Key Takeaways
- The number of potential bond downgrades has decreased for nearly one year to 671 issuers as of June 30, after peaking at 1,365 in July 2020. The decrease from last month is the result of 122 issuers being removed and 36 being added.
- Meanwhile, the number of potential bond upgrades increased to 314, from 299 a month earlier. The gap between potential bond downgrades and potential bond upgrades has therefore tightened to prepandemic levels on account of better credit stabilization for many issuers and even improvement for others.
- By sector, media and entertainment continues to lead our count of potential bond downgrades with 95, followed closely by utilities, with 89.
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
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
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
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
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
Chart 6
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:
- Negative Rating Actions On Four Kuwaiti Banks Follow Sovereign Downgrade, July 26, 2021
- EMEA Financial Institutions Monitor 3Q2021: Resilience Amid The Search For Stronger Profitability, July 16, 2021
- COVID-19 Heat Map: Pent-Up Demand And Supply Shortages Further Improve Recovery Prospects For Credit Quality, June 8, 2021
- S&P Global Ratings Definitions, Jan. 5, 2021
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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