Key Takeaways
- The count of potential bond downgrades decreased for the sixth consecutive month to 1,137 in January, from 1,178 in December 2020. This points to further deceleration in the pace of downgrades this year.
- The tally of ratings placed on CreditWatch with negative implications increased to 74 from 70 in December, leading to a contraction in the ratio of outlooks to CreditWatch placements to 14.4 to 1 from 15.8 to 1. A decreasing ratio indicates a higher immediate downgrade risk.
- The oil and gas sector had a pronounced increase in CreditWatch placements following a revised sector industry risk assessment owing to environmental, social and government (ESG) concerns, as governments globally endorse adopting and transitioning renewable energy alternatives to reduce greenhouse gas emissions and address climate change. Nine of the 10 issuers with negative CreditWatch placements in January were because of increased industry risk, six of which were downgraded in February so far. One Credit Watch placement is still to be resolved while two have been removed with an affirmation of the rating.
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
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
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
Chart 4
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
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
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; sudeep.kesh@spglobal.com | |
| Research Contributor: | Abhik P Debnath, Mumbai; Abhik.Debnath@spglobal.com |
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