Key Takeaways
- The number of potential bond downgrades increased to 641 as of Dec. 25, 2019--above both the 606 as of Oct. 28 and the 535 as of December 2018.
- The sectors that lead in potential bond downgrades are utilities, financial institutions, media and leisure, and consumer products, with 83, 74, 67, and 63 issuers, respectively.
- Media and leisure, consumer products, and health care are particularly vulnerable to downgrade potential because their median ratings are the lowest, in the 'B' rating category, and their downgrade potential over the last year increased significantly from its five-year-average.
The number of potential bond downgrades climbed to 641 as of December 2019 from 535 a year ago. The main reasons for the increase were higher leverage (due to looser monetary policy and subsequently low interest rates) and greater risk aversion at the low end of the ratings spectrum stemming from slow, but rising, economic uncertainty.
Utilities and financial institutions (which have relatively large numbers of rated issuers) lead potential bond downgrades, with 83 and 74, respectively. The media and entertainment and consumer products sectors closely follow, with 67 and 63 potential downgrades each--particularly concerning given their relatively low median ratings of 'B' and 'B+', respectively. Rating volatility is generally higher for lower ratings, so the low median rating and high number of speculative-grade issuers in the media and consumer products sectors continue to expose them to greater downgrade risks in the coming months.
Chart 1
The downgrades so far in 2019 (through Dec. 25) were highest among media and entertainment and consumer products, with 68 and 66 downgrades, respectively. Most of the downgrades were speculative-grade issuers, which have scarce defenses against the sectors' specific challenges.
Media and entertainment is facing increased competition and audience fragmentation, notably from new media, weighing on margins. Heavy investments in original content, aiming to differentiate services and increase subscribers, have added further pressure on margins, and we expect this trend to continue (see "Industry Top Trends 2020: Media And Entertainment," Nov. 19, 2019).
For the consumers sector, rating trends have become more negative, especially for the lowest-rated speculative-grade companies, which suffer from unsustainable capital structures and weak operating performance. Downgrades among these issuers can intensify if operating performance translate into rising liquidity constraints (see "Industry Top Trends 2020: Consumer Products," Nov. 19, 2019).
Chart 2
Overall, downgrades since our last report total 81. U.S.-based issuers accounted for 49 of the downgrades, followed by 15 in Europe.
Negative Bias Indicates Increased Downgrade Potential
The negative bias--the proportion of issuers with negative outlooks or ratings on CreditWatch with negative implications--among 16 of the 19 sectors has widened over the past 12 months (see chart 3). The rise in negative bias was highest in the oil and gas sector--to 29.1% (up by 10.2% from December 2018)--due to oil price volatility. The retail and restaurants, media and entertainment, and consumer products sectors follow at 27.7%, 24.7%, and 24.2%, respectively.
The health care sector reported the second-highest rise in negative bias, up by 7.7% since last year to 22.6%. Historically, the oil and gas and health care sectors face comparatively high downgrade risks (see chart 5). We expect downgrades to continue outpacing upgrades in health care as disruption in the industry should accelerate. The main reasons are the continued drive for lower pricing and more transparency, rising debt leverage due to mergers and acquisitions, and opioid-related litigation (see "Industry Top Trends 2020: Health Care," Nov. 19, 2019).
Leisure is the hardest hit subsector in media and entertainment. The negative bias for leisure equipment is 58% and for leisure operators is 31%--both above their 2019 averages. The leisure sector has seen its negative bias increase since 2018. Issuance rated 'B-' and below has increased to its highest amount since 2012 (see "Media And Leisure Companies Lead A Rise In Weakest Links," Dec. 3, 2019). The negative bias in publishing and printing widened to 36%, following the sector's recent trend.
Slowing global GDP growth and the risk of recession weigh on consumer products and retail. Within consumer products, food products have the highest share of issuers with negative bias, at more than 30%. Changing consumer preferences and intense cost competition weigh on margins. Issuers in the textile and apparel sectors, as well as home furnishings, also have a negative bias above 30%.
Chart 3
Chart 4
Changes In Potential Downgrades
The total number of potential downgrades with negative outlooks has increased somewhat, to 568 in December from 541 in October, while the number of issuers with ratings on CreditWatch with negative implications has increased to 73 from 65.
Since our last report, we removed 99 issuers from the list of potential downgrades. Of these, we removed 38 after the ratings were lowered with revisions to the outlook or CreditWatch status, and we removed 34 due to revisions to their outlook or CreditWatch status without an accompanying rating change (see table 1). U.S.-based issuers accounted for 56 of these removals. By sector, the consumer products and utilities sectors had the highest number of removals, with 13 and 10, respectively.
Table 1
| Downgrades And Outlook/CreditWatch Revisions Led To 72 Removals Out Of 99 Total | ||||
|---|---|---|---|---|
| Reason for removal | Issuer count | |||
| Downgraded and outlook/CreditWatch change | 38 | |||
| Outlook/CreditWatch change | 34 | |||
| Downgraded | 16 | |||
| No outstanding debt | 5 | |||
| Parent | 3 | |||
| Ratings withdrawn | 3 | |||
| Default | 0 | |||
| Selective default ('SD') | 0 | |||
| Upgraded | 0 | |||
| Upgraded and outlook/CreditWatch change | 0 | |||
| Total | 99 | |||
| Note: Includes issuers removed due to subsidiary relationship with parent company, which now qualifies as potential downgrade. Data as of Dec. 25, 2019. Source: S&P Global Ratings Research. | ||||
We added 134 potential downgrades to the list since November. We added 115 because S&P Global Ratings revised their outlooks to negative or placed the ratings on CreditWatch with negative implications (see table 2). By region, U.S.-based issuers were almost 52% of these additions.
Table 2
| Outlook/CreditWatch Revisions Led To 115 Of The 134 Additions This Month | ||||
|---|---|---|---|---|
| Reason for addition | Issuer count | |||
| Outlook/CreditWatch change | 115 | |||
| Downgraded and outlook/CreditWatch change | 11 | |||
| Newly rated issuer | 7 | |||
| Newly rated debt | 1 | |||
| Downgraded | 0 | |||
| Parent | 0 | |||
| Upgraded | 0 | |||
| Upgraded and outlook/CreditWatch change | 0 | |||
| Total | 134 | |||
| Note: Includes issuers added due to subsidiary relationship with parent company, which no longer qualifies as a potential downgrade. Data as of Dec. 25, 2019. Source: S&P Global Ratings Research. | ||||
Appendix: Potential Bond Downgrades As Predictors Of Rating Behaviors
Potential downgrades are issuers rated 'AAA' to 'B-' by S&P Global Ratings with either negative outlooks or ratings on CreditWatch with negative implications. We monitor potential downgrades because they are the most likely to be downgraded in the short to medium term, and their aggregate number indicates the direction of potential rating changes. Timely and ongoing surveillance of issuers at risk of being downgraded can be valuable to investors in their sector credit-allocation process as well as in hedging against potential capital losses arising from a downgrade.
S&P Global Ratings assigns a negative or positive outlook or places a rating on CreditWatch when it expects a rating may change within two years. The CreditWatch status indicates the potential direction of a credit rating change, depending on identifiable events and short-term trends, and is typically resolved within 90 days. An outlook indicates the potential direction of a credit rating change over the intermediate to long term, generally within six months to two years (see "CreditWatch Placements And Outlooks Continue To Foreshadow Ratings Behavior," Dec. 13, 2016).
Investors and other market participants who try to anticipate rating actions can use these indicators as valuable predictors of ratings behavior. A developing outlook means S&P Global Ratings may either raise or lower the rating, and a negative outlook or ratings on CreditWatch negative are good leading indicators of downgrades.
Table 3
| 52% Of The Potential Bond Downgrades Are In The U.S. Region | ||||||||
|---|---|---|---|---|---|---|---|---|
| --No. of issuers-- | ||||||||
| Region | CreditWatch negative | Outlook negative | Total | |||||
| U.S. | 37 | 297 | 334 | |||||
| Europe | 20 | 142 | 162 | |||||
| Latin America | 8 | 47 | 55 | |||||
| Asia-Pacific | 5 | 43 | 48 | |||||
| EEMEA | 2 | 20 | 22 | |||||
| Canada | 1 | 19 | 20 | |||||
| Total | 73 | 568 | 641 | |||||
| EEMEA--Eastern Europe/Middle East/Africa. Data as of Dec. 25, 2019. Source: S&P Global Ratings Research. | ||||||||
Chart 5
Chart 6
Chart 7
Table 4
| Of The Top 250 Corporate Obligations Held In Rated U.S. Cash Flow Collateralized Loan Obligations, 35 Companies Have Downgrade Potential | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Name | Rank in U.S. CLO transactions | Outlook/CreditWatch | Applied rating | Sector/subsector | ||||||
|
Altice Europe N.V. |
1 | Negative | B | Telecommunications | ||||||
|
Berry Global Group Inc. |
8 | Negative | BB+ | Chemicals, packaging, and environmental services | ||||||
|
Caesars Entertainment Corp. |
12 | Watch Neg | B+ | Media and entertainment | ||||||
|
Endo International PLC |
31 | Negative | B | Health care | ||||||
|
Advantage Sales & Marketing Inc. |
44 | Negative | B- | Consumer products | ||||||
|
Flex Acquisition Holdings Inc. |
51 | Negative | B | Chemicals, packaging, and environmental services | ||||||
|
Consolidated Communications Holdings Inc. |
71 | Negative | B | Telecommunications | ||||||
|
GTT Communications Inc. |
75 | Negative | B- | Telecommunications | ||||||
|
Cineworld Group PLC |
81 | Watch Neg | BB- | Media and entertainment | ||||||
|
Staples Inc. |
82 | Negative | B+ | Media and entertainment | ||||||
|
Western Digital Corp. |
93 | Negative | BB+ | High technology | ||||||
|
LTI Holdings Inc. |
107 | Negative | B- | Capital goods | ||||||
|
Traverse Midstream Partners LLC |
109 | Negative | B+ | Utilities | ||||||
|
Maxar Technologies Inc. |
113 | Negative | B | Aerospace and defense | ||||||
|
Rocket Software Inc. |
118 | Negative | B | High technology | ||||||
|
Edelman Financial Engines Center, LLC (The) |
120 | Negative | B | Financial institutions | ||||||
|
United Natural Foods Inc. |
121 | Negative | B | Retail/restaurants | ||||||
|
Harbor Freight Tools USA Inc. |
125 | Negative | BB- | Retail/restaurants | ||||||
|
BCP Renaissance Parent L.L.C. |
135 | Negative | B+ | Utilities | ||||||
|
DaVita Inc. |
138 | Negative | BB | Health care | ||||||
|
Auris Luxembourg II S.A. |
170 | Negative | B+ | Health care | ||||||
|
ClubCorp Holdings Inc. |
171 | Negative | B- | Media and entertainment | ||||||
|
Radiology Partners Holdings, LLC |
172 | Negative | B | Health care | ||||||
|
Tenneco Inc. |
184 | Negative | BB | Automotive | ||||||
|
WP CPP Holdings LLC |
198 | Negative | B | Aerospace and defense | ||||||
|
Idemia France SAS |
204 | Negative | B- | High technology | ||||||
|
FEH Inc. |
206 | Negative | BB+ | Financial institutions | ||||||
|
Realogy Group LLC |
210 | Negative | B+ | Media and entertainment | ||||||
|
DTI Holdco Inc. |
214 | Negative | B- | Media and entertainment | ||||||
|
SRS Distribution Inc. |
218 | Negative | B | Forest products and building materials | ||||||
|
U.S. Silica Co. |
229 | Negative | B | Metals, mining, and steel | ||||||
|
Learfield Communications, LLC |
233 | Watch Neg | B- | Media and entertainment | ||||||
|
ATI Holdings Acquisition Inc. |
245 | Negative | B | Health care | ||||||
|
Varsity Brands Holding Co. Inc. |
246 | Negative | B- | Consumer products | ||||||
|
US Foods Inc. |
249 | Negative | BB+ | Consumer products | ||||||
| CLO--Collateralized loan obligation. CLO data as of the end of Q3 2019. The rest of the data as of Dec. 25, 2019. Source: S&P Global Ratings Research. | ||||||||||
Chart 8
Table 5
| Global Trailing-12-Month Downgrades And Negative Bias By Sector | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sector | Trailing-12-month downgrade count | Trailing-12-month downgrade ratio (%) | Current negative bias (%) | Historical average negative bias (%) | Gap between current and historical average negative bias (%) | Negative bias contribution to total potential bond downgrade portfolio (%) | ||||||||
| Oil and gas | 88 | 82.24 | 29.23 | 19.13 | (10.11) | 4.99 | ||||||||
| Automotive | 25 | 89.29 | 33.65 | 25.30 | (8.36) | 5.15 | ||||||||
| Health care | 50 | 76.92 | 22.55 | 17.43 | (5.12) | 7.18 | ||||||||
| Aerospace and defense | 10 | 52.63 | 24.19 | 20.46 | (3.74) | 2.50 | ||||||||
| Retail and restaurants | 50 | 67.57 | 27.88 | 24.52 | (3.36) | 4.52 | ||||||||
| Telecommunications | 41 | 75.93 | 22.15 | 20.22 | (1.93) | 3.74 | ||||||||
| Chemicals, packaging, and environmental services | 38 | 67.86 | 19.43 | 18.85 | (0.58) | 5.15 | ||||||||
| Capital goods | 52 | 85.25 | 21.33 | 21.28 | (0.05) | 4.52 | ||||||||
| Consumer products | 102 | 89.47 | 24.29 | 24.42 | 0.13 | 9.83 | ||||||||
| Media and entertainment | 85 | 77.27 | 24.73 | 25.69 | 0.96 | 10.45 | ||||||||
| Homebuilders and real estate companies | 27 | 58.70 | 12.64 | 15.45 | 2.81 | 4.52 | ||||||||
| Utilities | 41 | 46.59 | 15.75 | 20.23 | 4.48 | 12.95 | ||||||||
| Sovereign | 8 | 29.63 | 9.32 | 14.29 | 4.97 | 1.56 | ||||||||
| Financial institutions | 23 | 35.38 | 14.93 | 19.96 | 5.02 | 11.54 | ||||||||
| Metals, mining, and steel | 32 | 74.42 | 17.04 | 24.71 | 7.67 | 2.81 | ||||||||
| Forest products and building materials | 18 | 85.71 | 14.06 | 22.23 | 8.17 | 2.03 | ||||||||
| Insurance | 10 | 37.04 | 7.84 | 16.81 | 8.97 | 1.72 | ||||||||
| High technology | 34 | 62.96 | 11.32 | 21.49 | 10.17 | 3.74 | ||||||||
| Transportation | 21 | 70.00 | 5.56 | 21.14 | 15.58 | 0.94 | ||||||||
| Diversified | 0 | 0.00 | 0.00 | 18.30 | 18.30 | 0.16 | ||||||||
| Data as of Dec. 25, 2019. Source: S&P Global Ratings Research. | ||||||||||||||
Table 6
| Issuers With Negative Outlooks/Ratings On CreditWatch Negative ('AAA' Through 'B-') | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Rating | Issuer | Parent company | Sector/subsector | New to the list this month | Outlook/CreditWatch change | Country | ||||||||
| AA+/Negative | Exxon Mobil Corp. | Oil and gas | U.S. | |||||||||||
| AA/Negative | Sanofi | Health care | France | |||||||||||
| AA-/Watch Neg | Mutual of Omaha Insurance Co. | Insurance | U.S. | |||||||||||
| AA-/Watch Neg | Pfizer Inc. | Health care | U.S. | |||||||||||
| AA-/Negative | 3M Co. | Capital goods | U.S. | |||||||||||
| AA-/Negative | DZ BANK AG Deutsche Zentral-Genossenschaftsbank | Cooperative Banking Sector Germany | Financial institutions | Germany | ||||||||||
| AA-/Negative | Deutsche Apotheker- und Aerztebank eG | Cooperative Banking Sector Germany | Financial institutions | Germany | ||||||||||
| AA-/Negative | Japan Tobacco Inc. | Consumer products | Japan | |||||||||||
| AA-/Negative | Robert Bosch GmbH | Automotive | Yes | Germany | ||||||||||
| AA-/Negative | States of Guernsey | Sovereign | Guernsey | |||||||||||
| AA-/Negative | States of Jersey | Sovereign | Jersey | |||||||||||
| AA-/Negative | Swedbank AB | Financial institutions | Sweden | |||||||||||
| A+/Watch Neg | Raytheon Co. | Aerospace and defense | U.S. | |||||||||||
| A+/Negative | Australian Postal Corp. | Commonwealth of Australia | Transportation | Yes | Australia | |||||||||
| A+/Negative | Australian Prime Property Fund Retail | Homebuilders/real estate companies | Yes | Australia | ||||||||||
| A+/Negative | BMW AG | Automotive | Yes | Germany | ||||||||||
| A+/Negative | China Southern Power Grid Co. Ltd. | Utilities | China | |||||||||||
| A+/Negative | Corporacion Nacional del Cobre de Chile | Metals, mining, and steel | Yes | Chile | ||||||||||
| A+/Negative | DekaBank Deutsche Girozentrale | Deutscher Sparkassen- und Giroverband e.V. | Financial institutions | Germany | ||||||||||
| A+/Negative | Franklin Resources Inc. | Financial institutions | U.S. | |||||||||||
| A+/Negative | General Dynamics Corp. | Aerospace and defense | U.S. | |||||||||||
| A+/Negative | GlaxoSmithKline PLC | Health care | U.K. | |||||||||||
| A+/Negative | NATS (En Route) PLC | Transportation | U.K. | |||||||||||
| A+/Negative | Oracle Corp. | High technology | U.S. | |||||||||||
| A+/Negative | Schlumberger Ltd. | Oil and gas | Curacao | |||||||||||
| A+/Negative | Singapore Telecommunications Ltd. | Telecommunications | Singapore | |||||||||||
| A/Watch Neg | Aqua America Inc. | Utilities | U.S. | |||||||||||
| A/Watch Neg | Danaher Corp. | Health care | U.S. | |||||||||||
| A/Watch Neg | London Stock Exchange Group PLC | Financial institutions | U.K. | |||||||||||
| A/Negative | ABB Ltd. | Capital goods | Yes | Switzerland | ||||||||||
| A/Negative | Ameriprise Financial Inc. | Insurance | Yes | U.S. | ||||||||||
| A/Negative | Apollo Global Management Inc., | Financial institutions | U.S. | |||||||||||
| A/Negative | Chiba Bank Ltd. | Financial institutions | Japan | |||||||||||
| A/Negative | HSBC Holdings PLC | Financial institutions | Yes | U.K. | ||||||||||
| A/Negative | International Business Machines Corp. | High technology | U.S. | |||||||||||
| A/Negative | Qatar Insurance Co. S.A.Q. | Insurance | Yes | Qatar | ||||||||||
| A/Negative | Shanghai Electric (Group) Corp. | Capital goods | China | |||||||||||
| A/Negative | Unibail-Rodamco-Westfield SE | Homebuilders/real estate companies | France | |||||||||||
| A-/Watch Neg | AbbVie Inc. | Health care | U.S. | |||||||||||
| A-/Watch Neg | DuPont de Nemours Inc., | Chemicals, packaging, and environmental services | Yes | U.S. | ||||||||||
| A-/Negative | AEGON N.V. | Insurance | Netherlands | |||||||||||
| A-/Negative | Affiliated Managers Group Inc., | Financial institutions | Yes | U.S. | ||||||||||
| A-/Negative | America Movil S.A.B. de C.V. | Telecommunications | Mexico | |||||||||||
| A-/Negative | AmerisourceBergen Corp. | Consumer products | U.S. | |||||||||||
| A-/Negative | Aozora Bank Ltd. | Financial institutions | Japan | |||||||||||
| A-/Negative | Banco Bilbao Vizcaya Argentaria, S.A. | Financial institutions | Spain | |||||||||||
| A-/Negative | Boston Properties Inc. | Homebuilders/real estate companies | Yes | U.S. | ||||||||||
| A-/Negative | Carnival Corp. | Media and entertainment | Panama | |||||||||||
| A-/Negative | Cboe Global Markets | Financial institutions | Yes | U.S. | ||||||||||
| A-/Negative | Cembra Money Bank AG | Financial institutions | Switzerland | |||||||||||
| A-/Negative | Cigna Corp. | Financial institutions | U.S. | |||||||||||
| A-/Negative | Coca-Cola Femsa, S.A.B. de C.V. | Consumer products | Mexico | |||||||||||
| A-/Negative | Commerzbank AG | Financial institutions | Germany | |||||||||||
| A-/Negative | DEPFA Bank PLC | FMS Wertmanagement Anstalt des oeffentlichen Rechts | Financial institutions | Ireland | ||||||||||
| A-/Negative | DTE Energy Center LLC | Utilities | U.S. | |||||||||||
| A-/Negative | Daimler AG | Automotive | Germany | |||||||||||
| A-/Negative | Deutsche Pfandbriefbank AG | Financial institutions | Germany | |||||||||||
| A-/Negative | Deutsche Wohnen SE | Homebuilders/real estate companies | Yes | Germany | ||||||||||
| A-/Negative | Doctors Co. an Interinsurance Exchange | Insurance | U.S. | |||||||||||
| A-/Negative | Electricite de France S.A. | Utilities | France | |||||||||||
| A-/Negative | Formosa Plastics Corp. | Chemicals, packaging, and environmental services | Taiwan | |||||||||||
| A-/Negative | Fortis Inc. | Utilities | Canada | |||||||||||
| A-/Negative | GPT Wholesale Shopping Centre Fund | Homebuilders/real estate companies | Australia | |||||||||||
| A-/Negative | Halliburton Co. | Oil and gas | U.S. | |||||||||||
| A-/Negative | Kimberly-Clark de Mexico S.A.B. de C.V. | Consumer products | Mexico | |||||||||||
| A-/Negative | Lazard Group LLC | Financial institutions | U.S. | |||||||||||
| A-/Negative | Marsh & McLennan Cos. Inc., | Insurance | U.S. | |||||||||||
| A-/Negative | ORIX Corp. | Financial institutions | Japan | |||||||||||
| A-/Negative | PPG Industries Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| A-/Negative | Panasonic Corp. | High technology | Japan | |||||||||||
| A-/Negative | Parker-Hannifin Corp. | Capital goods | U.S. | |||||||||||
| A-/Negative | S.F. Holding Co. Ltd., | Transportation | China | |||||||||||
| A-/Negative | SK Telecom Co. Ltd. | Telecommunications | Korea, Republic of | |||||||||||
| A-/Negative | Saudi Electric Co. | Kingdom of Saudi Arabia | Utilities | Saudi Arabia | ||||||||||
| A-/Negative | Sociedad Concesionaria Autovia de la Plata S.A. | Utilities | Spain | |||||||||||
| A-/Negative | Southern Co. | Utilities | U.S. | |||||||||||
| A-/Negative | Thales S.A. | Aerospace and defense | France | |||||||||||
| A-/Negative | Volkswagen Bank GmbH | Volkswagen AG | Financial institutions | Germany | ||||||||||
| A-/Negative | Wells Fargo & Co. | Financial institutions | U.S. | |||||||||||
| BBB+/Watch Neg | Capgemini SE | High technology | France | |||||||||||
| BBB+/Watch Neg | Deutsche Telekom AG | Telecommunications | Germany | |||||||||||
| BBB+/Watch Neg | ENN Energy Holdings Ltd. | Utilities | Cayman Islands | |||||||||||
| BBB+/Watch Neg | Idaho College of Osteopathic Medicine, LLC | Utilities | U.S. | |||||||||||
| BBB+/Watch Neg | Sociedad Concesionaria Vespucio Norte Express S.A. | Utilities | Yes | Chile | ||||||||||
| BBB+/Watch Neg | TechnipFMC Plc | Oil and gas | U.K. | |||||||||||
| BBB+/Negative | AMP Ltd. | Insurance | Australia | |||||||||||
| BBB+/Negative | Arion Bank | Financial institutions | Iceland | |||||||||||
| BBB+/Negative | Aspen Insurance Holdings Ltd. | Insurance | Bermuda | |||||||||||
| BBB+/Negative | Atos SE | High technology | France | |||||||||||
| BBB+/Negative | Autoliv Inc. | Automotive | U.S. | |||||||||||
| BBB+/Negative | Banco Inbursa S.A. Institucion de Banca Multiple Grupo Financiero Inbursa | Grupo Financiero Inbursa | Financial institutions | 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 | Mexico | ||||||||||
| BBB+/Negative | Bankinter S.A. | Financial institutions | Yes | Spain | ||||||||||
| BBB+/Negative | Beijing Automotive Group Co. Ltd. | Automotive | China | |||||||||||
| BBB+/Negative | CI Financial Corp. | Financial institutions | Canada | |||||||||||
| BBB+/Negative | Caltex Australia Ltd. | Oil and gas | Australia | |||||||||||
| BBB+/Negative | El Puerto de Liverpool, S. A. B. de C. V. | Retail/restaurants | Mexico | |||||||||||
| BBB+/Negative | Emera Inc. | Utilities | Canada | |||||||||||
| BBB+/Negative | Falabella S.A. | Retail/restaurants | Yes | Chile | ||||||||||
| BBB+/Negative | GS Caltex Corp. | Oil and gas | Korea, Republic of | |||||||||||
| BBB+/Negative | Harley-Davidson Inc. | Media and entertainment | U.S. | |||||||||||
| BBB+/Negative | Ignitis Group UAB | Utilities | Lithuania | |||||||||||
| BBB+/Negative | Inter Pipeline Ltd. | Utilities | Canada | |||||||||||
| BBB+/Negative | Islandsbanki hf | Financial institutions | Iceland | |||||||||||
| BBB+/Negative | Jones Lang LaSalle Inc. | Financial institutions | U.S. | |||||||||||
| BBB+/Negative | Landsbankinn hf. | Financial institutions | Iceland | |||||||||||
| BBB+/Negative | LyondellBasell Industries N.V. | Chemicals, packaging, and environmental services | Netherlands | |||||||||||
| BBB+/Negative | NiSource Inc. | Utilities | U.S. | |||||||||||
| BBB+/Negative | Nissan Motor Co. Ltd. | Automotive | Yes | Japan | ||||||||||
| BBB+/Negative | Northumbrian Water Ltd. | CK Hutchison Holdings Ltd. | Utilities | U.K. | ||||||||||
| BBB+/Negative | PNM Resources Inc. | Utilities | U.S. | |||||||||||
| BBB+/Negative | People's United Financial Inc. | Financial institutions | U.S. | |||||||||||
| BBB+/Negative | RLI Corp. | Insurance | U.S. | |||||||||||
| BBB+/Negative | Scania AB (publ.) | Volkswagen AG | Automotive | Sweden | ||||||||||
| BBB+/Negative | Sempra Energy | Utilities | U.S. | |||||||||||
| BBB+/Negative | Sonoco Products Co. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| BBB+/Negative | Southwest Gas Holdings Inc. | Utilities | U.S. | |||||||||||
| BBB+/Negative | Sutton and East Surrey Water PLC | East Surrey Holdings PLC | Utilities | U.K. | ||||||||||
| BBB+/Negative | Takeda Pharmaceutical Co. Ltd. | Health care | Japan | |||||||||||
| BBB+/Negative | Telus Corp. | Telecommunications | Yes | Canada | ||||||||||
| BBB+/Negative | Terna SpA | Utilities | Italy | |||||||||||
| BBB+/Negative | UniCredit Bank AG | UniCredit SpA | Financial institutions | Germany | ||||||||||
| BBB+/Negative | UniCredit Bank Austria AG | UniCredit SpA | Financial institutions | Austria | ||||||||||
| BBB+/Negative | United Mexican States | Sovereign | Mexico | |||||||||||
| BBB+/Negative | United Utilities PLC | Utilities | U.K. | |||||||||||
| BBB+/Negative | Wessex Water Services Ltd. | YTL Power International Berhad | Utilities | U.K. | ||||||||||
| BBB/Watch Neg | Embraer S.A. | Aerospace and defense | Brazil | |||||||||||
| BBB/Watch Neg | Expedia Group Inc., | Media and entertainment | Yes | U.S. | ||||||||||
| BBB/Watch Neg | Fortum Oyj | Utilities | Finland | |||||||||||
| BBB/Watch Neg | Imerys SA | Chemicals, packaging, and environmental services | Yes | France | ||||||||||
| BBB/Watch Neg | Infineon Technologies AG | High technology | Germany | |||||||||||
| BBB/Watch Neg | International Flavors & Fragrances Inc. | Consumer products | Yes | U.S. | ||||||||||
| BBB/Watch Neg | Metso Corp. | Capital goods | Finland | |||||||||||
| BBB/Watch Neg | Multibank Inc. y Subsidiarias | Financial institutions | Yes | Panama | ||||||||||
| BBB/Negative | AMCO - Asset Management Co. S.p.A. | Financial institutions | Italy | |||||||||||
| BBB/Negative | Abertis Infraestructuras S.A. | Utilities | Yes | Spain | ||||||||||
| BBB/Negative | Banco Latinoamericano de Comercio Exterior S.A. | Financial institutions | Panama | |||||||||||
| BBB/Negative | Bunge Ltd. | Consumer products | Bermuda | |||||||||||
| BBB/Negative | Coca-Cola Consolidated Inc., | Consumer products | U.S. | |||||||||||
| BBB/Negative | DXC Technology Co. | High technology | Yes | U.S. | ||||||||||
| BBB/Negative | El Paso Electric Co. | Utilities | U.S. | |||||||||||
| BBB/Negative | Ellevio AB | Utilities | Sweden | |||||||||||
| BBB/Negative | Empresas Copec S.A. (E-Copec) | AntarChile S.A. | Diversified | Chile | ||||||||||
| BBB/Negative | Equifax Inc. | Media and entertainment | U.S. | |||||||||||
| BBB/Negative | FCA Bank SpA | Credit Agricole S.A. | Financial institutions | Italy | ||||||||||
| BBB/Negative | Ferrovie dello Stato Italiane S.p.A | Utilities | Italy | |||||||||||
| BBB/Negative | FinecoBank S.p.A. | Financial institutions | Italy | |||||||||||
| BBB/Negative | Fluor Corp. | Capital goods | U.S. | |||||||||||
| BBB/Negative | Grupo Bimbo, S.A.B. de C.V. | Consumer products | Mexico | |||||||||||
| BBB/Negative | Hexcel Corp. | Aerospace and defense | U.S. | |||||||||||
| BBB/Negative | Hong Kong Telecommunications (HKT) Ltd. | PCCW Ltd. | Telecommunications | Hong Kong | ||||||||||
| BBB/Negative | Incitec Pivot Ltd. | Chemicals, packaging, and environmental services | Yes | Australia | ||||||||||
| BBB/Negative | Informa PLC | Media and entertainment | U.K. | |||||||||||
| BBB/Negative | Infraestructura Energetica Nova, S. A. B. de C. V. | Utilities | Mexico | |||||||||||
| BBB/Negative | Interpublic Group of Cos. Inc. | Media and entertainment | U.S. | |||||||||||
| BBB/Negative | Intesa Sanpaolo SpA | Financial institutions | Italy | |||||||||||
| BBB/Negative | J.M. Smucker Co. (The) | Consumer products | Yes | U.S. | ||||||||||
| BBB/Negative | Kingfisher PLC | Retail/restaurants | U.K. | |||||||||||
| BBB/Negative | Laurentian Bank of Canada | Financial institutions | Canada | |||||||||||
| BBB/Negative | Leggett & Platt Inc. | Capital goods | U.S. | |||||||||||
| BBB/Negative | MM SpA | Utilities | Italy | |||||||||||
| BBB/Negative | Madrilena Red de Gas, S.A.U. | Utilities | Spain | |||||||||||
| BBB/Negative | Mediobanca Banca di Credito Finanziario S.p.A | Financial institutions | Italy | |||||||||||
| BBB/Negative | Mercialys | Homebuilders/real estate companies | France | |||||||||||
| BBB/Negative | Next PLC | Consumer products | U.K. | |||||||||||
| BBB/Negative | Patterson-UTI Energy Inc., | Oil and gas | Yes | U.S. | ||||||||||
| BBB/Negative | PerkinElmer Inc. | Health care | U.S. | |||||||||||
| BBB/Negative | Portsmouth Water Ltd. | Utilities | U.K. | |||||||||||
| BBB/Negative | Societa Cattolica di Assicurazione | Insurance | Italy | |||||||||||
| BBB/Negative | South Staffordshire PLC | Utilities | U.K. | |||||||||||
| BBB/Negative | Valeo S.A. | Automotive | France | |||||||||||
| BBB/Negative | WPP PLC | Media and entertainment | U.K. | |||||||||||
| BBB/Negative | WestRock Co. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| BBB/Negative | Westinghouse Air Brake Technologies Corp. | Capital goods | U.S. | |||||||||||
| BBB/Negative | Weyerhaeuser Co. | Forest products and building materials | U.S. | |||||||||||
| BBB-/Watch Neg | Atlantia SpA | Utilities | Yes | Italy | ||||||||||
| BBB-/Watch Neg | Bharti Airtel Ltd. | Telecommunications | Yes | India | ||||||||||
| BBB-/Watch Neg | Eagle Materials Inc. | Forest products and building materials | U.S. | |||||||||||
| BBB-/Watch Neg | Esselunga SpA | Retail/restaurants | Italy | |||||||||||
| BBB-/Watch Neg | Innergex Renewable Energy Inc. | Utilities | Yes | Canada | ||||||||||
| BBB-/Watch Neg | Spirit AeroSystems Inc. | Aerospace and defense | Yes | U.S. | ||||||||||
| BBB-/Watch Neg | Tech Data Corp. | High technology | Yes | U.S. | ||||||||||
| BBB-/Watch Neg | Zijin Mining Group Co. Ltd. | Metals, mining, and steel | Yes | China | ||||||||||
| BBB-/Negative | ArcelorMittal | Metals, mining, and steel | Luxembourg | |||||||||||
| BBB-/Negative | Arconic Inc. | Metals, mining, and steel | U.S. | |||||||||||
| BBB-/Negative | Argo Group US Inc., | Argo Group International Holdings Ltd. | Financial institutions | Yes | U.S. | |||||||||
| BBB-/Negative | Auchan Holding | Retail/restaurants | France | |||||||||||
| BBB-/Negative | Beijing Capital Group Co. Ltd., | Homebuilders/real estate companies | China | |||||||||||
| BBB-/Negative | BlackRock TCP Capital Corp. | Financial institutions | U.S. | |||||||||||
| BBB-/Negative | Braskem S.A. | Odebrecht S.A. | Chemicals, packaging, and environmental services | Yes | Brazil | |||||||||
| BBB-/Negative | BrightSphere Investment Group Inc. | Financial institutions | U.S. | |||||||||||
| BBB-/Negative | Brunswick Corp. | Media and entertainment | U.S. | |||||||||||
| BBB-/Negative | Citycon Oyj | Homebuilders/real estate companies | Finland | |||||||||||
| BBB-/Negative | EQM Midstream Partners LP | Utilities | U.S. | |||||||||||
| BBB-/Negative | EQT Corp. | Utilities | U.S. | |||||||||||
| BBB-/Negative | GKN Holdings Ltd. | Automotive | U.K. | |||||||||||
| BBB-/Negative | Hillenbrand Inc., | Capital goods | U.S. | |||||||||||
| BBB-/Negative | IHO Verwaltungs GmbH | Automotive | Germany | |||||||||||
| BBB-/Negative | Immobiliare Grande Distribuzione SIIQ S.p.A. | Homebuilders/real estate companies | Italy | |||||||||||
| BBB-/Negative | Kraft Heinz Co. (The) | Consumer products | U.S. | |||||||||||
| BBB-/Negative | Macy's Inc. | Retail/restaurants | Yes | U.S. | ||||||||||
| BBB-/Negative | Marks & Spencer PLC | Marks & Spencer Group PLC | Retail/restaurants | U.K. | ||||||||||
| BBB-/Negative | Minsur S.A. | Breca Mineria S.A.C. and Subsidiaries | Metals, mining, and steel | Peru | ||||||||||
| BBB-/Negative | NorteGas Energia Distribucion, S.A.U. | Utilities | Spain | |||||||||||
| BBB-/Negative | Ocean Spray Cranberries Inc. | Consumer products | U.S. | |||||||||||
| BBB-/Negative | Ohio National Financial Services Inc. | Ohio National Mutual Holdings Inc. | Financial institutions | U.S. | ||||||||||
| BBB-/Negative | PotlatchDeltic Corp. | Forest products and building materials | U.S. | |||||||||||
| BBB-/Negative | Prospect Capital Corp. | Financial institutions | U.S. | |||||||||||
| BBB-/Negative | Puget Energy Inc. | Puget Holdings LLC | Utilities | U.S. | ||||||||||
| BBB-/Negative | Rakuten Inc., | High technology | Yes | Japan | ||||||||||
| BBB-/Negative | Renault S.A. | Automotive | France | |||||||||||
| BBB-/Negative | Rolls-Royce PLC | Rolls-Royce Holdings PLC | Aerospace and defense | U.K. | ||||||||||
| BBB-/Negative | Romania | Sovereign | Yes | Romania | ||||||||||
| BBB-/Negative | Ruby Pipeline LLC | Utilities | U.S. | |||||||||||
| BBB-/Negative | Service Properties Trust | Homebuilders/real estate companies | U.S. | |||||||||||
| BBB-/Negative | Suedzucker AG | Consumer products | Germany | |||||||||||
| BBB-/Negative | Suzano S.A. | Forest products and building materials | Yes | Brazil | ||||||||||
| BBB-/Negative | Trinity Industries Inc. | Transportation | U.S. | |||||||||||
| BBB-/Negative | Vale S.A. | Metals, mining, and steel | Brazil | |||||||||||
| BBB-/Negative | Western Midstream Operating LP | Occidental Petroleum Corp. | Utilities | U.S. | ||||||||||
| BBB-/Negative | Wuhan Real Estate Development & Investment Group Co. Ltd., | Homebuilders/real estate companies | China | |||||||||||
| BBB-/Negative | ZF Friedrichshafen AG | Automotive | Germany | |||||||||||
| BB+/Watch Neg | Asbury Automotive Group Inc. | Automotive | Yes | U.S. | ||||||||||
| BB+/Watch Neg | Elanco Animal Health Inc. | Health care | U.S. | |||||||||||
| BB+/Watch Neg | HD Supply Inc. | Capital goods | U.S. | |||||||||||
| BB+/Watch Neg | Hilcorp Energy I L.P. | Oil and gas | U.S. | |||||||||||
| BB+/Watch Neg | IAC/InterActiveCorp | Media and entertainment | U.S. | |||||||||||
| BB+/Watch Neg | Tallgrass Energy Partners, LP | Prairie ECI Acquiror LP | Utilities | U.S. | ||||||||||
| BB+/Watch Neg | Teollisuuden Voima Oyj | Utilities | Yes | Finland | ||||||||||
| BB+/Negative | Aramark | Consumer products | U.S. | |||||||||||
| BB+/Negative | Arcelik A.S. | Consumer products | Turkey | |||||||||||
| BB+/Negative | Berry Global Group Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| BB+/Negative | Brinker International Inc. | Retail/restaurants | Yes | U.S. | ||||||||||
| BB+/Negative | CDK Global Inc. | Media and entertainment | U.S. | |||||||||||
| BB+/Negative | China Aluminum International Engineering Corp. Ltd. | Aluminum Corp. of China | Capital goods | China | ||||||||||
| BB+/Negative | China Water Affairs Group Ltd. | Utilities | Bermuda | |||||||||||
| BB+/Negative | Credito Real, S.A.B. de C.V., SOFOM, E.N.R. | Futu Iem, S.A.P.I. de C.V. | Financial institutions | Mexico | ||||||||||
| BB+/Negative | FEH Inc., | Financial institutions | U.S. | |||||||||||
| BB+/Negative | Intrum AB (publ) | Financial institutions | Sweden | |||||||||||
| BB+/Negative | MTN Group Ltd. | Telecommunications | South Africa | |||||||||||
| BB+/Negative | Midland Cogeneration Venture L.P. | Utilities | U.S. | |||||||||||
| BB+/Negative | Nokia Corp. | High technology | Yes | Finland | ||||||||||
| BB+/Negative | Ohio Valley Electric Corp. | Utilities | U.S. | |||||||||||
| BB+/Negative | Orano | Oil and gas | France | |||||||||||
| BB+/Negative | PHOENIX Pharmahandel GmbH & Co. KG | Health care | Germany | |||||||||||
| BB+/Negative | Peru LNG S.R.L. | Utilities | Yes | Peru | ||||||||||
| BB+/Negative | SNC-Lavalin Group Inc. | Capital goods | Canada | |||||||||||
| BB+/Negative | Samsonite International S.A. | Consumer products | Yes | Luxembourg | ||||||||||
| BB+/Negative | Senior Housing Properties Trust | Homebuilders/real estate companies | U.S. | |||||||||||
| BB+/Negative | Shriram Transport Finance Co. Ltd. | Financial institutions | Yes | India | ||||||||||
| BB+/Negative | Speedway Motorsports LLC | Media and entertainment | U.S. | |||||||||||
| BB+/Negative | Teleflex Inc. | Health care | U.S. | |||||||||||
| BB+/Negative | Travis Perkins PLC | Forest products and building materials | U.K. | |||||||||||
| BB+/Negative | Tupperware Brands Corp. | Consumer products | U.S. | |||||||||||
| BB+/Negative | US Foods Inc. | Consumer products | U.S. | |||||||||||
| BB+/Negative | Western Digital Corp. | High technology | Yes | U.S. | ||||||||||
| BB+/Negative | Wolverine World Wide Inc. | Consumer products | U.S. | |||||||||||
| BB+/Negative | Xerox Holdings Corp. | High technology | Yes | U.S. | ||||||||||
| BB/Watch Neg | Anixter International Inc. | High technology | Yes | U.S. | ||||||||||
| BB/Watch Neg | Conduent Inc., | Media and entertainment | U.S. | |||||||||||
| BB/Watch Neg | Elementia S.A.B. de C.V. | Forest products and building materials | Mexico | |||||||||||
| BB/Watch Neg | Natura Cosmeticos S.A. | Consumer products | Brazil | |||||||||||
| BB/Watch Neg | Nielsen Holdings PLC | Media and entertainment | Yes | U.K. | ||||||||||
| BB/Watch Neg | Performance Food Group Inc. | Consumer products | U.S. | |||||||||||
| BB/Watch Neg | Taylor Morrison Home Corp. | Homebuilders/real estate companies | Yes | U.S. | ||||||||||
| BB/Watch Neg | Teva Pharmaceutical Industries Ltd. | Health care | Israel | |||||||||||
| BB/Watch Neg | Yanlord Land Group Ltd. | Homebuilders/real estate companies | Singapore | |||||||||||
| BB/Negative | ACI Worldwide Inc. | High technology | U.S. | |||||||||||
| BB/Negative | AES Panama S.R.L. | Utilities | Panama | |||||||||||
| BB/Negative | Al Baraka Banking Group B.S.C. | Financial institutions | Bahrain | |||||||||||
| BB/Negative | Antero Resources Corp. | Oil and gas | U.S. | |||||||||||
| BB/Negative | Banca Mifel S.A. | Financial institutions | Mexico | |||||||||||
| BB/Negative | BankMuscat S.A.O.G. | Financial institutions | Oman | |||||||||||
| BB/Negative | Bed Bath & Beyond Inc. | Retail/restaurants | U.S. | |||||||||||
| BB/Negative | CYDSA, S.A.B. de C.V. | Chemicals, packaging, and environmental services | Yes | Mexico | ||||||||||
| BB/Negative | Cedar Fair L.P. | Media and entertainment | U.S. | |||||||||||
| BB/Negative | Celestica Inc. | High technology | Canada | |||||||||||
| BB/Negative | Clearway Energy Inc., | NRG Energy Inc. | Utilities | Yes | U.S. | |||||||||
| BB/Negative | Consolidated Energy Ltd. | Chemicals, packaging, and environmental services | Yes | Trinidad and Tobago | ||||||||||
| BB/Negative | Corus Entertainment Inc. | Media and entertainment | Canada | |||||||||||
| BB/Negative | DPL Inc. | AES Corp. (The) | Utilities | U.S. | ||||||||||
| BB/Negative | DaVita Inc. | Health care | U.S. | |||||||||||
| BB/Negative | Equitrans Midstream Corp. | Utilities | U.S. | |||||||||||
| BB/Negative | Frontera Generation Holdings LLC | Utilities | Yes | U.S. | ||||||||||
| BB/Negative | Gap Inc. (The) | Consumer products | Yes | U.S. | ||||||||||
| BB/Negative | Getlink S.E. | Utilities | France | |||||||||||
| BB/Negative | Greif Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| BB/Negative | IDBI Bank Ltd. | Financial institutions | Yes | India | ||||||||||
| BB/Negative | Nexans S.A. | Capital goods | France | |||||||||||
| BB/Negative | Nufarm Ltd. | Chemicals, packaging, and environmental services | Australia | |||||||||||
| BB/Negative | OCI N.V. | Chemicals, packaging, and environmental services | Yes | Netherlands | ||||||||||
| BB/Negative | Oceaneering International Inc. | Oil and gas | U.S. | |||||||||||
| BB/Negative | Oman Electricity Transmission Co. | Utilities | Oman | |||||||||||
| BB/Negative | Qurate Retail Inc., | Retail/restaurants | Yes | U.S. | ||||||||||
| BB/Negative | Rand Water | Utilities | Yes | South Africa | ||||||||||
| BB/Negative | Range Resources Corp. | Oil and gas | U.S. | |||||||||||
| BB/Negative | Republic of South Africa | Sovereign | Yes | South Africa | ||||||||||
| BB/Negative | Stericycle Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| BB/Negative | Sultanate of Oman | Sovereign | Oman | |||||||||||
| BB/Negative | TTM Technologies Inc. | High technology | U.S. | |||||||||||
| BB/Negative | TUI AG | Media and entertainment | Germany | |||||||||||
| BB/Negative | Tenneco Inc. | Automotive | U.S. | |||||||||||
| BB/Negative | Thor Industries Inc., | Media and entertainment | U.S. | |||||||||||
| BB/Negative | Transnet SOC Ltd. | Utilities | Yes | South Africa | ||||||||||
| BB/Negative | Unifin Financiera, S.A.B. de C.V. | Financial institutions | Mexico | |||||||||||
| BB/Negative | Visteon Corp. | Automotive | U.S. | |||||||||||
| BB-/Watch Neg | Cineworld Group PLC | Media and entertainment | Yes | U.K. | ||||||||||
| BB-/Watch Neg | Mexarrend, S.A.P.I. de C.V. | Financial institutions | Yes | Mexico | ||||||||||
| BB-/Negative | 361 Degrees International Ltd. | Consumer products | Cayman Islands | |||||||||||
| BB-/Negative | AMG Advanced Metallurgical Group N.V. | Metals, mining, and steel | Yes | Netherlands | ||||||||||
| BB-/Negative | Advanced Integration Technology LP | Aerospace and defense | U.S. | |||||||||||
| BB-/Negative | Avanos Medical Inc. | Health care | Yes | U.S. | ||||||||||
| BB-/Negative | CNX Resources Corp. | Oil and gas | U.S. | |||||||||||
| BB-/Negative | Clearwater Paper Corp. | Forest products and building materials | U.S. | |||||||||||
| BB-/Negative | Compass Minerals International Inc. | Metals, mining, and steel | U.S. | |||||||||||
| BB-/Negative | Delphi Technologies PLC | Automotive | Yes | Jersey | ||||||||||
| BB-/Negative | Edgewell Personal Care Co. | Consumer products | U.S. | |||||||||||
| BB-/Negative | Europcar Mobility Group S.A. | Media and entertainment | Yes | France | ||||||||||
| BB-/Negative | Financiera Independencia S.A.B. de C.V. SOFOM E.N.R. | Financial institutions | Mexico | |||||||||||
| BB-/Negative | Glenmark Pharmaceuticals Ltd. | Health care | India | |||||||||||
| BB-/Negative | Greystar Real Estate Partners, LLC | Financial institutions | U.S. | |||||||||||
| BB-/Negative | Guacolda Energia S.A | Utilities | Chile | |||||||||||
| BB-/Negative | Harbor Freight Tools USA Inc. | Retail/restaurants | U.S. | |||||||||||
| BB-/Negative | KAR Auction Services Inc. | Automotive | U.S. | |||||||||||
| BB-/Negative | Liquidnet Holdings Inc., | Financial institutions | Yes | U.S. | ||||||||||
| BB-/Negative | Loxam SAS | Capital goods | France | |||||||||||
| BB-/Negative | Mack-Cali Realty Corp. | Homebuilders/real estate companies | U.S. | |||||||||||
| BB-/Negative | Mattel Inc. | Media and entertainment | U.S. | |||||||||||
| BB-/Negative | Nabors Industries Ltd. | Oil and gas | Bermuda | |||||||||||
| BB-/Negative | Plurinational State of Bolivia | Sovereign | Yes | Bolivia | ||||||||||
| BB-/Negative | Rockpoint Gas Storage Partners LP | Utilities | U.S. | |||||||||||
| BB-/Negative | Tortoise Parent Holdco LLC | Financial institutions | U.S. | |||||||||||
| BB-/Negative | TreeHouse Foods Inc., | Consumer products | U.S. | |||||||||||
| BB-/Negative | Universal Entertainment Corp. | Media and entertainment | Japan | |||||||||||
| BB-/Negative | Washington Prime Group Inc. | Homebuilders/real estate companies | U.S. | |||||||||||
| BB-/Negative | Whiting Petroleum Corp. | Oil and gas | Yes | U.S. | ||||||||||
| BB-/Negative | Yuzhou Properties Co. Ltd. | Homebuilders/real estate companies | Cayman Islands | |||||||||||
| BB-/Negative | Zhongrong International Holdings Ltd. | Zhongrong International Trust Co. Ltd. | Financial institutions | British Virgin Islands | ||||||||||
| B+/Watch Neg | Advisor Group Holdings Inc., | Financial institutions | Yes | U.S. | ||||||||||
| B+/Watch Neg | Banijay Group SAS | Media and entertainment | Yes | France | ||||||||||
| B+/Watch Neg | C&S Wholesale Grocers Inc. | Retail/restaurants | Yes | U.S. | ||||||||||
| B+/Watch Neg | Caesars Entertainment Corp. | Media and entertainment | U.S. | |||||||||||
| B+/Watch Neg | Cleveland-Cliffs Inc. | Metals, mining, and steel | Yes | U.S. | ||||||||||
| B+/Watch Neg | Eldorado Resorts Inc., | Media and entertainment | U.S. | |||||||||||
| B+/Watch Neg | Froneri International Ltd. | Consumer products | Yes | U.K. | ||||||||||
| B+/Watch Neg | Gamenet Group S.p.A. | Media and entertainment | Italy | |||||||||||
| B+/Watch Neg | Genesis Care Pty Ltd. | Health care | Yes | Australia | ||||||||||
| B+/Watch Neg | Presidio LLC | Media and entertainment | U.S. | |||||||||||
| B+/Watch Neg | Shandong Sanxing Group Co. Ltd. | Consumer products | Yes | China | ||||||||||
| B+/Watch Neg | Zayo Group, LLC | Telecommunications | U.S. | |||||||||||
| B+/Negative | Adient plc | Automotive | Ireland | |||||||||||
| B+/Negative | Adler Pelzer Holding GmbH | Automotive | Yes | Germany | ||||||||||
| B+/Negative | African Bank Ltd. | Financial institutions | Yes | South Africa | ||||||||||
| B+/Negative | Amigo Loans Ltd. | Financial institutions | U.K. | |||||||||||
| B+/Negative | Aria Energy Operating LLC | Aria Energy LLC | Utilities | Yes | U.S. | |||||||||
| B+/Negative | Ascent Resources Utica Holdings, LLC | Oil and gas | U.S. | |||||||||||
| B+/Negative | Auris Luxembourg II S.A. | Health care | Luxembourg | |||||||||||
| B+/Negative | BCP Renaissance Parent L.L.C. | Utilities | U.S. | |||||||||||
| B+/Negative | CAA Holdings LLC | Media and entertainment | Yes | U.S. | ||||||||||
| B+/Negative | Clearwater Seafoods Inc. | Consumer products | Canada | |||||||||||
| B+/Negative | Cooper-Standard Holdings Inc., | Automotive | Yes | U.S. | ||||||||||
| B+/Negative | Core & Main LP | Forest products and building materials | U.S. | |||||||||||
| B+/Negative | DKT Holdings ApS | Telecommunications | Yes | Denmark | ||||||||||
| B+/Negative | Damac Real Estate Development Ltd. | Homebuilders/real estate companies | U.A.E. | |||||||||||
| B+/Negative | Drive Chassis Holdco, LLC | Transportation | U.S. | |||||||||||
| B+/Negative | Elo Touch Solutions Inc., | High technology | U.S. | |||||||||||
| B+/Negative | Encino Acquisition Partners LLC | Oil and gas | U.S. | |||||||||||
| B+/Negative | FAGE International S.A | Consumer products | Luxembourg | |||||||||||
| B+/Negative | FirstRand Ltd. | Financial institutions | Yes | South Africa | ||||||||||
| B+/Negative | GOME Retail Holdings Ltd. | Retail/restaurants | Bermuda | |||||||||||
| B+/Negative | GameStop Corp. | Retail/restaurants | U.S. | |||||||||||
| B+/Negative | Garfunkelux Holdco 2 S.A. | Financial institutions | Luxembourg | |||||||||||
| B+/Negative | Hostess Brands Inc., | Consumer products | Yes | U.S. | ||||||||||
| B+/Negative | KWG Group Holdings Ltd. | Homebuilders/real estate companies | Cayman Islands | |||||||||||
| B+/Negative | Kongsberg Automotive ASA | Automotive | Yes | Norway | ||||||||||
| B+/Negative | LBC Tank Terminals Holding Netherlands BV | Utilities | Netherlands | |||||||||||
| B+/Negative | Laredo Petroleum Inc. | Oil and gas | Yes | U.S. | ||||||||||
| B+/Negative | Limetree Bay Terminals, LLC | Utilities | U.S. | |||||||||||
| B+/Negative | MEG Energy Corp. | Oil and gas | Canada | |||||||||||
| B+/Negative | Metro-Goldwyn-Mayer Inc. | Media and entertainment | U.S. | |||||||||||
| B+/Negative | Motion Midco Ltd. | Media and entertainment | Yes | U.K. | ||||||||||
| B+/Negative | NGL Energy Partners LP | Utilities | U.S. | |||||||||||
| B+/Negative | Obol France 3 SAS | Obol France 1 SAS | Consumer products | France | ||||||||||
| B+/Negative | QEP Resources Inc. | Oil and gas | U.S. | |||||||||||
| B+/Negative | Quad/Graphics Inc., | Media and entertainment | U.S. | |||||||||||
| B+/Negative | Realogy Group LLC | Media and entertainment | U.S. | |||||||||||
| B+/Negative | Republic of Costa Rica | Sovereign | Costa Rica | |||||||||||
| B+/Negative | Ryman Hospitality Properties Inc., | Media and entertainment | U.S. | |||||||||||
| B+/Negative | Sibanye Gold Ltd. | Metals, mining, and steel | South Africa | |||||||||||
| B+/Negative | Simply Good Foods Co. (The) | Consumer products | U.S. | |||||||||||
| B+/Negative | Sisal Group S.p.A | Schumann S.p.A. | Media and entertainment | Italy | ||||||||||
| B+/Negative | Spectrum Brands Holdings Inc. | Consumer products | Yes | U.S. | ||||||||||
| B+/Negative | Staples Inc. | Media and entertainment | Yes | U.S. | ||||||||||
| B+/Negative | Talen Energy Supply LLC | Talen Energy Corp. | Utilities | U.S. | ||||||||||
| B+/Negative | Tata Motors Ltd. | Tata Sons Pte. Ltd. | Automotive | India | ||||||||||
| B+/Negative | Techem Verwaltungsgesellschaft 674 mbH | Consumer products | Yes | Germany | ||||||||||
| B+/Negative | Travel Leaders Group, LLC | Media and entertainment | U.S. | |||||||||||
| B+/Negative | Traverse Midstream Partners LLC | Utilities | U.S. | |||||||||||
| B+/Negative | Twin River Worldwide Holdings Inc. | Media and entertainment | Yes | U.S. | ||||||||||
| B+/Negative | Venator Materials PLC | Chemicals, packaging, and environmental services | U.K. | |||||||||||
| B+/Negative | Waste Pro USA Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| B+/Negative | Weight Watchers International Inc. | Consumer products | U.S. | |||||||||||
| B/Watch Neg | Banque Tuniso - Koweitienne | BPCE | Financial institutions | Yes | Tunisia | |||||||||
| B/Watch Neg | Ei Group PLC | Retail/restaurants | U.K. | |||||||||||
| B/Watch Neg | Forming Machining Industries Holdings, LLC | Aerospace and defense | Yes | U.S. | ||||||||||
| B/Watch Neg | Pinnacle Bidco PLC | Media and entertainment | Yes | U.K. | ||||||||||
| B/Watch Neg | Pro.Gest SpA | Forest products and building materials | Italy | |||||||||||
| B/Watch Neg | TPC Group Inc., | TPC Group LLC | Chemicals, packaging, and environmental services | Yes | U.S. | |||||||||
| B/Watch Neg | U.S. TelePacific Holdings Corp. | Telecommunications | U.S. | |||||||||||
| B/Watch Neg | Wesco Aircraft Holdings Inc. | Wolverine Intermediate Holding Corp. | Aerospace and defense | U.S. | ||||||||||
| B/Negative | ASP NAPA Holdings, LLC | Health care | Yes | U.S. | ||||||||||
| B/Negative | ATI Holdings Acquisition Inc., | Health care | U.S. | |||||||||||
| B/Negative | Ahern Rentals Inc. | Capital goods | Yes | U.S. | ||||||||||
| B/Negative | Ai Sirona (Luxembourg) Acquisition Sarl | Health care | Yes | Luxembourg | ||||||||||
| B/Negative | Aimbridge Acquisition Co. Inc. | Media and entertainment | U.S. | |||||||||||
| B/Negative | Airxcel Inc. | Media and entertainment | U.S. | |||||||||||
| B/Negative | Altice Europe N.V. | Telecommunications | Netherlands | |||||||||||
| B/Negative | Amneal Pharmaceuticals LLC | Amneal Pharmaceuticals Inc. | Health care | Yes | U.S. | |||||||||
| B/Negative | Arab Tunisian Bank | Arab Bank Group | Financial institutions | Tunisia | ||||||||||
| B/Negative | Arbor Pharmaceuticals Inc. | Health care | Yes | U.S. | ||||||||||
| B/Negative | Array Canada Inc. | Consumer products | Canada | |||||||||||
| B/Negative | At Home Group Inc. | Retail/restaurants | U.S. | |||||||||||
| B/Negative | AutoCanada Inc. | Retail/restaurants | Canada | |||||||||||
| B/Negative | Brown Jordan International Inc. | Consumer products | U.S. | |||||||||||
| B/Negative | CD&R Firefly 4 Ltd. (Motor Fuel Group) | Retail/restaurants | U.K. | |||||||||||
| B/Negative | CDS Group | Media and entertainment | Canada | |||||||||||
| B/Negative | CFS Brands LLC | Capital goods | U.S. | |||||||||||
| B/Negative | CPI International Inc. | Aerospace and defense | U.S. | |||||||||||
| B/Negative | CWGS Enterprises, LLC | Media and entertainment | U.S. | |||||||||||
| B/Negative | Carestream Health Inc. | Health care | U.S. | |||||||||||
| B/Negative | Carriage Services Inc. | Health care | Yes | U.S. | ||||||||||
| B/Negative | Carrols Restaurant Group Inc., | Retail/restaurants | U.S. | |||||||||||
| B/Negative | Casino Guichard - Perrachon S.A. | Retail/restaurants | France | |||||||||||
| B/Negative | Cast & Crew Payroll, LLC | Consumer products | U.S. | |||||||||||
| B/Negative | Clarity Telecom, LLC | Telecommunications | U.S. | |||||||||||
| B/Negative | Consolidated Communications Holdings Inc. | Telecommunications | U.S. | |||||||||||
| B/Negative | Contanda LLC | Utilities | U.S. | |||||||||||
| B/Negative | DISH Network Corp. | Telecommunications | U.S. | |||||||||||
| B/Negative | Dawn Acquisitions LLC | Infra Colodata Holdings LLC | Homebuilders/real estate companies | Yes | U.S. | |||||||||
| B/Negative | Dealer Tire LLC | Automotive | U.S. | |||||||||||
| B/Negative | Donnelley (R.R.) & Sons Co. | Media and entertainment | U.S. | |||||||||||
| B/Negative | Downstream Development Authority | Media and entertainment | U.S. | |||||||||||
| B/Negative | Edelman Financial Engines Center, LLC (The) | Financial institutions | U.S. | |||||||||||
| B/Negative | Electro Rent Corp. | Capital goods | U.S. | |||||||||||
| B/Negative | Element Materials Technology Ltd. | Consumer products | Yes | U.K. | ||||||||||
| B/Negative | Elevate Textiles Inc., | Consumer products | U.S. | |||||||||||
| B/Negative | EnTrans International, LLC | Automotive | U.S. | |||||||||||
| B/Negative | Endo International PLC | Health care | Ireland | |||||||||||
| B/Negative | Envision Healthcare Corp. | Envision Healthcare Holdings Inc. | Health care | U.S. | ||||||||||
| B/Negative | Epic Y Grade Services, LP | Utilities | Yes | U.S. | ||||||||||
| B/Negative | Ezdan Holding Group Q.S.C. | Homebuilders/real estate companies | Qatar | |||||||||||
| B/Negative | Financiere Colisee SAS | Health care | France | |||||||||||
| B/Negative | Financiere N | Health care | Yes | France | ||||||||||
| B/Negative | Flex Acquisition Holdings Inc., | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| B/Negative | GHD Verwaltung GesundHeits GmbH Deutschland GmbH | Health care | Germany | |||||||||||
| B/Negative | Gateway Casinos & Entertainment Ltd. | Media and entertainment | Canada | |||||||||||
| B/Negative | Genuine Financial Holdings, LLC | Consumer products | U.S. | |||||||||||
| B/Negative | Glass Mountain Pipeline, LLC | Utilities | U.S. | |||||||||||
| B/Negative | Go Wireless Holdings Inc., | Retail/restaurants | Yes | U.S. | ||||||||||
| B/Negative | Goldcup Holdings Inc., | Explorer Holdings Inc | Health care | Yes | U.S. | |||||||||
| B/Negative | Green Country Energy LLC | Utilities | Yes | U.S. | ||||||||||
| B/Negative | Grupo Antolin Irausa SA | Automotive | Spain | |||||||||||
| B/Negative | Grupo Posadas, S. A. B. de C. V. | Media and entertainment | Yes | Mexico | ||||||||||
| B/Negative | Hayward Industries Inc., | Consumer products | U.S. | |||||||||||
| B/Negative | Hummel Station LLC | Utilities | U.S. | |||||||||||
| B/Negative | IWH UK Finco Ltd. | Health care | U.K. | |||||||||||
| B/Negative | Indivior plc | Health care | U.K. | |||||||||||
| B/Negative | Inmar Inc. | Consumer products | Yes | U.S. | ||||||||||
| B/Negative | Jiayuan International Group Ltd. | Homebuilders/real estate companies | China | |||||||||||
| B/Negative | Jingrui Holdings Ltd. | Homebuilders/real estate companies | Yes | Cayman Islands | ||||||||||
| B/Negative | Keystone Acquisition Corp. | Insurance | U.S. | |||||||||||
| B/Negative | Kirk Beauty One GmbH | Retail/restaurants | Germany | |||||||||||
| B/Negative | LABL Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| B/Negative | LSF10 Wolverine Investments SCA | Forest products and building materials | France | |||||||||||
| B/Negative | La Financiere Atalian SAS | Consumer products | France | |||||||||||
| B/Negative | Leslie's Poolmart Inc. | Retail/restaurants | U.S. | |||||||||||
| B/Negative | LifeScan Global Corp. | Health care | U.S. | |||||||||||
| B/Negative | Lionbridge Technologies Inc. | Media and entertainment | U.S. | |||||||||||
| B/Negative | MB Aerospace Holdings II Corp. | Aerospace and defense | Yes | U.K. | ||||||||||
| B/Negative | MRP Generation Holdings, LLC | Utilities | U.S. | |||||||||||
| B/Negative | Maxar Technologies Inc. | Aerospace and defense | U.S. | |||||||||||
| B/Negative | Maxim Crane Works Holdings Capital, LLC | Capital goods | Yes | U.S. | ||||||||||
| B/Negative | McLaren Group Ltd. | Automotive | U.K. | |||||||||||
| B/Negative | Mercury Parent, LLC | Health care | U.S. | |||||||||||
| B/Negative | Mr. Cooper Group Inc. | Financial institutions | U.S. | |||||||||||
| B/Negative | NESCO Holdings Inc., | Capital goods | Yes | U.S. | ||||||||||
| B/Negative | Novafives | Capital goods | France | |||||||||||
| B/Negative | Oi S.A. | Telecommunications | Brazil | |||||||||||
| B/Negative | Owens & Minor Inc. | Consumer products | U.S. | |||||||||||
| B/Negative | PT Kawasan Industri Jababeka Tbk. | Homebuilders/real estate companies | Yes | Indonesia | ||||||||||
| B/Negative | PT Modernland Realty Tbk. | Homebuilders/real estate companies | Indonesia | |||||||||||
| B/Negative | Parts Holding Europe SAS | Dakar Finance S.A. | Automotive | France | ||||||||||
| B/Negative | Party City Holdings Inc., | PC Nextco Holdings LLC | Retail/restaurants | Yes | U.S. | |||||||||
| B/Negative | Peraton Corp. | Aerospace and defense | U.S. | |||||||||||
| B/Negative | Perstorp Holding AB (publ) | Chemicals, packaging, and environmental services | Yes | Sweden | ||||||||||
| B/Negative | Pioneer UK Midco 1 Ltd. | Health care | Yes | U.S. | ||||||||||
| B/Negative | Placin Sarl | Consumer products | Spain | |||||||||||
| B/Negative | Platin 1425. GmbH | Capital goods | Yes | Germany | ||||||||||
| B/Negative | Priority Holdings, LLC | High technology | U.S. | |||||||||||
| B/Negative | Prometric Holdings Inc., | Media and entertainment | U.S. | |||||||||||
| B/Negative | QualTek USA, LLC | Capital goods | U.S. | |||||||||||
| B/Negative | Radiology Partners Holdings, LLC | Health care | U.S. | |||||||||||
| B/Negative | Republic of Cameroon | Sovereign | Cameroon | |||||||||||
| B/Negative | Rocket Software Inc., | High technology | Yes | U.S. | ||||||||||
| B/Negative | Rubix Group Holdings Ltd. | Capital goods | U.K. | |||||||||||
| B/Negative | Rutas de Lima S.A.C | Utilities | Yes | Peru | ||||||||||
| B/Negative | SP PF Buyer LLC | Media and entertainment | U.S. | |||||||||||
| B/Negative | SRS Distribution Inc., | Forest products and building materials | U.S. | |||||||||||
| B/Negative | Saffron Borrowco, LLC | Retail/restaurants | U.S. | |||||||||||
| B/Negative | Schur Flexibles GmbH | Chemicals, packaging, and environmental services | Germany | |||||||||||
| B/Negative | Soco 1 | Media and entertainment | France | |||||||||||
| B/Negative | Sound Inpatient Physicians Holdings, LLC | Health care | U.S. | |||||||||||
| B/Negative | Specialty Building Products Holdings, LLC | Forest products and building materials | U.S. | |||||||||||
| B/Negative | Sunshine Luxembourg VII S.a r.l. | Consumer products | Yes | Switzerland | ||||||||||
| B/Negative | Superior Industries International Inc., | Automotive | U.S. | |||||||||||
| B/Negative | Tailored Brands Inc., | Consumer products | U.S. | |||||||||||
| B/Negative | Terra Millennium Corp. | Capital goods | Yes | U.S. | ||||||||||
| B/Negative | Tullow Oil PLC | Oil and gas | Yes | U.K. | ||||||||||
| B/Negative | U.S. Silica Co. | Metals, mining, and steel | U.S. | |||||||||||
| B/Negative | United Natural Foods Inc., | Retail/restaurants | U.S. | |||||||||||
| B/Negative | United States Steel Corp. | Metals, mining, and steel | U.S. | |||||||||||
| B/Negative | Viskase Cos. Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| B/Negative | WP CPP Holdings LLC | Aerospace and defense | U.S. | |||||||||||
| B/Negative | Wheel Pros Inc., | Automotive | U.S. | |||||||||||
| B/Negative | Wirepath LLC | Crackle Holdings LP | High technology | U.S. | ||||||||||
| B/Negative | Wok Holdings Inc., | Retail/restaurants | Yes | U.S. | ||||||||||
| B/Negative | Xinhu Zhongbao Co. Ltd. | Homebuilders/real estate companies | Yes | China | ||||||||||
| B/Negative | Xinjiang Guanghui Industry Investment (Group) Co. Ltd. | Homebuilders/real estate companies | China | |||||||||||
| B/Negative | Yak Access, LLC | Capital goods | U.S. | |||||||||||
| B/Negative | Zara UK Topco Ltd. | Consumer products | U.K. | |||||||||||
| B/Negative | Zenith Energy U.S. Logistics Holdings, LLC | Utilities | U.S. | |||||||||||
| B/Negative | Zest Acquisition Corp. | Health care | U.S. | |||||||||||
| B-/Watch Neg | Banco De Galicia Y Buenos Aires S.A.U. | Financial institutions | Argentina | |||||||||||
| B-/Watch Neg | Banco Hipotecario S.A. | Financial institutions | Argentina | |||||||||||
| B-/Watch Neg | Casablanca Global Intermediate Holdings L.P. | Media and entertainment | Yes | British Virgin Islands | ||||||||||
| B-/Watch Neg | Learfield Communications, LLC | Media and entertainment | Yes | U.S. | ||||||||||
| B-/Watch Neg | SIRVA Inc. | Consumer products | Yes | U.S. | ||||||||||
| B-/Negative | 24 Hour Fitness Worldwide Inc. | Media and entertainment | Yes | U.S. | ||||||||||
| B-/Negative | AES Argentina Generacion S.A | AES Corp. (The) | Utilities | Argentina | ||||||||||
| B-/Negative | Advantage Sales & Marketing Inc. | Consumer products | U.S. | |||||||||||
| B-/Negative | Aeropuertos Argentina 2000 S.A. | Utilities | Argentina | |||||||||||
| B-/Negative | Albany Molecular Research Inc. | Health care | U.S. | |||||||||||
| B-/Negative | Algoma Steel Inc. | Metals, mining, and steel | Yes | Canada | ||||||||||
| B-/Negative | Alliance HealthCare Services | Health care | U.S. | |||||||||||
| B-/Negative | Alvogen Pharma US Inc., | Alvogen Lux Holdings S.a.r.l. | Health care | U.S. | ||||||||||
| B-/Negative | Anastasia Holdings, LLC | Consumer products | U.S. | |||||||||||
| B-/Negative | Arctic Glacier Group Holdings Inc., | Consumer products | U.S. | |||||||||||
| B-/Negative | Avalign Holdings Inc., | Health care | Yes | U.S. | ||||||||||
| B-/Negative | Aveanna Healthcare LLC | Aveanna Healthcare Holdings Inc. | Health care | U.S. | ||||||||||
| B-/Negative | Ball Metalpack Finco LLC | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| B-/Negative | Basic Energy Services Inc. | Oil and gas | U.S. | |||||||||||
| B-/Negative | Briggs & Stratton Corp. | Capital goods | U.S. | |||||||||||
| B-/Negative | CAPEX S.A. | Utilities | Argentina | |||||||||||
| B-/Negative | CBAC Borrower LLC | Media and entertainment | Yes | U.S. | ||||||||||
| B-/Negative | Central Security Group Inc., | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Century Aluminum Co. | Metals, mining, and steel | U.S. | |||||||||||
| B-/Negative | ClubCorp Holdings Inc., | Media and entertainment | Yes | U.S. | ||||||||||
| B-/Negative | Cologix Holdings Inc., | Telecommunications | U.S. | |||||||||||
| B-/Negative | Compania General de Combustibles S.A. | Oil and gas | Argentina | |||||||||||
| B-/Negative | Compania de Transporte de Energia Electrica en Alta Tension TRANSENER S.A. | Utilities | Argentina | |||||||||||
| B-/Negative | Corporacion Azucarera del Peru S. A. | Consumer products | Peru | |||||||||||
| B-/Negative | Cyxtera DC Holdings Inc., | Telecommunications | U.S. | |||||||||||
| B-/Negative | DMT Solutions Global Corp. | Media and entertainment | Yes | U.S. | ||||||||||
| B-/Negative | DTI Holdco Inc., | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Digital River Inc., | High technology | U.S. | |||||||||||
| B-/Negative | Dunn Paper Holdings Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| B-/Negative | Empresa Distribuidora Y Comercializadora Norte S.A. | Utilities | Argentina | |||||||||||
| B-/Negative | EnergySolutions Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| B-/Negative | Enjoy S.A. | Media and entertainment | Chile | |||||||||||
| B-/Negative | Era Group Inc. | Oil and gas | U.S. | |||||||||||
| B-/Negative | Extraction Oil & Gas Inc. | Extraction Oil & Gas Holdings, LLC | Oil and gas | U.S. | ||||||||||
| B-/Negative | FXI Holdings Inc., | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| B-/Negative | Fort Dearborn Holding Co. Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| B-/Negative | Forum Energy Technologies Inc., | Oil and gas | U.S. | |||||||||||
| B-/Negative | GC EOS Buyer Inc. | Automotive | U.S. | |||||||||||
| B-/Negative | GCI, LLC | GCI Liberty Inc., | Telecommunications | U.S. | ||||||||||
| B-/Negative | GCL New Energy Holdings Ltd. | GCL-Poly Energy Holdings Ltd. | Utilities | Bermuda | ||||||||||
| B-/Negative | GTT Communications Inc., | Telecommunications | Yes | U.S. | ||||||||||
| B-/Negative | Geo Energy Resources Ltd. | Metals, mining, and steel | Singapore | |||||||||||
| B-/Negative | Give and Go Prepared Foods Corp. | Consumer products | Canada | |||||||||||
| B-/Negative | Grupo Kaltex, S.A. de C.V. | Consumer products | Mexico | |||||||||||
| B-/Negative | Hanjin International Corp. | Korean Air Lines Co. Ltd. | Media and entertainment | Korea, Republic of | ||||||||||
| B-/Negative | Heartland Dental, LLC | Hadrian Merger Sub Inc. | Health care | U.S. | ||||||||||
| B-/Negative | Hecla Mining Co. | Metals, mining, and steel | U.S. | |||||||||||
| B-/Negative | IRSA Inversiones y Representaciones S.A. | Cresud S.A.C.I.F. y A. | Homebuilders/real estate companies | Argentina | ||||||||||
| B-/Negative | Idemia France SAS | High technology | France | |||||||||||
| B-/Negative | Infogroup Inc. | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Innovative Water Care Global Corp. | Consumer products | U.S. | |||||||||||
| B-/Negative | International Wire Group Holdings Inc. | Metals, mining, and steel | U.S. | |||||||||||
| B-/Negative | Jo-Ann Stores Holdings Inc | Retail/restaurants | U.S. | |||||||||||
| B-/Negative | K&N Parent Inc., | Automotive | U.S. | |||||||||||
| B-/Negative | KCIBT Holdings LP | Consumer products | Yes | U.S. | ||||||||||
| B-/Negative | KNEL Acquisition LLC | Consumer products | U.S. | |||||||||||
| B-/Negative | Kleopatra Holdings 1 S.C.A. | Chemicals, packaging, and environmental services | Luxembourg | |||||||||||
| B-/Negative | LTI Holdings Inc., | Capital goods | Yes | U.S. | ||||||||||
| B-/Negative | Lannett Co. Inc., | Health care | U.S. | |||||||||||
| B-/Negative | Logix Intermediate Holding Corp. | Telecommunications | U.S. | |||||||||||
| B-/Negative | Monitronics International Inc. | Media and entertainment | U.S. | |||||||||||
| B-/Negative | NSA International, LLC | Consumer products | U.S. | |||||||||||
| B-/Negative | Nurbank JSC | Financial institutions | Kazakhstan | |||||||||||
| B-/Negative | OCWEN Financial Corp. | Financial institutions | U.S. | |||||||||||
| B-/Negative | Output Services Group Inc., | Consumer products | U.S. | |||||||||||
| B-/Negative | P&L Development Holdings, LLC | Consumer products | U.S. | |||||||||||
| B-/Negative | PT Alam Sutera Realty Tbk. | Homebuilders/real estate companies | Indonesia | |||||||||||
| B-/Negative | PT MNC Investama Tbk. | Media and entertainment | Indonesia | |||||||||||
| B-/Negative | Pampa Energia S.A. | Utilities | Argentina | |||||||||||
| B-/Negative | Pearl Holding III Ltd. | Automotive | China | |||||||||||
| B-/Negative | Permian Production Partners, LLC | FCP II Holdings, LLC | Oil and gas | U.S. | ||||||||||
| B-/Negative | PowerTeam Services LLC | Capital goods | U.S. | |||||||||||
| B-/Negative | Profrac Services, LLC | Oil and gas | U.S. | |||||||||||
| B-/Negative | Red Lobster Intermediate Holdings LLC | Retail/restaurants | U.S. | |||||||||||
| B-/Negative | Republic of Angola | Sovereign | Yes | Angola | ||||||||||
| B-/Negative | Richmond UK Holdco Ltd. | Media and entertainment | U.K. | |||||||||||
| B-/Negative | SGL Carbon SE | Metals, mining, and steel | Germany | |||||||||||
| B-/Negative | SK HoldCo LLC | Automotive | U.S. | |||||||||||
| B-/Negative | Salem Media Group Inc. | Media and entertainment | Yes | U.S. | ||||||||||
| B-/Negative | Salient CRGT Inc., | Aerospace and defense | U.S. | |||||||||||
| B-/Negative | Sandy Creek Energy Associates LP | Utilities | U.S. | |||||||||||
| B-/Negative | Sapphire Midco B.V. | Media and entertainment | U.K. | |||||||||||
| B-/Negative | Shape Technologies Group Inc., | Capital goods | U.S. | |||||||||||
| B-/Negative | Solenis UK International Ltd. | Chemicals, packaging, and environmental services | U.K. | |||||||||||
| B-/Negative | Speedcast International Ltd. | Telecommunications | Yes | Australia | ||||||||||
| B-/Negative | Telecom Argentina S.A. | Telecommunications | Argentina | |||||||||||
| B-/Negative | Terra-Gen Finance Co. LLC | Terra-Gen Power Holding II LLC | Utilities | U.S. | ||||||||||
| B-/Negative | The New Home Co. Inc. | Forest products and building materials | U.S. | |||||||||||
| B-/Negative | Transportadora de Gas del Sur S.A. (TGS) | Compania De Inversiones de Energia S.A. | Utilities | Argentina | ||||||||||
| B-/Negative | Travelex Holdings Ltd. | Media and entertainment | U.K. | |||||||||||
| B-/Negative | Triton UK Midco Ltd. | High technology | U.K. | |||||||||||
| B-/Negative | Turnstone Midco 2 Ltd. | Health care | U.K. | |||||||||||
| B-/Negative | UFS Holdings Inc., | Chemicals, packaging, and environmental services | Yes | U.S. | ||||||||||
| B-/Negative | United States Shipping Corp. | Transportation | U.S. | |||||||||||
| B-/Negative | Vallourec | Oil and gas | France | |||||||||||
| B-/Negative | Vantage Specialty Chemicals Inc. | Chemicals, packaging, and environmental services | Yes | U.S. | ||||||||||
| B-/Negative | Varsity Brands Holding Co. Inc. | Consumer products | U.S. | |||||||||||
| B-/Negative | Vesta Energy Corp. | Oil and gas | Canada | |||||||||||
| B-/Negative | WeWork Cos. LLC | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Weatherford International plc | Oil and gas | Yes | Ireland | ||||||||||
| B-/Negative | Xplornet Communications Inc. | Telecommunications | Canada | |||||||||||
| B-/Negative | YPF S.A | Oil and gas | Argentina | |||||||||||
| B-/Negative | Zellis Holdings Ltd. | High technology | Yes | U.K. | ||||||||||
| B-/Negative | nThrive Inc., | Health care | Yes | U.S. | ||||||||||
| Data as of Dec. 25, 2019. Source: S&P Global Ratings Research. | ||||||||||||||
Related Research
- Outlook For U.S. Media And Entertainment Sector Remains Stable Despite Secular Pressures, Jan. 21, 2020
- Industry Top Trends 2020: Media And Entertainment, Nov. 19, 2019
- Industry Top Trends 2020: Health Care, Nov. 19, 2019
- Industry Top Trends 2020: Consumer Products, Nov. 19, 2019
- Industry Top Trends 2020: Autos, Nov. 18, 2019
This report does not constitute a rating action.
| Credit Markets Research: | Sarah Limbach, Paris + 33 14 420 6708; Sarah.Limbach@spglobal.com |
| Nicole Serino, New York + 1 (212) 438 1396; nicole.serino@spglobal.com | |
| Sudeep K Kesh, New York (1) 212-438-7982; sudeep.kesh@spglobal.com | |
| Research Contributor: | Abhik Debnath, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai |
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