions India
BB/Negative NASCAR Holdings, LLC Media and entertainment U.S.
BB/Negative NMI Holdings Inc., Insurance U.S.
BB/Negative Nexans S.A. Capital goods France
BB/Negative Nufarm Ltd. Chemicals, packaging, and environmental services Australia
BB/Negative OCI N.V. Chemicals, packaging, and environmental services Netherlands
BB/Negative PBF Holding Co. LLC PBF Energy Inc. Utilities U.S.
BB/Negative PDC Energy Inc., Oil and gas U.S.
BB/Negative Penske Automotive Group Inc. Automotive U.S.
BB/Negative RE/MAX LLC Media and entertainment U.S.
BB/Negative Restaurant Brands International Inc. Retail/restaurants Canada
BB/Negative Rolls-Royce PLC Rolls-Royce Holdings PLC Aerospace and defense U.K.
BB/Negative Sappi Ltd. Forest products and building materials South Africa
BB/Negative Signature Aviation PLC Transportation U.K.
BB/Negative Spie SA Consumer products Yes France
BB/Negative Stericycle Inc. Chemicals, packaging, and environmental services U.S.
BB/Negative Taylor Morrison Home Corp Homebuilders/real estate companies U.S.
BB/Negative Teollisuuden Voima Oyj Utilities Finland
BB/Negative The Commonwealth of The Bahamas Sovereign Bahamas
BB/Negative Trinidad Petroleum Holdings Ltd. Oil and gas Trinidad and Tobago
BB/Negative Under Armour Inc., Consumer products U.S.
BB/Negative Vail Resorts Inc. Media and entertainment U.S.
BB/Negative Valvoline Inc. Consumer products U.S.
BB/Negative W.R. Grace & Co. Chemicals, packaging, and environmental services U.S.
BB/Negative Wolverine World Wide Inc. Consumer products U.S.
BB/Negative Wyndham Hotels & Resorts Inc., Media and entertainment U.S.
BB/Negative iStar Inc. Financial institutions U.S.
BB-/Watch Neg Carnival Corp. Media and entertainment Panama
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 Georgian Oil and Gas Corp. JSC Oil and gas Georgia
BB-/Watch Neg Glenmark Pharmaceuticals Ltd. Health care India
BB-/Watch Neg Grupo Unicomer Corp. Retail/restaurants Panama
BB-/Watch Neg IAA Inc. Automotive U.S.
BB-/Watch Neg Inovyn Ltd. Chemicals, packaging, and environmental services U.K.
BB-/Watch Neg MGM Resorts International Media and entertainment U.S.
BB-/Watch Neg Masmovil Ibercom SA. Telecommunications Spain
BB-/Watch Neg Panama Canal Railway Co. Transportation Cayman Islands
BB-/Watch Neg Shriram Transport Finance Co. Ltd. Financial institutions India
BB-/Watch Neg Studio City Co. Ltd. Melco International Development Ltd. Media and entertainment British Virgin Islands
BB-/Watch Neg Telecommunications Services of Trinidad and Tobago Ltd., Telecommunications Trinidad and Tobago
BB-/Watch Neg Webuild S.p.A. Homebuilders/real estate companies Italy
BB-/Watch Neg Wynn Resorts Ltd. Media and entertainment U.S.
BB-/Negative ACCO Brands Corp. Consumer products U.S.
BB-/Negative AMG Advanced Metallurgical Group N.V. Metals, mining, and steel Netherlands
BB-/Negative Alkermes PLC Health care Ireland
BB-/Negative Arrow Global Group PLC Financial institutions U.K.
BB-/Negative Avanos Medical Inc Health care U.S.
BB-/Negative Avia Solutions Group Plc Transportation Yes Lithuania
BB-/Negative BankMuscat S.A.O.G. Financial institutions Oman
BB-/Negative Boels Topholding B.V. Capital goods Netherlands
BB-/Negative Boluda Towage S.L. Transportation Spain
BB-/Negative Bombardier Recreational Products Inc. Media and entertainment Canada
BB-/Negative Borets International Ltd. Capital goods U.A.E.
BB-/Negative CVR Energy Inc., Midstream U.S.
BB-/Negative Cable & Wireless Communications Ltd. Liberty Latin America Ltd. Telecommunications U.K.
BB-/Negative Cabot Financial Ltd. Encore Capital Group Inc. Financial institutions U.K.
BB-/Negative Companhia de Saneamento Basico do Estado de Sao Paulo Utilities Brazil
BB-/Negative Compass Minerals International Inc. Metals, mining, and steel U.S.
BB-/Negative Crestwood Equity Partners LP Crestwood Holdings LLC Midstream U.S.
BB-/Negative Dillard's Inc. Retail/restaurants U.S.
BB-/Negative Dometic Group AB Capital goods Sweden
BB-/Negative Dominican Republic Sovereign Dominican Republic
BB-/Negative Douglas Dynamics Inc. Capital goods U.S.
BB-/Negative Element Solutions Inc. Chemicals, packaging, and environmental services U.S.
BB-/Negative Endeavor Energy Resources L.P Oil and gas U.S.
BB-/Negative Energizer Holdings Inc. Consumer products U.S.
BB-/Negative Equitrans Midstream Corp. Midstream U.S.
BB-/Negative GEO Group (The) Inc. Consumer products U.S.
BB-/Negative GMR Hyderabad International Airport Ltd Utilities India
BB-/Negative GMS Inc. Forest products and building materials U.S.
BB-/Negative Gap Inc. (The) Consumer products U.S.
BB-/Negative Garrett Motion Inc. Automotive U.S.
BB-/Negative Getlink S.E. Utilities France
BB-/Negative Grupo KUO, S.A.B. de C.V. Diversified Mexico
BB-/Negative Guacolda Energia S.A Utilities Chile
BB-/Negative Harbor Freight Tools USA Inc. Retail/restaurants U.S.
BB-/Negative Harsco Corp. Capital goods U.S.
BB-/Negative Hunt Cos. Inc., Financial institutions U.S.
BB-/Negative Iron Mountain Inc. Media and entertainment U.S.
BB-/Negative Jeld-Wen Inc. Forest products and building materials U.S.
BB-/Negative KKR Real Estate Finance Trust Inc. Financial institutions U.S.
BB-/Negative Ladder Capital Finance Holdings LLLP Financial institutions Yes U.S.
BB-/Negative Lamar Advertising Co. Media and entertainment U.S.
BB-/Negative Liquidnet Holdings Inc., Financial institutions U.S.
BB-/Negative MEIF 5 Arena Holdings SLU Utilities Spain
BB-/Negative Mannington Mills Inc. Forest products and building materials U.S.
BB-/Negative Marriott Vacations Worldwide Corp. Media and entertainment U.S.
BB-/Negative Micro Focus International PLC High technology U.K.
BB-/Negative NOVA Chemicals Corp. Mamoura Diversified Global Holding PJSC Chemicals, packaging, and environmental services Canada
BB-/Negative Natgasoline, LLC Utilities U.S.
BB-/Negative Natura Cosmeticos S.A. Natura & Co Holding S.A. Consumer products Brazil
BB-/Negative Navient Corp. Financial institutions U.S.
BB-/Negative Neptune Energy Group Midco Ltd Oil and gas U.K.
BB-/Negative Olin Corp. Chemicals, packaging, and environmental services U.S.
BB-/Negative Oman Electricity Transmission Co. Utilities Oman
BB-/Negative Operadora de Servicios Mega, S.A. de C.V. SOFOM, E.R. Financial institutions Mexico
BB-/Negative PBF Logistics LP PBF Energy Inc. Midstream U.S.
BB-/Negative PT Japfa Comfeed Indonesia Tbk. Japfa Ltd. Consumer products Indonesia
BB-/Negative Permanent TSB Group Holdings PLC Financial institutions Ireland
BB-/Negative Playtech Plc Media and entertainment U.K.
BB-/Negative Q-Park Holding I BV Utilities Netherlands
BB-/Negative Qurate Retail Inc., Retail/restaurants U.S.
BB-/Negative Republic of Fiji Sovereign Fiji
BB-/Negative Republic of Uzbekistan Sovereign Uzbekistan
BB-/Negative Sally Beauty Holdings Inc. Retail/restaurants U.S.
BB-/Negative Sculptor Capital Management Inc., Financial institutions U.S.
BB-/Negative Service Properties Trust Homebuilders/real estate companies U.S.
BB-/Negative Seven Generations Energy Ltd. Oil and gas Canada
BB-/Negative Sinclair Broadcast Group Inc. Media and entertainment U.S.
BB-/Negative Southwestern Energy Co. Oil and gas U.S.
BB-/Negative Speedway Motorsports LLC Media and entertainment U.S.
BB-/Negative Starwood Property Trust Inc. Financial institutions U.S.
BB-/Negative Sultanate of Oman Sovereign Oman
BB-/Negative TAMKO Building Products, LLC Forest products and building materials U.S.
BB-/Negative TEGNA Inc. Media and entertainment U.S.
BB-/Negative TI Fluid Systems plc Automotive U.K.
BB-/Negative TMK PAO Metals, mining, and steel Russia
BB-/Negative TRI Pointe Group Inc., Homebuilders/real estate companies U.S.
BB-/Negative Terex Corp. Capital goods U.S.
BB-/Negative Thor Industries Inc., Media and entertainment U.S.
BB-/Negative US Ecology Inc. Chemicals, packaging, and environmental services U.S.
BB-/Negative Unifin Financiera, S.A.B. de C.V. Financial institutions Mexico
BB-/Negative Uzpromstroybank Financial institutions Uzbekistan
BB-/Negative Victoria PLC Consumer products U.K.
BB-/Negative Visteon Corp. Automotive Yes U.S.
BB-/Negative WEX Inc. Financial institutions U.S.
BB-/Negative Wabash National Corp. Automotive U.S.
BB-/Negative William Hill PLC Media and entertainment U.K.
BB-/Negative Wyndham Destinations Inc., Media and entertainment U.S.
BB-/Negative Zhongrong International Holdings Ltd. Zhongrong International Trust Co. Ltd. Financial institutions British Virgin Islands
B+/Watch Neg 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 Cedar Fair L.P. Media and entertainment U.S.
B+/Watch Neg Cinemark Holdings Inc. Media and entertainment U.S.
B+/Watch Neg Cornerstone Building Brands Inc Forest products and building materials U.S.
B+/Watch Neg Delhi International Airport Ltd. Utilities India
B+/Watch Neg Goodyear Tire & Rubber Co. (The) Automotive U.S.
B+/Watch Neg HT Global IT Solutions Holdings Ltd. High technology Mauritius
B+/Watch Neg PT Chandra Asri Petrochemical Tbk. Chemicals, packaging, and environmental services Yes Indonesia
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 Twin River Worldwide Holdings Inc. Media and entertainment U.S.
B+/Negative 361 Degrees International Ltd. Consumer products Cayman Islands
B+/Negative 4finance Holding S.A. Financial institutions Luxembourg
B+/Negative ADES International Holdings PLC Oil and gas U.A.E.
B+/Negative Aernnova Aerospace Corp. S.A. Aerospace and defense Spain
B+/Negative Air Canada ACE Aviation Holdings Inc. Transportation Yes Canada
B+/Negative Apollo Commercial Real Estate Finance Inc., Financial institutions U.S.
B+/Negative Avon Products Inc. Natura & Co Holding S.A. Consumer products U.S.
B+/Negative B2Holding ASA Financial institutions Norway
B+/Negative Bed Bath & Beyond Inc. Retail/restaurants U.S.
B+/Negative Blackstone Mortgage Trust Inc. Financial institutions U.S.
B+/Negative Bloomin' Brands Inc., Retail/restaurants U.S.
B+/Negative Braskem Idesa, S.A.P.I. and subsidiary Chemicals, packaging, and environmental services Mexico
B+/Negative Bright Horizons Family Solutions LLC Bright Horizons Capital Corp. Media and entertainment U.S.
B+/Negative Brinker International Inc. Retail/restaurants U.S.
B+/Negative CCM Merger Inc. Media and entertainment U.S.
B+/Negative CEVA Logistics AG Transportation Switzerland
B+/Negative CMA CGM S.A. Transportation France
B+/Negative CNX Midstream Partners LP CNX Resources Corp. Midstream Yes U.S.
B+/Negative Caleres Inc., Consumer products U.S.
B+/Negative Callaway Golf Co. Consumer products Yes U.S.
B+/Negative Ceridian HCM Holding Inc. Ceridian LLC High technology U.S.
B+/Negative China SCE Group Holdings Ltd. Homebuilders/real estate companies Cayman Islands
B+/Negative Cimpress plc Media and entertainment Netherlands
B+/Negative Claros Mortgage Trust Inc., Financial institutions U.S.
B+/Negative Compass Group Diversified Holdings LLC Financial institutions U.S.
B+/Negative Conduent Inc., Media and entertainment U.S.
B+/Negative Connect Bidco Ltd. Telecommunications Guernsey
B+/Negative Custom Truck One Source, L.P. Capital goods U.S.
B+/Negative ENERGO-PRO a.s. Utilities Czech Republic
B+/Negative Extended Stay America Inc. Media and entertainment U.S.
B+/Negative FAGE International S.A Consumer products Luxembourg
B+/Negative Ferro Corp. Chemicals, packaging, and environmental services U.S.
B+/Negative Financiera Independencia S.A.B. de C.V. SOFOM E.N.R. Financial institutions Yes Mexico
B+/Negative Frontera Energy Corp. Oil and gas Canada
B+/Negative GBT JerseyCo Ltd Media and entertainment U.K.
B+/Negative Garfunkelux Holdco 2 S.A. Financial institutions Luxembourg
B+/Negative Gates Global LLC Capital goods U.S.
B+/Negative GeoPark Ltd. Oil and gas Bermuda
B+/Negative Georgian Railway JSC Utilities Georgia
B+/Negative Global Partners LP Midstream U.S.
B+/Negative GreenSky Holdings, LLC Financial institutions U.S.
B+/Negative Hostess Brands Inc., Consumer products U.S.
B+/Negative Inversiones Atlantida, S.A. Financial institutions Yes Honduras
B+/Negative J.B. Poindexter & Co. Inc. Capital goods U.S.
B+/Negative Jamaica Sovereign Jamaica
B+/Negative JetBlue Airways Corp. Transportation U.S.
B+/Negative KAEFER Isoliertechnik GmbH & Co. KG Capital goods Germany
B+/Negative KWG Group Holdings Ltd. Homebuilders/real estate companies Cayman Islands
B+/Negative Ken Garff Automotive LLC Automotive U.S.
B+/Negative Kontoor Brands Inc., Consumer products U.S.
B+/Negative Kraton Corp Chemicals, packaging, and environmental services U.S.
B+/Negative Kratos Defense & Security Solutions Inc. Aerospace and defense U.S.
B+/Negative L Brands Inc., Consumer products U.S.
B+/Negative LBM Borrower, LLC Forest products and building materials U.S.
B+/Negative Limetree Bay Terminals, LLC Midstream U.S.
B+/Negative Live Nation Entertainment Inc. Media and entertainment U.S.
B+/Negative MI Windows and Doors, LLC Forest products and building materials U.S.
B+/Negative MTS Systems Corp. Capital goods U.S.
B+/Negative Mack-Cali Realty Corp. Homebuilders/real estate companies U.S.
B+/Negative Macy's Inc. Retail/restaurants U.S.
B+/Negative Magnolia Oil & Gas Corp. Oil and gas U.S.
B+/Negative Mattel Inc. Media and entertainment U.S.
B+/Negative Mercer International Inc. Forest products and building materials U.S.
B+/Negative Metro-Goldwyn-Mayer Inc. Media and entertainment U.S.
B+/Negative Miller Homes Group Holdings PLC Homebuilders/real estate companies U.K.
B+/Negative NCL Corp. Ltd. Media and entertainment Yes Bermuda
B+/Negative NGL Energy Partners LP Midstream U.S.
B+/Negative NewDay Group (Jersey) Ltd. Financial institutions U.K.
B+/Negative Novem Group GmbH Automotive Germany
B+/Negative O-I Glass Inc., Chemicals, packaging, and environmental services U.S.
B+/Negative Oceaneering International Inc. Oil and gas U.S.
B+/Negative Outfront Media Inc. Media and entertainment U.S.
B+/Negative Oxbow Carbon LLC Metals, mining, and steel U.S.
B+/Negative PT Medco Energi Internasional Tbk. Oil and gas Indonesia
B+/Negative Peer Holding III B.V. Retail/restaurants Netherlands
B+/Negative Performance Food Group Inc. Consumer products U.S.
B+/Negative Piaggio & C. SpA Automotive Italy
B+/Negative Plantronics Inc., High technology U.S.
B+/Negative Polaris Intermediate Corp. Health care U.S.
B+/Negative Press Metal Aluminium Holdings Bhd. Metals, mining, and steel Malaysia
B+/Negative Rain Carbon Inc. Rain Industries Ltd. Chemicals, packaging, and environmental services Yes U.S.
B+/Negative Red Ventures Holdco, LP Media and entertainment U.S.
B+/Negative Republic of Kenya Sovereign Kenya
B+/Negative Republic of Rwanda Sovereign Yes Rwanda
B+/Negative Resolute Forest Products Inc. Forest products and building materials U.S.
B+/Negative Resolute Investment Managers Inc., American Beacon Advisors Inc., Financial institutions U.S.
B+/Negative Revere Power, LLC Merchant Power U.S.
B+/Negative Reynolds Group Holdings Ltd. Chemicals, packaging, and environmental services New Zealand
B+/Negative Royal Caribbean Cruises Ltd. Media and entertainment Yes U.S.
B+/Negative Ruby Pipeline LLC Midstream U.S.
B+/Negative STV Group Inc., Capital goods U.S.
B+/Negative Sazka Group A.S. Media and entertainment Czech Republic
B+/Negative Shea Homes L.P. Forest products and building materials U.S.
B+/Negative Sigma HoldCo BV Consumer products Netherlands
B+/Negative Simply Good Foods Co. (The) Consumer products U.S.
B+/Negative Sixsigma Networks Mexico, S.A. De C.V.(KIO Networks) High technology Yes Mexico
B+/Negative Sotheby's Retail/restaurants U.S.
B+/Negative Springer Nature AG & Co. KGaA Media and entertainment Germany
B+/Negative State of Montenegro Sovereign Montenegro
B+/Negative Stena AB Oil and gas Sweden
B+/Negative Synlab Unsecured Bondco PLC Health care Germany
B+/Negative Tata Steel Ltd. Tata Sons Pte. Ltd. Metals, mining, and steel India
B+/Negative Techem Verwaltungsgesellschaft 674 mbH Consumer products Germany
B+/Negative The Chemours Co. Co. Chemicals, packaging, and environmental services U.S.
B+/Negative TransDigm Inc. Aerospace and defense U.S.
B+/Negative Turning Point Brands Inc., Consumer products U.S.
B+/Negative USA Compression Partners, LP Midstream U.S.
B+/Negative Unigel Participacoes S.A. Chemicals, packaging, and environmental services Brazil
B+/Negative United Airlines Holdings Inc., Transportation U.S.
B+/Negative Universal Entertainment Corp. Media and entertainment Japan
B+/Negative Verra Mobility Corp. High technology U.S.
B+/Negative WCA Waste Corp. Chemicals, packaging, and environmental services U.S.
B+/Negative WW International Inc., Consumer products U.S.
B+/Negative Wilsonart, LLC Forest products and building materials U.S.
B/Watch Neg ADMI Corp. Health care U.S.
B/Watch Neg AI Alpine AT Bidco Capital goods Austria
B/Watch Neg AP Gaming Holdings LLC Media and entertainment U.S.
B/Watch Neg Autokiniton US Holdings Inc., Automotive U.S.
B/Watch Neg Calceus Acquisition Inc., Consumer products U.S.
B/Watch Neg ENA Sur Trust Utilities Panama
B/Watch Neg Global Blue Acquisition B.V. High technology Netherlands
B/Watch Neg Golden Entertainment Inc., Media and entertainment U.S.
B/Watch Neg IXS Holdings Inc., Automotive U.S.
B/Watch Neg KAR Auction Services Inc. Automotive U.S.
B/Watch Neg Korean Air Lines Co. Ltd. Transportation Korea, Republic of
B/Watch Neg Lindblad Expeditions Holdings Inc. Media and entertainment U.S.
B/Watch Neg Motion Midco Ltd Media and entertainment U.K.
B/Watch Neg Navistar International Corp. Automotive U.S.
B/Watch Neg Penn National Gaming Inc. Media and entertainment U.S.
B/Watch Neg Tendam Brands S.A.U. Consumer products Spain
B/Watch Neg The Knot Worldwide Inc. Media and entertainment 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 Waste Pro USA Inc. Chemicals, packaging, and environmental services U.S.
B/Watch Neg Zest Acquisition Corp Health care U.S.
B/Negative ACProducts Inc., Forest products and building materials U.S.
B/Negative AI Convoy (Luxembourg) S.a.r.l. Aerospace and defense U.K.
B/Negative AI Ladder (Luxembourg) Subco S.a.r.l. High technology Luxembourg
B/Negative AIS HoldCo LLC Insurance U.S.
B/Negative ASM Global Parent Inc., Media and entertainment U.S.
B/Negative Access CIG, LLC Media and entertainment U.S.
B/Negative Achilles Acquisition LLC Insurance U.S.
B/Negative Advanced Integration Technology LP Aerospace and defense U.S.
B/Negative Ai Sirona (Luxembourg) Acquisition Sarl Health care Luxembourg
B/Negative Albaraka Turk Katilim Bankasi AS Al Baraka Banking Group B.S.C. Financial institutions Turkey
B/Negative Alera Group Intermediate Holdings Inc. Insurance U.S.
B/Negative Alight Solutions LLC Media and entertainment U.S.
B/Negative Allegiant Travel Co. Transportation U.S.
B/Negative Allnex (Luxembourg) & Cy SCA Chemicals, packaging, and environmental services Luxembourg
B/Negative Altera Infrastructure L.P. Brookfield Asset Management Inc. Midstream Marshall Islands
B/Negative Alterra Mountain Co. Media and entertainment U.S.
B/Negative Altice Europe N.V. Telecommunications Netherlands
B/Negative Altisource Portfolio Solutions S.A. Financial institutions Luxembourg
B/Negative American Bath Group, LLC Forest products and building materials U.S.
B/Negative American Greetings Corp. Consumer products U.S.
B/Negative American Trailer World Corp. BCD Intermediate Holdings Inc Capital goods U.S.
B/Negative Amneal Pharmaceuticals LLC Amneal Pharmaceuticals Inc. Health care U.S.
B/Negative Archroma Holdings S.a r.l. Chemicals, packaging, and environmental services Luxembourg
B/Negative Athena Bidco GmbH High technology Germany
B/Negative Athletico Holdings, LLC Health care Yes U.S.
B/Negative Authentic Brands Group LLC Consumer products U.S.
B/Negative BCP VII Jade Topco (Cayman) Ltd. Chemicals, packaging, and environmental services U.K.
B/Negative BCPE Empire Holdings Inc., Media and entertainment U.S.
B/Negative BME Group Holding BV Forest products and building materials Netherlands
B/Negative BVI Holdings Mayfair Ltd. Health care U.K.
B/Negative Banijay Group SAS Media and entertainment France
B/Negative Baytex Energy Corp. Oil and gas Canada
B/Negative Bojangles' Inc., Retail/restaurants U.S.
B/Negative Boyd Gaming Corp. Media and entertainment U.S.
B/Negative Boyne USA Inc. Media and entertainment U.S.
B/Negative Brookfield Residential Properties Inc. Homebuilders/real estate companies Canada
B/Negative CD&R Firefly 4 Ltd. (Motor Fuel Group) Retail/restaurants U.K.
B/Negative CD&R Smokey Buyer Inc., Consumer products U.S.
B/Negative CES Energy Solutions Corp. Oil and gas Canada
B/Negative CNG Holdings Inc., Financial institutions U.S.
B/Negative CNT Holdings III Corp Retail/restaurants U.S.
B/Negative Caesars Entertainment Corp. Media and entertainment U.S.
B/Negative Caesars Entertainment Inc., Media and entertainment U.S.
B/Negative Caldic Midco B.V. Chemicals, packaging, and environmental services Netherlands
B/Negative Carestream Dental Parent Ltd. Health care U.K.
B/Negative Carriage Services Inc. Health care U.S.
B/Negative Casino Guichard - Perrachon S.A. Retail/restaurants France
B/Negative Cerelia Participation Holding SAS Consumer products Yes France
B/Negative CityCenter Holdings, LLC Media and entertainment U.S.
B/Negative Clarity Telecom, LLC Telecommunications U.S.
B/Negative Clearwater Seafoods Inc. Consumer products Canada
B/Negative CommScope Holding Co. Inc., High technology U.S.
B/Negative Commercial Vehicle Group Inc. Automotive U.S.
B/Negative Consolidated Communications Holdings Inc. Telecommunications U.S.
B/Negative Corelle Brands Holdings Inc. Consumer products U.S.
B/Negative Credivalores - Crediservicios SAS Financial institutions Colombia
B/Negative DISH Network Corp. Telecommunications U.S.
B/Negative DLG Acquisitions Ltd. Media and entertainment U.K.
B/Negative DaFa Properties Group Ltd. Homebuilders/real estate companies Cayman Islands
B/Negative Damac Real Estate Development Ltd. Homebuilders/real estate companies U.A.E.
B/Negative Datto Inc., High technology U.S.
B/Negative Dhanani Group Inc. Retail/restaurants U.S.
B/Negative Dimora Brands Inc., Forest products and building materials U.S.
B/Negative DiversiTech Holdings Inc. Forest products and building materials U.S.
B/Negative Donnelley (R.R.) & Sons Co. Media and entertainment U.S.
B/Negative Drive Chassis Holdco, LLC Transportation U.S.
B/Negative ENC Holding Corp. ENC Parent Corp. Transportation U.S.
B/Negative EVO Payments International LLC High technology U.S.
B/Negative EVOCA S.p.A. Consumer products Italy
B/Negative Edelman Financial Engines Center, LLC (The) Financial institutions U.S.
B/Negative Electro Rent Corp. Capital goods U.S.
B/Negative Element Materials Technology Ltd. Consumer products U.K.
B/Negative Elo Touch Solutions Inc., High technology U.S.
B/Negative Emerald X Inc., Media and entertainment U.S.
B/Negative Endo International PLC Health care Ireland
B/Negative Enova International Inc., Financial institutions U.S.
B/Negative Entercom Communications Corp. Media and entertainment U.S.
B/Negative Epic Crude Services, LP EPIC Midstream Holdings, LP Midstream U.S.
B/Negative Everi Payments Inc. Media and entertainment U.S.
B/Negative EyeCare Partners, LLC Health care U.S.
B/Negative Federal Democratic Republic of Ethiopia Sovereign Ethiopia
B/Negative Filtration Group Corp. Capital goods U.S.
B/Negative Financiere Colisee SAS Health care France
B/Negative Financiere N Health care France
B/Negative Financiere Top Mendel SAS Health care France
B/Negative First Brands Group, LLC Automotive U.S.
B/Negative Fossil Group Inc., Consumer products U.S.
B/Negative GEMS MENASA (Cayman) Ltd GEMS Menasa Holdings Ltd. (Cayman islands) Consumer products U.A.E.
B/Negative Galaxy Finco Ltd. (Domestic & General) Consumer products Jersey
B/Negative Galileo Global Education Finance Sarl Media and entertainment Luxembourg
B/Negative Gamenet Group S.p.A. Gamma Bidco S.p.A. Media and entertainment Italy
B/Negative Garda World Security Corp Transportation Canada
B/Negative Genesis Care Pty Ltd. Health care Australia
B/Negative Go Wireless Holdings Inc., Retail/restaurants Yes U.S.
B/Negative Goldcup Holdings Inc., Explorer Holdings Inc Health care U.S.
B/Negative Hayward Industries Inc., Consumer products U.S.
B/Negative Henry Holdings Inc., Henry Co. LLC Forest products and building materials U.S.
B/Negative Herschend Entertainment Co. LLC Media and entertainment Yes U.S.
B/Negative Hestiafloor 2 Forest products and building materials France
B/Negative High Liner Foods Inc. Consumer products Canada
B/Negative Highline Aftermarket Acquisition, LLC Consumer products U.S.
B/Negative House of HR NV Consumer products Belgium
B/Negative HudBay Minerals Inc. Metals, mining, and steel Canada
B/Negative Hyster-Yale Materials Handling Inc. Capital goods U.S.
B/Negative IBC Capital Ltd. Transportation Cayman Islands
B/Negative IRIS Midco Ltd. High technology U.K.
B/Negative IWH UK Finco Ltd. Health care U.K.
B/Negative Ilpea Parent Inc. Capital goods U.S.
B/Negative Indivior plc Health care U.K.
B/Negative Inspire Brands Inc. Retail/restaurants U.S.
B/Negative International Design Group SpA Consumer products Italy
B/Negative Jaguar Land Rover Automotive PLC Tata Sons Pte. Ltd. Automotive U.K.
B/Negative Jiayuan International Group Ltd. Homebuilders/real estate companies China
B/Negative Jingrui Holdings Ltd. Homebuilders/real estate companies Cayman Islands
B/Negative K+S Aktiengesellschaft Chemicals, packaging, and environmental services Germany
B/Negative KAPLA Holding (Kiloutou) Capital goods France
B/Negative Kantar Global Holdings S.a r.l. Media and entertainment Luxembourg
B/Negative Keystone Acquisition Corp. Insurance U.S.
B/Negative Kiwi VFS SUB I S.ar.l Consumer products Luxembourg
B/Negative Koos Holding Cooperatief U.A. Media and entertainment Netherlands
B/Negative Koppers Holdings Inc. Chemicals, packaging, and environmental services U.S.
B/Negative Kosmos Energy Ltd., Oil and gas U.S.
B/Negative LABL Inc Chemicals, packaging, and environmental services U.S.
B/Negative LSF10 Edilians Investments S.a.r.l. Forest products and building materials France
B/Negative LSF10 Wolverine Investments SCA Forest products and building materials France
B/Negative LSFX Flavum Bidco S.A. Forest products and building materials Spain
B/Negative La Financiere Atalian SAS Consumer products France
B/Negative Latham Pool Products Inc., Consumer products U.S.
B/Negative LifeScan Global Corp. Health care U.S.
B/Negative Lifetime Brands Inc. Consumer products U.S.
B/Negative Loire UK Midco 3 Ltd. Consumer products U.K.
B/Negative Loxam SAS Capital goods France
B/Negative Lucid Energy Group II Borrower, LLC Lucid Energy Group II, LLC Midstream U.S.
B/Negative MRO Holdings Inc., Aerospace and defense Panama
B/Negative MTN Infrastructure TopCo Inc., Telecommunications U.S.
B/Negative Mauser Packaging Solutions Holding Co. BOE Intermediate Holding Corp. Chemicals, packaging, and environmental services U.S.
B/Negative Mercury Parent, LLC Health care U.S.
B/Negative Meredith Corp. Media and entertainment U.S.
B/Negative Michaels Cos. Inc., (The) Retail/restaurants U.S.
B/Negative Mobilux 2 S.A.S. Retail/restaurants France
B/Negative Momentive Performance Materials Inc. Chemicals, packaging, and environmental services U.S.
B/Negative MoneyGram International Financial institutions U.S.
B/Negative Mr. Cooper Group Inc. Financial institutions U.S.
B/Negative NFP Corp. National Financial Partners Holdings A Corp. Insurance Yes U.S.
B/Negative NFP Holdings, LLC Insurance U.S.
B/Negative National CineMedia Inc. Media and entertainment U.S.
B/Negative Natural Resource Partners L.P. Metals, mining, and steel U.S.
B/Negative Navios Maritime Holdings Inc. Transportation Marshall Islands
B/Negative Neptune Holdco S.a.r.l. Forest products and building materials Luxembourg
B/Negative New Enterprise Stone & Lime Co. Inc. Forest products and building materials U.S.
B/Negative New Gold Inc. Metals, mining, and steel Canada
B/Negative Newport Group Holdings II Inc., Media and entertainment Yes U.S.
B/Negative NexTier Oilfield Solutions Inc. Oil and gas U.S.
B/Negative OQ Chemicals International Holding GmbH OQ S.A.O.C Chemicals, packaging, and environmental services Germany
B/Negative Omnitracs Holdings, LLC High technology U.S.
B/Negative PACCOR Holdings GmbH Chemicals, packaging, and environmental services Germany
B/Negative PDC Beauty & Wellness Co. Consumer products U.S.
B/Negative PLZ Aeroscience Corp. Chemicals, packaging, and environmental services U.S.
B/Negative POWDR Corp. Media and entertainment U.S.
B/Negative PS HoldCo, LLC Transportation U.S.
B/Negative Park-Ohio Industries Inc. Capital goods Yes U.S.
B/Negative Peraton Corp. Aerospace and defense U.S.
B/Negative Phoenix Services International LLC Metals, mining, and steel U.S.
B/Negative Pioneer UK Midco 1 Ltd. Health care U.S.
B/Negative Placin S.a.r.l Consumer products Spain
B/Negative Platin 1425. GmbH Capital goods Germany
B/Negative Populus Financial Group Inc Financial institutions U.S.
B/Negative Precision Drilling Corp. Precision Drilling Trust Oil and gas Canada
B/Negative PriSo Acquisition Corp. Forest products and building materials U.S.
B/Negative Q Holdco Ltd. Health care U.S.
B/Negative QEP Resources Inc. Oil and gas U.S.
B/Negative Quimper AB Forest products and building materials Sweden
B/Negative Range Resources Corp. Oil and gas U.S.
B/Negative Realogy Group LLC Media and entertainment U.S.
B/Negative Rekeep S.p.A. Consumer products Italy
B/Negative Republic of Costa Rica Sovereign Costa Rica
B/Negative Republic of Ghana Sovereign Ghana
B/Negative Rockwood Service Corp. Capital goods U.S.
B/Negative Ryerson Holding Corp. Metals, mining, and steel U.S.
B/Negative SRS Distribution Inc., Forest products and building materials U.S.
B/Negative SSH Holdings Inc. d/b/a Spencer Spirit Retail/restaurants U.S.
B/Negative Sabre Corp. Media and entertainment U.S.
B/Negative Samsonite International S.A. Consumer products Luxembourg
B/Negative Schur Flexibles GmbH Chemicals, packaging, and environmental services Germany
B/Negative Scientific Games Corp. Media and entertainment U.S.
B/Negative Screenvision, LLC Media and entertainment U.S.
B/Negative Seplat Petroleum Development Co. PLC Oil and gas Nigeria
B/Negative Shandong Sanxing Group Co. Ltd. Consumer products China
B/Negative Sisal Group S.p.A Schumann S.p.A. Media and entertainment Italy
B/Negative Smart & Final Funding LLC Retail/restaurants U.S.
B/Negative Soco 1 Media and entertainment France
B/Negative Spectrum Brands Holdings Inc. Consumer products U.S.
B/Negative Staples Inc. Media and entertainment U.S.
B/Negative Stellagroup Polaris Holding Forest products and building materials France
B/Negative Superior Industries International Inc., Automotive U.S.
B/Negative THOM Europe S.A.S. Retail/restaurants France
B/Negative TNS Inc. Telecommunications U.S.
B/Negative TRC Cos. Inc., Capital goods U.S.
B/Negative Talen Energy Supply LLC Talen Energy Corp. Utilities U.S.
B/Negative TecoStar Holdings Inc., Health care U.S.
B/Negative Teine Energy Ltd. Oil and gas Canada
B/Negative Tenneco Inc. Automotive Yes U.S.
B/Negative Terrier Media Buyer Inc., Terrier Media Holdings Inc., Media and entertainment U.S.
B/Negative The Cook & Boardman Group, LLC Forest products and building materials U.S.
B/Negative The Manitowoc Co. Inc., Capital goods U.S.
B/Negative The Schumacher Group of Delaware Inc., Clinical Acquisitions Holdings LP Health care U.S.
B/Negative Thermon Group Holdings Inc., Capital goods U.S.
B/Negative Tortoise Parent Holdco LLC Financial institutions U.S.
B/Negative Townsquare Media Inc., Media and entertainment U.S.
B/Negative Traviata B.V. Media and entertainment Germany
B/Negative Trinseo S.A. Chemicals, packaging, and environmental services Luxembourg
B/Negative Tronox Ltd. Chemicals, packaging, and environmental services Australia
B/Negative United Natural Foods Inc., Retail/restaurants U.S.
B/Negative Visual Comfort & Co. Consumer products U.S.
B/Negative WP/AV CH HOLDINGS II B.V. High technology Netherlands
B/Negative Walnut Bidco PLC Consumer products Switzerland
B/Negative Wendy's Co. (The) Retail/restaurants U.S.
B/Negative Xinhu Zhongbao Co. Ltd. Homebuilders/real estate companies China
B/Negative Xinjiang Guanghui Industry Investment (Group) Co. Ltd. Homebuilders/real estate companies China
B/Negative Zara UK Topco Ltd. Consumer products U.K.
B/Negative iHeartMedia Inc. Media and entertainment 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 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 Cassini SAS Media and entertainment France
B-/Watch Neg Century Casinos Inc., Media and entertainment U.S.
B-/Watch Neg Cirsa Enterprises S.L.U. LHMC Finco 2 S.a.r.l. Media and entertainment Yes Spain
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 Ezdan Holding Group Q.S.C. Homebuilders/real estate companies Qatar
B-/Watch Neg GameStop Corp. Retail/restaurants U.S.
B-/Watch Neg Genworth Financial Inc. Insurance U.S.
B-/Watch Neg Jacobs Entertainment Inc. Media and entertainment U.S.
B-/Watch Neg Joye Media SLU Media and entertainment Spain
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 National Amusements Inc. Media and entertainment U.S.
B-/Watch Neg Navicure Inc., Health care Yes U.S.
B-/Watch Neg Piolin Bidco S.A.U. Media and entertainment Spain
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 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 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 Third Coast Midstream, LLC Midstream U.S.
B-/Watch Neg Transportes Aereos Portugueses, SGPS, S.A. Transportation Portugal
B-/Watch Neg URS Holdco Inc., Transportation U.S.
B-/Watch Neg WestJet Airlines Ltd. Transportation Canada
B-/Negative APX Group Holdings Inc. Media and entertainment U.S.
B-/Negative AQ Carver Buyer Inc., Media and entertainment U.S.
B-/Negative ASP Chromaflo Holdings LP Chemicals, packaging, and environmental services Cayman Islands
B-/Negative Acropole Holding Consumer products France
B-/Negative Aegis Toxicology Sciences Corp. Aegis Acquistion Inc., Health care U.S.
B-/Negative Aerial Parent Corp. Telecommunications U.S.
B-/Negative Afflelou SAS Consumer products France
B-/Negative Algeco Investments B.V. Capital goods Netherlands
B-/Negative Alvogen Pharma US Inc., Alvogen Lux Holdings S.a.r.l. Health care U.S.
B-/Negative American Airlines Group Inc. Transportation U.S.
B-/Negative American Renal Associates Holdings Inc., Health care U.S.
B-/Negative Amynta Holdings LLC Insurance U.S.
B-/Negative Antero Resources Corp. Oil and gas U.S.
B-/Negative Arbor Pharmaceuticals Inc. Health care U.S.
B-/Negative Aspen Jersey Topco LLC High technology U.S.
B-/Negative AutoCanada Inc. Retail/restaurants Canada
B-/Negative Avalign Holdings Inc., Health care U.S.
B-/Negative Aventiv Technologies, LLC Telecommunications U.S.
B-/Negative BEP Ulterra Holdings Inc., Oil and gas U.S.
B-/Negative BMC Acquisition Inc., Consumer products U.S.
B-/Negative Baffinland Iron Mines Corp. Metals, mining, and steel Canada
B-/Negative Bahia de las Isletas, S.L. Transportation Spain
B-/Negative Ball Metalpack Finco LLC Chemicals, packaging, and environmental services U.S.
B-/Negative Berry Petroleum Corp. Oil and gas U.S.
B-/Negative Bowlero Corp Media and entertainment U.S.
B-/Negative Brand Industrial Services Inc., Capital goods U.S.
B-/Negative Bristow Group Inc. Oil and gas U.S.
B-/Negative Buccaneer Intermediate Holdco Ltd. Health care U.K.
B-/Negative C&D Technologies Inc Capital goods U.S.
B-/Negative CFS Brands LLC Capital goods U.S.
B-/Negative CHG PPC Intermediate II LLC Consumer products U.S.
B-/Negative CIRCOR International Inc., Capital goods U.S.
B-/Negative CONSOL Energy Inc. Metals, mining, and steel U.S.
B-/Negative Calumet Specialty Products Partners LP Utilities U.S.
B-/Negative Carrols Restaurant Group Inc., Retail/restaurants U.S.
B-/Negative Cast & Crew Payroll, LLC Consumer products U.S.
B-/Negative Cengage Learning Holdings II Inc. Media and entertainment U.S.
B-/Negative Chefs' Warehouse Inc., (The) Consumer products U.S.
B-/Negative Cleveland-Cliffs Inc. Metals, mining, and steel U.S.
B-/Negative Cohu Inc., High technology U.S.
B-/Negative Cologix Holdings Inc., Telecommunications U.S.
B-/Negative Confie Seguros Holding Co. Insurance Yes U.S.
B-/Negative Conn's Inc. Retail/restaurants U.S.
B-/Negative ConvergeOne Holdings Inc. Media and entertainment U.S.
B-/Negative Cooper-Standard Holdings Inc., Automotive U.S.
B-/Negative Cornerstone Chemical Co. Chemicals, packaging, and environmental services U.S.
B-/Negative Corporacion Azucarera del Peru S. A. Consumer products Peru
B-/Negative Cumulus Media Inc. Media and entertainment U.S.
B-/Negative DMT Solutions Global Corp. Media and entertainment U.S.
B-/Negative Daseke Inc Transportation U.S.
B-/Negative Dawn Acquisitions LLC Infra Colodata Holdings LLC Telecommunications U.S.
B-/Negative Dealer Tire LLC Automotive U.S.
B-/Negative DexKo Global Inc. Capital goods U.S.
B-/Negative Dynasty Acquisition Co. Inc., Aerospace and defense U.S.
B-/Negative ERC Topco Holdings, LLC Health care U.S.
B-/Negative EagleView Technology Corp. Media and entertainment U.S.
B-/Negative Eclipse Midco Inc., High technology U.S.
B-/Negative Edward Don & Co. Holdings, LLC Consumer products U.S.
B-/Negative Ellaktor S.A. Utilities Greece
B-/Negative EnTrans International, LLC Automotive U.S.
B-/Negative EnVen Energy Corp. Oil and gas U.S.
B-/Negative Encino Acquisition Partners LLC Oil and gas U.S.
B-/Negative Energy Holdings (Cayman) Ltd., Capital goods Cayman Islands
B-/Negative EnergySolutions Inc. Chemicals, packaging, and environmental services U.S.
B-/Negative Eyemart Express Holdings LLC Retail/restaurants U.S.
B-/Negative F-Brasile S.p.A Aerospace and defense Italy
B-/Negative First American Payment Systems LP High technology U.S.
B-/Negative FleetPride Inc., Fastlane Parent Co. Inc., Automotive U.S.
B-/Negative Flynn Restaurant Group LP Retail/restaurants U.S.
B-/Negative Fort Dearborn Holding Co. Inc. Chemicals, packaging, and environmental services U.S.
B-/Negative Freedom Mortgage Corp. Financial institutions U.S.
B-/Negative GCI, LLC GCI Liberty Inc., Telecommunications U.S.
B-/Negative Genuine Financial Holdings, LLC Consumer products U.S.
B-/Negative Getty Images Inc. Abe Investment Holdings Inc., Media and entertainment Yes U.S.
B-/Negative Golden Nugget Inc. Retail/restaurants U.S.
B-/Negative Greenway Health, LLC Health care U.S.
B-/Negative Grupo Antolin Irausa SA Automotive Spain
B-/Negative Halo Buyer Inc Consumer products U.S.
B-/Negative Haya Real Estate S.A.U Consumer products Spain
B-/Negative Heidelberger Druckmaschinen AG Capital goods Germany
B-/Negative Hexion Inc. Chemicals, packaging, and environmental services U.S.
B-/Negative Hillman Cos. Inc. (The) Consumer products U.S.
B-/Negative Hoya Midco, LLC Media and entertainment U.S.
B-/Negative Hubbard Radio, LLC Media and entertainment U.S.
B-/Negative IM Growth SAS Consumer products France
B-/Negative Idemia France SAS High technology France
B-/Negative Infogroup Inc. Media and entertainment U.S.
B-/Negative International Park Holdings B.V. Media and entertainment Spain
B-/Negative International Seaways Inc., Transportation Marshall Islands
B-/Negative Intrado Corp. Telecommunications U.S.
B-/Negative JMC Acquisition Corp. Capital goods U.S.
B-/Negative Jazz Acquisition Inc. Wencor Group LLC Aerospace and defense U.S.
B-/Negative K-Mac Holdings Corp. Retail/restaurants U.S.
B-/Negative KLDiscovery Inc. Consumer products Yes U.S.
B-/Negative KNEL Acquisition LLC Consumer products U.S.
B-/Negative Kleopatra Holdings 1 S.C.A. Chemicals, packaging, and environmental services Luxembourg
B-/Negative Kongsberg Automotive ASA Automotive Yes Norway
B-/Negative Kronos Worldwide Inc. Chemicals, packaging, and environmental services U.S.
B-/Negative LJ Ruby Holdings, LLC Capital goods U.S.
B-/Negative LSCS Holdings Inc., Health care U.S.
B-/Negative LSF9 Balta Issuer S.A. Consumer products Belgium
B-/Negative Lannett Co. Inc., Health care U.S.
B-/Negative Laredo Petroleum Inc. Oil and gas U.S.
B-/Negative Livingston International Inc. Consumer products Canada
B-/Negative MED ParentCo, LP Retail/restaurants U.S.
B-/Negative MRC Global (US) Inc. McJunkin Red Man Holding Corp. Metals, mining, and steel U.S.
B-/Negative MYOB Invest Co Pty Ltd High technology Australia
B-/Negative Marcolin SpA Consumer products Italy
B-/Negative Martin Midstream Partners L.P. Midstream Yes U.S.
B-/Negative Matador Resources Co. Oil and gas U.S.
B-/Negative Mavis Tire Express Services Corp. Retail/restaurants U.S.
B-/Negative Maxim Crane Works Holdings Capital, LLC Capital goods U.S.
B-/Negative McGraw-Hill Education Inc., Media and entertainment U.S.
B-/Negative Mitel Networks (International) Ltd High technology U.K.
B-/Negative Monitronics International Inc. Media and entertainment U.S.
B-/Negative Monotype Imaging Holdings Inc. High technology U.S.
B-/Negative Moran Foods, LLC SAL Acquisition Corp. Retail/restaurants U.S.
B-/Negative Navitas Midstream Midland Basin, LLC Midstream U.S.
B-/Negative Nets Topco 3 S.a r.l. High technology Denmark
B-/Negative Norican Global A/S Capital goods Denmark
B-/Negative Nutrition Parent LLC Consumer products U.S.
B-/Negative OCWEN Financial Corp. Financial institutions U.S.
B-/Negative Oak Holdings, LLC Consumer products U.S.
B-/Negative One Call Corp. One Call Care Management Inc., Insurance U.S.
B-/Negative Oryx Midstream Holdings LLC Midstream U.S.
B-/Negative P&L Development Holdings, LLC Consumer products U.S.
B-/Negative PAX Midco Spain Retail/restaurants Spain
B-/Negative PT Lippo Karawaci Tbk. Homebuilders/real estate companies Indonesia
B-/Negative Panda Stonewall LLC Merchant Power U.S.
B-/Negative Paradigm Midstream LLC Midstream U.S.
B-/Negative Parts Holding Europe SAS Dakar Finance S.A. Automotive France
B-/Negative Peak Jersey Holdco Ltd. Media and entertainment Jersey
B-/Negative Perstorp Holding AB (publ) Chemicals, packaging, and environmental services Sweden
B-/Negative PetroChoice Holdings Inc., Consumer products U.S.
B-/Negative Plaskolite PPC Intermediate II LLC Plaskolite PPC Intermediate I LLC Forest products and building materials U.S.
B-/Negative PlayPower Holdings Inc. Media and entertainment U.S.
B-/Negative Playa Hotels & Resorts N.V. Media and entertainment Netherlands
B-/Negative Pregis TopCo Corp. Chemicals, packaging, and environmental services U.S.
B-/Negative Premier Brands Group Holdings LLC Consumer products U.S.
B-/Negative Procera I, LP High technology Canada
B-/Negative Project Boost Purchaser LLC High technology U.S.
B-/Negative Project Silverback Holding Corp. High technology U.S.
B-/Negative Prometric Holdings Inc., Media and entertainment U.S.
B-/Negative Promontoria Holding 264 B.V. Transportation Netherlands
B-/Negative Pugnacious Endeavors Inc Media and entertainment U.S.
B-/Negative QBS Parent Inc., Project Quarterback Parent, LLC High technology U.S.
B-/Negative QualTek USA, LLC Capital goods U.S.
B-/Negative Quality Distribution Inc. Transportation U.S.
B-/Negative RGIS Holdings LLC Consumer products U.S.
B-/Negative Recess Holdings Inc., Media and entertainment U.S.
B-/Negative Ring Container Technologies Group, LLC Chemicals, packaging, and environmental services U.S.
B-/Negative Rubix Group Holdings Ltd. Capital goods U.K.
B-/Negative Ryman Hospitality Properties Inc., Media and entertainment U.S.
B-/Negative SIWF Holdings Inc., Consumer products U.S.
B-/Negative SK Blue Holdings, LP Chemicals, packaging, and environmental services Cayman Islands
B-/Negative SK Invictus Intermediate II S.a r.l. Chemicals, packaging, and environmental services Luxembourg
B-/Negative Safe Fleet Holdings LLC Capital goods U.S.
B-/Negative Salient CRGT Inc., Aerospace and defense U.S.
B-/Negative Schoeller Packaging B.V. Chemicals, packaging, and environmental services Netherlands
B-/Negative SeaWorld Parks & Entertainment Inc. Media and entertainment U.S.
B-/Negative Solenis UK International Ltd. Chemicals, packaging, and environmental services U.K.
B-/Negative Solera Parent Holding, LLC High technology U.S.
B-/Negative Specialty Building Products Holdings, LLC Forest products and building materials U.S.
B-/Negative Star UK Midco Ltd. Capital goods U.K.
B-/Negative Starfish Holdco LLC High technology U.S.
B-/Negative Sterling Intermediate Corp. Media and entertainment U.S.
B-/Negative Sungard AS New Holdings, LLC High technology U.S.
B-/Negative TEG Pty Ltd Media and entertainment Australia
B-/Negative TMF Sapphire Midco B.V. Media and entertainment Netherlands
B-/Negative TPC Group Inc., TPC Group LLC Chemicals, packaging, and environmental services U.S.
B-/Negative TPro Acquisition Corp. Automotive U.S.
B-/Negative Tacala LLC Retail/restaurants U.S.
B-/Negative Tank Holding Corp. Capital goods U.S.
B-/Negative Team Health Holdings Inc., Health care U.S.
B-/Negative Terra-Gen Finance Co. LLC Terra-Gen Power Holding II LLC Merchant Power U.S.
B-/Negative Tornante - MDP Joe Holding LLC Media and entertainment U.S.
B-/Negative Trade Me Group Ltd. High technology New Zealand
B-/Negative Triton UK Midco Ltd. High technology U.K.
B-/Negative Truck Holdings Inc. Automotive U.S.
B-/Negative U.S. TelePacific Holdings Corp. Telecommunications U.S.
B-/Negative USIC Holdings Inc Capital goods U.S.
B-/Negative USS Ultimate Holdings Inc., Chemicals, packaging, and environmental services U.S.
B-/Negative Ukrainian Railways JSC Utilities Ukraine
B-/Negative Vantage Specialty Chemicals Inc. Chemicals, packaging, and environmental services U.S.
B-/Negative Veritas Holdings Ltd. High technology Bermuda
B-/Negative Viking Cruises Ltd. Viking Holdings Ltd Media and entertainment U.S.
B-/Negative Vue International Bidco plc Media and entertainment U.K.
B-/Negative WP CPP Holdings LLC Aerospace and defense U.S.
B-/Negative WWEX UNI Intermediate Holdings LLC Transportation U.S.
B-/Negative Wand NewCo 3 Inc., Automotive U.S.
B-/Negative WaterBridge Operating LLC WaterBridge Resources, LLC Midstream U.S.
B-/Negative Welltec A/S Oil and gas Denmark
B-/Negative WireCo WorldGroup Inc. Metals, mining, and steel U.S.
B-/Negative Wirepath LLC Crackle Holdings LP High technology U.S.
B-/Negative YS Garments LLC Consumer products U.S.
B-/Negative Zenith Energy U.S. Logistics Holdings, LLC Midstream U.S.
B-/Negative eDreams ODIGEO S.A. Media and entertainment Yes Luxembourg
B-/Negative pH Beauty Holdings I Inc., Consumer products U.S.
Data as of Aug. 31, 2020. Source: S&P Global Ratings Research.

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
Shripati Pranshu, CRISIL Global Analytical Center, an S&P affiliate, Mumbai

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