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COMMENTS

Credit Trends: Downgrade Potential Continued To Ease In November

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Credit Trends: Risky Credits: U.S. And Canadian Upgrades Outpace Downgrades In 'CCC' Category As Issuers Access Debt

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Credit Trends: Downgrade Potential Continued To Ease In November

The count of potential bond downgrades decreased for the fourth consecutive month in November, to 1,224 from October's 1,270, after hitting an all-time high of 1,365 in July. The decline in November represents the largest monthly drop since April 2010. Meanwhile, the count of potential bond upgrades increased to 161 from 147. Potential upgrades reached their record low of 98 in June.

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. Potential bond upgrades are issuers rated 'AA+' to 'B-' by S&P Global Ratings with either positive outlooks or ratings on CreditWatch with positive implications.

Since our last report, we added 30 issuers to our list of potential bond downgrades and removed 75. Of the additions, 21 were due to outlook or CreditWatch changes and two were due to downgrades, one of which was accompanied by a change in outlook or CreditWatch. Of the removals, 54 were due to outlook or CreditWatch changes, 11 of which were accompanied by downgrades; nine were due to downgrades; and two were due to upgrades.

Meanwhile, we added 28 issuers to our list of potential bond upgrades and removed 14. Of the 28 additions, 23 were due to outlook or CreditWatch changes, one was due to an upgrade, and one was due to a change in outlook or CreditWatch accompanied by a downgrade. Of the 14 removals, 12 were due to outlook or CreditWatch revisions, 10 of which were accompanied by upgrades.

Chart 1

image

The ratio of negative outlooks to CreditWatch negative placements continued to increase in November, to 15.3 to 1 from 12.6 to 1 in October and 3.0 to 1 in April, indicating that the pace of downgrades in the near term will continue to slow. An increase in the proportion of potential bond downgrades on CreditWatch negative in crisis periods (defined as months with more than 80 downgrades) is typically 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 for a rating with a negative outlook.

Chart 2

image

Financial institutions, media and entertainment, and utilities continued to lead potential bond downgrades, with three, two, and nine additions in November, respectively. Nevertheless, the negative bias (the share of issuers with negative outlooks or ratings on CreditWatch with negative implications) in financial institutions is only 33%. The auto sector, media and entertainment, and utilities lead in negative bias.

Chart 3

image

Table 1

Global Trailing-12-Month Downgrades And Negative Bias By Sector
Sector Trailing-12-month downgrade count Trailing-12-month downgrade ratio (%) Current negative bias (%) Historical average negative bias (%) Gap between current and historical average negative bias (%) Negative bias contribution to total potential bond downgrades (%)
Oil and gas 174 94.57 55.48 20.27 (35.21) 4.58
Automotive 68 94.44 60.19 26.47 (33.73) 4.25
Media and entertainment 248 95.02 57.54 26.54 (31.00) 12.17
Aerospace and defense 39 88.64 46.03 21.09 (24.94) 2.04
Transportation 84 94.38 44.74 21.67 (23.07) 3.84
Capital goods 78 87.64 44.64 21.87 (22.78) 5.72
Retail and restaurants 103 83.06 46.50 25.24 (21.26) 4.58
Chemicals, packaging, and environmental services 81 92.05 40.10 19.40 (20.69) 5.80
Consumer products 154 85.08 37.65 24.85 (12.80) 9.31
Forest products and building materials 23 82.14 34.85 22.50 (12.35) 3.51
Financial institutions 99 85.34 32.24 20.17 (12.07) 13.32
Health care 62 86.11 25.93 17.85 (8.08) 4.17
Homebuilders and real estate companies 46 83.64 23.58 15.61 (7.96) 4.41
Utilities 130 82.80 28.24 20.36 (7.88) 10.87
Metals, mining, and steel 48 88.89 32.56 24.78 (7.78) 2.37
Sovereign 34 85.00 18.10 14.39 (3.71) 1.72
Diversified 5 100.00 17.65 18.24 0.60 0.25
Telecommunications 37 84.09 18.92 20.29 1.37 1.80
Insurance 12 50.00 14.51 16.69 2.18 1.96
High technology 60 69.77 19.10 21.41 2.31 3.10
Data as of Nov. 30, 2020. Source: S&P Global Ratings Research.

Table 2

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

Airservices Australia

Utilities Australia
AAA/Negative Commonwealth of Australia Sovereign Australia
AAA/Negative

Johnson & Johnson

Health care 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 Seven & i Holdings Co. Ltd. Retail/restaurants Japan
AA-/Watch Neg

Tokyo Gas Co. Ltd.

Utilities Yes 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 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 U.S.
A+/Negative

Central Japan Railway Co.

Utilities Yes Japan
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/Watch Neg

VF Corp.

Consumer products Yes U.S.
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

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 Corp.

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

Middlesex Water Co.

Utilities Yes U.S.
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

VP Bank AG

Financial institutions Liechtenstein
A-/Watch Neg

Biogen Inc.

Health care U.S.
A-/Watch Neg

Deutsche Pfandbriefbank AG

Financial institutions Germany
A-/Watch Neg

Euronext N.V.

Financial institutions Netherlands
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

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

Consolidated Edison Inc.

Utilities Yes U.S.
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 Ohio National Life Insurance Co. (The) Ohio National Mutual Holdings Inc. Insurance Yes U.S.
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

Ralph Lauren Corp.

Consumer products Yes U.S.
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

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 U.S.
BBB+/Watch Neg

Coca-Cola European Partners PLC

Consumer products 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 Ltd.

Utilities U.K.
BBB+/Watch Neg

RSA Insurance Group PLC

Insurance Yes 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 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 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 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

Phillips 66

Utilities Yes 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

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

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

Unibail-Rodamco-Westfield SE

Homebuilders/real estate companies France
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

Walt Disney Co. (The)

Media and entertainment Yes U.S.
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 Spain
BBB/Watch Neg

Husky Energy Inc.

CK Hutchison Holdings Ltd.

Oil and gas Canada
BBB/Watch Neg

KKR Financial Holdings LLC

Financial institutions U.S.
BBB/Watch Neg

Seminole Tribe of Florida

Media and entertainment U.S.
BBB/Watch Neg

Weibo Corp.

SINA Corp.

Media and entertainment 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

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

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 Office Properties Inc.

Brookfield Asset Management Inc.

Homebuilders/real estate companies Yes Canada
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

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 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 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

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 Republic of Indonesia Sovereign Indonesia
BBB/Negative

Royal Mail plc

Transportation U.K.
BBB/Negative

Ryanair Holdings PLC

Transportation Ireland
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

Tenaska Georgia Partners L.P.

Utilities U.S.
BBB/Negative

Textron Inc.

Aerospace and defense U.S.
BBB/Negative

Transurban Queensland Finance Pty Ltd.

Transurban Group Utilities Australia
BBB/Negative

Trustmark Corp.

Financial institutions Yes U.S.
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

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

Toll Road Investors Partnership II LP

Transportation U.S.
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

Austin Convention Enterprises Inc.

Utilities U.S.
BBB-/Negative

Aviation Capital Group LLC

Mizuho Financial Group Inc.

Transportation U.S.
BBB-/Negative

Avnet Inc.

High technology Yes 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

Brookfield Property REIT Inc.

Brookfield Asset Management Inc.

Homebuilders/real estate companies Yes 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 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 U.S.
BBB-/Negative

Hyatt Hotels Corp.

Media and entertainment U.S.
BBB-/Negative

ICICI Bank Ltd.

Financial institutions India
BBB-/Negative

ISS A/S

Consumer products Denmark
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

JCDecaux S.A.

Media and entertainment Yes France
BBB-/Negative Kingdom of Morocco Sovereign Morocco
BBB-/Negative

Kohl's Corp.

Retail/restaurants U.S.
BBB-/Negative

Las Vegas Sands Corp.

Media and entertainment Yes 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 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 Corp. 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 Morocco
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 SK Innovation Co. Ltd. Oil and gas Korea, Republic of
BBB-/Negative

SKYCITY Entertainment Group Ltd.

Media and entertainment New Zealand
BBB-/Negative

Sociedad Concesionaria Vespucio Norte Express S.A.

Transportation 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

Westinghouse Air Brake Technologies Corp.

Capital goods U.S.
BBB-/Negative

Yuexiu Real Estate Investment Trust

Guangzhou Yuexiu Holdings Ltd.

Homebuilders/real estate companies Hong Kong
BBB-/Negative Zhejiang Geely Holding Group Co. Ltd. Automotive Yes China
BBB-/Negative

easyJet PLC

Transportation U.K.
BB+/Watch Neg

Adani Green Energy (UP) Ltd.

Utilities India
BB+/Watch Neg

Kaiser Aluminum Corp.

Metals, mining, and steel Yes 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

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 Colombia Telecomunicaciones, S.A. E.S.P

Telefonica S.A.

Telecommunications Yes Colombia
BB+/Negative

Continental Resources Inc.

Oil and gas U.S.
BB+/Negative

Crown Holdings Inc.

Chemicals, packaging, and environmental services 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 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 Immobiliare Grande Distribuzione SIIQ S.p.A. Homebuilders/real estate companies Italy
BB+/Negative

Ingersoll Rand Inc.

Capital goods U.S.
BB+/Negative Kennedy-Wilson Holdings Inc. Homebuilders/real estate companies 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

Marks & Spencer PLC

Marks & Spencer Group PLC

Retail/restaurants Yes U.K.
BB+/Negative

Maxima Grupe UAB

Vilniaus Prekyba

Retail/restaurants 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 Newmark Group Inc. Retail/restaurants Yes 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 Co. Ltd.

Homebuilders/real estate companies China
BB+/Negative

Renault S.A.

Automotive France
BB+/Negative

Ritchie Bros. Auctioneers Inc.

Capital goods Canada
BB+/Negative

Rockies Express Pipeline LLC

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 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

FirstEnergy Corp.

Utilities U.S.
BB/Watch Neg

Four Seasons Holdings Inc.

Media and entertainment Canada
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

Macquarie Infrastructure Corp.

Utilities Yes U.S.
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

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

Churchill Downs Inc.

Media and entertainment Yes 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

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 Grand Vacations Inc.

Media and entertainment Yes U.S.
BB/Negative

Hilton Worldwide Holdings Inc.

Media and entertainment U.S.
BB/Negative

IDBI Bank Ltd.

Financial institutions India
BB/Negative

Icahn Enterprises L.P.

Financial institutions U.S.
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 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

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 Termocandelaria Power Ltd. Utilities Yes Colombia
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

Western Midstream Operating LP

Utilities Yes 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 U.S.
BB-/Watch Neg

Inovyn Ltd.

Chemicals, packaging, and environmental services U.K.
BB-/Watch Neg MGM Resorts Int. Media and entertainment U.S.
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 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

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

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 DTZ UK Guarantor Ltd. Financial institutions Yes U.K.
BB-/Negative

Deutsche Lufthansa AG

Transportation Germany
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 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

Ipoteka Bank JSCM

Financial institutions Yes Uzbekistan
BB-/Negative

Iron Mountain Inc.

Media and entertainment U.S.
BB-/Negative

Jefferies Finance LLC

Jefferies Financial Group Inc. Financial institutions 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 Matador Bidco S.a r.l. Oil and gas Yes Luxembourg
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 Uzbekistan
BB-/Negative

Navient Corp.

Financial institutions U.S.
BB-/Negative

Neptune Energy Group Midco Ltd.

Oil and gas U.K.
BB-/Negative

Occidental Petroleum Corp.

Oil and gas Yes U.S.
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

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 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 The Commonwealth of The Bahamas Sovereign Bahamas
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

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
BB-/Negative

ams AG

High technology Yes Austria
B+/Watch Neg

Callaway Golf Co.

Consumer products U.S.
B+/Watch Neg Chassix Inc. Chassix Holdings Inc. Automotive U.S.
B+/Watch Neg

Dufry AG

Retail/restaurants Switzerland
B+/Watch Neg

DynCorp International Inc.

Aerospace and defense U.S.
B+/Watch Neg

Foundation Building Materials Holding Co. LLC

Forest products and building materials Yes U.S.
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

Avis Budget Group Inc.

Transportation Yes U.S.
B+/Negative

B2Holding ASA

Financial institutions Norway
B+/Negative Bally's Corp. Media and entertainment U.S.
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 CVR Energy Inc. Utilities 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

GeoPark Ltd.

Oil and gas Bermuda
B+/Negative

Georgian Railway JSC

Utilities Georgia
B+/Negative Global Partners LP Utilities U.S.
B+/Negative

Goodyear Tire & Rubber Co. (The)

Automotive Yes U.S.
B+/Negative

GreenSky Holdings LLC

Financial institutions 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

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 NN Inc. Automotive 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

PBF Holding Co. LLC

PBF Energy Inc.

Utilities U.S.
B+/Negative

PBF Logistics LP

PBF Energy Inc.

Utilities 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 Ltd. 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

Sixsigma Networks Mexico, S.A. De C.V.(KIO Networks)

High technology Mexico
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

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.

Mermaid Bidco Inc.

Media and entertainment U.S.
B/Watch Neg

First Heartland Jusan Bank JSC

Financial institutions Kazakhstan
B/Watch Neg Golden Entertainment Inc. Media and entertainment U.S.
B/Watch Neg IXS Holdings Inc. Automotive U.S.
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

4finance Holding S.A.

Financial institutions Luxembourg
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

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 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 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 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

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 U.S.
B/Negative

Banijay Group SAS

Media and entertainment France
B/Negative

Baytex Energy Corp.

Oil and gas Canada
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 U.S.
B/Negative CNT Holdings III Corp. Retail/restaurants U.S.
B/Negative CP Atlas Buyer Inc. Forest products and building materials Yes 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

Carnival Corp.

Media and entertainment Yes Panama
B/Negative

Casino Guichard - Perrachon S.A.

Retail/restaurants France
B/Negative Cerelia Participation Holding SAS Consumer products France
B/Negative Charter NEX US Inc. Chemicals, packaging, and environmental services Yes U.S.
B/Negative

Cinemark Holdings Inc.

Media and entertainment U.S.
B/Negative CityCenter Holdings LLC Media and entertainment U.S.
B/Negative Clarity Telecom LLC Telecommunications U.S.
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 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 Corp. Transportation U.S.
B/Negative

EVO Payments International LLC

High technology U.S.
B/Negative

EVOCA S.p.A.

Consumer products Italy
B/Negative

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 Co. 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

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 Intelligent Packaging Sub Ltd. Partnership Chemicals, packaging, and environmental services Canada
B/Negative

International Design Group SpA

Consumer products Italy
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 Corp.

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

Live Nation Entertainment Inc.

Media and entertainment 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 Corp. Chemicals, packaging, and environmental services U.S.
B/Negative

Mercury Parent LLC

Health care U.S.
B/Negative

Meredith Corp.

Media and entertainment U.S.
B/Negative Mirion Technologies Inc.

Mirion Technologies (Finance) LLC

Capital goods Yes 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 Corp.

National Financial Partners Holdings A Corp. Insurance Yes U.S.
B/Negative

NFP Holdings LLC

Insurance 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

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 Par Petroleum LLC Par Pacific Holdings Inc. Utilities Yes 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

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 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

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

Tackle S.a.r.l (Tipico)

Media and entertainment Yes Luxembourg
B/Negative

Talen Energy Supply LLC

Talen Energy Corp. Utilities U.S.
B/Negative

Tata Motors Ltd.

Automotive Yes India
B/Negative TecoStar Holdings Inc. Health care U.S.
B/Negative

Teine Energy Ltd.

Oil and gas Canada
B/Negative

Tendam Brands S.A.U.

Consumer products Yes Spain
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 Townsquare Media Inc. Media and entertainment U.S.
B/Negative

Trader Corp.

Consumer products 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 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 U.S.
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 Luxembourg
B-/Watch Neg

Cirsa Enterprises S.L.U.

LHMC Finco 2 S.a.r.l.

Media and entertainment Spain
B-/Watch Neg

Delhi International Airport Ltd.

Utilities India
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

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 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 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 France
B-/Negative

Baffinland Iron Mines Corp.

Metals, mining, and steel Canada
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 Century Casinos Inc. Media and entertainment Yes U.S.
B-/Negative Chefs' Warehouse Inc. (The) Consumer products U.S.
B-/Negative

Chinos Intermediate 2 LLC

Consumer products 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

Coty Inc.

Consumer products Yes U.S.
B-/Negative

Crestwood Holdings LLC

Utilities Yes U.S.
B-/Negative

Cumulus Media Inc.

Media and entertainment U.S.
B-/Negative Daseke Inc. Transportation U.S.
B-/Negative

Dave & Buster's Inc.

Dave & Buster's Entertainment Inc. Retail/restaurants Yes 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 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 Co. Inc. Automotive U.S.
B-/Negative

Flynn Restaurant Group LP

Retail/restaurants U.S.
B-/Negative

Fort Dearborn Holding Co. Inc.

Chemicals, packaging, and environmental services U.S.
B-/Negative 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 U.S.
B-/Negative Halo Buyer Inc. Consumer products U.S.
B-/Negative

Hexion Inc.

Chemicals, packaging, and environmental services 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

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

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 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 Marshall Islands
B-/Negative

Navitas Midstream Midland Basin LLC

Utilities U.S.
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

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 Peru
B-/Negative PetroChoice Holdings Inc. Consumer products U.S.
B-/Negative

PlayPower Holdings Inc.

Media and entertainment 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 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

Sterling Intermediate Corp.

Media and entertainment U.S.
B-/Negative

Sugarhouse HSP Gaming Prop. Mezz. L.P.

Media and entertainment U.S.
B-/Negative

Sungard AS New Holdings LLC

High technology U.S.
B-/Negative

TEG Pty Ltd

Media and entertainment Australia
B-/Negative

TNT Crane & Rigging LLC

Capital goods 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

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

Vedanta Resources Ltd.

Metals, mining, and steel U.K.
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 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 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 Nov. 30, 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:Sundaram Iyer, CRISIL Global Analytical Center, an S&P affiliate, Mumbai
Nivritti Mishra Richhariya, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai

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