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Credit Trends: Downgrade Potential Declined By Over One-Third In The Second Quarter

COMMENTS

Default, Transition, and Recovery: 2020 Annual International Public Finance Default And Rating Transition Study

COMMENTS

Default, Transition, and Recovery: 2020 Annual Latin American Corporate Default And Rating Transition Study

COMMENTS

Default, Transition, and Recovery: The 2021 Global Corporate Default Tally Remains At 59

COMMENTS

Credit Trends: U.S. Corporate Bond Yields As Of Sept. 8, 2021


Credit Trends: Downgrade Potential Declined By Over One-Third In The Second Quarter

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 by 86, to 671 as of June 30, 2021, from 757 as of May 31 and down from a peak of 1,365 in July 2020. The potential downgrade tally declined by around one-third over the second quarter and has nearly halved since end-2020. Out of the 122 removals from our list of potential bond downgrades, 108 were driven by a revision in the outlook or CreditWatch placement, of which 11 were accompanied by downgrades. Three other removals were due to downgrades without a change in outlook or CreditWatch. Another four of the issuers saw a change in their outlook or CreditWatch placement but remain on our list. At the same time, we added 36 issuers to the list--25 of these were driven by revisions in the outlook or CreditWatch placement, of which two were accompanied by downgrades (see table 1).

Chart 1

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The Broad-Based Decline In Negative Bias Indicates A Decelerating Future Pace Of Downgrades

All sectors--except telecommunication--saw their downgrade potential and negative bias decline over the second quarter as a result of positive net rating activity. Looking forward, this points to a slower pace of downgrades. The number of financial institutions on our list of potential bond downgrades saw the highest net decline over second-quarter 2021, with 58 issuers, of which 36 were removed in June (see chart 2). In June, 24 of the net removals took place in Europe, the Middle East, and Africa (EMEA)--22 in developed Europe and two in the region's emerging markets. S&P Global Ratings believes downside risks have been lessening for EMEA banks, supporting profitability and capitalization. We project that the vast majority of European banks will report better financial results for 2021. We believe that credit impairment charges will start normalizing, and a rebound in economic activity across the region could gradually improve fee and commission income.

Nevertheless, recent bank downgrades and longstanding negative outlooks reflect weaker business models. As of June 30, our list of potential downgrades included 29 financial institutions from EMEA, of which 26 were from Europe and three were from the region's emerging markets. Of these potential downgrades, 28 carry a negative outlook, and only one U.K. issuer was placed on CreditWatch with negative implications. These longstanding negative outlooks, as well as recent downgrades, reflect weaker business models. Along with gradual stabilization of the operating environment for banks in EMEA, we note digitalization, low policy rates, and shallow yield curves continue to test some banking sectors, businesses, and operating models. Across these diverse banks and markets, we see diverging profitability trends and credit stories. ("EMEA Financial Institutions Monitor 3Q2021: Resilience Amid The Search For Stronger Profitability," July 16, 2021). Since June 30, S&P Global Ratings attributed a few more negative outlooks to financial institutions from the region, notably on three Kuwaiti banks following the sovereign's downgrade.

Chart 2

image

Nearly 60% Of Potential Downgrades Are Rated Speculative-Grade

Close to 60% of the issuers on our list of potential bond downgrades are rated speculative-grade. Media and entertainment has the highest number of potential downgrades, at 95, of which 82% are rated speculative-grade. The other sectors with the most potential downgrades are utilities (with 89, of which 26% are speculative-grade) and financial institutions (with 73, of which 41% are speculative-grade).

Chart 3

image

The Gap Between Potential Downgrades And Potential Upgrades Is Back To End-2019 Levels, Driven By Positive Net Rating Activity

Amid the global economic recovery this year, positive rating actions have outpaced negative ones. This contrasts with last year, when negative rating changes dominated, driven by the economic consequences of the coronavirus and the oil price crisis. While our list of potential bond downgrades decreased by 86 since our last report, the tally of potential bond upgrades (defined as issuers rated 'AA+' to 'B-' by S&P Global Ratings with either positive rating outlooks or ratings on CreditWatch with positive implications) increased to 314 as of end- June, from 299 a month earlier.

Financial institutions, health care, and consumer products contributed the most potential bond upgrades with 43, 33, and 31, respectively. Of the issuers on our list, 255 carry a rating with a positive outlook and 59 are placed on CreditWatch with positive implications--that is, around one-fifth of potential upgrades. The latter come with a higher probability of an upgrade in the short term as ratings are placed on CreditWatch when there is at least a one-in-two likelihood of a rating change within the next 90 days. ("S&P Global Ratings Definitions," Jan. 5, 2021). Looking at the sector breakdown, media and entertainment has the most potential upgrades, with 11 on CreditWatch with positive implications, followed by 10 among high technology corporates. Therefore, both sectors have slightly more than 40% of their potential upgrades as the most likely to be subject to upgrades in the near term.

As a result of a decreasing number of potential downgrades and an increasing number of potential upgrades, the gap between the two now stands at less than one-third of the record seen last July (see chart 4).

Chart 4

image

Media And Entertainment And Utilities Lead In Potential Downgrades Count And In Downgrade Proportion Over The Past 12 Months

Despite the number of issuers on our list falling by 15 from last month, to 95 as of June 30, media and entertainment continues to lead the tally. Utilities counts 89 potential downgrades and thus outnumbers financial institutions (see chart 5). Given the media and entertainment sector's continuous lead in potential downgrades due to its particular vulnerability to the pandemic and subsequent social distancing measures, it also posts the highest downgrade proportion over the past 12 months (see chart 6).

Chart 5

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Chart 6

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Table 1

Most Entities Were Added And Removed After Outlook And CreditWatch Revisions
--Potential bond downgrade removals-- --Potential bond downgrade additions--
Reason for removal Issuer count Reason for addition Issuer count
OLCW change 97 OLCW change 23
Downgraded and OLCW change 11 Parent 7
Ratings withdrawn 9 Downgraded and OLCW change 2
Downgraded 3 Newly rated debt 1
No outstanding debt 1 Downgraded 0
Parent 1 Newly rated issuer 3
Default 0 Upgraded 0
Selective default (SD) 0 Upgraded and OLCW change 0
Upgraded 0
Upgraded and OLCW change 0
Total 122 Total 36
Data as of June 30, 2021. OLCW--Outlook or CreditWatch. Source: S&P Global Ratings Research.

Table 2

Media And Entertainment, Utilities, And Financial Institutions Have The Highest Negative Bias Contributions To The Total Potential Bond Downgrade Portfolio (%)
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 (%)
Aerospace and defense 19 79.17 33.33 21.43 (11.90) 2.38
Media and entertainment 89 64.96 36.20 26.90 (9.30) 14.16
Transportation 25 58.14 29.57 21.97 (7.60) 4.77
Oil and gas 62 71.26 26.06 20.65 (5.41) 3.43
Utilities 75 72.82 22.96 20.47 (2.49) 15.65
Homebuilders and real estate companies 31 55.36 18.15 15.70 (2.44) 5.66
Sovereign 19 82.61 13.91 14.43 0.52 2.38
Automotive 8 33.33 26.00 26.73 0.73 3.28
Consumer products 51 52.04 23.20 25.03 1.83 9.69
Capital goods 15 41.67 20.09 22.05 1.96 4.62
Health care 20 40.00 14.81 17.89 3.07 4.77
Telecommunications 16 59.26 17.02 20.24 3.22 3.73
Chemicals, packaging, and environmental services 27 46.55 13.57 19.50 5.93 3.13
Financial institutions 51 69.86 14.31 20.26 5.95 9.99
Insurance 6 46.15 9.41 16.58 7.17 1.34
Metals, mining, and steel 21 65.63 17.56 24.73 7.18 2.38
Forest products and building materials 16 53.33 12.70 22.50 9.80 1.94
Retail and restaurants 18 26.87 15.34 25.32 9.98 3.13
High technology 22 34.92 8.30 21.27 12.96 2.53
Diversified 3 100.00 0.00 18.10 18.10 0.00
Data as of June 30, 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 Rating Country
AAA/Negative Johnson & Johnson Health care AAA U.S.
AA-/Watch Neg Alliander N.V. Utilities Yes AA- Netherlands
AA-/Negative Deutsche Bahn AG Utilities AA- Germany
AA-/Negative Exxon Mobil Corp. Oil and gas AA- U.S.
AA-/Negative Societe nationale SNCF S.A. Utilities AA- France
AA-/Negative State of Kuwait Sovereign AA- Kuwait
AA-/Negative Tokyo Gas Co. Ltd. Utilities AA- Japan
AA-/Negative Westpac New Zealand Ltd. Westpac Banking Corp. Financial institutions Yes AA- New Zealand
A+/Watch Neg Enexis Holding N.V. Utilities Yes A+ Netherlands
A+/Negative 3M Co. Capital goods A+ U.S.
A+/Negative American States Water Co. Utilities A+ U.S.
A+/Negative Australian Postal Corp. Commonwealth of Australia Transportation Yes A+ Australia
A+/Negative Bristol-Myers Squibb Co. Health care A+ U.S.
A+/Negative Central Japan Railway Co. Utilities A+ Japan
A+/Negative China Southern Power Grid Co. Ltd. Utilities A+ China
A+/Negative Coca-Cola Co. (The) Consumer products A+ U.S.
A+/Negative Compagnie Financiere Richemont S.A. Consumer products A+ Switzerland
A+/Negative East Japan Railway Co. Utilities A+ Japan
A+/Negative Eli Lilly & Co. Health care A+ U.S.
A+/Negative Flughafen Zurich AG Utilities A+ Switzerland
A+/Negative LVMH Moet Hennessy Louis Vuitton S.E. Consumer products A+ France
A+/Negative NATS (En Route) PLC Transportation A+ U.K.
A/Watch Neg Canadian National Railway Co. Transportation A Canada
A/Watch Neg Hitachi Ltd., Capital goods A Japan
A/Watch Neg Rockwell Automation Inc. Capital goods Yes A U.S.
A/Negative Aeroports de Paris Utilities A France
A/Negative Airbus SE Aerospace and defense A Netherlands
A/Negative Alectra Inc. Utilities Yes A Canada
A/Negative Avinor AS Utilities A Norway
A/Negative BASF SE Chemicals, packaging, and environmental services A Germany
A/Negative BMW AG Automotive A Germany
A/Negative Compass Group PLC Consumer products A U.K.
A/Negative Connecticut Light & Power Co. Eversource Energy Utilities A U.S.
A/Negative Dongfeng Motor Group Co. Ltd. Dongfeng Motor Corp. Automotive A China
A/Negative EVN AG Utilities A Austria
A/Negative Genworth Financial Mortgage Insurance Pty Ltd. Genworth Financial Inc. Insurance A Australia
A/Negative Hormel Foods Corp. Consumer products A U.S.
A/Negative Kingdom of Spain Sovereign A Spain
A/Negative London Stock Exchange Group PLC Financial institutions A U.K.
A/Negative Middlesex Water Co. Utilities A U.S.
A/Negative Mitsui Fudosan Co. Ltd. Homebuilders/real estate companies A Japan
A/Negative Oberbank AG Financial institutions A Austria
A/Negative Proximus S.A. Telecommunications A Belgium
A/Negative Qatar Insurance Co. Q.S.P.C. Insurance A Qatar
A/Negative Royal Schiphol Group N.V. Utilities A Netherlands
A/Negative SUEZ Water Resources LLC Suez Environment Co. Utilities A U.S.
A/Negative Scentre Group Homebuilders/real estate companies A Australia
A/Negative Schlumberger Ltd. Oil and gas A Curacao
A/Negative Seven & i Holdings Co. Ltd., Retail/restaurants A Japan
A/Negative Singapore Telecommunications Ltd. Telecommunications A Singapore
A/Negative Swiss Re Ltd. Insurance A Switzerland
A/Negative VP Bank AG Financial institutions A Liechtenstein
A-/Watch Neg Deutsche Wohnen SE Homebuilders/real estate companies A- Germany
A-/Watch Neg Hemso Fastighets AB Homebuilders/real estate companies Yes A- Sweden
A-/Watch Neg Shanghai Electric (Group) Corp. Capital goods Yes A- China
A-/Watch Neg Western Power Distribution PLC PPL Corp. Utilities A- U.K.
A-/Negative AMP Capital Wholesale Office Fund Homebuilders/real estate companies Yes A- Australia
A-/Negative ATCO Ltd. Utilities A- Canada
A-/Negative AXIS Capital Holdings Ltd. Insurance A- Bermuda
A-/Negative American Electric Power Co. Inc. Utilities A- U.S.
A-/Negative Arch Capital Group Ltd. Insurance A- Bermuda
A-/Negative Atmos Energy Corp. Utilities A- U.S.
A-/Negative Australian Prime Property Fund Retail Homebuilders/real estate companies A- Australia
A-/Negative BP PLC Oil and gas A- U.K.
A-/Negative Baker Hughes Co. Oil and gas A- U.S.
A-/Negative Biogen Inc. Health care Yes A- U.S.
A-/Negative Booking Holdings Inc. Media and entertainment A- U.S.
A-/Negative Bouygues S.A. Telecommunications A- France
A-/Negative Central Bank of Savings Banks Finland PLC Savings Banks Group Finland Financial institutions A- Finland
A-/Negative Consolidated Edison Inc. Utilities A- U.S.
A-/Negative Eni SpA Oil and gas A- Italy
A-/Negative Federal Realty Investment Trust Homebuilders/real estate companies A- U.S.
A-/Negative Fomento Economico Mexicano, S. A. B. de C. V. Retail/restaurants A- Mexico
A-/Negative Hitachi Capital (U.K.) PLC Mitsubishi UFJ Financial Group Inc., Financial institutions A- U.K.
A-/Negative Honda Motor Co. Ltd. Automotive A- Japan
A-/Negative LQ Inversiones Financieras S.A. Financial institutions A- Chile
A-/Negative M&T Bank Corp. Financial institutions A- U.S.
A-/Negative Magna International Inc. Automotive A- Canada
A-/Negative Malayan Banking Berhad Financial institutions A- Malaysia
A-/Negative Malaysia Sovereign A- Malaysia
A-/Negative National Rural Utilities Cooperative Finance Corp Financial institutions A- U.S.
A-/Negative ORIX Corp. Financial institutions A- Japan
A-/Negative PartnerRe Ltd. Insurance A- Bermuda
A-/Negative QIC Shopping Centre Fund Homebuilders/real estate companies A- Australia
A-/Negative Raiffeisen Bank International AG Financial institutions A- Austria
A-/Negative Ralph Lauren Corp. Consumer products A- U.S.
A-/Negative Raytheon Technologies Corp Aerospace and defense A- U.S.
A-/Negative S.F. Holding Co. Ltd., Transportation A- China
A-/Negative Sociedad Concesionaria Autovia de la Plata S.A. Utilities A- Spain
A-/Negative Southern Co. Utilities A- U.S.
A-/Negative Stryker Corp. Health care A- U.S.
A-/Negative Telekom Malaysia Berhad Telecommunications A- Malaysia
A-/Negative Vier Gas Transport GmbH Utilities A- Germany
A-/Negative daa PLC Utilities A- Ireland
BBB+/Watch Neg American International Group Inc. Insurance BBB+ U.S.
BBB+/Watch Neg China Huarong Asset Management Co. Ltd. Financial institutions BBB+ China
BBB+/Watch Neg General Electric Co. Capital goods BBB+ U.S.
BBB+/Watch Neg KASIKORNBANK PCL. Financial institutions BBB+ Thailand
BBB+/Watch Neg Rogers Communications Inc. Telecommunications BBB+ Canada
BBB+/Watch Neg Southwest Gas Holdings Inc Utilities Yes BBB+ U.S.
BBB+/Negative America Movil S.A.B. de C.V. Telecommunications BBB+ Mexico
BBB+/Negative AmerisourceBergen Corp. Consumer products Yes BBB+ U.S.
BBB+/Negative Anheuser-Busch InBev S.A./N.V. Consumer products BBB+ Belgium
BBB+/Negative Aozora Bank Ltd. Financial institutions BBB+ Japan
BBB+/Negative Australia Pacific Airports Corp. Ltd. Utilities BBB+ Australia
BBB+/Negative Banco de Credito del Peru Credicorp Ltd. Financial institutions BBB+ Peru
BBB+/Negative Bausparkasse Wuestenrot AG Financial institutions BBB+ Austria
BBB+/Negative Broadridge Financial Solutions Inc. Media and entertainment BBB+ U.S.
BBB+/Negative Caribbean Utilities Co. Ltd. Fortis Inc. Utilities BBB+ Cayman Islands
BBB+/Negative Coca-Cola Femsa, S.A.B. de C.V. Consumer products BBB+ Mexico
BBB+/Negative Commerzbank AG Financial institutions BBB+ Germany
BBB+/Negative Credit Suisse Group AG Financial institutions BBB+ Switzerland
BBB+/Negative Deutsche Pfandbriefbank AG Financial institutions BBB+ Germany
BBB+/Negative Enagas S.A. Utilities BBB+ Spain
BBB+/Negative Exelon Corp. Utilities BBB+ U.S.
BBB+/Negative GPT Wholesale Shopping Centre Fund Homebuilders/real estate companies BBB+ Australia
BBB+/Negative Gilead Sciences Inc., Health care BBB+ U.S.
BBB+/Negative Grenke AG Financial institutions BBB+ Germany
BBB+/Negative Grupo Televisa, S. A. B. Telecommunications BBB+ Mexico
BBB+/Negative Halliburton Co. Oil and gas BBB+ U.S.
BBB+/Negative Heineken N.V. Consumer products BBB+ Netherlands
BBB+/Negative Huntington Bancshares Inc. Financial institutions BBB+ U.S.
BBB+/Negative Hyundai Motor Co. Automotive BBB+ Korea, Republic of
BBB+/Negative Kimberly-Clark de Mexico S.A.B. de C.V. Consumer products BBB+ Mexico
BBB+/Negative Mohawk Industries Inc. Forest products and building materials BBB+ U.S.
BBB+/Negative NOV Inc. Oil and gas BBB+ U.S.
BBB+/Negative Northumbrian Water Ltd. CK Hutchison Holdings Ltd. Utilities BBB+ U.K.
BBB+/Negative Nouvelle Autoroute 30, S.E.N.C. Utilities BBB+ Canada
BBB+/Negative OGE Energy Corp. Utilities BBB+ U.S.
BBB+/Negative ONE Gas Inc., Utilities BBB+ U.S.
BBB+/Negative Oracle Corp. High technology BBB+ U.S.
BBB+/Negative PPG Industries Inc. Chemicals, packaging, and environmental services BBB+ U.S.
BBB+/Negative Phillips 66 Utilities BBB+ U.S.
BBB+/Negative RHB Bank Berhad Financial institutions BBB+ Malaysia
BBB+/Negative Ratch Group Public Co. Ltd. Electricity Generating Authority of Thailand Utilities BBB+ Thailand
BBB+/Negative Sempra Energy Utilities BBB+ U.S.
BBB+/Negative Siam Commercial Bank Public Co. Ltd. Financial institutions BBB+ Thailand
BBB+/Negative Sodexo S.A. Consumer products BBB+ France
BBB+/Negative Southern Cross Airports Corp. Holdings Ltd. Utilities BBB+ Australia
BBB+/Negative Suncor Energy Inc. Oil and gas BBB+ Canada
BBB+/Negative Telus Corp. Telecommunications BBB+ Canada
BBB+/Negative UniCredit Bank AG UniCredit SpA Financial institutions Yes BBB+ Germany
BBB+/Negative UniCredit Bank Austria AG UniCredit SpA Financial institutions Yes BBB+ Austria
BBB+/Negative Unibail-Rodamco-Westfield SE Homebuilders/real estate companies BBB+ France
BBB+/Negative Ventas Inc. Homebuilders/real estate companies BBB+ U.S.
BBB+/Negative Welltower Inc. Homebuilders/real estate companies BBB+ U.S.
BBB+/Negative Woodside Petroleum Ltd. Oil and gas BBB+ Australia
BBB/Watch Neg CPI Property Group S.A. Homebuilders/real estate companies BBB Luxembourg
BBB/Watch Neg Crown Resorts Ltd. Media and entertainment BBB Australia
BBB/Watch Neg DIRECTV AT&T Inc. Telecommunications BBB U.S.
BBB/Watch Neg Millennium Parking Garages LLC Utilities BBB U.S.
BBB/Watch Neg Warner Media, LLC AT&T Inc. Media and entertainment BBB U.S.
BBB/Negative AEON Co. Ltd. Retail/restaurants BBB Japan
BBB/Negative Adelaide Airport Ltd. Utilities BBB Australia
BBB/Negative AerCap Holdings N.V. Transportation BBB Netherlands
BBB/Negative American Campus Communities Inc. Homebuilders/real estate companies BBB U.S.
BBB/Negative BBVA Bancomer, S.A., Institucion de Banca Multiple, Grupo Financiero BBVA Bancomer y Subsidiarias Banco Bilbao Vizcaya Argentaria, S.A. Financial institutions Yes BBB Mexico
BBB/Negative Babcock International Group PLC Consumer products BBB U.K.
BBB/Negative Banco Inbursa S.A. Institucion de Banca Multiple Grupo Financiero Inbursa Grupo Financiero Inbursa Financial institutions BBB Mexico
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 BBB Mexico
BBB/Negative BorgWarner Inc. Automotive BBB U.S.
BBB/Negative Brisbane Airport Corp. Pty Ltd. BAC Holdings Ltd. Utilities BBB Australia
BBB/Negative Brookfield Property Partners L.P. Brookfield Asset Management Inc. Homebuilders/real estate companies BBB Bermuda
BBB/Negative CE Oaxaca Cuatro, S. de R.L. de C.V. Utilities BBB Mexico
BBB/Negative CE Oaxaca Dos, S. de R.L. de C.V. Utilities BBB Mexico
BBB/Negative CI Financial Corp. Financial institutions BBB Canada
BBB/Negative Carmila S.A. Homebuilders/real estate companies BBB France
BBB/Negative Carrefour Banque BNP Paribas Financial institutions Yes BBB France
BBB/Negative Centrica PLC Utilities BBB U.K.
BBB/Negative Chongqing Nan'an Urban Construction & Development (Group) Co. Ltd. Homebuilders/real estate companies BBB China
BBB/Negative Crane Co. Capital goods BBB U.S.
BBB/Negative DEPFA Bank PLC FMS Wertmanagement Anstalt des oeffentlichen Rechts Financial institutions BBB Ireland
BBB/Negative Dairy Farmers of America Inc. Consumer products BBB U.S.
BBB/Negative Edison International Utilities BBB U.S.
BBB/Negative El Puerto de Liverpool, S. A. B. de C. V. Retail/restaurants BBB Mexico
BBB/Negative Ellevio AB Utilities BBB Sweden
BBB/Negative Entergy New Orleans, LLC Entergy Corp Utilities BBB U.S.
BBB/Negative Euronet Worldwide Inc. Financial institutions BBB U.S.
BBB/Negative Falabella S.A. Retail/restaurants BBB Chile
BBB/Negative Fermaca Enterprises S. de R.L. de C.V. Utilities BBB Mexico
BBB/Negative Ferrovie dello Stato Italiane S.p.A Utilities BBB Italy
BBB/Negative Fideicomiso 209635 (Matehuala) Transportation BBB Mexico
BBB/Negative Fortum Oyj Utilities BBB Finland
BBB/Negative General Motors Co. Automotive BBB U.S.
BBB/Negative Genting Bhd. Media and entertainment BBB Malaysia
BBB/Negative Infraestructura Energetica Nova, S. A. B. de C. V. Utilities BBB Mexico
BBB/Negative International Flavors & Fragrances Inc. Consumer products BBB U.S.
BBB/Negative Kennametal Inc. Capital goods BBB U.S.
BBB/Negative Marathon Petroleum Corp. Utilities BBB U.S.
BBB/Negative Mercialys Homebuilders/real estate companies BBB France
BBB/Negative Motiva Enterprises LLC Utilities BBB U.S.
BBB/Negative NEPI Rockcastle PLC Homebuilders/real estate companies BBB Isle of Man
BBB/Negative NIPPON STEEL Corp. Metals, mining, and steel BBB Japan
BBB/Negative Naturgy Energy Group S.A. Utilities BBB Spain
BBB/Negative Orica Ltd. Chemicals, packaging, and environmental services BBB Australia
BBB/Negative Otter Tail Corp. Utilities BBB U.S.
BBB/Negative Perth Airport Pty Ltd. Perth Airport Development Group Pty Ltd Utilities BBB Australia
BBB/Negative Republic of Indonesia Sovereign BBB Indonesia
BBB/Negative RioCan Real Estate Investment Trust Homebuilders/real estate companies Yes BBB Canada
BBB/Negative Royal Mail plc Transportation BBB U.K.
BBB/Negative Ryanair Holdings PLC Transportation BBB Ireland
BBB/Negative Seminole Tribe of Florida Media and entertainment BBB U.S.
BBB/Negative SiriusPoint Ltd. Insurance BBB Bermuda
BBB/Negative Solar Star Funding LLC Berkshire Hathaway Inc. Utilities BBB U.S.
BBB/Negative Sonoco Products Co. Chemicals, packaging, and environmental services BBB U.S.
BBB/Negative South Staffordshire PLC Utilities BBB U.K.
BBB/Negative Southwest Airlines Co. Transportation BBB U.S.
BBB/Negative TMB Bank Public Co. Ltd. Financial institutions BBB Thailand
BBB/Negative Technip Energies Oil and gas BBB France
BBB/Negative Textron Inc. Aerospace and defense BBB U.S.
BBB/Negative Unite Group PLC Homebuilders/real estate companies BBB U.K.
BBB/Negative United Mexican States Sovereign BBB Mexico
BBB/Negative Valero Energy Corp. Utilities BBB U.S.
BBB/Negative Walgreens Boots Alliance Inc., Retail/restaurants BBB U.S.
BBB/Negative Workspace Group PLC Homebuilders/real estate companies BBB U.K.
BBB/Negative Xylem Inc. Capital goods BBB U.S.
BBB-/Watch Neg BrightSphere Investment Group Inc. Financial institutions BBB- U.S.
BBB-/Watch Neg Domtar Corp. Forest products and building materials BBB- U.S.
BBB-/Watch Neg Rakuten Group Inc., High technology BBB- Japan
BBB-/Watch Neg Standard Industries Inc. Forest products and building materials BBB- U.S.
BBB-/Negative 95 Express Lanes LLC Transurban Group Utilities Yes BBB- U.S.
BBB-/Negative AIB Group PLC Financial institutions BBB- Ireland
BBB-/Negative Abertis Infraestructuras S.A. Utilities BBB- Spain
BBB-/Negative Altarea SCA Homebuilders/real estate companies Yes BBB- France
BBB-/Negative Amadeus IT Group S.A. Media and entertainment BBB- Spain
BBB-/Negative Argo Group International Holdings Ltd. Financial institutions BBB- U.S.
BBB-/Negative Autopistas Metropolitanas de Puerto Rico LLC Atlantia SpA Utilities BBB- U.S.
BBB-/Negative Avolon Holdings Ltd. Transportation BBB- Cayman Islands
BBB-/Negative Bank of Ireland Group PLC Financial institutions BBB- Ireland
BBB-/Negative Beijing Haidian State-Owned Asset Investment Group Co. Ltd. Chemicals, packaging, and environmental services BBB- China
BBB-/Negative Bharti Airtel Ltd. Telecommunications BBB- India
BBB-/Negative Boeing Co. Aerospace and defense BBB- U.S.
BBB-/Negative CAS Holding No.1 Ltd. PCCW Ltd. Telecommunications BBB- British Virgin Islands
BBB-/Negative Cameco Corp. Metals, mining, and steel BBB- Canada
BBB-/Negative Carpenter Technology Corp. Metals, mining, and steel BBB- U.S.
BBB-/Negative China Jinmao Holdings Group Ltd. Sinochem Group Homebuilders/real estate companies BBB- Hong Kong
BBB-/Negative Denver Convention Ctr Hotel Auth Media and entertainment BBB- U.S.
BBB-/Negative Eesti Energia AS Utilities BBB- Estonia
BBB-/Negative Enable Midstream Partners, LP Utilities BBB- U.S.
BBB-/Negative Expedia Group Inc., Media and entertainment BBB- U.S.
BBB-/Negative First Capital Real Estate Investment Trust Homebuilders/real estate companies Yes BBB- Canada
BBB-/Negative FirstGroup PLC Transportation BBB- U.K.
BBB-/Negative Flowserve Corp. Capital goods BBB- U.S.
BBB-/Negative Fluor Corp. Capital goods BBB- U.S.
BBB-/Negative Golub Capital BDC Inc., Financial institutions BBB- U.S.
BBB-/Negative Hyatt Hotels Corp. Media and entertainment BBB- U.S.
BBB-/Negative ISS A/S Consumer products BBB- Denmark
BBB-/Negative ITV PLC Media and entertainment BBB- U.K.
BBB-/Negative Indigo Group S.A. Utilities BBB- France
BBB-/Negative Informa PLC Media and entertainment BBB- U.K.
BBB-/Negative InterContinental Hotels Group PLC Media and entertainment BBB- U.K.
BBB-/Negative Intercorp Financial Services Inc. Intercorp Peru Ltd. Financial institutions BBB- Peru
BBB-/Negative JCDecaux S.A. Media and entertainment BBB- France
BBB-/Negative Jets Stadium Development, LLC Media and entertainment BBB- U.S.
BBB-/Negative Las Vegas Sands Corp. Media and entertainment BBB- U.S.
BBB-/Negative Marex Group PLC Financial institutions BBB- U.K.
BBB-/Negative Marriott International Inc. Media and entertainment BBB- U.S.
BBB-/Negative Meituan Consumer products BBB- Cayman Islands
BBB-/Negative Metro AG Retail/restaurants BBB- Germany
BBB-/Negative Molson Coors Beverage Co. Consumer products BBB- U.S.
BBB-/Negative Nissan Motor Co. Ltd. Automotive BBB- Japan
BBB-/Negative Perrigo Co. plc Health care BBB- Ireland
BBB-/Negative Prospect Capital Corp. Financial institutions BBB- U.S.
BBB-/Negative SK Innovation Co. Ltd., Oil and gas BBB- Korea, Republic of
BBB-/Negative SL Green Realty Corp. Homebuilders/real estate companies BBB- U.S.
BBB-/Negative Sociedad Concesionaria Vespucio Norte Express S.A. Transportation BBB- Chile
BBB-/Negative Southern Star Central Corp Utilities Yes BBB- U.S.
BBB-/Negative Stagecoach Group PLC Transportation BBB- U.K.
BBB-/Negative Steelcase Inc. Consumer products BBB- U.S.
BBB-/Negative Suedzucker AG Consumer products BBB- Germany
BBB-/Negative Tanner Servicios Financieros S.A. Financial institutions BBB- Chile
BBB-/Negative UPL Corp. Ltd. UPL Ltd Chemicals, packaging, and environmental services BBB- Mauritius
BBB-/Negative Westinghouse Air Brake Technologies Corp. Capital goods BBB- U.S.
BBB-/Negative Zhejiang Geely Holding Group Co. Ltd., Automotive BBB- China
BBB-/Negative easyJet PLC Transportation BBB- U.K.
BB+/Watch Neg Adani Green Energy (UP) Ltd. Utilities BB+ India
BB+/Watch Neg CoreLogic Australia Pty Ltd CoreLogic Inc. High technology BB+ Australia
BB+/Watch Neg Parampujya Solar Energy Private Ltd. Restricted Group Utilities BB+ India
BB+/Watch Neg Prayatna Developers Private Ltd. Utilities BB+ India
BB+/Negative Accor S.A. Media and entertainment BB+ France
BB+/Negative Akropolis Group UAB Vilniaus Prekyba Homebuilders/real estate companies BB+ Lithuania
BB+/Negative Apache Corp. Oil and gas BB+ U.S.
BB+/Negative Ashland Global Holdings Inc. Chemicals, packaging, and environmental services BB+ U.S.
BB+/Negative Austin Convention Enterprises Inc., Utilities BB+ U.S.
BB+/Negative Beijing Easyhome Investment Holding Group Co. Ltd., Homebuilders/real estate companies BB+ China
BB+/Negative CDK Global Inc. Media and entertainment BB+ U.S.
BB+/Negative Cementos Pacasmayo S.A.A. Forest products and building materials BB+ Peru
BB+/Negative China Water Affairs Group Ltd. Utilities BB+ Bermuda
BB+/Negative EPR Properties Homebuilders/real estate companies BB+ U.S.
BB+/Negative El Corte Ingles, S.A. Retail/restaurants BB+ Spain
BB+/Negative Ford Motor Co. Automotive BB+ U.S.
BB+/Negative Grosvenor Capital Management Holdings LLLP Financial institutions Yes BB+ U.S.
BB+/Negative Hexcel Corp. Aerospace and defense BB+ U.S.
BB+/Negative Host Hotels & Resorts Inc. Media and entertainment BB+ U.S.
BB+/Negative Howmet Aerospace Inc. Aerospace and defense BB+ U.S.
BB+/Negative Immobiliare Grande Distribuzione SIIQ S.p.A. Homebuilders/real estate companies BB+ Italy
BB+/Negative Intertrust N.V. Consumer products BB+ Netherlands
BB+/Negative Kennedy-Wilson Holdings Inc., Homebuilders/real estate companies BB+ U.S.
BB+/Negative Marks & Spencer PLC Marks & Spencer Group PLC Retail/restaurants BB+ U.K.
BB+/Negative Maxima Grupe UAB Vilniaus Prekyba Retail/restaurants BB+ Lithuania
BB+/Negative PCI Gaming Authority Media and entertainment BB+ U.S.
BB+/Negative PHOENIX Pharmahandel GmbH & Co. KG Health care BB+ Germany
BB+/Negative Patterson-UTI Energy Inc., Oil and gas BB+ U.S.
BB+/Negative Renault S.A. Automotive BB+ France
BB+/Negative TechnipFMC Plc Oil and gas BB+ U.K.
BB+/Negative Telecom Italia SpA Telecommunications BB+ Italy
BB+/Negative Travis Perkins PLC Forest products and building materials BB+ U.K.
BB+/Negative ZF Friedrichshafen AG Automotive BB+ Germany
BB/Watch Neg Adtalem Global Education Inc. Media and entertainment BB U.S.
BB/Watch Neg FirstEnergy Corp. Utilities BB U.S.
BB/Watch Neg Hilton Grand Vacations Inc. Media and entertainment BB U.S.
BB/Watch Neg Rexnord LLC Capital goods BB U.S.
BB/Watch Neg W.R. Grace & Co. Chemicals, packaging, and environmental services BB U.S.
BB/Watch Neg j2 Global Inc., High technology BB U.S.
BB/Negative Blucora Inc., HDV Holdings Inc., Financial institutions BB U.S.
BB/Negative British Airways PLC Transportation BB U.K.
BB/Negative CEMEX S.A.B. de C.V. Forest products and building materials BB Mexico
BB/Negative CYDSA, S.A.B. de C.V. Chemicals, packaging, and environmental services BB Mexico
BB/Negative China Aluminum International Engineering Corp. Ltd. Aluminum Corp. of China Capital goods BB China
BB/Negative Churchill Downs Inc. Media and entertainment BB U.S.
BB/Negative Colfax Corp. Capital goods BB U.S.
BB/Negative Colombia Telecomunicaciones, S.A. E.S.P Telefonica S.A. Telecommunications BB Colombia
BB/Negative DaVita Inc. Health care BB U.S.
BB/Negative Delek US Holdings Inc., Oil and gas BB U.S.
BB/Negative Delta Air Lines Inc. Transportation BB U.S.
BB/Negative Doosan Bobcat Inc. Doosan Infracore Co. Ltd. Capital goods BB Korea, Republic of
BB/Negative Edgewell Personal Care Co. Consumer products BB U.S.
BB/Negative Embraer S.A. Aerospace and defense BB Brazil
BB/Negative FEH Inc., Financial institutions BB U.S.
BB/Negative Fosun International Ltd. Metals, mining, and steel BB Hong Kong
BB/Negative Four Seasons Holdings Inc. Media and entertainment BB Canada
BB/Negative Government of Georgia Sovereign BB Georgia
BB/Negative Greenhill & Co. Inc., Financial institutions BB U.S.
BB/Negative Haitong Bank S.A. Haitong Securities Co. Ltd. Financial institutions BB Portugal
BB/Negative Hanesbrands Inc. Consumer products BB U.S.
BB/Negative Hilton Worldwide Holdings Inc. Media and entertainment BB U.S.
BB/Negative Icahn Enterprises L.P. Financial institutions BB U.S.
BB/Negative Iccrea Banca SpA Financial institutions BB Italy
BB/Negative International Consolidated Airlines Group, S.A. Transportation BB Spain
BB/Negative Intrum AB (publ) Financial institutions BB Sweden
BB/Negative KazMunayGas NC JSC Oil and gas BB Kazakhstan
BB/Negative Matthews International Corp. Health care BB U.S.
BB/Negative Melco Resorts (Macau) Ltd. Melco International Development Ltd. Media and entertainment BB Macau
BB/Negative Midland Cogeneration Venture L.P. Utilities BB U.S.
BB/Negative Muthoot Finance Ltd Financial institutions BB India
BB/Negative NASCAR Holdings, LLC Media and entertainment BB U.S.
BB/Negative Novomatic AG Media and entertainment BB Austria
BB/Negative OCI N.V. Chemicals, packaging, and environmental services BB Netherlands
BB/Negative Spie SA Consumer products BB France
BB/Negative Taylor Morrison Home Corp. Homebuilders/real estate companies BB U.S.
BB/Negative Toll Road Investors Partnership II LP Transportation BB U.S.
BB/Negative Topaz Solar Farms LLC Berkshire Hathaway Inc. Utilities BB U.S.
BB/Negative Trinidad Petroleum Holdings Ltd. Oil and gas BB Trinidad and Tobago
BB-/Watch Neg Arrow Global Group PLC Financial institutions BB- U.K.
BB-/Watch Neg Atlantic Power Corp. Utilities BB- Canada
BB-/Watch Neg Cloudera Inc., High technology Yes BB- U.S.
BB-/Watch Neg Euskaltel S.A. Telecommunications BB- Spain
BB-/Watch Neg Ferro Corp. Chemicals, packaging, and environmental services BB- U.S.
BB-/Watch Neg II-VI Inc. High technology BB- U.S.
BB-/Watch Neg Rolls-Royce Holdings PLC Aerospace and defense BB- U.K.
BB-/Watch Neg Telesat Canada Telesat Holdings Inc. Telecommunications BB- Canada
BB-/Watch Neg William Hill PLC Media and entertainment BB- U.K.
BB-/Watch Neg Wynn Resorts Ltd. Media and entertainment BB- U.S.
BB-/Negative ACCO Brands Corp. Consumer products BB- U.S.
BB-/Negative AES Andres B.V AES Corp. (The) Utilities BB- Dominican Republic
BB-/Negative Astoria Energy LLC Utilities Yes BB- U.S.
BB-/Negative Avia Solutions Group Plc Transportation BB- Lithuania
BB-/Negative Banca Mifel S.A. Financial institutions BB- Mexico
BB-/Negative Boluda Towage S.L. Transportation BB- Spain
BB-/Negative Borets International Ltd. Capital goods BB- U.A.E.
BB-/Negative Cable & Wireless Communications Ltd. Liberty Latin America Ltd. Telecommunications BB- U.K.
BB-/Negative CoreCivic Inc., Consumer products BB- U.S.
BB-/Negative Deutsche Lufthansa AG Transportation BB- Germany
BB-/Negative Diversified Healthcare Trust Homebuilders/real estate companies BB- U.S.
BB-/Negative Dominican Republic Sovereign BB- Dominican Republic
BB-/Negative E-House (China) Enterprise Holdings Ltd. Consumer products BB- China
BB-/Negative EFS Cogen Holdings I LLC Utilities BB- U.S.
BB-/Negative EP Bco S.A. Utilities BB- Netherlands
BB-/Negative Elior Group S.A. Consumer products BB- France
BB-/Negative Empresa Generadora de Electricidad Itabo, S. A. Utilities BB- Dominican Republic
BB-/Negative Energizer Holdings Inc. Consumer products BB- U.S.
BB-/Negative GMR Hyderabad International Airport Ltd. Utilities BB- India
BB-/Negative Getlink S.E. Utilities BB- France
BB-/Negative Grupo Unicomer Corp. Retail/restaurants BB- Panama
BB-/Negative Harsco Corp. Capital goods BB- U.S.
BB-/Negative Iron Mountain Inc. Media and entertainment BB- U.S.
BB-/Negative Jefferies Finance LLC Jefferies Financial Group Inc Financial institutions BB- U.S.
BB-/Negative MEIF 5 Arena Holdings SLU Utilities BB- Spain
BB-/Negative Mannington Mills Inc. Forest products and building materials BB- U.S.
BB-/Negative Matador Bidco S.a r.l. Oil and gas BB- Luxembourg
BB-/Negative Micro Focus International PLC High technology BB- U.K.
BB-/Negative Mooney Group S.p.A. Intesa Sanpaolo SpA Financial institutions BB- Italy
BB-/Negative Natgasoline, LLC Utilities BB- U.S.
BB-/Negative Ontex Group N.V. Consumer products Yes BB- Belgium
BB-/Negative Operadora de Servicios Mega, S.A. de C.V. SOFOM, E.R. Financial institutions BB- Mexico
BB-/Negative PG&E Corp. Utilities BB- U.S.
BB-/Negative Panama Canal Railway Co. Transportation BB- Cayman Islands
BB-/Negative Permanent TSB Group Holdings PLC Financial institutions BB- Ireland
BB-/Negative Playtech Plc Media and entertainment BB- U.K.
BB-/Negative Q-Park Holding I BV Utilities BB- Netherlands
BB-/Negative Schweitzer-Mauduit International Inc., Forest products and building materials BB- U.S.
BB-/Negative Service Properties Trust Homebuilders/real estate companies BB- U.S.
BB-/Negative Southeast Supply Header, LLC Utilities BB- U.S.
BB-/Negative Speedway Motorsports LLC Media and entertainment BB- U.S.
BB-/Negative Studio City Co. Ltd. Melco International Development Ltd. Media and entertainment BB- British Virgin Islands
BB-/Negative The Commonwealth of The Bahamas Sovereign BB- Bahamas
BB-/Negative Travel + Leisure Co. Media and entertainment BB- U.S.
BB-/Negative Tripadvisor Inc., Media and entertainment BB- U.S.
BB-/Negative US Ecology Inc. Chemicals, packaging, and environmental services BB- U.S.
BB-/Negative Unifin Financiera, S.A.B. de C.V. Financial institutions BB- Mexico
BB-/Negative Uzpromstroybank Financial institutions BB- Uzbekistan
BB-/Negative Victoria PLC Consumer products BB- U.K.
BB-/Negative WEPA Hygieneprodukte GmbH Consumer products BB- Germany
BB-/Negative WEX Inc. Financial institutions BB- U.S.
BB-/Negative ams AG High technology BB- Austria
BB-/Negative thyssenkrupp AG Capital goods BB- Germany
B+/Watch Neg Atlantic Aviation FBO Inc. KKR Apple Bidco, LLC Consumer products Yes B+ U.S.
B+/Watch Neg Cooke Omega Investments Inc. Cooke Aquaculture Inc., Consumer products B+ Canada
B+/Watch Neg Extended Stay America Inc. Media and entertainment B+ U.S.
B+/Watch Neg Gamesys Group PLC Media and entertainment B+ U.K.
B+/Watch Neg Guacolda Energia S.A Utilities Yes B+ Chile
B+/Watch Neg Kindred Healthcare LLC Health care Yes B+ U.S.
B+/Negative AMG Advanced Metallurgical Group N.V. Metals, mining, and steel B+ Netherlands
B+/Negative Air Canada ACE Aviation Holdings Inc. Transportation B+ Canada
B+/Negative Alliance Resource Partners, L.P. Metals, mining, and steel B+ U.S.
B+/Negative AppLovin Corp. High technology B+ U.S.
B+/Negative Bahrain Mumtalakat Holding Co. Financial institutions Yes B+ Bahrain
B+/Negative Bausch Health Cos. Inc. Health care B+ Canada
B+/Negative CCM Merger Inc. Media and entertainment B+ U.S.
B+/Negative CVR Energy Inc., Utilities B+ U.S.
B+/Negative China SCE Group Holdings Ltd. Homebuilders/real estate companies B+ Cayman Islands
B+/Negative Conduent Inc., Media and entertainment Yes B+ U.S.
B+/Negative Connect Bidco Ltd. Telecommunications B+ Guernsey
B+/Negative Dufry AG Retail/restaurants B+ Switzerland
B+/Negative Financiera Independencia S.A.B. de C.V. SOFOM E.N.R. Financial institutions B+ Mexico
B+/Negative Fleet Topco Ltd. Media and entertainment B+ U.K.
B+/Negative Genesis Energy, L.P. Utilities B+ U.S.
B+/Negative GeoProMining Investment (CYP) Ltd. Metals, mining, and steel B+ Cyprus
B+/Negative Georgian Railway JSC Utilities B+ Georgia
B+/Negative ICH Intermediate Holdings II, L.P. Financial institutions B+ U.S.
B+/Negative Inversiones Atlantida, S.A. Financial institutions B+ Honduras
B+/Negative J.B. Poindexter & Co. Inc. Capital goods B+ U.S.
B+/Negative Jamaica Sovereign B+ Jamaica
B+/Negative JetBlue Airways Corp. Transportation B+ U.S.
B+/Negative KAEFER Isoliertechnik GmbH & Co. KG Capital goods B+ Germany
B+/Negative Kingdom of Bahrain Sovereign B+ Bahrain
B+/Negative Lorca Telecom Bidco S.A.U. Telecommunications B+ Spain
B+/Negative MGM Resorts International Media and entertainment B+ U.S.
B+/Negative Midwest Gaming Borrower, LLC Media and entertainment B+ U.S.
B+/Negative Miller Homes Group Holdings PLC Homebuilders/real estate companies B+ U.K.
B+/Negative Novem Group GmbH Automotive B+ Germany
B+/Negative Outfront Media Inc. Media and entertainment B+ U.S.
B+/Negative Oxbow Carbon LLC Metals, mining, and steel B+ U.S.
B+/Negative PBF Holding Co. LLC PBF Energy Inc. Utilities B+ U.S.
B+/Negative PBF Logistics LP PBF Energy Inc. Utilities B+ U.S.
B+/Negative Plurinational State of Bolivia Sovereign B+ Bolivia
B+/Negative RLJ Lodging Trust Media and entertainment Yes B+ U.S.
B+/Negative Republic of Rwanda Sovereign B+ Rwanda
B+/Negative Resolute Investment Managers Inc., American Beacon Advisors Inc., Financial institutions B+ U.S.
B+/Negative Revere Power, LLC Utilities B+ U.S.
B+/Negative Sinclair Broadcast Group Inc. Media and entertainment B+ U.S.
B+/Negative Stena AB Oil and gas B+ Sweden
B+/Negative TMK PAO Metals, mining, and steel B+ Russia
B+/Negative Techem Verwaltungsgesellschaft 674 mbH Consumer products B+ Germany
B+/Negative Teekay Corp. Transportation B+ Marshall Islands
B+/Negative TransDigm Inc. Aerospace and defense B+ U.S.
B+/Negative USA Compression Partners, LP Utilities B+ U.S.
B+/Negative United Airlines Holdings Inc., Transportation B+ U.S.
B+/Negative Warrior Met Coal Inc., Metals, mining, and steel Yes B+ U.S.
B+/Negative West Deptford Energy Holdings, LLC Utilities B+ U.S.
B+/Negative iQera Group SAS Financial institutions Yes B+ France
B/Watch Neg Gopher Resource, LLC ECP Gopher Holdings, L.P. Metals, mining, and steel B U.S.
B/Watch Neg Talen Energy Supply LLC Talen Energy Corp. Utilities B U.S.
B/Negative 4finance Holding S.A. Financial institutions B Luxembourg
B/Negative ADMI Corp. Health care B U.S.
B/Negative AI Convoy (Luxembourg) S.a.r.l. Aerospace and defense B U.K.
B/Negative AP Gaming Holdings LLC Media and entertainment B U.S.
B/Negative ARS Intermediate Holdings LLC Consumer products B U.S.
B/Negative Ai Sirona (Luxembourg) Acquisition Sarl Health care B Luxembourg
B/Negative Albaraka Turk Katilim Bankasi AS Al Baraka Banking Group B.S.C. Financial institutions B Turkey
B/Negative Albea Beauty Holdings S.A. Hercule Debtco S.a r.l. Chemicals, packaging, and environmental services B France
B/Negative Allegheny Technologies Inc. Metals, mining, and steel B U.S.
B/Negative Alterra Mountain Co. Media and entertainment B U.S.
B/Negative Altice France S.A. Altice Europe N.V. Telecommunications B France
B/Negative Altice International S.a.r.l. Altice Europe N.V. Telecommunications B Luxembourg
B/Negative Amentum Holdings LLC Aerospace and defense B U.S.
B/Negative Athletico Holdings, LLC Health care B U.S.
B/Negative Audacy Inc. Media and entertainment B U.S.
B/Negative Azalea TopCo Inc., Health care B U.S.
B/Negative BME Group Holding BV Forest products and building materials B Netherlands
B/Negative BVI Holdings Mayfair Ltd. Health care B U.K.
B/Negative Balboa Intermediate Holdings LLC High technology B U.S.
B/Negative Banijay Group SAS Media and entertainment B France
B/Negative Bella Holding Co, LLC Health care B U.S.
B/Negative Braskem Idesa, S.A.P.I. and subsidiary Chemicals, packaging, and environmental services B Mexico
B/Negative CNT Holdings I Corp. Retail/restaurants B U.S.
B/Negative Caesars Entertainment Inc., Media and entertainment B U.S.
B/Negative Callaway Golf Co. Consumer products B U.S.
B/Negative Carnival Corp. Media and entertainment B Panama
B/Negative Casino Guichard - Perrachon S.A. Retail/restaurants B France
B/Negative Cerelia Participation Holding SAS Consumer products B France
B/Negative Charter Next Generation Inc. Chemicals, packaging, and environmental services B U.S.
B/Negative CityCenter Holdings, LLC Media and entertainment B U.S.
B/Negative Credivalores - Crediservicios SAS Financial institutions B Colombia
B/Negative Curium Midco S.a r.l. Health care B Luxembourg
B/Negative DISH Network Corp. Telecommunications B U.S.
B/Negative Damac Real Estate Development Ltd. Homebuilders/real estate companies B U.A.E.
B/Negative Diok Real Estate AG Homebuilders/real estate companies B Germany
B/Negative Element Materials Technology Ltd. Consumer products B U.K.
B/Negative Emerald X Inc., Media and entertainment B U.S.
B/Negative Endeavor Operating Co., LLC Media and entertainment B U.S.
B/Negative EyeCare Partners, LLC Health care B U.S.
B/Negative Fossil Group Inc., Consumer products B U.S.
B/Negative Foundation Building Materials Inc., Forest products and building materials B U.S.
B/Negative Galaxy Finco Ltd. (Domestic & General) Consumer products B Jersey
B/Negative Genesis Care Pty Ltd. Health care B Australia
B/Negative Go Wireless Holdings Inc., Retail/restaurants B U.S.
B/Negative Golden Entertainment Inc., Media and entertainment B U.S.
B/Negative Heritage Power, LLC Utilities Yes B U.S.
B/Negative Herschend Entertainment Co. LLC Media and entertainment B U.S.
B/Negative House of HR N.V. Consumer products B Belgium
B/Negative IRIS Midco Ltd. High technology B U.K.
B/Negative IWH UK Finco Ltd. Health care B U.K.
B/Negative IXS Holdings Inc., Automotive B U.S.
B/Negative Illuminate Merger Sub Corp. Consumer products Yes B U.S.
B/Negative Jaguar Land Rover Automotive PLC Tata Motors Ltd. Automotive B U.K.
B/Negative K+S Aktiengesellschaft Chemicals, packaging, and environmental services B Germany
B/Negative KAR Auction Services Inc. Automotive B U.S.
B/Negative Koos Holding Cooperatief U.A. Media and entertainment B Netherlands
B/Negative Kosmos Energy Ltd., Oil and gas B U.S.
B/Negative LABL Inc LABL Intermediate Holding Corp. Chemicals, packaging, and environmental services B U.S.
B/Negative LifeScan Global Corp. Health care B U.S.
B/Negative Lions Gate Entertainment Corp. Media and entertainment B Canada
B/Negative Live Nation Entertainment Inc. Media and entertainment B U.S.
B/Negative Lonestar II Generation Holdings LLC Utilities B U.S.
B/Negative MAG DS Corp. Aerospace and defense B U.S.
B/Negative MRO Holdings Inc., Aerospace and defense B Panama
B/Negative MTN Infrastructure TopCo Inc., Telecommunications B U.S.
B/Negative Magenta Buyer LLC High technology B U.S.
B/Negative Momentive Performance Materials Inc. Chemicals, packaging, and environmental services B U.S.
B/Negative Mongolian Mortgage Corp. HFC LLC Mongolia Financial institutions Yes B Mongolia
B/Negative NCL Corp. Ltd. Media and entertainment B Bermuda
B/Negative NFP Holdings, LLC Insurance B U.S.
B/Negative NGL Energy Partners LP Utilities B U.S.
B/Negative Natural Resource Partners L.P. Metals, mining, and steel B U.S.
B/Negative Neptune Holdco S.a.r.l. Forest products and building materials B Luxembourg
B/Negative New Enterprise Stone & Lime Co. Inc. Forest products and building materials B U.S.
B/Negative Newport Group Holdings II Inc., Media and entertainment B U.S.
B/Negative NexTier Oilfield Solutions Inc. Oil and gas B U.S.
B/Negative Osmosis Holdings, LP Consumer products Yes B U.S.
B/Negative Park Hotels & Resorts Inc. Media and entertainment B U.S.
B/Negative Park-Ohio Industries Inc. Capital goods B U.S.
B/Negative Penn National Gaming Inc. Media and entertainment B U.S.
B/Negative Phoenix Services International LLC Metals, mining, and steel B U.S.
B/Negative Precision Drilling Corp. Precision Drilling Trust Oil and gas B Canada
B/Negative Q Holdco Ltd. Health care B U.S.
B/Negative Republic of Belarus Sovereign B Belarus
B/Negative Republic of Costa Rica Sovereign B Costa Rica
B/Negative Royal Caribbean Cruises Ltd. Media and entertainment B U.S.
B/Negative SGLT Holding I LP Transportation B Cayman Islands
B/Negative Sabre Corp. Media and entertainment B U.S.
B/Negative Samsonite International S.A. Consumer products B Luxembourg
B/Negative Scientific Games Corp. Media and entertainment B U.S.
B/Negative Shift4 Payments Inc., High technology B U.S.
B/Negative Sisal Group S.p.A Schumann S.p.A. Media and entertainment B Italy
B/Negative Sixsigma Networks Mexico, S.A. De C.V.(KIO Networks) High technology B Mexico
B/Negative Sovos Brands Intermediate Inc., Consumer products B U.S.
B/Negative Staples Inc. Media and entertainment B U.S.
B/Negative Target Hospitality Corp. Consumer products B U.S.
B/Negative TecoStar Holdings Inc., Health care B U.S.
B/Negative Tendam Brands S.A.U. Consumer products B Spain
B/Negative The Cook & Boardman Group, LLC Forest products and building materials B U.S.
B/Negative The Knot Worldwide Inc. Media and entertainment B U.S.
B/Negative The Manitowoc Co. Inc., Capital goods B U.S.
B/Negative Trader Corp. Consumer products B Canada
B/Negative USF Holdings LLC Automotive B U.S.
B/Negative Varex Imaging Corp. Health care B U.S.
B/Negative Vida Capital Inc., Financial institutions B U.S.
B/Negative White Cap Supply Holdings, LLC White Cap Parent, LLC Capital goods B U.S.
B/Negative Wrench Group, LLC Consumer products B U.S.
B/Negative Zest Acquisition Corp Health care B U.S.
B/Negative iHeartMedia Inc. Media and entertainment B U.S.
B-/Watch Neg Federal Democratic Republic of Ethiopia Sovereign B- Ethiopia
B-/Watch Neg Serba Dinamik Holdings Berhad Oil and gas Yes B- Malaysia
B-/Watch Neg Spectacle Gary Holdings, LLC Media and entertainment B- U.S.
B-/Watch Neg Transportes Aereos Portugueses, SGPS, S.A. Transportation B- Portugal
B-/Negative AAG FH LP Retail/restaurants B- Canada
B-/Negative API Holdings III Corp. Aerospace and defense B- U.S.
B-/Negative ASM Global Parent Inc., Media and entertainment B- U.S.
B-/Negative Aerial Parent Corp. Telecommunications B- U.S.
B-/Negative Alvogen Pharma US Inc., Alvogen Lux Holdings S.a.r.l. Health care B- U.S.
B-/Negative American Airlines Group Inc. Transportation B- U.S.
B-/Negative Arbor Pharmaceuticals Inc. Health care B- U.S.
B-/Negative Arch Resources Inc., Metals, mining, and steel B- U.S.
B-/Negative Avison Young (Canada) Inc. Financial institutions B- Canada
B-/Negative BURGER KING France SAS NewCo GB SAS Retail/restaurants B- France
B-/Negative Bowlero Corp. Media and entertainment B- U.S.
B-/Negative Brand Industrial Services Inc., Capital goods B- U.S.
B-/Negative CFS Brands LLC Capital goods B- U.S.
B-/Negative CIRCOR International Inc., Capital goods B- U.S.
B-/Negative Calceus Acquisition Inc., Consumer products B- U.S.
B-/Negative Calumet Specialty Products Partners LP Utilities B- U.S.
B-/Negative CareerBuilder, LLC Media and entertainment B- U.S.
B-/Negative Century Casinos Inc., Media and entertainment B- U.S.
B-/Negative Chefs' Warehouse Inc., (The) Consumer products B- U.S.
B-/Negative Chinos Intermediate 2 LLC Consumer products B- U.S.
B-/Negative Cirsa Enterprises S.L.U. LHMC Finco 2 S.a.r.l. Media and entertainment B- Spain
B-/Negative ConvergeOne Holdings Inc. Media and entertainment B- U.S.
B-/Negative Cooper-Standard Holdings Inc., Automotive B- U.S.
B-/Negative Coronado Global Resources Inc. Metals, mining, and steel B- Australia
B-/Negative Coty Inc. Consumer products B- U.S.
B-/Negative Dave & Buster's Inc. Dave & Buster's Entertainment Inc., Retail/restaurants B- U.S.
B-/Negative Dynasty Acquisition Co. Inc., Aerospace and defense B- U.S.
B-/Negative EagleView Technology Corp. Media and entertainment B- U.S.
B-/Negative Edward Don & Co. Holdings, LLC Consumer products B- U.S.
B-/Negative EnTrans International, LLC Automotive B- U.S.
B-/Negative Endo International PLC Health care B- Ireland
B-/Negative Energy Holdings (Cayman) Ltd., Capital goods B- Cayman Islands
B-/Negative EnergySolutions Inc. Chemicals, packaging, and environmental services B- U.S.
B-/Negative F-Brasile S.p.A Aerospace and defense B- Italy
B-/Negative FleetPride Inc., Fastlane Parent Co. Inc., Automotive B- U.S.
B-/Negative Fort Dearborn Holding Co. Inc. Chemicals, packaging, and environmental services B- U.S.
B-/Negative GBT JerseyCo Ltd. Media and entertainment B- U.K.
B-/Negative Genuine Financial Holdings, LLC Consumer products B- U.S.
B-/Negative Guitar Center Inc. Guitar Center Holdings Inc. Retail/restaurants B- U.S.
B-/Negative Halo Buyer Inc. Consumer products B- U.S.
B-/Negative IM Growth SAS Consumer products B- France
B-/Negative Independent State of Papua New Guinea Sovereign Yes B- Papua New Guinea
B-/Negative Infogroup Inc. Media and entertainment B- U.S.
B-/Negative Intrado Corp. Telecommunications B- U.S.
B-/Negative JSG I Inc. Capital goods B- U.S.
B-/Negative Kirk Beauty One GmbH Retail/restaurants B- Germany
B-/Negative Kiwi VFS SUB I S.ar.l Consumer products B- Luxembourg
B-/Negative Knowlton Development HoldCo Inc., Consumer products B- Canada
B-/Negative Lannett Co. Inc., Health care B- U.S.
B-/Negative Lightstone HoldCo LLC Utilities B- U.S.
B-/Negative Lindblad Expeditions Holdings Inc. Media and entertainment B- U.S.
B-/Negative MYOB Invest Co. Pty Ltd. High technology B- Australia
B-/Negative Marcolin SpA Consumer products B- Italy
B-/Negative Martin Midstream Partners L.P. Utilities B- U.S.
B-/Negative Monitronics International Inc. Media and entertainment B- U.S.
B-/Negative Moran Foods, LLC SAL Acquisition Corp. Retail/restaurants B- U.S.
B-/Negative NEP/NCP Holdco Inc. Media and entertainment B- U.S.
B-/Negative Northpole Newco S.a.r.l. Triangle Holdings S.A. High technology B- Luxembourg
B-/Negative Oak Holdings, LLC Consumer products B- U.S.
B-/Negative Parts Holding Europe SAS Dakar Finance S.A. Automotive Yes B- France
B-/Negative Peak Jersey Holdco Ltd. Media and entertainment B- Jersey
B-/Negative Perstorp Holding AB (publ) Chemicals, packaging, and environmental services B- Sweden
B-/Negative PlayPower Holdings Inc. Media and entertainment B- U.S.
B-/Negative Procera I, LP High technology B- Canada
B-/Negative Prometric Holdings Inc., Media and entertainment B- U.S.
B-/Negative Promontoria Holding 264 B.V. Transportation B- Netherlands
B-/Negative Pugnacious Endeavors Inc Media and entertainment B- U.S.
B-/Negative QualTek LLC Capital goods B- U.S.
B-/Negative RGIS Holdings LLC Consumer products B- U.S.
B-/Negative Recess Holdings Inc., Media and entertainment B- U.S.
B-/Negative Ryman Hospitality Properties Inc., Media and entertainment B- U.S.
B-/Negative Star UK Midco Ltd. Capital goods B- U.K.
B-/Negative Sugarhouse HSP Gaming Prop. Mezz. L.P. Media and entertainment B- U.S.
B-/Negative TEG Pty Ltd Media and entertainment B- Australia
B-/Negative TNT Crane & Rigging LLC Capital goods B- U.S.
B-/Negative TPro Acquisition Corp. Automotive B- U.S.
B-/Negative Team Health Holdings Inc., Health care B- U.S.
B-/Negative The Octave Music Group Inc. Media and entertainment B- U.S.
B-/Negative The Pasha Group Transportation B- U.S.
B-/Negative U.S. TelePacific Holdings Corp. Telecommunications B- U.S.
B-/Negative Vincent Topco BV (NL) Consumer products B- Netherlands
B-/Negative Welltec A/S Oil and gas B- Denmark
B-/Negative WestJet Airlines Ltd. Transportation B- Canada
B-/Negative Xenia Hotels & Resorts Inc., Media and entertainment B- U.S.
B-/Negative pH Beauty Holdings I Inc., Consumer products B- U.S.
Data as of June 30, 2021. Source: S&P Global Ratings Research.

Related Research:

This report does not constitute a rating action.

Credit Markets Research:Sarah Limbach, Paris + 33 14 420 6708;
Sarah.Limbach@spglobal.com
Sudeep K Kesh, New York + 1 (212) 438 7982;
sudeep.kesh@spglobal.com
Research Contributors:Shripati Pranshu, CRISIL Global Analytical Center, an S&P affiliate, Mumbai
Nivritti Mishra Richhariya, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai

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