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ESG Concerns In Oil And Gas Sectors Led To A Surge In Downgrade Pressure In January, Which Was Realized By Mid-February

The number of potential bond downgrades (defined as issuers rated 'AAA' to 'B-' by S&P Global Ratings with either negative rating outlooks or ratings on CreditWatch with negative implications) decreased for the sixth consecutive month to 1,137 as of the end of January, from 1,178 a month earlier. However, this is still considerably higher than the 642 issuers on our list a year ago.

Removals significantly outpaced additions in January: we added 22 issuers and removed 63 issuers from the list since the last reporting period. 42 removals were because of outlook and CreditWatch revisions, two of which were accompanied by upgrades (see Table 1). There were only 14 downgrades on entities in our list by Jan. 29, three of which remain on the list. Of the 11 issuers that were downgraded and removed, 10 were from the U.S. and one from Canada. Additions to our list last month included 17 that resulted from revisions in outlook or CreditWatch, one of which was accompanied by a downgrade. One issuer was added following an upgrade and three are newly rated entities.

Chart 1

image

Downgrade Potential Surged In The Oil And Gas Sector In January

Financial institutions continue to lead potential bond downgrades at 158, followed by the media and entertainment sector at 135 issuers, together accounting for more than 25% of the potential bond downgrades. But credit risk continues to soften in the two sectors, as they had no additions last month, while reporting four and nine removals, respectively. On the contrary, the oil and gas sector had the highest tally increase in January with six issuers added to our list. Four of them had ratings with a negative CreditWatch, and six entities already qualifying as potential bond downgrades in the previous month saw their negative outlook changed to a CreditWatch with negative implications. Consequently, the count of potential downgrades carrying a negative CreditWatch rose to ten in this sector, compared to only one in December (see Chart 1). The one, Husky Energy Inc., had been downgraded following a merger to equalize with the rating of its new parent and was removed from our count.

This resulted in a ratio of outlook to CreditWatch placements of 4.8 to 1 in the oil and gas sector. Other sectors with a high count of CreditWatches with negative implications are media and entertainment and utilities. With 15 and 10 such issuers, respectively, their ratios of outlooks to CreditWatches are 8 to 1 and 9.4 to 1. This compares with14.4 to 1 across all sectors, higher than the 15.8 to 1 a month earlier, but far below its record of 3.0 to 1 in April last year. A higher ratio reflects less immediate downgrade pressure. 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 the 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 a rating action in the direction mentioned in CreditWatch will follow ("General Criteria: Use Of CreditWatch And Outlooks", Sept. 14, 2009).

Chart 2

image

Concerns About The Environmental Impact Of The Oil And Gas Sector Drove The Negative Bias Up In January, And Downgrades By Mid- February

The negative bias (count of potential bond downgrades over the total rated universe) in the oil and gas sector rose to 58% in January, 28 percentage points above numbers a year earlier, and only 7 percentage points below the July 2020 rate, when potential bond downgrades were at an all-time high (see Chart 3). The sector increased its negative bias from the previous month by 2 percentage points, the highest increase in January this year. Other than oil and gas, only telecommunications and capital goods had an increase in their negative bias, and by much less than half a percentage point.

The increase in negative bias in the oil and gas sector resulted from an industry risk assessment revision on Jan. 25, which lead to nine issuers on our list being placed on CreditWatch with negative implications. These were all driven by S&P Global Ratings' concerns about the greenhouse gas emissions and the energy transition to renewable energy. We expect demand for fossil fuel products to decrease, given the increasing adoption and transition of renewable energy alternatives to address climate change. Globally, sovereign and local governments have been endorsing stricter policies and regulations while providing industry subsidies to reduce greenhouse gas and carbon dioxide emissions from burning fossil fuels. We expect this transition over time to have negative implications on hydrocarbon demand and prices. As a result, the risk assessment for the oil and gas integrated, exploration and production industry has been revised to 'Moderately High Risk (4)' from 'Intermediate Risk (3)'. ("The Change To The Industry Risk Assessment For Exploration & Production Companies And What It Means For Issuer Ratings", Jan. 25, 2021). Eight of the nine CreditWatch placements have been resolved by Feb. 17, six of them with a downgrade, accompanied by the removal of the CreditWatch and a stable outlook (Chevron Corp.,Exxon Mobil Corp.,ConocoPhillips, Canadian Natural Resources Ltd., Royal Dutch Shell PLC, Total SE). The two Chinese issuers (China Petrochemical Corp., China National Offshore Oil Corp.) placed on CreditWatch negative saw the CreditWatch removed with an affirmation of the rating, as, despite the increased ESG awareness, Chinese national oil companies are likely to fare better than their international peers. Therefore, these entities will not be part of our list for February. Only one issuer (Woodside Petroleum Ltd.) still remains on CreditWatch negative as of Feb. 22, and S&P Global Ratings expects to resolve it soon (S&P Global Ratings Takes Multiple Rating Actions On Major Oil And Gas Companies To Factor In Greater Industry Risks, Jan. 26, 2021). TechnipFMC Plc was downgraded on Feb. 17, however, this rating action was not driven by ESG considerations.

Over the past twelve months, issuers in the transportation sector had the strongest rise in negative bias by 35 percentage points, from a low 7% last January, mirroring the impact of pandemic-related travel restrictions. On the other hand, the telecommunication and health care sectors have a lower negative bias now than a year back, signaling their resilience to the coronavirus pandemic.

Chart 3

image

Chart 4

image

Upgrades Surpass Downgrades In The First Month Of 2021

The gap between potential downgrades and upgrades further narrowed for the sixth consecutive month as potential bond downgrades continued to decrease, while potential bond upgrades gradually increased. In July, at the widest point, we counted 1,365 potential downgrades and 104 potential upgrades, compared with 1137 and 186 now--but also compared with 645 potential downgrades and 260 potential upgrades last January. The gap remains wider than during the last global financial crisis (see Chart 4). This indicates that credit deterioration will continue in the coming month, albeit at a slower pace. Lower rated issuers will be most impacted as they are particularly vulnerable to worsening financing conditions following a sudden shock or negative change of events.

Chart 5

image

With 29 upgrades and 26 downgrades, the number of upgrades exceeded downgrades in January 2021, for the first time since October 2018 (see Chart 5). However, this is not because of a surge in upgrades, but because of the gradual decrease in the number of monthly downgrades since the second half of 2020. The pandemic pushed the proportion of issuers placed on CreditWatch with negative implications up in the first quarter, resulting in a high count of downgrades in the following months as these CreditWatch placements got resolved. Since issuers had the accompanying rating changes and now have ratings that incorporate the risks from the current challenges.

Media And Entertainment Continues To Be The Sector Most Affected By The Pandemic

Tourism and leisure businesses continue to face headwinds amid social distancing measures and travel restrictions. The differential between the downgrade proportion over the last 12 months and the past five years is strongest in media and entertainment, reflecting the sector's current vulnerability (see Chart 5). The oil and gas sector has the second highest downgrade proportion over the last 12 months, but still below its five-year-average. The recent downgrades, as well as the still outstanding CreditWatches in the sector, should lead to a higher 12-month proportion for February.

Chart 6

image

Table 1

Outlook And CreditWatch Revisions Account For Most Removals And Additions To Our List
Potential Bond Downgrade Removals Potential Bond Downgrade Additions
Reason for removal Issuer count Reason for addition Issuer count
OLCW Change 40 OLCW change 16
Downgraded and OLCW change 9 Newly rated issuer 3
Ratings withdrawn 6 Downgraded and OLCW Change 1
Downgraded 2 Parent 1
No outstanding debt 2 Upgraded 1
Parent 2 Downgraded 0
Upgraded and OLCW change 2 Newly rated debt 0
Default 0 Upgraded and OLCW change 0
Selective default (SD) 0
Upgraded 0
Total 63 Total 22
Data as of Jan. 29, 2021. Source: S&P Global Ratings Research. *Issuer removed due to subsidiary relationship with parent company, which now qualifies as a 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 169 93.37 57.86 20.47 (37.40) 5.10
Automotive 63 90.00 53.92 26.62 (27.30) 3.96
Media and entertainment 251 93.66 51.93 26.69 (25.25) 11.87
Aerospace and defense 37 90.24 41.94 21.21 (20.72) 1.85
Transportation 81 94.19 42.48 21.78 (20.70) 3.78
Capital goods 77 88.51 41.18 21.97 (19.21) 5.80
Chemicals, packaging, and environmental services 84 90.32 34.17 19.49 (14.68) 5.28
Retail and restaurants 95 77.24 40.00 25.33 (14.67) 4.57
Financial institutions 96 88.07 30.82 20.22 (10.60) 13.90
Consumer products 146 83.43 34.99 25.00 (9.99) 9.06
Forest products and building materials 23 79.31 30.77 22.55 (8.22) 3.34
Utilities 128 85.91 28.39 20.40 (7.98) 11.70
Homebuilders and real estate companies 44 80.00 22.67 15.65 (7.02) 4.49
Health care 58 80.56 22.22 17.88 (4.35) 4.05
Sovereign 33 89.19 17.24 14.41 (2.83) 1.76
Metals, mining, and steel 48 88.89 26.77 24.80 (1.98) 2.11
Diversified 5 100.00 17.65 18.24 0.59 0.26
Telecommunications 37 84.09 19.18 20.28 1.10 2.02
Insurance 10 55.56 13.04 16.66 3.62 1.93
High technology 57 67.86 17.65 21.39 3.75 3.17
Data as of Jan. 29, 2021. Source: S&P Global Ratings Research.

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/Watch Neg Chevron Corp. Oil and gas Yes U.S.
AA/Watch Neg Exxon Mobil Corp. Oil and gas Yes U.S.
AA-/Watch Neg Merck & Co. Inc. Health care U.S.
AA-/Watch Neg Royal Dutch Shell PLC Oil and gas Yes U.K.
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 Societe nationale SNCF S.A. Utilities France
AA-/Negative State of Kuwait Sovereign Kuwait
AA-/Negative Westpac Banking Corp. Financial institutions Australia
A+/Watch Neg China National Offshore Oil Corp. Oil and gas Yes China
A+/Watch Neg China Petrochemical Corp. Oil and gas Yes China
A+/Watch Neg Total SE Oil and gas Yes France
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 Toyota Industries Corp. Automotive Japan
A+/Negative Toyota Motor Corp. Automotive Japan
A/Watch Neg ConocoPhillips Oil and gas Yes U.S.
A/Watch Neg Farmer's Exchange Capital Zurich Insurance Group. Insurance U.S.
A/Watch Neg Farmers Insurance Exchange Zurich Insurance Group. Insurance U.S.
A/Watch Neg Fire Insurance Exchange Zurich Insurance Group. Insurance 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/Watch Neg SUEZ Water Resources LLC Suez Environment Co. Utilities 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 U.S.
A/Negative Mitsui Fudosan Co. Ltd. Homebuilders/real estate companies Yes Japan
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 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 AmerisourceBergen Corp. Consumer products Yes U.S.
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 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 BP PLC Oil and gas Yes U.K.
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 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 Germany
A-/Negative Deutsche Wohnen SE Homebuilders/real estate companies Germany
A-/Negative Eni SpA Oil and gas Italy
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 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 KASIKORNBANK PCL. Financial institutions Thailand
BBB+/Watch Neg North West Redwater Partnership Merchant Power Yes Canada
BBB+/Watch Neg Northumbrian Water Ltd. CK Hutchison Holdings Ltd. Utilities U.K.
BBB+/Watch Neg RSA Insurance Group PLC Insurance U.K.
BBB+/Watch Neg TechnipFMC Plc Oil and gas Yes U.K.
BBB+/Watch Neg Woodside Petroleum Ltd. Oil and gas Yes Australia
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 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 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 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 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 Nouvelle Autoroute 30, S.E.N.C. 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 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 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 Suncor Energy Inc. Oil and gas Yes Canada
BBB+/Negative Takeda Pharmaceutical Co. Ltd. Health care Japan
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 Zions BanCorp., N.A. Financial institutions U.S.
BBB/Watch Neg ACS, Actividades de Construccion y Servicios SA Capital goods Spain
BBB/Watch Neg Canadian Natural Resources Ltd. Oil and gas Yes Canada
BBB/Watch Neg KKR Financial Holdings LLC Financial institutions U.S.
BBB/Watch Neg Millennium Parking Garages LLC Utilities Yes 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 Barclays PLC Financial institutions U.K.
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 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 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 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 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 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 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 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 CAS Holding No.1 Ltd. PCCW Ltd. Telecommunications Yes British Virgin Islands
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 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 Empresa Nacional del Petroleo Utilities Chile
BBB-/Negative Enable Midstream Partners, LP Merchant Power U.S.
BBB-/Negative Energy Transfer LP Midstream U.S.
BBB-/Negative Expedia Group Inc., Media and entertainment U.S.
BBB-/Negative Financiera de Desarrollo Territorial S.A. FINDETER Financial institutions Colombia
BBB-/Negative FirstGroup PLC Transportation U.K.
BBB-/Negative Flowserve Corp. Capital goods U.S.
BBB-/Negative Fluor Corp. Capital goods U.S.
BBB-/Negative 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. Midstream Canada
BBB-/Negative InterContinental Hotels Group PLC Media and entertainment U.K.
BBB-/Negative Intercorp Financial Services Inc. Intercorp Peru Ltd. Financial institutions Peru
BBB-/Negative JCDecaux S.A. Media and entertainment France
BBB-/Negative Jets Stadium Development, LLC Media and entertainment 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 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 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 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 Midstream U.S.
BB+/Negative SLM Corp. Financial institutions U.S.
BB+/Negative SNC-Lavalin Group Inc. Capital goods Canada
BB+/Negative Sensata Technologies B.V. Automotive Netherlands
BB+/Negative Silgan Holdings Inc. Chemicals, packaging, and environmental services U.S.
BB+/Negative Southeast Supply Header, LLC Midstream U.S.
BB+/Negative Telecom Italia SpA Telecommunications Italy
BB+/Negative Toll Road Investors Partnership II LP Transportation 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 U.K.
BB/Watch Neg ContourGlobal PLC Utilities Cayman Islands
BB/Watch Neg FirstEnergy Corp. Utilities U.S.
BB/Watch Neg Nielsen Holdings PLC Media and entertainment U.K.
BB/Watch Neg Perspecta Inc. Aerospace and defense Yes U.S.
BB/Watch Neg Vail Resorts Inc. Media and entertainment 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 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 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 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 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 INEOS Enterprises Holdings Ltd. Ineos Ltd. Chemicals, packaging, and environmental services Yes U.K.
BB/Negative INEOS Quattro Holdings Ltd. Ineos Ltd. Chemicals, packaging, and environmental services Yes Germany
BB/Negative Icahn Enterprises L.P. Financial institutions U.S.
BB/Negative Iccrea Banca SpA Financial institutions Italy
BB/Negative Ineos Group Holdings S.A. Ineos Ltd. Chemicals, packaging, and environmental services Yes Luxembourg
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 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 Midstream 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 Atlantic Power Corp. Utilities Yes Canada
BB-/Watch Neg MGM Resorts International Media and entertainment U.S.
BB-/Watch Neg Marriott Vacations Worldwide Corp. Media and entertainment Yes 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 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 Netherlands
BB-/Negative Element Solutions Inc. Chemicals, packaging, and environmental services U.S.
BB-/Negative Empresa Generadora de Electricidad Itabo, S. A. Utilities 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 MEIF 5 Arena Holdings SLU Utilities Spain
BB-/Negative Mannington Mills Inc. Forest products and building materials 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 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 Speedway Motorsports LLC Media and entertainment U.S.
BB-/Negative Starwood Property Trust Inc. Financial institutions U.S.
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 Merchant Power 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
BB-/Negative thyssenkrupp AG Capital goods Yes Germany
B+/Watch Neg Callaway Golf Co. Consumer products U.S.
B+/Watch Neg Cooke Omega Investments Inc. Cooke Aquaculture Inc., Consumer products Canada
B+/Watch Neg Dufry AG Retail/restaurants Switzerland
B+/Watch Neg Financiera Independencia S.A.B. de C.V. SOFOM E.N.R. Financial institutions Yes Mexico
B+/Watch Neg GeoProMining Investment (CYP) Ltd. Metals, mining, and steel Cyprus
B+/Watch Neg NCL Corp. Ltd. Media and entertainment Bermuda
B+/Watch Neg Royal Caribbean Cruises Ltd. Media and entertainment 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., Midstream 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 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 Fleet Topco Ltd. Media and entertainment U.K.
B+/Negative Frontera Energy Corp. Oil and gas Canada
B+/Negative Genesis Energy, L.P. Merchant Power U.S.
B+/Negative GeoPark Ltd. Oil and gas Bermuda
B+/Negative Georgian Railway JSC Utilities Georgia
B+/Negative Global Partners LP Midstream U.S.
B+/Negative 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 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 Lightstone HoldCo LLC Merchant Power Yes U.S.
B+/Negative Limetree Bay Terminals, LLC Midstream 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. Midstream 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 Investment Managers Inc., American Beacon Advisors Inc., Financial institutions U.S.
B+/Negative Revere Power, LLC Merchant Power U.S.
B+/Negative Ruby Pipeline LLC Midstream U.S.
B+/Negative STV Group Inc., Capital goods U.S.
B+/Negative Shea Homes L.P. Forest products and building materials U.S.
B+/Negative Sigma HoldCo BV Consumer products Netherlands
B+/Negative Sinclair Broadcast Group Inc. Media and entertainment U.S.
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 Midstream 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 Braskem Idesa, S.A.P.I. and subsidiary Chemicals, packaging, and environmental services Mexico
B/Watch Neg IXS Holdings Inc., Automotive U.S.
B/Watch Neg UC Holdings Inc. Chassix Holdings Inc., Automotive U.S.
B/Watch Neg Zest Acquisition Corp Health care U.S.
B/Negative 4finance Holding S.A. Financial institutions Luxembourg
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 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 Albea Beauty Holdings S.A. Hercule Debtco S.a r.l. Chemicals, packaging, and environmental services Yes France
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. Midstream 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 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 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 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 First Heartland Jusan Bank JSC Financial institutions Yes Kazakhstan
B/Negative Fossil Group Inc., Consumer products U.S.
B/Negative Foundation Building Materials Inc., Forest products and building materials Yes 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 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 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 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 LBM Acquisition, LLC BCPE Ulysses Intermediate Inc., Forest products and building materials Yes 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 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 Lonestar II Generation Holdings LLC Merchant Power Yes U.S.
B/Negative Loxam SAS Capital goods France
B/Negative Lucid Energy Group II Borrower, LLC Lucid Energy Group II, LLC Midstream U.S.
B/Negative MRO Holdings Inc., Aerospace and defense Panama
B/Negative MTN Infrastructure TopCo Inc., Telecommunications U.S.
B/Negative Marcel Lux IV Sarl High technology Luxembourg
B/Negative Mercury Parent, LLC Health care 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 NGL Energy Partners LP Midstream Yes 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 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 River Holdings Inc., Forest products and building materials Yes 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 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 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 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 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 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 U.S.
B/Negative Walnut Bidco PLC Consumer products Switzerland
B/Negative White Cap Supply Holdings, LLC White Cap Parent, LLC Capital goods Yes U.S.
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 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 Arbor Pharmaceuticals Inc. Health care U.S.
B-/Negative Arch Resources Inc., Metals, mining, and steel U.S.
B-/Negative Aspen Jersey Topco LLC High technology U.S.
B-/Negative Associated Asphalt Partners LLC Road Holdings III, LLC Midstream 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 Spain
B-/Negative Cleveland-Cliffs Inc. Metals, mining, and steel 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 Midstream 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 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 Midstream 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 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 Knowlton Development HoldCo Inc., Consumer products Yes Canada
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. Midstream 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 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 Midstream U.S.
B-/Negative POWDR Corp. Media and entertainment U.S.
B-/Negative PT Lippo Karawaci Tbk. Homebuilders/real estate companies Indonesia
B-/Negative Panda Stonewall LLC Merchant Power U.S.
B-/Negative Paradigm Midstream LLC Midstream U.S.
B-/Negative Parts Holding Europe SAS Dakar Finance S.A. Automotive France
B-/Negative Peak Jersey Holdco Ltd. Media and entertainment Jersey
B-/Negative Perstorp Holding AB (publ) Chemicals, packaging, and environmental services Sweden
B-/Negative 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 Solera Parent Holding, LLC High technology U.S.
B-/Negative Star UK Midco Ltd. Capital goods U.K.
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 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 Vincent Topco BV (NL) Consumer products Yes Netherlands
B-/Negative WWEX UNI Intermediate Holdings LLC Transportation U.S.
B-/Negative Wand NewCo 3 Inc., Automotive U.S.
B-/Negative WaterBridge Operating LLC WaterBridge Resources, LLC Midstream U.S.
B-/Negative Welltec A/S Oil and gas Denmark
B-/Negative 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 pH Beauty Holdings I Inc., Consumer products U.S.
Data as of Jan. 29, 2021. Source: S&P Global Ratings Research.

This report does not constitute a rating action.

Primary Credit Analysts:Sarah Limbach, Paris + 33 14 420 6708;
Sarah.Limbach@spglobal.com
Sudeep K Kesh, New York + 1 (212) 438 7982;
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Abhik.Debnath@spglobal.com

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