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Credit Trends: Downgrade Potential Ebbs While Credit Market Conditions Remain Uncertain

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Credit Trends: Downgrade Potential Ebbs While Credit Market Conditions Remain Uncertain

The number of potential bond downgrades decreased to 1,270 in October from 1,308 in September (see chart 1) after hitting its all-time high of 1,365 in July. The tally rose consistently since April 2019 and picked up significantly in February this year as the coronavirus pandemic muted business activity globally and roiled markets, characterized by rapidly widening credit spreads, panic selling, and investors' extreme risk aversion. 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 October, we added 38 issuers to our list of potential downgrades and removed 82, 54 due to outlook or CreditWatch revisions, 15 due to outlook or CreditWatch changes accompanied by downgrades, two due to outlook or CreditWatch changes accompanied by upgrades, and three due to downgrades. Although it remains at historically high levels, the tally of potential bond downgrades has declined, pointing to some easing in downgrade potential over the coming months. Also, the ratio of negative outlooks to CreditWatch negative increased again--to 12.6 to 1 in October from 11.5 to 1 in September and 4 to 1 in May. This indicates that the pace of downgrades in the near time will continue to slow.

Chart 1

image

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 of being 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. An issuer is placed 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 the magnitude of the rating impact has not been determined. This may not necessarily lead to a downgrade, but the tight timeline of 90 days indicates a high likelihood that rating action in the direction mentioned in the CreditWatch will follow ("S&P Global Ratings Definitions," Dec. 7, 2020).

Furthermore, the gap between potential downgrades and potential upgrades (issuers rated 'AA+' to 'B-' by S&P Global Ratings with either positive outlooks or ratings on CreditWatch with positive implications) narrowed again, indicating that credit quality continues to recover. Potential bond upgrades total 147 as of October, the highest count since March when markets rapidly deteriorated. Relative to September, we added 42 issuers to the list of potential upgrades, 36 of which due to a change in outlook or CreditWatch. At the same time, we removed 12, six of which were upgraded.

That said, potential downgrades still far exceed potential upgrades by 8.6 to 1, signaling more credit deterioration to come, albeit at a slower pace than seen in the spring. Market volatility will continue to strain the operations of lower-rated issuers as they face tighter business conditions and insolvency risks.

Financing Institutions Overtake Media And Entertainment As The Sector With The Highest Downgrade Potential, Though Materially Lower As A Proportion Of Rated Issuers

Financial institutions continue to lead the tally of potential bond downgrades in October, after having overtaken media and entertainment in September (see chart 2). The sector's potential downgrades total 167, with nine removals from the list and six additions. While the number of potential downgrades in media and entertainment and consumer products remains elevated, particularly companies that sell through their own brick-and-mortar retail channels, the sectors saw a net decline in issuers poised for downgrades. Considering the number of rated issuers in financial institutions and utilities, however, the elevated count of potential downgrades in both sectors is smaller, as a proportion of the rated universe, than it is for media and entertainment.

Chart 2

image

Chart 3

image

Within financial institutions, negative bias (the share of issuers with negative outlooks or ratings on CreditWatch with negative implications) surged the most in consumer finance, where 21 issuers, or 68% of the rated universe, carry downgrade potential (see chart 4). This illustrates the sector's exposure to uncertainties in the labor market and earnings prospects amid the economic downturn. One-third of rated entities in the sector (of which 85 are on our list of potential bond downgrades) face downgrade potential, mainly because of rating actions taken closer to the onset of the pandemic after S&P Global lowered its economic forecasts (see "How COVID-19 Is Affecting Bank Ratings: October 2020 Update," Oct. 22, 2020).

However, S&P Global Ratings thinks that the sharp rebound in global growth expected in 2021, together with strong bank balance sheets, support from authorities to retail and corporate markets, and regulators' flexibility, should limit bank downgrades in 2021 (see "Banks Will Face The Next Test Once Support Wanes," Nov. 17, 2020).

Chart 4

image

The tally of potential bond downgrades in financial institutions rose to 167 as of October, from 74 as of December last year (see chart 5). Only 20% of the current potential downgrades were on our list at year-end 2019. Banks had 71 additions over the year through October, compared with 62 for nonbank financial institutions. This underlines banks' particular exposure to sectors vulnerable to COVID-19. The negative bias in both sectors, accounting for the size of the rated universe, is relatively similar.

Chart 5

image

The regional breakdown of financial institutions shows that we added 32 European banks to our list, and only 10 from the U.S. (see chart 6). Nonbank financial institutions account for 40 U.S.-based and 14 European-based additions. Beyond the larger share of European banks and U.S. nonbank financial institutions, in our global rated universe, these numbers also reflect regional differences in downgrade pressures. In Europe, additions to the potential bond downgrades list this year make up 41% of the rated universe for banks, and 20% for nonbank financial institutions. The opposite applies in the U.S., where new potential bond downgrades this year make up 23% of the rated universe for banks, and 40% for nonbank financial institutions.

The importance of bank loans for European corporates plays a role--in the eurozone, about four-fifths of corporate financing comes from banks, compared with one-fifth in the U.S. As a consequence of strong loan demand by firms on the back of state-backed guarantee schemes, and the central banks providing ample liquidity with monetary policy stimulus, European banks have increased their lending to the private sector. In addition, to place their excess liquidity--further driven by surging, largely involuntary, household savings--European banks purchased almost €210 billion worth of sovereign bonds between February and September. Therefore, the sovereign-bank nexus in the region deepened (see "The European Sovereign-Bank Nexus Deepens By €200 Billion," Sept. 21).

The high negative bias (see chart 7) illustrates the particular exposure of European banks, and incorporates our view of preexisting profitability issues.

Chart 6

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Chart 7

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We analyzed the rating rationales for all 167 financial institutions in our current crop of potential bond downgrades. More than half of all outlook or CreditWatch revisions are due to economic or operational impacts (see chart 8). This is most pronounced in consumer finance (71%), followed by banks (58%) and diversified services (54%), compared with only 27% in capital markets. Twelve of the 85 banks (14%) and one issuer out of 13 in diversified financial services saw changes to their ratings following sovereign rating changes.

Chart 8

image

Over The Past Three Months, More Issuers On The Potential Downgrades List Experienced Outlook Or CreditWatch Revisions Than Downgrades

Out of the 1,365 issuers on our list in July, when the count of potential bond downgrades was at its all-time high, 247 have seen a change to their ratings (see chart 9). This includes 97 downgrades, 40 of which were accompanied by outlook or CreditWatch changes, 127 revisions to outlook or CreditWatch, 13 rating withdrawals, and three defaults. Only 47 of the issuers that experienced rating changes over the past three months were still part of our potential downgrades count in October.

With 17 downgrades, the media and entertainment sector (including leisure and lodging)--particularly vulnerable to social distancing measures--had the strongest credit deterioration since July. Over the same period, the sector saw 16 outlook or CreditWatch revisions, pointing to some stabilization and less credit deterioration to come. By October, potential downgrades in the media and entertainment decreased to 155 from 175 in July.

Chart 9

image

Table 1

Negative CreditWatch And Outlook Distribution By Region
--No. of issuers--
Region CreditWatch negative Outlook negative Total
U.S. 50 632 682
Europe 25 302 327
Asia-Pacific 11 99 110
Latin America 2 72 74
Canada 2 41 43
EEMEA 3 31 34
Total 93 1,177 1,270
EEMEA--Eastern Europe/Middle East/Africa. Data as of Oct. 31, 2020. Source: S&P Global Ratings Research.

Table 2

Issuers On CreditWatch/Outlook Negative ('AAA' Through 'B-' Ratings)
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
AAA/Negative Johnson & Johnson Health care Yes U.S.
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 Nippon Telegraph and Telephone Corp. Telecommunications Japan
AA-/Watch Neg Pfizer Inc. Health care U.S.
AA-/Watch Neg Seven & i Holdings Co. Ltd. Retail/restaurants Japan
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 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 Societe nationale SNCF S.A. Utilities Yes France
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 Bristol-Myers Squibb Co. Health care Yes U.S.
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 Siemens AG Capital goods 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 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 BASF SE Chemicals, packaging, and environmental services Germany
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 Corporacion Nacional del Cobre de Chile Metals, mining, and steel Chile
A/Negative Dongfeng Motor Group Co. Ltd. Dongfeng Motor Corporation Automotive China
A/Negative EVN AG Utilities Austria
A/Negative General Dynamics Corp. Aerospace and defense U.S.
A/Negative International Business Machines Corp. High technology U.S.
A/Negative Kingdom of Spain Sovereign Spain
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 Biogen Inc. Health care Yes U.S.
A-/Watch Neg Deutsche Pfandbriefbank AG Financial institutions Germany
A-/Watch Neg Euronext N.V. Financial institutions Yes Netherlands
A-/Watch Neg Ralph Lauren Corp. Consumer products U.S.
A-/Watch Neg Walt Disney Co. (The) Media and entertainment U.S.
A-/Negative ATCO Ltd. Utilities Canada
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 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 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 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 Wohnen SE Homebuilders/real estate companies Germany
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 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 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 U.K.
A-/Negative ORIX Corp. Financial institutions Japan
A-/Negative Panasonic Corp. High technology Japan
A-/Negative PartnerRe Ltd. Insurance 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 UMB Financial Corp. Financial institutions U.S.
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 American International Group Inc. Insurance Yes U.S.
BBB+/Watch Neg Coca-Cola European Partners PLC Consumer products Yes U.K.
BBB+/Watch Neg DuPont de Nemours Inc. Chemicals, packaging, and environmental services U.S.
BBB+/Watch Neg Grenke AG Financial institutions Germany
BBB+/Watch Neg KASIKORNBANK PCL. Financial institutions Thailand
BBB+/Watch Neg Northumbrian Water Ltd. CK Hutchison Holdings Limited 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 Nacional De Panama 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 CSolar IV South LLC Utilities U.S.
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 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 Gilead Sciences Inc. Health care Yes U.S.
BBB+/Negative Goodman European Partnership Homebuilders/real estate companies Luxembourg
BBB+/Negative Grupo Televisa, S. A. B. Telecommunications 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 Hyundai Motor Co. Automotive Korea, Republic of
BBB+/Negative Ignitis Group UAB Utilities Lithuania
BBB+/Negative Intercontinental Exchange Inc. Financial institutions U.S.
BBB+/Negative Johnson Controls International Public Ltd. Co. Forest products and building materials 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 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 Utilities 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 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 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 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 U.S.
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 ACS, Actividades de Construccion y Servicios SA Capital goods Yes Spain
BBB/Watch Neg Husky Energy Inc. CK Hutchison Holdings Limited Oil and gas Yes Canada
BBB/Watch Neg KKR Financial Holdings LLC Financial institutions Yes U.S.
BBB/Watch Neg Seminole Tribe of Florida Media and entertainment U.S.
BBB/Watch Neg Weibo Corp. SINA Corporation Media and entertainment Yes China
BBB/Negative AEON Co. Ltd. Retail/restaurants Japan
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 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 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 Danfoss A/S Capital goods Denmark
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 Edison International 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 Enel Americas S.A. Enel SpA Utilities Chile
BBB/Negative Entergy New Orleans LLC Entergy Corp Utilities Yes U.S.
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 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 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 Hong Kong Telecommunications (HKT) Ltd. PCCW Ltd. Telecommunications Hong Kong
BBB/Negative Huntington Ingalls Industries Inc. Aerospace and defense U.S.
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 Kennametal Inc. Capital goods U.S.
BBB/Negative Koninklijke FrieslandCampina N.V. Consumer products Netherlands
BBB/Negative Laurentian Bank of Canada Financial institutions Canada
BBB/Negative Li & Fung Ltd. Consumer products Bermuda
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 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 Ryanair Holdings PLC Transportation Ireland
BBB/Negative SK Innovation Co. Ltd., Oil and gas Korea, Republic of
BBB/Negative Sirius International Group Ltd. Sirius International Insurance Group Insurance Bermuda
BBB/Negative Solar Star Funding LLC Berkshire Hathaway Inc. Utilities U.S.
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 U.S.
BBB/Negative TMB Bank Public Co. Ltd. Financial institutions 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 U.S.
BBB/Negative Transurban Queensland Finance Pty Ltd. Transurban Group Utilities Australia
BBB/Negative UBI Banca SpA Financial institutions 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 Valero Energy Corp. Utilities U.S.
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 U.S.
BBB-/Watch Neg Avnet Inc. High technology U.S.
BBB-/Watch Neg Eagle Materials Inc. Forest products and building materials 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 Sunrise Communications Group AG High technology 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-/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 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 Beijing Haidian State-Owned Asset Investment Group Co. Ltd. Chemicals, packaging, and environmental services China
BBB-/Negative Bharti Airtel Ltd. Telecommunications India
BBB-/Negative Boeing Co. Aerospace and defense 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 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 Discover Financial Services Financial institutions U.S.
BBB-/Negative Ecopetrol S.A. Oil and gas Colombia
BBB-/Negative Eesti Energia AS Utilities 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 Utilities U.S.
BBB-/Negative Energy Transfer LP Utilities 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 Peru
BBB-/Negative Golub Capital BDC Inc. Financial institutions Yes U.S.
BBB-/Negative Grupo de Inversiones Suramericana S.A. Diversified Colombia
BBB-/Negative Hess Corp Oil and gas U.S.
BBB-/Negative Hexcel Corp. Aerospace and defense U.S.
BBB-/Negative Host Hotels & Resorts Inc. Media and entertainment Yes U.S.
BBB-/Negative Hyatt Hotels Corp. Media and entertainment Yes 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 Informa PLC Media and entertainment U.K.
BBB-/Negative Innergex Renewable Energy Inc. Utilities Canada
BBB-/Negative Inter Pipeline Ltd. Utilities 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 Kingdom of Morocco Sovereign Yes Morocco
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 Spain
BBB-/Negative Marex Spectron Group Ltd. Financial institutions U.K.
BBB-/Negative Marriott International Inc. Media and entertainment Yes U.S.
BBB-/Negative Metro AG Retail/restaurants Germany
BBB-/Negative Metso Outotec Oyj Capital goods 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 Corporation of China, Ltd. Automotive Cayman Islands
BBB-/Negative Nissan Motor Co. Ltd. Automotive Japan
BBB-/Negative Nova Ljubljanska Banka D.D. Financial institutions Slovenia
BBB-/Negative OCP S.A. Chemicals, packaging, and environmental services Yes Morocco
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 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 Sociedad Concesionaria Vespucio Norte Express S.A. Transportation Yes Chile
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 Yuexiu Real Estate Investment Trust Guangzhou Yuexiu Holdings Limited Homebuilders/real estate companies Hong Kong
BBB-/Negative easyJet PLC Transportation U.K.
BB+/Watch Neg Adani Green Energy (UP) Ltd. Utilities India
BB+/Watch Neg FirstEnergy Corp. Utilities U.S.
BB+/Watch Neg Marks & Spencer PLC Marks & Spencer Group PLC Retail/restaurants U.K.
BB+/Watch Neg Occidental Petroleum Corp. Oil and gas U.S.
BB+/Watch Neg 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 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 Aristocrat Leisure Ltd. Media and entertainment Australia
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 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 Utilities U.S.
BB+/Negative Dell Technologies Inc High technology U.S.
BB+/Negative EPR Properties Homebuilders/real estate companies 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 Evraz PLC Metals, mining, and steel U.K.
BB+/Negative Fair Isaac Corp. High technology U.S.
BB+/Negative Foot Locker Inc. Consumer products U.S.
BB+/Negative Ford Motor Co. Automotive 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 Howmet Aerospace Inc Aerospace and defense 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 Kennedy-Wilson Holdings Inc., Homebuilders/real estate companies Yes U.S.
BB+/Negative LPL Holdings Inc. Financial institutions U.S.
BB+/Negative Levi Strauss & Co. Consumer products U.S.
BB+/Negative MGIC Investment Corp. Insurance U.S.
BB+/Negative Maxima Grupe UAB Vilniaus Prekyba Retail/restaurants Yes Lithuania
BB+/Negative Moog Inc. Aerospace and defense U.S.
BB+/Negative Nemak, S.A.B. de C.V. Automotive Mexico
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 Nordstrom Inc. Retail/restaurants U.S.
BB+/Negative Novomatic AG Media and entertainment Austria
BB+/Negative PCI Gaming Authority Media and entertainment 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 Company Limited 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 Utilities 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 Netherlands
BB+/Negative Silgan Holdings Inc. Chemicals, packaging, and environmental services U.S.
BB+/Negative SoftBank Group Corp. Financial institutions Japan
BB+/Negative Southeast Supply Header, LLC Utilities U.S.
BB+/Negative Telecom Italia SpA Telecommunications Yes Italy
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 Adtalem Global Education Inc. Media and entertainment U.S.
BB/Watch Neg Churchill Downs Inc. Media and entertainment U.S.
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 Nielsen Holdings PLC Media and entertainment U.K.
BB/Watch Neg Teollisuuden Voima Oyj Utilities Finland
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 Mexico
BB/Negative CORESTATE Capital Holding S.A. Financial institutions 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 Germany
BB/Negative DaVita Inc. Health care U.S.
BB/Negative Dana Inc. Automotive 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 U.S.
BB/Negative Elior Group S.A. Consumer products France
BB/Negative FNAC Darty SA Retail/restaurants France
BB/Negative Fly Leasing Ltd Transportation Bermuda
BB/Negative Fosun International Ltd. Metals, mining, and steel Hong Kong
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 International Game Technology Plc Media and entertainment U.K.
BB/Negative Intrum AB (publ) Financial institutions Sweden
BB/Negative KazMunayGas NC JSC Oil and gas Kazakhstan
BB/Negative Macquarie Infrastructure Corp. Utilities U.S.
BB/Negative Match Group Inc. Media and entertainment U.S.
BB/Negative Matthews International Corp. Health care U.S.
BB/Negative Melco Resorts (Macau) Ltd. Melco International Development Ltd. Media and entertainment Macau
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 OCI N.V. Chemicals, packaging, and environmental services Netherlands
BB/Negative PBF Holding Co. LLC PBF Energy Inc. Utilities U.S.
BB/Negative RE/MAX LLC Media and entertainment U.S.
BB/Negative Restaurant Brands International Inc. Retail/restaurants Canada
BB/Negative Signature Aviation PLC Transportation U.K.
BB/Negative Spie SA Consumer products 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 The Commonwealth of The Bahamas Sovereign Bahamas
BB/Negative Topaz Solar Farms LLC Berkshire Hathaway Inc. Utilities U.S.
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/Negative j2 Global Inc. High technology Yes U.S.
BB-/Watch Neg Carnival Corp. Media and entertainment Panama
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 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 Rolls-Royce Holdings PLC Aerospace and defense U.K.
BB-/Watch Neg Shriram Transport Finance Co. Ltd. Financial institutions India
BB-/Watch Neg Webuild S.p.A. Homebuilders/real estate companies Italy
BB-/Watch Neg William Hill PLC Media and entertainment Yes U.K.
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 Lithuania
BB-/Negative Banca Mifel S.A. Financial institutions Mexico
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. Utilities U.S.
BB-/Negative Cable & Wireless Communications Ltd. Liberty Latin America Ltd. Telecommunications U.K.
BB-/Negative Companhia de Saneamento Basico do Estado de Sao Paulo Utilities Brazil
BB-/Negative Crestwood Equity Partners LP Crestwood Holdings LLC Utilities 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 E-House (China) Enterprise Holdings Ltd. Consumer products China
BB-/Negative Element Solutions Inc. Chemicals, packaging, and environmental services U.S.
BB-/Negative Elementia S.A.B. de C.V. Forest products and building materials Mexico
BB-/Negative Endeavor Energy Resources L.P Oil and gas U.S.
BB-/Negative Energizer Holdings Inc. Consumer products 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 Getlink S.E. Utilities France
BB-/Negative Grupo KUO, S.A.B. de C.V. Diversified Mexico
BB-/Negative Grupo Unicomer Corp. Retail/restaurants Yes Panama
BB-/Negative Guacolda Energia S.A Utilities Chile
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 Jefferies Finance LLC Jefferies Financial Group Inc Financial institutions Yes 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 U.S.
BB-/Negative Lamar Advertising Co. Media and entertainment 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 National Bank For Foreign Economic Activity Of The Republic Of Uzbekistan Financial institutions Yes Uzbekistan
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 Operadora de Servicios Mega, S.A. de C.V. SOFOM, E.R. Financial institutions Mexico
BB-/Negative PBF Logistics LP PBF Energy Inc. Utilities U.S.
BB-/Negative PG&E Corp. Utilities 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 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 Sinclair Broadcast Group Inc. Media and entertainment U.S.
BB-/Negative Speedway Motorsports LLC Media and entertainment U.S.
BB-/Negative Starwood Property Trust Inc. Financial institutions U.S.
BB-/Negative State Oil Company of Azerbaijan Republic Oil and gas Yes Azerbaijan
BB-/Negative Studio City Co. Ltd. Melco International Development Ltd. Media and entertainment British Virgin Islands
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 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 U.S.
BB-/Negative WEX Inc. Financial institutions U.S.
BB-/Negative West Deptford Energy Holdings, LLC Utilities U.S.
BB-/Negative Wyndham Destinations Inc. Media and entertainment U.S.
BB-/Negative Yanlord Land Group Ltd. Homebuilders/real estate companies Singapore
BB-/Negative Zhongrong International Holdings Ltd. Zhongrong International Trust Co. Ltd. Financial institutions British Virgin Islands
B+/Watch Neg American Axle & Manufacturing Holdings Inc. Automotive U.S.
B+/Watch Neg Avis Budget Group Inc. Transportation U.S.
B+/Watch Neg Callaway Golf Co. Consumer products Yes U.S.
B+/Watch Neg Chassix Inc. Chassix Holdings, Inc. Automotive Yes U.S.
B+/Watch Neg Delhi International Airport Ltd. Utilities India
B+/Watch Neg Dufry AG Retail/restaurants Switzerland
B+/Watch Neg DynCorp International Inc. Aerospace and defense Yes U.S.
B+/Watch Neg Goodyear Tire & Rubber Co. (The) Automotive U.S.
B+/Negative 4finance Holding S.A. Financial institutions Luxembourg
B+/Negative ADES International Holdings PLC Oil and gas U.A.E.
B+/Negative Adient plc Automotive Ireland
B+/Negative Air Canada ACE Aviation Holdings Inc. Transportation Canada
B+/Negative Alliance Resource Partners, L.P. Metals, mining, and steel U.S.
B+/Negative Apollo Commercial Real Estate Finance Inc. Financial institutions 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 Caleres Inc., Consumer products U.S.
B+/Negative Ceridian HCM Holding Inc. Ceridian LLC High technology U.S.
B+/Negative China Evergrande Group Homebuilders/real estate companies Cayman Islands
B+/Negative China SCE Group Holdings Ltd. Homebuilders/real estate companies Cayman Islands
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 Cornerstone Building Brands Inc Forest products and building materials U.S.
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 Mexico
B+/Negative Frontera Energy Corp. Oil and gas Canada
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 Utilities 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 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 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 Limetree Bay Terminals, LLC Utilities 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 Miller Homes Group Holdings PLC Homebuilders/real estate companies U.K.
B+/Negative NCL Corp. Ltd. Media and entertainment Bermuda
B+/Negative NGL Energy Partners LP Utilities U.S.
B+/Negative NN Inc., Automotive Yes 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 Press Metal Aluminium Holdings Bhd. Metals, mining, and steel Malaysia
B+/Negative Rain Carbon Inc. Rain Industries Limited Chemicals, packaging, and environmental services 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 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 Utilities U.S.
B+/Negative Royal Caribbean Cruises Ltd. Media and entertainment U.S.
B+/Negative Ruby Pipeline LLC Utilities 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 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 Station Casinos LLC Media and entertainment U.S.
B+/Negative Stena AB Oil and gas Sweden
B+/Negative Synlab Unsecured Bondco PLC Health care Germany
B+/Negative Tata Steel 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 Twin River Worldwide Holdings Inc. Media and entertainment Yes U.S.
B+/Negative USA Compression Partners, LP Utilities U.S.
B+/Negative United Airlines Holdings Inc., Transportation U.S.
B+/Negative Verra Mobility Corp. High technology 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 AP Gaming Holdings LLC Media and entertainment U.S.
B/Watch Neg Autokiniton US Holdings Inc., Automotive U.S.
B/Watch Neg Datasite Global Corp. Media and entertainment Yes U.S.
B/Watch Neg ENA Sur Trust Utilities Panama
B/Watch Neg First Heartland Jusan Bank JSC Financial institutions Yes Kazakhstan
B/Watch Neg Golden Entertainment Inc., Media and entertainment U.S.
B/Watch Neg IXS Holdings Inc., Automotive U.S.
B/Watch Neg Tendam Brands S.A.U. Consumer products Spain
B/Watch Neg UC Holdings Inc. Chassix Holdings, Inc. Automotive 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 ADMI Corp. Health care 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 APCO Super Holdco LP Insurance U.S.
B/Negative ARS Intermediate Holdings LLC Consumer products U.S.
B/Negative Access CIG, LLC Media and entertainment U.S.
B/Negative Advanced Integration Technology LP Aerospace and defense U.S.
B/Negative Aernnova Aerospace Corp. S.A. Aerospace and defense Spain
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 Allegheny Technologies Inc. Metals, mining, and steel Yes 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. Utilities Marshall Islands
B/Negative Alterra Mountain Co. Media and entertainment U.S.
B/Negative Altice Europe N.V. Telecommunications Netherlands
B/Negative Amentum Holdings LLC Aerospace and defense Yes U.S.
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 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 Balboa Intermediate Holdings LLC High technology Yes U.S.
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 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 I Corp. Retail/restaurants Yes U.S.
B/Negative CNT Holdings III Corp Retail/restaurants U.S.
B/Negative Caesars Entertainment Inc. Media and entertainment U.S.
B/Negative Calceus Acquisition Inc. Consumer products 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 Casino Guichard - Perrachon S.A. Retail/restaurants France
B/Negative Cerelia Participation Holding SAS Consumer products France
B/Negative Cinemark Holdings Inc. Media and entertainment Yes U.S.
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 Commercial Vehicle Group Inc. Automotive U.S.
B/Negative Corelle Brands Holdings Inc. Consumer products U.S.
B/Negative Credivalores - Crediservicios SAS Financial institutions Colombia
B/Negative Curium Midco S.a r.l. Health care Yes Luxembourg
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 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 Corporation 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 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 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 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 GBT JerseyCo Ltd Media and entertainment U.K.
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 Garda World Security Corp Transportation Canada
B/Negative Genesis Care Pty Ltd. Health care Australia
B/Negative Go Wireless Holdings Inc. Retail/restaurants U.S.
B/Negative Goldcup Holdings Inc. Explorer Holdings Inc Health care U.S.
B/Negative Henry Holdings Inc. Henry Company LLC Forest products and building materials U.S.
B/Negative Herschend Entertainment Co. LLC Media and entertainment U.S.
B/Negative Hestiafloor 2 Forest products and building materials France
B/Negative High Liner Foods Inc. Consumer products Canada
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 Intelligent Packaging Sub Ltd. Partnership Chemicals, packaging, and environmental services Yes Canada
B/Negative International Design Group SpA Consumer products Italy
B/Negative Jaguar Land Rover Automotive PLC Tata Motors Ltd. Automotive U.K.
B/Negative Jiayuan International Group Ltd. Homebuilders/real estate companies China
B/Negative K+S Aktiengesellschaft Chemicals, packaging, and environmental services Germany
B/Negative KAPLA Holding (Kiloutou) Capital goods France
B/Negative KAR Auction Services Inc. Automotive U.S.
B/Negative Kantar Global Holdings S.a r.l. Media and entertainment Luxembourg
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 LABL Intermediate Holding Corporation 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 Utilities U.S.
B/Negative MRO Holdings Inc. Aerospace and defense Panama
B/Negative MTN Infrastructure TopCo Inc. Telecommunications U.S.
B/Negative Marcel Lux IV Sarl High technology Luxembourg
B/Negative Mauser Packaging Solutions Holding Co. BOE Intermediate Holding Corporation 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 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 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 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 New Residential Investment Corp. Financial institutions U.S.
B/Negative Newport Group Holdings II Inc. Media and entertainment 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 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 Hotels & Resorts Inc. Media and entertainment U.S.
B/Negative Park-Ohio Industries Inc. Capital goods U.S.
B/Negative Penn National Gaming Inc. Media and entertainment 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 Placin S.a.r.l Consumer products Spain
B/Negative Platin 1425. GmbH Capital goods Germany
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 Belarus Sovereign Belarus
B/Negative Republic of Costa Rica Sovereign Costa Rica
B/Negative Rockwood Service Corp. Capital goods U.S.
B/Negative Ryerson Holding Corp. Metals, mining, and steel U.S.
B/Negative SGLT Holding I LP Transportation Yes Cayman Islands
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 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 TRC Cos. Inc. Capital goods U.S.
B/Negative Talen Energy Supply LLC Talen Energy Corporation 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 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 Knot Worldwide Inc. Media and entertainment 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 TortoiseEcofin Parent Holdco LLC Financial institutions U.S.
B/Negative Townsquare Media Inc. Media and entertainment U.S.
B/Negative Trader Corp. Consumer products Yes Canada
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 Varex Imaging Corp. Health care Yes U.S.
B/Negative Visual Comfort & Co. Consumer products U.S.
B/Negative Walnut Bidco PLC Consumer products Switzerland
B/Negative Wendy's Co. (The) Retail/restaurants U.S.
B/Negative Wrench Group, LLC Consumer products Yes U.S.
B/Negative Xinhu Zhongbao Co. Ltd. Homebuilders/real estate companies China
B/Negative Xinjiang Guanghui Industry Investment (Group) Co. Ltd. Homebuilders/real estate companies China
B/Negative Zara UK Topco Ltd. Consumer products U.K.
B/Negative iHeartMedia Inc. Media and entertainment U.S.
B-/Watch Neg 18 Fremont Street Acquisition, LLC Media and entertainment U.S.
B-/Watch Neg Arvos LuxCo S.a.r.l. Capital goods Yes Luxembourg
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 Spain
B-/Watch Neg Ezdan Holding Group Q.S.C. Homebuilders/real estate companies Qatar
B-/Watch Neg Genworth Financial Inc. Insurance U.S.
B-/Watch Neg Jacobs Entertainment Inc. Media and entertainment U.S.
B-/Watch Neg Mabel Topco Ltd. The Restaurant Group PLC Retail/restaurants U.K.
B-/Watch Neg National Amusements Inc. Media and entertainment U.S.
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 The New Home Co. Inc Forest products and building materials U.S.
B-/Watch Neg Third Coast Midstream, LLC Utilities U.S.
B-/Watch Neg Transportes Aereos Portugueses, SGPS, S.A. Transportation Portugal
B-/Watch Neg URS Holdco Inc. Transportation U.S.
B-/Negative 361 Degrees International Ltd. Consumer products Cayman Islands
B-/Negative AAG FH LP Retail/restaurants Yes 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 ASM Global Parent 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 Altisource Portfolio Solutions S.A. Financial institutions Luxembourg
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 Dental Partners Inc. Health care 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 BURGER KING France SAS NewCo GB SAS Retail/restaurants Yes France
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 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 Cedar Fair L.P. Media and entertainment U.S.
B-/Negative Chefs' Warehouse Inc., (The) Consumer products U.S.
B-/Negative Chinos Intermediate 2 LLC Consumer products Yes U.S.
B-/Negative Cleveland-Cliffs Inc. Metals, mining, and steel U.S.
B-/Negative Confie Seguros Holding Co. Insurance 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 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 Dentalcorp Health Services ULC Health care Canada
B-/Negative DriveTime Automotive Group Inc. Financial institutions Yes 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 Edward Don & Co. Holdings, LLC Consumer products U.S.
B-/Negative Electro Rent Corp. Capital goods 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 Epic Crude Services, LP EPIC Midstream Holdings, LP Utilities 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 Company, 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 Genuine Financial Holdings, LLC Consumer products U.S.
B-/Negative Getty Images Inc. Abe Investment Holdings, Inc. Media and entertainment 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 HC2 Holdings Inc. Telecommunications Yes U.S.
B-/Negative Halo Buyer Inc Consumer products U.S.
B-/Negative Haya Real Estate S.A.U Consumer products Spain
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 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 U.S.
B-/Negative Kleopatra Holdings 1 S.C.A. Chemicals, packaging, and environmental services Luxembourg
B-/Negative Kongsberg Automotive ASA Automotive 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 Lindblad Expeditions Holdings Inc. Media and entertainment 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. Utilities 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 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 NEP/NCP Holdco Inc. Media and entertainment U.S.
B-/Negative Navios Maritime Acquisition Corp. Navios Maritime Holdings Inc. Transportation Yes Marshall Islands
B-/Negative Navitas Midstream Midland Basin, LLC Utilities 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 Utilities 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 Utilities U.S.
B-/Negative Paradigm Midstream LLC Utilities 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 Peru LNG S.R.L. Utilities Yes Peru
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 Populus Financial Group Inc Financial institutions U.S.
B-/Negative Pregis TopCo Corp. Chemicals, packaging, and environmental services 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 Six Flags Entertainment Corp. 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 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 Sugarhouse HSP Gaming Prop. Mezz. L.P. Media and entertainment Yes U.S.
B-/Negative Sungard AS New Holdings, LLC High technology U.S.
B-/Negative TEG Pty Ltd Media and entertainment Australia
B-/Negative TNT Crane & Rigging LLC Capital goods Yes U.S.
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 Utilities U.S.
B-/Negative The Octave Music Group Inc. Media and entertainment U.S.
B-/Negative The Pasha Group Transportation 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 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 Vedanta Resources Ltd. Metals, mining, and steel Yes U.K.
B-/Negative Veritas Holdings Ltd. High technology Bermuda
B-/Negative Viking Cruises Ltd. Viking Holdings Ltd Media and entertainment U.S.
B-/Negative WWEX UNI Intermediate Holdings LLC Transportation U.S.
B-/Negative Wand NewCo 3 Inc. Automotive U.S.
B-/Negative WaterBridge Midstream Operating LLC WaterBridge Resources, LLC Utilities Yes U.S.
B-/Negative WaterBridge Operating LLC WaterBridge Resources, LLC Utilities U.S.
B-/Negative Welltec A/S Oil and gas Denmark
B-/Negative WestJet Airlines Ltd. Transportation Canada
B-/Negative WireCo WorldGroup Inc. Metals, mining, and steel U.S.
B-/Negative Xenia Hotels & Resorts Inc. Media and entertainment Yes U.S.
B-/Negative YS Garments LLC Consumer products U.S.
B-/Negative eDreams ODIGEO S.A. Media and entertainment Luxembourg
B-/Negative pH Beauty Holdings I Inc. Consumer products U.S.
Data as of Oct. 31, 2020. Source: S&P Global Ratings 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
Sundaram Iyer, CRISIL Global Analytical Center, an S&P affiliate, Mumbai
Shripati Pranshu, CRISIL Global Analytical Center, an S&P affiliate, Mumbai

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