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Credit Trends: Downgrade Risk Among Nonfinancial Corporates Remains Elevated In 2021

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Credit Trends: U.S. Corporate Rating Actions Show Post-COVID-19 Credit Recovery Has Begun

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Default, Transition, and Recovery: 2021 Corporate Default Tally Climbs To 37

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Credit Trends: Global Financing Conditions: Bond Issuance Could Decline 2.25% In 2021 To $8.2 Trillion


Credit Trends: Downgrade Risk Among Nonfinancial Corporates Remains Elevated In 2021

The number of potential bond downgrades decreased to 1,178 as of Dec. 25, from 1,219 as of Nov. 30, dropping for the fifth consecutive month after a historical high of 1,365 last July. Since November, we added 32 issuers to our list and removed 73 issuers (see table 1). 53 removals were caused by a revision of outlook or CreditWatch, of which 11 were accompanied by a downgrade. Five removals were because of downgrades. There were 23 downgrades from the list since the last reporting period, of which seven remain on the list. 26 of the 32 additions were owing to an outlook or CreditWatch revision, three of which were accompanied by a downgrade. During that time, the tally of potential bond upgrades increased to 179 from 161. Six of the seven additions were driven by a revised outlook or CreditWatch, five of which were accompanied by an upgrade. Of the 25 removals, 22 were because of an outlook or CreditWatch change, three of which also saw an upgrade.

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.

Chart 1

image

Downgrades Should Continue To Slow As The Proportion Of Issuers On A Negative CreditWatch Dropped Significantly

Lockdowns and social distancing measures aimed to curb the coronavirus pandemic slowed the economic activity and earnings while increasing potential bond downgrades through 2020, continuing into 2021--especially among issuers from vulnerable sectors like media and entertainment, automotive, and transportation. This led to a surge in downgrades, and a subsequent decrease in the count of issuers on our list. This is especially true for issuers with ratings placed on CreditWatch with negative implications. They carried a higher immediate downgrade potential than ratings with a negative outlook, and are more frequently followed by downgrades.

Issuers are placed on CreditWatch negative when there is an event or deviation from an expected trend or material change in the performance of the issuer, but its magnitude is not yet determined or there is a change in rating criteria. This may not necessarily lead to a downgrade, but the tight timeline of 90 days indicates a high likelihood that the rating action in the direction mentioned in CreditWatch will follow ("General Criteria: Use Of CreditWatch And Outlooks", Sept. 14, 2009). Historical evidence shows on average, a rating on CreditWatch negative has a 50% likelihood of being lowered in the next 90 days, compared with a one in three chance and a two-year time span for a rating with a negative outlook. Consequently, the number of potential downgrades with a negative CreditWatch placement dropped to 70 at the end of 2020 from its high of 310 in April. Meanwhile, the ratio of negative outlooks to negative CreditWatch placements increased to 15.8 to 1 in December, from 15.3 to 1 in November, and a record 3.0 to 1 in April. As a result, the immediate downgrade risk eased.

Chart 2

image

The gap between potential downgrades and upgrades tightened in December--for the fifth consecutive month--as the situation improved at both ends: potential bond downgrades continued to decrease while potential bond upgrades gradually increased. Despite the recent narrowing, the gap remains wider than during the last global financial crisis (GFC) (see chart 2). This indicates that credit deterioration will continue in the coming months, though at a slower pace than last year, especially among lower rated issuers more vulnerable to worsening financing conditions after a sudden shock or negative change of events. This offsets the positive sentiment created by new vaccine developments.

Non-Financial Corporates, And Especially Those Operating In People-Facing Sectors, Have Seen Most Credit Deterioration Linked To The Pandemic

Non-financial corporates are most impacted by last year's coronavirus-induced recession. Their negative bias reached an all-time high of 43% between May and July last year, five percentage points above its previous record high in April 2009. Financial institutions and sovereigns also saw a spike in their negative bias last year, but clearly below levels during the last GFC (see chart 3).

Chart 3

image

Financial Institutions Lead The Tally; Media And Entertainment Face A Higher And More Immediate Downgrade Risk

While financial institutions lead potential bond downgrades, with 162 issuers, this is partly linked to the asset classes' size, and is reflected in the significantly lower negative bias (27% in December, compared with 36% for non-financial corporates) (see chart 4). Additionally, 65% of potential downgrades in financial institutions are rated investment grade

This compares to media and entertainment, which is second in the count of potential downgrades, with 144 issuers, of which 82% are rated speculative grade. The sector also has the highest share of issuers on CreditWatch with negative implications, at 15, and is expected to contribute more to the number of downgrades in the near term as their CreditWatch statuses are settled in the shorter term.

Chart 4

image

The exposure of the media and entertainment sector is tightly linked to social distancing measures aiming to contain the spread of the coronavirus. This was a hard economic hit on the corporates, notably in hotels, gaming, and leisure. The sector's elevated vulnerability to the current pandemic-induced lockdowns is reflected in its downgrade proportion of 16% over the past 12 months, compared with 11% over the past five years. This year's outlook remains dire for hotels and gaming as the COVID-19 pandemic continues to ravage most sectors under our leisure coverage, with increased confirmed cases in the U.S. and Europe threatening credit environment in early 2021. Cruise ships, fitness, theme parks, and lodging are the most impaired sectors (see "Industry Top Trends 2021: Hotels, Gaming, And Leisure," Dec. 10, 2020).

Chart 5

image

Almost All Sectors Face Higher Downgrade Risk Than A Year Ago

All sectors, except telecommunications, had more downgrade risk at the end of last year than at the end of 2019. This risk is most elevated in the oil and gas, media and entertainment, and automotive sectors (see chart 5). The transportation sector has the sharpest rise in downgrade potential. The sector's negative bias was multiplied by more than seven over the course of last year on the earnings fallout, notably in air travel as travel restrictions and cautious consumer behavior weighed hard on activity in this sector. For 2021, airlines remain the most vulnerable subsector with a renewed surge in COVID-19 cases hampering its recovery. Rapid increases in new cases, particularly in Europe and the U.S., are prompting renewed travel restrictions and lockdowns (see "Industry Top Trends 2021: Transportation," Dec. 10, 2020).

Telecommunications is the only sector with a lower current negative bias than a year ago. The sector proved to be resilient. The pandemic underscores broadband's value which benefits telecommunications. Stay home orders, work-at-home mandates, and social distancing is shining a light on broadband's importance to the modern economy, which bodes well for vested carriers in the long run (see "Industry Top Trends 2021: Telecommunications ," Dec. 10, 2020).

Chart 6

image

Media And Entertainment Had The Most Downgrades Last Year

The pandemic poses significant challenges to the economy and especially to people-facing businesses like tourism, travel, and leisure. As a result, downgrade pressure and subsequent rating actions surged in sectors like media and entertainment, automotive, and transportation. The sector with the widest 12-month downgrade proportion was media and entertainment, at 16%, by large, surpassing its five-year proportion (see Chart 5). In 2020 through Dec. 25, there were 1,554 downgrades, more than twice the 753 in 2019 and surpassing the previous high of 1,326 during the 2009 sub-prime crisis. Media and entertainment had 248 downgrades in 2020, followed by oil and gas with 166 downgrades, and consumer products with 152 downgrades. Contrary to media and entertainment, last year's downgrade proportion in the oil and gas sector was smaller than the past five years, and both proportions were similar for consumer products.

Table 1

Outlook And CreditWatch Revisions Account For Most Removals And Additions In The List
Potential bond downgrade removals Potential bond downgrade additions
Reason for removal Issuer count Reason for addition Issuer count
OLCW change 42 OLCW Change 23
Downgraded and OLCW change 11 Downgraded and OLCW change 3
Ratings withdrawn 9 Newly rated debt 3
Downgraded 5 Newly rated issuer 3
No outstanding debt 4 Downgraded 0
Parent* 1 Parent 0
Selective default (SD) 1 Upgraded 0
Default 0 Upgraded and OLCW change 0
Upgraded 0
Upgraded and OLCW change 0
Total 73 Total 32
Data as of Dec. 25, 2020. Source: S&P Global Ratings Research. *Issuer removed due to subsidiary relationship with Parent company, which now qualifies as Potential Downgrade.

Table 2

Oil And Gas, Media And Entertainment And Automotive Have The Widest Gap Between Current Negative Bias And Their Historical Averages
Sector Trailing-12-month downgrade count Trailing-12-month downgrade ratio (%) Current negative bias (%) Historical average negative bias (%) Gap between current and historical average negative bias (%) Negative bias contribution to total potential bond downgrade portfolio (%)
Oil and gas 166 93.79 55.06 20.27 (34.79) 4.67
Media and entertainment 248 93.58 55.40 26.54 (28.86) 12.22
Automotive 65 92.86 54.37 26.47 (27.90) 3.99
Aerospace and defense 39 88.64 46.03 21.09 (24.94) 2.04
Transportation 81 94.19 42.61 21.67 (20.94) 3.74
Capital goods 77 88.51 41.07 21.87 (19.21) 5.43
Chemicals, packaging, and environmental services 84 92.31 38.35 19.40 (18.95) 5.52
Retail and restaurants 95 80.51 44.03 25.24 (18.79) 4.67
Financial institutions 98 88.29 32.34 20.17 (12.18) 13.75
Consumer products 152 84.44 35.56 24.85 (10.71) 9.00
Forest products and building materials 22 75.86 32.33 22.50 (9.83) 3.48
Utilities 131 88.51 29.02 20.36 (8.66) 11.63
Homebuilders and real estate companies 45 80.36 22.98 15.61 (7.37) 4.41
Health care 60 83.33 24.70 17.85 (6.85) 4.07
Metals, mining, and steel 47 87.04 30.47 24.78 (5.69) 2.29
Sovereign 34 87.18 18.10 14.39 (3.71) 1.78
Diversified 5 100.00 17.65 18.24 0.60 0.25
Telecommunications 36 81.82 18.92 20.29 1.37 1.95
Insurance 12 57.14 14.06 16.69 2.63 2.04
High technology 58 69.05 18.22 21.41 3.20 3.06
Data as of Dec. 25, 2020. Source: S&P Global Ratings Research.

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

Table 3

Issuers On CreditWatch/Outlook Negative ('AAA' Through 'B-' Ratings)
Rating comb Issuer Parent company Sector/subsector New to the list this month OLCW 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 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 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 Farmer's Exchange Capital Zurich Insurance Group. Insurance Yes U.S.
A/Watch Neg Farmers Insurance Exchange Zurich Insurance Group. Insurance Yes U.S.
A/Watch Neg Fire Insurance Exchange Zurich Insurance Group. Insurance Yes U.S.
A/Watch Neg KKR & Co. Inc. Financial institutions U.S.
A/Watch Neg London Stock Exchange Group PLC Financial institutions U.K.
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 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 Singapore Telecommunications Ltd. Telecommunications Yes Singapore
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 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 Bouygues S.A. Telecommunications Yes France
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 Consolidated Edison Inc. Utilities U.S.
A-/Negative Cullen/Frost Bankers Inc., Financial institutions U.S.
A-/Negative Deutsche Pfandbriefbank AG Financial institutions Yes Germany
A-/Negative Deutsche Wohnen SE Homebuilders/real estate companies Germany
A-/Negative Duke Energy Corp. Utilities Yes U.S.
A-/Negative Eni SpA Oil and gas Italy
A-/Negative Enterprise Holdings Inc. Transportation U.S.
A-/Negative Fomento Economico Mexicano, S. A. B. de C. V. Retail/restaurants Mexico
A-/Negative 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 Orange Cogen Funding Corp. Utilities 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 U.S.
A-/Negative Raytheon Technologies Corp Aerospace and defense U.S.
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 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 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 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 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 Grenke AG Financial institutions Yes Germany
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 Huntington Bancshares Inc. Financial institutions Yes 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 Nouvelle Autoroute 30, S.E.N.C. Utilities Yes 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 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 Ratch Group Public Co. Ltd. Electricity Generating Authority of Thailand Utilities Yes Thailand
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 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 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 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 CI Financial Corp. Financial institutions Yes Canada
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 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 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 Seminole Tribe of Florida Media and entertainment Yes U.S.
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 Tokyo Century Corp. Mizuho Financial Group Inc. Financial institutions Yes Japan
BBB/Negative Transurban Queensland Finance Pty Ltd. Transurban Group Utilities Australia
BBB/Negative Trustmark Corp. Financial institutions 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 Vivendi S.A. Media and entertainment Yes France
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 Eagle Materials Inc. Forest products and building materials 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 Austin Convention Enterprises Inc. Utilities U.S.
BBB-/Negative Autopistas Metropolitanas de Puerto Rico LLC Atlantia SpA Utilities Yes U.S.
BBB-/Negative Avnet Inc. High technology 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 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 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 France
BBB-/Negative Jets Stadium Development, LLC Media and entertainment Yes U.S.
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 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 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 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 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 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 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 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 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 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 Intertrust N.V. Consumer products Yes Netherlands
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 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 U.S.
BB+/Negative Nokia Corp. High technology Finland
BB+/Negative Nordstrom Inc. Retail/restaurants U.S.
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 Toll Road Investors Partnership II LP Transportation Yes 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 Cardtronics plc High technology Yes U.K.
BB/Watch Neg ContourGlobal PLC Utilities Yes Cayman Islands
BB/Watch Neg FirstEnergy Corp. Utilities 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 Macquarie Infrastructure Corp. Utilities U.S.
BB/Watch Neg Nielsen Holdings PLC Media and entertainment U.K.
BB/Watch Neg Vail Resorts Inc. Media and entertainment Yes U.S.
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 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 Delek US Holdings Inc., Oil and gas Yes 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 Fosun International Ltd. Metals, mining, and steel Hong Kong
BB/Negative Four Seasons Holdings Inc. Media and entertainment Yes Canada
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 U.S.
BB/Negative Hilton Worldwide Holdings Inc. Media and entertainment U.S.
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 Novomatic AG Media and entertainment Austria
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 Teollisuuden Voima Oyj Utilities Yes Finland
BB/Negative Termocandelaria Power Ltd. Utilities 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 W.R. Grace & Co. Chemicals, packaging, and environmental services U.S.
BB/Negative Western Midstream Operating LP Utilities 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 International Media and entertainment U.S.
BB-/Watch Neg Rolls-Royce Holdings PLC Aerospace and defense U.K.
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 AES Andres B.V AES Corp. (The) Utilities Yes Dominican Republic
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 Borets International Ltd. Capital goods U.A.E.
BB-/Negative Cable & Wireless Communications Ltd. Liberty Latin America Ltd. Telecommunications U.K.
BB-/Negative DTZ UK Guarantor Ltd. Financial institutions U.K.
BB-/Negative Deutsche Lufthansa AG Transportation Germany
BB-/Negative Dillard's Inc. Retail/restaurants U.S.
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 EP Bco S.A. Utilities Yes Netherlands
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 Empresa Generadora de Electricidad Itabo, S. A. Utilities Yes Dominican Republic
BB-/Negative Energizer Holdings Inc. Consumer products U.S.
BB-/Negative Fly Leasing Ltd. Transportation Bermuda
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 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 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 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 Panama Canal Railway Co. Transportation Yes Cayman Islands
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 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 Co. 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 Austria
B+/Watch Neg Callaway Golf Co. Consumer products U.S.
B+/Watch Neg Cooke Omega Investments Inc. Cooke Aquaculture Inc., Consumer products Yes Canada
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 U.S.
B+/Watch Neg GeoProMining Investment (CYP) Ltd. Metals, mining, and steel Yes Cyprus
B+/Watch Neg NCL Corp. Ltd. Media and entertainment Yes Bermuda
B+/Watch Neg Royal Caribbean Cruises Ltd. Media and entertainment Yes U.S.
B+/Negative ADES International Holdings PLC Oil and gas U.A.E.
B+/Negative AMG Advanced Metallurgical Group N.V. Metals, mining, and steel Netherlands
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 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 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 Consolidated Energy Ltd. Chemicals, packaging, and environmental services Yes Trinidad and Tobago
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 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 Fleet Topco Ltd. Media and entertainment Yes U.K.
B+/Negative Frontera Energy Corp. Oil and gas Canada
B+/Negative Genesis Energy, L.P. Utilities Yes 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 Goodyear Tire & Rubber Co. (The) Automotive U.S.
B+/Negative GreenSky Holdings, LLC Financial institutions U.S.
B+/Negative ICH Intermediate Holdings II, L.P. Financial institutions Yes 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 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 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 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 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 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 Big River Steel LLC Metals, mining, and steel Yes U.S.
B/Watch Neg Braskem Idesa, S.A.P.I. and subsidiary Chemicals, packaging, and environmental services Yes Mexico
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 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 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 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 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 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 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 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 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 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 Golden Entertainment Inc., Media and entertainment Yes 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 N.V. 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 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 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 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 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 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 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 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 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 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 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 Scientific Games Corp. Media and entertainment U.S.
B/Negative Seplat Petroleum Development Co. PLC Oil and gas Nigeria
B/Negative Shift4 Payments Inc., High technology Yes U.S.
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 Luxembourg
B/Negative Talen Energy Supply LLC Talen Energy Corp. Utilities U.S.
B/Negative Tata Motors Ltd. Automotive 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 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 Trader Corp. Consumer products Canada
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 Vida Capital Inc., Financial institutions Yes U.S.
B/Negative Walnut Bidco PLC Consumer products Switzerland
B/Negative Wrench Group, LLC Consumer products U.S.
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 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 Spectacle Gary Holdings, LLC Media and entertainment U.S.
B-/Watch Neg Transportes Aereos Portugueses, SGPS, S.A. Transportation Portugal
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 Aerial Parent Corp. Telecommunications U.S.
B-/Negative Afflelou SAS Consumer products France
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 Arbor Pharmaceuticals Inc. Health care U.S.
B-/Negative Arch Resources Inc., Metals, mining, and steel Yes U.S.
B-/Negative Aspen Jersey Topco LLC High technology U.S.
B-/Negative Associated Asphalt Partners LLC Road Holdings III, LLC Utilities Yes 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 U.S.
B-/Negative Chefs' Warehouse Inc., (The) Consumer products U.S.
B-/Negative Chinos Intermediate 2 LLC Consumer products U.S.
B-/Negative Cirsa Enterprises S.L.U. LHMC Finco 2 S.a.r.l. Media and entertainment Yes Spain
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 U.S.
B-/Negative Crestwood Holdings LLC Utilities U.S.
B-/Negative Cumulus Media Inc. Media and entertainment U.S.
B-/Negative Dave & Buster's Inc. Dave & Buster's Entertainment Inc., Retail/restaurants U.S.
B-/Negative Dawn Acquisitions LLC Infra Colodata Holdings LLC Telecommunications U.S.
B-/Negative Dentalcorp Health Services ULC Health care Canada
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 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 Guitar Center Inc. Guitar Center Holdings Inc. Retail/restaurants Yes U.S.
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 KLDiscovery Inc. Consumer products U.S.
B-/Negative Kiwi VFS SUB I S.ar.l Consumer products 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 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 TEG Pty Ltd Media and entertainment Australia
B-/Negative TNT Crane & Rigging LLC Capital goods U.S.
B-/Negative TPro Acquisition Corp. Automotive 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 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 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 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 Xinjiang Guanghui Industry Investment (Group) Co. Ltd. Homebuilders/real estate companies China
B-/Negative YS Garments LLC Consumer products U.S.
B-/Negative pH Beauty Holdings I Inc., Consumer products U.S.
Data as of Dec. 25, 2020. Source: S&P Global Ratings Research.

This report does not constitute a rating action.

Research Contributors:Abhik P Debnath, Mumbai;
Abhik.Debnath@spglobal.com
Shripati Pranshu, Mumbai;
shripati.pranshu@spglobal.com
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

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