Key Takeaways
- The tally of potential bond downgrades climbed to a record high of 1,350 as of May 29, from 1,287 a month earlier. This tally is well above the crisis-era record of 1,028 from 2009 and over double the tally in February.
- Of the total, 1,082 are assigned negative outlooks and 268 are on CreditWatch negative (a ratio of 4 to 1, compared with 3 to 1 in April), which is significant because negative outlooks typically show a 1-in-3 chance of downgrade in the next two years (sooner for issuers rated 'BB+' and below), whereas negative CreditWatch placements typically show a 50% likelihood of downgrade in the next 90 days.
- Of the 153 new additions to our list, 137 were affected by the economic slowdown and decreased business activity, particularly in the media and entertainment (including leisure and lodging), automotive, and transportation sectors.
Chart 1
The number of potential bond downgrades (defined as corporate or sovereign issuers rated 'AAA' to 'B-' by S&P Global Ratings with either negative rating outlooks or ratings on CreditWatch with negative implications) rose to a record high of 1,350 as of May 29 from 1,287 in April, above the crisis-era high of 1,028 reached during 2009. Since our last report, we added 153 new potential downgrades to our list, 126 due to revised outlooks or CreditWatch placements. In April, new additions totaled 550. At the same time, we removed 90 issuers from our list since our last report, 66 due to downgrades (with or without a change in outlook or CreditWatch status). The potential bond downgrades tally thus widened by just 63 in May, while it increased by 211 and 427 in the previous two months.
Similarly, downgrades have started to slow: In May, 175 downgrades brought this year's tally through May 29 to 1,082. In April, the count surged by 415. The severe rise in downgrades started in March after many countries imposed lockdowns to fight the spread of the coronavirus pandemic, hurting revenue for many issuers, particularly those with weaker ratings. Social distancing measures tightened in April, which translated to a surge of companies affected by weak or muted business activity. In May, however, lockdowns eased, and fewer issuers faced compounding downgrade pressure. About 90% of the new additions to our list of potential bond downgrades in May were affected by the COVID-19 pandemic--similar to the previous month's share.
The Gap Between Potential Downgrades And Potential Upgrades Widens
Chart 2
The gap between potential downgrades and potential upgrades (issuers rated 'AA+' to 'B-' by S&P Global Ratings with either positive outlooks or ratings on CreditWatch with positive implications) widened further in May (see chart 2), with an increase in potential downgrades and a drop in potential upgrades. With 23 removals (five due to upgrades) and only three additions in May (one each from Asia, Europe, and the U.S.), the count of potential bond upgrades fell to a record low of 104 by end-May. All three additions were speculative-grade issuers (rated 'BB+' or lower), belonging to the insurance, high technology, and telecommunications sectors, and experienced positive rating actions due to issuer-specific reasons.
The widening gap between potential bond downgrades and upgrades reflects likely heavy credit deterioration in coming months as issuers, especially those at the lower end of the rating scale, potentially face poor earnings, continued difficulties in managing operational costs, and limited funding opportunities in capital markets.
Media And Entertainment, Financial Institutions, And Consumer Products Have The Highest Downgrade Potential
The sectors most affected by COVID-19-related social distancing measures and travel restrictions are those with the highest downgrade potential. Media and entertainment (179), financial institutions (153), and consumer products (146) lead the pack with a combined 35.4% of potential bond downgrades (see chart 3).
Within media and entertainment, the leisure and lodging subsector is most vulnerable, while consumer durables are the most exposed subsector of consumer products, since consumers reduce their purchases of durable goods during periods of economic recession and uncertainty. Among financial institutions, which have had the most additions to our list of potential bond downgrades since March, entities with the highest exposure to vulnerable sectors show the highest downgrade potential; regional and custodian banks and specialized finance segments especially are feeling the heat in their operational performance.
Chart 3
The Leisure And Lodging Subsector Feels The Highest Immediate Downgrade Pressure
Despite financial institutions leading in additions to our list of potential bond downgrades, these entities carry less immediate downgrade potential (see chart 4). Only seven financial institutions on our list (5% of the total) are on CreditWatch negative, compared with 146 with negative outlooks.
The sectors with the highest proportions of issuers with ratings on CreditWatch negative include media and entertainment, with 80 issuers (45%) on CreditWatch negative, compared with 99 with negative outlooks, and automotive, with 30 issuers (41%) on CreditWatch negative, compared with 43 with negative outlooks. However, leisure and lodging, a subsector of media and entertainment, leads the ranking with 49 issuers (59%) on CreditWatch negative, compared with 34 with negative outlooks.
These sectors are expected to contribute the most downgrades in the coming few months as their CreditWatch statuses are resolved.
Chart 4
Issuers placed on CreditWatch negative are more likely to be downgraded in the near term than those with negative outlooks: A negative CreditWatch status is typically resolved within 90 days, compared with one to two years for a negative outlook, dependent on whether the issuer is rated speculative grade (one year) or investment grade (two years). Issuers are placed on CreditWatch negative when there is an event or a deviation from an expected trend or a material change in their performance whose magnitude is not yet determined, or when our rating criteria change. This may not necessarily lead to a downgrade, but the tight timeline of 90 days indicates a high likelihood that a rating action will follow (see "General Criteria: Use Of CreditWatch And Outlooks," Sept. 14, 2009).
An examination of the proportion of potential bond downgrades with ratings placed on CreditWatch negative in crisis periods (that is, months with more than 80 downgrades) shows that whenever this proportion widened, a rise in downgrades followed. On average, a rating placed on CreditWatch negative has a 50% likelihood to be lowered in the next 90 days, compared with a 1-in-3 chance and a two-year time span for a rating with a negative outlook. The two-year time horizon of rating outlooks reduces the likelihood of an actual downgrade because the possibility is higher that the issuer's business and financial risk profiles might improve.
The Immediacy Of Downgrade Pressure Is Lessening As Negative CreditWatch Placements Slow
There is nonetheless some good news: Despite the increased negative bias (the proportion of issuers with negative outlooks or ratings on CreditWatch negative), the number of issuers on CreditWatch with negative implications has in fact decreased to 268 from 319, taking the ratio of negative outlooks to CreditWatch negative placements to 4 to 1 from 3 to 1. This shows that immediate downgrade pressure for issuers on our list decreased overall (see chart 5).
At the same time, however, this translated into higher long-term downgrade potential. For instance, the transportation, automotive, and media and entertainment sectors have seen a fall in the proportion of negative CreditWatch placements with an equivalent or higher rise in negative rating outlooks.
Chart 5
Of the 1,082 downgrades this year through May 29, 965 took place over the past three months. April accounted for the highest tally, at 415, followed by a sharp decline to 175 downgrades in May. Unsurprisingly, the media and entertainment, automotive, and transportation sectors showed the strongest increases in their downgrade proportions over the past 12 months relative to the past five years. This increase reflects their more immediate downgrade pressure. Since this pressure decreased in May, downgrade counts should continue to slow in the near term.
Chart 6
Table 1
More Than Two-Thirds Of The Removals From The Potential Downgrades List Were Downgraded | ||||||||
---|---|---|---|---|---|---|---|---|
--Potential bond downgrade removals-- | --Potential bond downgrade additions-- | |||||||
Reason for removal | Issuer count | Reason for addition | Issuer count | |||||
Downgraded and outlook or CreditWatch change | 41 | Outlook or CreditWatch change | 126 | |||||
Downgraded | 25 | Downgraded and outlook or CreditWatch change | 17 | |||||
Outlook or CreditWatch change | 13 | Newly rated issuer | 6 | |||||
Parent* | 9 | Parent* | 2 | |||||
Ratings withdrawn | 2 | Newly rated debt | 1 | |||||
Default | 0 | Upgraded and outlook or CreditWatch change | 1 | |||||
No outstanding debt | 0 | Downgraded | 0 | |||||
Selective default | 0 | Upgraded | 0 | |||||
Upgraded | 0 | |||||||
Upgraded and outlook or CreditWatch change | 0 | |||||||
Total | 90 | Total | 153 | |||||
*Issuers removed due to a subsidiary relationship with a parent company that now qualifies as a potential downgrade. Data as of May 29, 2020. Source: S&P Global Ratings Research. |
Table 2
Almost All Sectors Face Higher Current Downgrade Risk Than Their Historical Averages | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sector | Trailing-12-month downgrade count | Trailing-12-month downgrade ratio (%) | Current negative bias (%) | Historical average negative bias (%) | Gap between current and historical average negative bias (%) | Negative bias contribution to total potential bond downgrades (%) | ||||||||
Automotive | 69 | 98.57 | 80.58 | 25.73 | (54.85) | 5.41 | ||||||||
Oil and gas | 169 | 92.86 | 69.32 | 19.59 | (49.72) | 5.11 | ||||||||
Media and entertainment | 220 | 94.02 | 64.79 | 25.96 | (38.82) | 13.26 | ||||||||
Retail and restaurants | 103 | 88.79 | 58.71 | 24.76 | (33.95) | 4.81 | ||||||||
Transportation | 75 | 92.59 | 49.17 | 21.22 | (27.94) | 3.78 | ||||||||
Capital goods | 101 | 90.99 | 47.32 | 21.42 | (25.90) | 4.96 | ||||||||
Chemicals, packaging, and environmental services | 84 | 88.42 | 43.41 | 19.01 | (24.40) | 5.33 | ||||||||
Aerospace and defense | 33 | 84.62 | 43.55 | 20.67 | (22.87) | 1.85 | ||||||||
Consumer products | 171 | 93.96 | 46.59 | 24.56 | (22.02) | 10.81 | ||||||||
Health care | 80 | 88.89 | 36.24 | 17.63 | (18.62) | 4.96 | ||||||||
Forest products and building materials | 28 | 93.33 | 40.31 | 22.23 | (18.08) | 3.70 | ||||||||
Financial institutions | 81 | 75.70 | 30.93 | 19.96 | (10.97) | 11.33 | ||||||||
Homebuilders and real estate companies | 36 | 73.47 | 24.40 | 15.48 | (8.92) | 4.22 | ||||||||
Utilities | 101 | 72.66 | 28.39 | 20.24 | (8.15) | 9.26 | ||||||||
Sovereign | 28 | 65.12 | 19.83 | 14.28 | (5.55) | 1.26 | ||||||||
Diversified | 3 | 100.00 | 23.53 | 18.18 | (5.35) | 0.30 | ||||||||
Metals, mining, and steel | 50 | 89.29 | 28.13 | 24.65 | (3.48) | 2.07 | ||||||||
High technology | 59 | 73.75 | 24.63 | 21.41 | (3.22) | 3.78 | ||||||||
Telecommunications | 48 | 81.36 | 21.48 | 20.25 | (1.22) | 1.63 | ||||||||
Insurance | 13 | 41.94 | 15.94 | 16.71 | 0.78 | 2.15 | ||||||||
Data as of May 29, 2020. Source: S&P Global Ratings Research. |
Table 3
Issuers With Ratings On CreditWatch Negative Or Negative Outlooks ('AAA' Through 'B-' Ratings) | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Rating | Issuer | Parent company | Sector/subsector | New to the list this month | Outlook or CreditWatch change | Country | ||||||||
AAA |
Airservices Australia |
Utilities | Australia | |||||||||||
AAA | Commonwealth of Australia | Sovereign | Australia | |||||||||||
AA |
Chevron Corp. |
Oil and gas | U.S. | |||||||||||
AA |
Exxon Mobil Corp. |
Oil and gas | U.S. | |||||||||||
AA |
Sanofi |
Health care | France | |||||||||||
AA-/Watch Neg |
Central Japan Railway Co. |
Utilities | Japan | |||||||||||
AA-/Watch Neg |
East Japan Railway Co. |
Utilities | Japan | |||||||||||
AA-/Watch Neg |
Flughafen Zurich AG |
Utilities | Switzerland | |||||||||||
AA-/Watch Neg |
Merck & Co. Inc. |
Health care | U.S. | |||||||||||
AA-/Watch Neg |
Pfizer Inc. |
Health care | U.S. | |||||||||||
AA- |
Australia and New Zealand Banking Group Ltd. |
Financial institutions | Australia | |||||||||||
AA- |
Commonwealth Bank of Australia |
Financial institutions | Australia | |||||||||||
AA- |
DZ BANK AG Deutsche Zentral-Genossenschaftsbank |
Cooperative Banking Sector Germany |
Financial institutions | Germany | ||||||||||
AA- |
Deutsche Apotheker- und Aerztebank eG |
Cooperative Banking Sector Germany |
Financial institutions | Germany | ||||||||||
AA- |
Equinor ASA |
Oil and gas | Norway | |||||||||||
AA- |
First Abu Dhabi Bank P.J.S.C. |
Financial institutions | U.A.E. | |||||||||||
AA- |
Japan Tobacco Inc. |
Consumer products | Japan | |||||||||||
AA- |
National Australia Bank Ltd. |
Financial institutions | Australia | |||||||||||
AA- |
Nordea Bank Abp |
Financial institutions | Yes | Finland | ||||||||||
AA- |
OP Corporate Bank PLC |
OP Financial Group | Financial institutions | Yes | Finland | |||||||||
AA- |
Royal Dutch Shell PLC |
Oil and gas | U.K. | |||||||||||
AA- |
Westpac Banking Corp. |
Financial institutions | Australia | |||||||||||
A+/Watch Neg |
Narita International Airport Corp. |
Utilities | Japan | |||||||||||
A+/Watch Neg |
Royal Schiphol Group N.V. |
Utilities | Netherlands | |||||||||||
A+ |
3M Co. |
Capital goods | U.S. | |||||||||||
A+ |
Avinor AS |
Utilities | Norway | |||||||||||
A+ |
BNP Paribas |
Financial institutions | France | |||||||||||
A+ |
BPCE |
Financial institutions | France | |||||||||||
A+ |
Banco del Estado de Chile |
Financial institutions | Chile | |||||||||||
A+ |
China Southern Power Grid Co. Ltd. |
Utilities | China | |||||||||||
A+ | Coca-Cola Co. (The) | Consumer products | U.S. | |||||||||||
A+ |
Compagnie Financiere Richemont S.A. |
Consumer products | Yes | Switzerland | ||||||||||
A+ |
Cooperatieve Rabobank U.A. |
Financial institutions | Netherlands | |||||||||||
A+ |
Credit Agricole S.A. |
Financial institutions | France | |||||||||||
A+ |
DekaBank Deutsche Girozentrale |
Deutscher Sparkassen- und Giroverband e.V. | Financial institutions | Germany | ||||||||||
A+ |
Denso Corp. |
Automotive | Yes | Japan | ||||||||||
A+ |
Eli Lilly & Co. |
Health care | U.S. | |||||||||||
A+ |
Empresa de Transporte de Pasajeros Metro S.A. |
Utilities | Chile | |||||||||||
A+ | Estee Lauder Cos. Inc. (The) | Consumer products | U.S. | |||||||||||
A+ |
Jackson National Life Insurance Co. |
Prudential PLC |
Insurance | U.S. | ||||||||||
A+ |
LVMH Moet Hennessy Louis Vuitton S.E. |
Consumer products | Yes | France | ||||||||||
A+ |
Macquarie Bank Ltd. |
Macquarie Group Ltd. |
Financial institutions | Australia | ||||||||||
A+ |
NATS (En Route) PLC |
Transportation | U.K. | |||||||||||
A+ |
Oracle Corp. |
High technology | U.S. | |||||||||||
A+ | Republic of Chile | Sovereign | Chile | |||||||||||
A+ |
Robert Bosch GmbH |
Automotive | Germany | |||||||||||
A+ |
Total S.A. |
Oil and gas | France | |||||||||||
A+ |
Toyota Industries Corp. |
Automotive | Yes | Japan | ||||||||||
A+ |
Toyota Motor Corp. |
Automotive | Yes | Japan | ||||||||||
A/Watch Neg |
BASF SE |
Chemicals, packaging, and environmental services | Germany | |||||||||||
A/Watch Neg |
General Dynamics Corp. |
Aerospace and defense | U.S. | |||||||||||
A/Watch Neg |
London Stock Exchange Group PLC |
Financial institutions | U.K. | |||||||||||
A/Watch Neg |
daa PLC |
Utilities | Ireland | |||||||||||
A |
ABB Ltd. |
Capital goods | Switzerland | |||||||||||
A |
ABN AMRO Bank N.V. |
Financial institutions | Netherlands | |||||||||||
A |
Abu Dhabi Commercial Bank PJSC |
Financial institutions | U.A.E. | |||||||||||
A |
Aeroports de Paris |
Utilities | France | |||||||||||
A |
Airbus SE |
Aerospace and defense | Yes | Netherlands | ||||||||||
A |
Aisin Seiki Co. Ltd. |
Automotive | Yes | Japan | ||||||||||
A |
Ameriprise Financial Inc. |
Insurance | U.S. | |||||||||||
A | Apollo Global Management Inc. | Financial institutions | U.S. | |||||||||||
A |
Autoridad del Canal de Panama |
Utilities | Panama | |||||||||||
A |
BMW AG |
Automotive | Germany | |||||||||||
A |
Banco Santander S.A. |
Financial institutions | Yes | Spain | ||||||||||
A |
Banco de Credito e Inversiones |
Financial institutions | Chile | |||||||||||
A |
Caisse Centrale du Credit Mutuel |
Financial institutions | France | |||||||||||
A |
Chiba Bank Ltd. |
Financial institutions | Japan | |||||||||||
A |
Compass Group PLC |
Consumer products | U.K. | |||||||||||
A |
ConocoPhillips |
Oil and gas | U.S. | |||||||||||
A |
Corporacion Nacional del Cobre de Chile |
Metals, mining, and steel | Chile | |||||||||||
A |
Dongfeng Motor Group Co. Ltd. |
Dongfeng Motor Corp. |
Automotive | China | ||||||||||
A |
EVN AG |
Utilities | Yes | Austria | ||||||||||
A | Emirate of Ras Al Khaimah | Sovereign | U.A.E. | |||||||||||
A |
International Business Machines Corp. |
High technology | U.S. | |||||||||||
A |
Landesbank Hessen-Thueringen Girozentrale |
Deutscher Sparkassen- und Giroverband e.V. | Financial institutions | Germany | ||||||||||
A |
Oberbank AG |
Financial institutions | Yes | Austria | ||||||||||
A |
Proximus S.A. |
Telecommunications | Belgium | |||||||||||
A |
Qatar Insurance Co. S.A.Q. |
Insurance | Qatar | |||||||||||
A |
Scentre Group |
Homebuilders/real estate companies | Australia | |||||||||||
A |
Schlumberger Ltd. |
Oil and gas | Curacao | |||||||||||
A |
Shanghai Electric (Group) Corp. |
Capital goods | China | |||||||||||
A | Simon Property Group Inc. | Homebuilders/real estate companies | U.S. | |||||||||||
A |
Societe Generale |
Financial institutions | Yes | France | ||||||||||
A |
Stanley Black & Decker Inc. |
Forest products and building materials | U.S. | |||||||||||
A |
Swiss Re Ltd. |
Insurance | Yes | Switzerland | ||||||||||
A |
TJX Cos. Inc. |
Retail/restaurants | U.S. | |||||||||||
A |
The Hong Kong and China Gas Co. Ltd. |
Utilities | Hong Kong | |||||||||||
A |
Toyota Tsusho Corp. |
Diversified | Yes | Japan | ||||||||||
A |
VF Corp. |
Consumer products | U.S. | |||||||||||
A |
Vicinity Centres |
Homebuilders/real estate companies | Australia | |||||||||||
A-/Watch Neg |
Auckland International Airport Ltd. |
Utilities | New Zealand | |||||||||||
A-/Watch Neg |
Australia Pacific Airports Corp. Ltd. |
Utilities | Australia | |||||||||||
A-/Watch Neg |
Christchurch International Airport Ltd. |
Utilities | New Zealand | |||||||||||
A-/Watch Neg |
Electricite de France S.A. |
Utilities | France | |||||||||||
A-/Watch Neg |
Magna International Inc. |
Automotive | Canada | |||||||||||
A-/Watch Neg |
RCS Trust |
Homebuilders/real estate companies | Singapore | |||||||||||
A-/Watch Neg |
Ralph Lauren Corp. |
Consumer products | U.S. | |||||||||||
A-/Watch Neg |
Sociedad Concesionaria Autopista Central S.A. |
Utilities | Chile | |||||||||||
A-/Watch Neg |
UNIQA Insurance Group AG |
Insurance | Austria | |||||||||||
A-/Watch Neg |
Walt Disney Co. (The) |
Media and entertainment | U.S. | |||||||||||
A- |
AXIS Capital Holdings Ltd. |
Insurance | Yes | Bermuda | ||||||||||
A- |
Aktia Bank PLC |
Financial institutions | Yes | Finland | ||||||||||
A- |
AmerisourceBergen Corp. |
Consumer products | U.S. | |||||||||||
A- |
Arch Capital Group Ltd. |
Insurance | Bermuda | |||||||||||
A- |
Argenta Spaarbank N.V. |
Financial institutions | Belgium | |||||||||||
A- |
Assa Abloy AB |
Capital goods | Yes | Sweden | ||||||||||
A- |
Australian Prime Property Fund Retail |
Homebuilders/real estate companies | Australia | |||||||||||
A- |
BOC Aviation Ltd. |
Bank of China Ltd. |
Transportation | Singapore | ||||||||||
A- |
Baker Hughes Co. |
Oil and gas | U.S. | |||||||||||
A- | Banco Bilbao Vizcaya Argentaria, S.A. | Financial institutions | Spain | |||||||||||
A- |
Booking Holdings Inc. |
Media and entertainment | U.S. | |||||||||||
A- |
Boston Properties Inc. |
Homebuilders/real estate companies | U.S. | |||||||||||
A- |
CEZ a.s. |
Utilities | Czech Republic | |||||||||||
A- |
Cboe Global Markets |
Financial institutions | U.S. | |||||||||||
A- |
Cembra Money Bank AG |
Financial institutions | Switzerland | |||||||||||
A- |
Central Bank of Savings Banks Finland PLC |
Savings Banks Group Finland |
Financial institutions | Yes | Finland | |||||||||
A- |
China National Travel Service Group Corp. Ltd. |
Media and entertainment | China | |||||||||||
A- |
Cigna Corp. |
Financial institutions | U.S. | |||||||||||
A- |
Compagnie Generale des Etablissements Michelin S.C.A. |
Automotive | Yes | France | ||||||||||
A- | Cullen/Frost Bankers Inc. | Financial institutions | U.S. | |||||||||||
A- |
DEPFA Bank PLC |
FMS Wertmanagement Anstalt des oeffentlichen Rechts |
Financial institutions | Ireland | ||||||||||
A- |
Deutsche Pfandbriefbank AG |
Financial institutions | Germany | |||||||||||
A- |
Deutsche Wohnen SE |
Homebuilders/real estate companies | Germany | |||||||||||
A- |
Doctors Co. an Interinsurance Exchange |
Insurance | U.S. | |||||||||||
A- |
EOG Resources Inc. |
Oil and gas | U.S. | |||||||||||
A- |
Eni SpA |
Oil and gas | Italy | |||||||||||
A- |
Enterprise Holdings Inc. |
Transportation | U.S. | |||||||||||
A- | Fomento Economico Mexicano, S. A. B. de C. V. | Retail/restaurants | Mexico | |||||||||||
A- |
Formosa Plastics Corp. |
Chemicals, packaging, and environmental services | Taiwan | |||||||||||
A- |
Fortis Inc. |
Utilities | Canada | |||||||||||
A- |
Harman International Industries Inc. |
Samsung Electronics Co. Ltd. |
Automotive | U.S. | ||||||||||
A- |
Honda Motor Co. Ltd. |
Automotive | Yes | Japan | ||||||||||
A- |
ING Groep N.V. |
Financial institutions | Netherlands | |||||||||||
A- |
KBC Group N.V. |
Financial institutions | Belgium | |||||||||||
A- |
Klepierre S.A. |
Homebuilders/real estate companies | France | |||||||||||
A- |
LQ Inversiones Financieras S.A. |
Financial institutions | Chile | |||||||||||
A- | Marsh & McLennan Cos. Inc. | Insurance | U.S. | |||||||||||
A- |
Mashreqbank |
Financial institutions | U.A.E. | |||||||||||
A- |
ORIX Corp. |
Financial institutions | Japan | |||||||||||
A- |
Panasonic Corp. |
High technology | Japan | |||||||||||
A- | Principal Financial Group Inc. | Insurance | U.S. | |||||||||||
A- |
QIC Shopping Centre Fund |
Homebuilders/real estate companies | Australia | |||||||||||
A- |
Raiffeisen Bank International AG |
Financial institutions | Yes | Austria | ||||||||||
A- | Raytheon Technologies Corp. | Aerospace and defense | Yes | U.S. | ||||||||||
A- |
Reckitt Benckiser Group PLC |
Consumer products | U.K. | |||||||||||
A- | S.F. Holding Co. Ltd. | Transportation | China | |||||||||||
A- |
SK Telecom Co. Ltd. |
Telecommunications | Korea, Republic of | |||||||||||
A- |
Sharjah Islamic Bank |
Financial institutions | U.A.E. | |||||||||||
A- |
Shikoku Electric Power Co. Inc. |
Utilities | Yes | Japan | ||||||||||
A- |
Sika AG |
Chemicals, packaging, and environmental services | Switzerland | |||||||||||
A- |
Sociedad Concesionaria Autovia de la Plata S.A. |
Utilities | Spain | |||||||||||
A- |
Sodexo S.A. |
Consumer products | France | |||||||||||
A- |
Southern Co. |
Utilities | U.S. | |||||||||||
A- |
Stryker Corp. |
Health care | U.S. | |||||||||||
A- |
Unibail-Rodamco-Westfield SE |
Homebuilders/real estate companies | France | |||||||||||
A- |
United Parcel Service Inc. |
Transportation | U.S. | |||||||||||
A- |
Wells Fargo & Co. |
Financial institutions | U.S. | |||||||||||
A- |
Yorkshire Water Services Finance Ltd. |
Kelda Group Ltd. | Utilities | U.K. | ||||||||||
BBB+/Watch Neg |
Beijing Automotive Group Co. Ltd. |
Automotive | China | |||||||||||
BBB+/Watch Neg |
Borealis AG |
Chemicals, packaging, and environmental services | Austria | |||||||||||
BBB+/Watch Neg |
BorgWarner Inc. |
Automotive | U.S. | |||||||||||
BBB+/Watch Neg | DuPont de Nemours Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
BBB+/Watch Neg |
ENN Energy Holdings Ltd. |
ENN Investment Holdings Co. Ltd. | Utilities | Cayman Islands | ||||||||||
BBB+/Watch Neg |
Finning International Inc. |
Capital goods | Canada | |||||||||||
BBB+/Watch Neg |
Hyundai Motor Co. |
Automotive | Korea, Republic of | |||||||||||
BBB+/Watch Neg | JFK International Air Terminal LLC | Utilities | U.S. | |||||||||||
BBB+/Watch Neg |
Millennium Parking Garages LLC |
Utilities | U.S. | |||||||||||
BBB+/Watch Neg |
Northumbrian Water Ltd. |
CK Hutchison Holdings Ltd. |
Utilities | U.K. | ||||||||||
BBB+/Watch Neg |
Southern Cross Airports Corp. Holdings Ltd. |
Utilities | Australia | |||||||||||
BBB+/Watch Neg |
Wellington International Airport Ltd. |
Utilities | New Zealand | |||||||||||
BBB+ |
AMP Ltd. |
Insurance | Australia | |||||||||||
BBB+ |
America Movil S.A.B. de C.V. |
Telecommunications | Mexico | |||||||||||
BBB+ |
Anheuser-Busch InBev S.A./N.V. |
Consumer products | Yes | Belgium | ||||||||||
BBB+ |
Aozora Bank Ltd. |
Financial institutions | Japan | |||||||||||
BBB+ |
BOK Financial Corp. |
Financial institutions | U.S. | |||||||||||
BBB+ | Banco General, S.A. | Financial institutions | Panama | |||||||||||
BBB+ |
Bankinter S.A. |
Financial institutions | Spain | |||||||||||
BBB+ |
Bertelsmann SE & Co. KGaA |
Media and entertainment | Germany | |||||||||||
BBB+ |
CenterPoint Energy Inc. |
Utilities | U.S. | |||||||||||
BBB+ | Coca-Cola Femsa, S.A.B. de C.V. | Consumer products | Mexico | |||||||||||
BBB+ |
Comerica Inc. |
Financial institutions | U.S. | |||||||||||
BBB+ |
Commerzbank AG |
Financial institutions | Germany | |||||||||||
BBB+ |
Corning Inc. |
High technology | U.S. | |||||||||||
BBB+ |
DTE Energy Center LLC |
Utilities | U.S. | |||||||||||
BBB+ |
Daimler AG |
Automotive | Germany | |||||||||||
BBB+ |
Deutsche Bank AG |
Financial institutions | Germany | |||||||||||
BBB+ |
Dover Corp. |
Capital goods | Yes | U.S. | ||||||||||
BBB+ |
Fubon Financial Holding Co. Ltd. |
Insurance | Yes | Taiwan | ||||||||||
BBB+ |
GPT Wholesale Shopping Centre Fund |
Homebuilders/real estate companies | Australia | |||||||||||
BBB+ |
General Electric Co. |
Capital goods | U.S. | |||||||||||
BBB+ |
Genworth MI Canada Inc. |
Financial institutions | Canada | |||||||||||
BBB+ |
Goodman European Partnership |
Homebuilders/real estate companies | Luxembourg | |||||||||||
BBB+ |
Grenke AG |
Financial institutions | Germany | |||||||||||
BBB+ | Grupo Televisa, S. A. B. | Media and entertainment | Mexico | |||||||||||
BBB+ |
Halliburton Co. |
Oil and gas | U.S. | |||||||||||
BBB+ |
Heineken N.V. |
Consumer products | Netherlands | |||||||||||
BBB+ |
Helmerich & Payne Inc. |
Oil and gas | U.S. | |||||||||||
BBB+ |
Ignitis Group UAB |
Utilities | Lithuania | |||||||||||
BBB+ | Johnson Controls International Public Ltd. Co. | Capital goods | Yes | Ireland | ||||||||||
BBB+ |
Jones Lang LaSalle Inc. |
Financial institutions | U.S. | |||||||||||
BBB+ |
Kimberly-Clark de Mexico S.A.B. de C.V. |
Consumer products | Mexico | |||||||||||
BBB+ |
Lloyds Banking Group PLC |
Financial institutions | U.K. | |||||||||||
BBB+ |
MDU Resources Group Inc. |
Utilities | U.S. | |||||||||||
BBB+ |
McDonald's Corp. |
Retail/restaurants | U.S. | |||||||||||
BBB+ |
NIBC Bank N.V. |
Financial institutions | Netherlands | |||||||||||
BBB+ |
National Oilwell Varco Inc. |
Oil and gas | U.S. | |||||||||||
BBB+ |
PPG Industries Inc. |
Chemicals, packaging, and environmental services | U.S. | |||||||||||
BBB+ |
PTT Global Chemical Public Co. Ltd. |
PTT Public Co. Ltd. |
Chemicals, packaging, and environmental services | Thailand | ||||||||||
BBB+ |
Parker-Hannifin Corp. |
Capital goods | U.S. | |||||||||||
BBB+ |
People's United Financial Inc. |
Financial institutions | U.S. | |||||||||||
BBB+ |
RLI Corp. |
Insurance | U.S. | |||||||||||
BBB+ | Republic of Panama | Sovereign | Panama | |||||||||||
BBB+ |
Ross Stores Inc. |
Retail/restaurants | U.S. | |||||||||||
BBB+ |
Scotland Gas Networks PLC |
Scotia Gas Networks PLC | Utilities | Yes | U.K. | |||||||||
BBB+ |
Sempra Energy |
Utilities | U.S. | |||||||||||
BBB+ |
Southern Gas Networks PLC |
Scotia Gas Networks PLC | Utilities | Yes | U.K. | |||||||||
BBB+ | Southwest Gas Holdings Inc. | Utilities | U.S. | |||||||||||
BBB+ |
Starbucks Corp. |
Retail/restaurants | Yes | U.S. | ||||||||||
BBB+ |
Takeda Pharmaceutical Co. Ltd. |
Health care | Japan | |||||||||||
BBB+ |
TechnipFMC Plc |
Oil and gas | U.K. | |||||||||||
BBB+ |
Telus Corp. |
Telecommunications | Canada | |||||||||||
BBB+ |
Terna SpA |
Utilities | Italy | |||||||||||
BBB+ |
Thai Oil Public Co. Ltd. |
PTT Public Co. Ltd. |
Oil and gas | Thailand | ||||||||||
BBB+ |
Transurban Finance Co. Pty Ltd. |
Transurban Group | Utilities | Yes | Australia | |||||||||
BBB+ |
Van Lanschot Kempen Wealth Management N.V. |
Financial institutions | Netherlands | |||||||||||
BBB+ |
Ventas Inc. |
Homebuilders/real estate companies | Yes | U.S. | ||||||||||
BBB+ |
Volkswagen AG |
Automotive | Germany | |||||||||||
BBB+ |
Welltower Inc. |
Homebuilders/real estate companies | Yes | U.S. | ||||||||||
BBB+ |
Woodside Petroleum Ltd. |
Oil and gas | Australia | |||||||||||
BBB+ | Zions BanCorp., N.A. | Financial institutions | U.S. | |||||||||||
BBB/Watch Neg |
Adelaide Airport Ltd. |
Utilities | Australia | |||||||||||
BBB/Watch Neg |
Amadeus IT Group S.A. |
Media and entertainment | Spain | |||||||||||
BBB/Watch Neg |
Aptiv PLC |
Automotive | Jersey | |||||||||||
BBB/Watch Neg |
Brisbane Airport Corp. Pty Ltd. |
BAC Holdings Ltd. | Utilities | Australia | ||||||||||
BBB/Watch Neg |
Crown Resorts Ltd. |
Media and entertainment | Australia | |||||||||||
BBB/Watch Neg |
Danfoss A/S |
Capital goods | Denmark | |||||||||||
BBB/Watch Neg |
Falabella S.A. |
Retail/restaurants | Chile | |||||||||||
BBB/Watch Neg |
GLP Pte. Ltd. |
Homebuilders/real estate companies | Singapore | |||||||||||
BBB/Watch Neg |
General Motors Co. |
Automotive | U.S. | |||||||||||
BBB/Watch Neg | Idaho College of Osteopathic Medicine LLC | Utilities | U.S. | |||||||||||
BBB/Watch Neg |
JCDecaux S.A. |
Media and entertainment | France | |||||||||||
BBB/Watch Neg | Jinjiang International Holding Co. Ltd. | Media and entertainment | China | |||||||||||
BBB/Watch Neg |
Johnson Electric Holdings Ltd. |
Automotive | Bermuda | |||||||||||
BBB/Watch Neg | Madrilena Red de Gas, S.A.U. | Utilities | Spain | |||||||||||
BBB/Watch Neg |
Nissan Motor Co. Ltd. |
Automotive | Japan | |||||||||||
BBB/Watch Neg |
Perth Airport Pty Ltd. |
Perth Airport Development Group Pty Ltd | Utilities | Australia | ||||||||||
BBB/Watch Neg |
Queens Ballpark Co. LLC |
Utilities | U.S. | |||||||||||
BBB/Watch Neg |
Ryanair Holdings PLC |
Transportation | Ireland | |||||||||||
BBB/Watch Neg |
Seminole Tribe of Florida |
Media and entertainment | U.S. | |||||||||||
BBB/Watch Neg |
Sirius International Group Ltd. |
Sirius International Insurance Group | Insurance | Bermuda | ||||||||||
BBB/Watch Neg |
Southwest Airlines Co. |
Transportation | U.S. | |||||||||||
BBB/Watch Neg |
Textron Inc. |
Aerospace and defense | U.S. | |||||||||||
BBB/Watch Neg |
Yankee Stadium LLC |
Media and entertainment | U.S. | |||||||||||
BBB |
A.P. Moller - Maersk A/S |
Transportation | Denmark | |||||||||||
BBB |
AEON Co. Ltd. |
Retail/restaurants | Japan | |||||||||||
BBB | AMCO - Asset Management Co. S.p.A. | Financial institutions | Italy | |||||||||||
BBB |
AerCap Holdings N.V. |
Transportation | Netherlands | |||||||||||
BBB |
Air Lease Corp. |
Transportation | U.S. | |||||||||||
BBB |
Alfa S.A.B. de C.V. |
Diversified | Mexico | |||||||||||
BBB |
Altarea SCA |
Homebuilders/real estate companies | France | |||||||||||
BBB |
American Campus Communities Inc. |
Homebuilders/real estate companies | U.S. | |||||||||||
BBB |
Banco Inbursa S.A. Institucion de Banca Multiple Grupo Financiero Inbursa |
Grupo Financiero Inbursa | Financial institutions | Mexico | ||||||||||
BBB |
Banco Latinoamericano de Comercio Exterior S.A. |
Financial institutions | Panama | |||||||||||
BBB | 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 |
Banco de Sabadell S.A. |
Financial institutions | Yes | Spain | ||||||||||
BBB |
Bank of Aland PLC |
Financial institutions | Yes | Finland | ||||||||||
BBB |
Barclays PLC |
Financial institutions | U.K. | |||||||||||
BBB |
Becton Dickinson & Co. |
Health care | U.S. | |||||||||||
BBB |
Boral Ltd. |
Forest products and building materials | Australia | |||||||||||
BBB |
Brookfield Property Partners L.P. |
Brookfield Asset Management Inc. |
Homebuilders/real estate companies | Bermuda | ||||||||||
BBB |
Bruce Power L.P. |
Merchant power | Canada | |||||||||||
BBB |
Bunge Ltd. |
Consumer products | Bermuda | |||||||||||
BBB | CE Oaxaca Cuatro, S. de R.L. de C.V. | Utilities | Mexico | |||||||||||
BBB | CE Oaxaca Dos, S. de R.L. de C.V. | Utilities | Mexico | |||||||||||
BBB |
CPI Property Group SA |
Homebuilders/real estate companies | Luxembourg | |||||||||||
BBB |
Canadian Tire Corp. Ltd. |
Retail/restaurants | Canada | |||||||||||
BBB |
Capital One Financial Corp. |
Financial institutions | Yes | U.S. | ||||||||||
BBB |
Carmila S.A. |
Homebuilders/real estate companies | France | |||||||||||
BBB | China National Chemical Corp. Ltd.. | Chemicals, packaging, and environmental services | China | |||||||||||
BBB |
Chongqing Nan'an Urban Construction & Development (Group) Co. Ltd. |
Homebuilders/real estate companies | China | |||||||||||
BBB |
Constellation Brands Inc. |
Consumer products | U.S. | |||||||||||
BBB |
DENTSPLY SIRONA Inc. |
Health care | U.S. | |||||||||||
BBB | DXC Technology Co. | High technology | U.S. | |||||||||||
BBB |
Dairy Farmers of America Inc. |
Consumer products | Yes | U.S. | ||||||||||
BBB |
Drawbridge Special Opportunities Fund LP |
Financial institutions | Yes | U.S. | ||||||||||
BBB |
EQUATE Petrochemical Co K.S.C.C. |
Chemicals, packaging, and environmental services | Kuwait | |||||||||||
BBB |
El Paso Electric Co. |
Utilities | U.S. | |||||||||||
BBB | El Puerto de Liverpool, S. A. B. de C. V. | Retail/restaurants | Mexico | |||||||||||
BBB |
Ellevio AB |
Utilities | Sweden | |||||||||||
BBB |
Emgesa S.A. E.S.P. |
Utilities | Colombia | |||||||||||
BBB | Emirate of Sharjah | Sovereign | U.A.E. | |||||||||||
BBB |
Enel Americas S.A. |
Enel SpA |
Utilities | Chile | ||||||||||
BBB |
Equifax Inc. |
Media and entertainment | U.S. | |||||||||||
BBB |
Euronet Worldwide Inc. |
Financial institutions | Yes | U.S. | ||||||||||
BBB |
FedEx Corp. |
Transportation | U.S. | |||||||||||
BBB |
Fermaca Enterprises S. de R.L. de C.V. |
Utilities | Mexico | |||||||||||
BBB | Ferrovie dello Stato Italiane S.p.A | Utilities | Italy | |||||||||||
BBB | Fideicomiso 209635 (Matehuala) | Transportation | Mexico | |||||||||||
BBB |
FinecoBank S.p.A. |
Financial institutions | Italy | |||||||||||
BBB |
Fortive Corp. |
Capital goods | Yes | U.S. | ||||||||||
BBB |
Fortum Oyj |
Utilities | Finland | |||||||||||
BBB |
Genting Bhd. |
Media and entertainment | Malaysia | |||||||||||
BBB | Grupo Bimbo, S.A.B. de C.V. | Consumer products | Mexico | |||||||||||
BBB |
Hancock Whitney Corp. |
Financial institutions | U.S. | |||||||||||
BBB |
Harley-Davidson Inc. |
Media and entertainment | U.S. | |||||||||||
BBB |
Hexcel Corp. |
Aerospace and defense | U.S. | |||||||||||
BBB |
Hong Kong Telecommunications (HKT) Ltd. |
PCCW Ltd. |
Telecommunications | Hong Kong | ||||||||||
BBB |
Huntington Ingalls Industries Inc. |
Aerospace and defense | U.S. | |||||||||||
BBB |
Husky Energy Inc. |
CK Hutchison Holdings Ltd. |
Oil and gas | Canada | ||||||||||
BBB | IBERIABANK Corp. | Financial institutions | U.S. | |||||||||||
BBB |
ISS A/S |
Consumer products | Denmark | |||||||||||
BBB | Infraestructura Energetica Nova, S. A. B. de C. V. | Utilities | Mexico | |||||||||||
BBB |
InterContinental Hotels Group PLC |
Media and entertainment | U.K. | |||||||||||
BBB |
International Flavors & Fragrances Inc. |
Consumer products | Yes | U.S. | ||||||||||
BBB |
Interpublic Group of Cos. Inc. |
Media and entertainment | U.S. | |||||||||||
BBB |
Intesa Sanpaolo SpA |
Financial institutions | Italy | |||||||||||
BBB | J.M. Smucker Co. (The) | Consumer products | U.S. | |||||||||||
BBB | Jefferies Financial Group Inc. | Financial institutions | U.S. | |||||||||||
BBB |
KKR Financial Holdings LLC |
Financial institutions | U.S. | |||||||||||
BBB |
Kennametal Inc. |
Capital goods | U.S. | |||||||||||
BBB |
Laurentian Bank of Canada |
Financial institutions | Canada | |||||||||||
BBB |
Li & Fung Ltd. |
Consumer products | Bermuda | |||||||||||
BBB |
LyondellBasell Industries N.V. |
Chemicals, packaging, and environmental services | Netherlands | |||||||||||
BBB |
MM SpA |
Utilities | Italy | |||||||||||
BBB |
Marathon Petroleum Corp. |
Utilities | U.S. | |||||||||||
BBB | Mediobanca Banca di Credito Finanziario S.p.A | Financial institutions | Italy | |||||||||||
BBB |
Mercialys |
Homebuilders/real estate companies | France | |||||||||||
BBB |
Mirae Asset Daewoo Co. Ltd. |
Financial institutions | Korea, Republic of | |||||||||||
BBB |
Motiva Enterprises LLC |
Utilities | U.S. | |||||||||||
BBB |
NEPI Rockcastle PLC |
Homebuilders/real estate companies | Isle of Man | |||||||||||
BBB |
NIPPON STEEL Corp. |
Metals, mining, and steel | Japan | |||||||||||
BBB |
Oshkosh Corp. |
Capital goods | Yes | U.S. | ||||||||||
BBB | Otis Worldwide Corp. | Capital goods | U.S. | |||||||||||
BBB |
PerkinElmer Inc. |
Health care | U.S. | |||||||||||
BBB |
Portsmouth Water Ltd. |
Utilities | U.K. | |||||||||||
BBB | Republic of Indonesia | Sovereign | Indonesia | |||||||||||
BBB | Royal Bank of Scotland Group plc (The) | Financial institutions | U.K. | |||||||||||
BBB | SK Innovation Co. Ltd. | Oil and gas | Korea, Republic of | |||||||||||
BBB |
Societa Cattolica di Assicurazione |
Insurance | Italy | |||||||||||
BBB |
Sonoco Products Co. |
Chemicals, packaging, and environmental services | U.S. | |||||||||||
BBB |
South Jersey Industries Inc. |
Utilities | U.S. | |||||||||||
BBB |
South Staffordshire PLC |
Utilities | U.K. | |||||||||||
BBB |
Tanger Factory Outlet Centers Inc. |
Homebuilders/real estate companies | U.S. | |||||||||||
BBB |
Telefonica S.A. |
Telecommunications | Spain | |||||||||||
BBB |
UniCredit SpA |
Financial institutions | Yes | Italy | ||||||||||
BBB |
Unite Group PLC |
Homebuilders/real estate companies | U.K. | |||||||||||
BBB | United Mexican States | Sovereign | Mexico | |||||||||||
BBB |
Valley National Bancorp |
Financial institutions | Yes | U.S. | ||||||||||
BBB |
ViacomCBS Inc. |
Media and entertainment | U.S. | |||||||||||
BBB |
WPP PLC |
Media and entertainment | U.K. | |||||||||||
BBB | WestRock Co. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
BBB |
Whirlpool Corp. |
Consumer products | U.S. | |||||||||||
BBB | Zimmer Biomet Holdings Inc. | Health care | U.S. | |||||||||||
BBB-/Watch Neg |
Austin Convention Enterprises Inc. |
Media and entertainment | U.S. | |||||||||||
BBB-/Watch Neg |
Brunswick Corp. |
Media and entertainment | U.S. | |||||||||||
BBB-/Watch Neg |
Carnival Corp. |
Media and entertainment | Panama | |||||||||||
BBB-/Watch Neg | Denver Convention Ctr Hotel Auth | Media and entertainment | U.S. | |||||||||||
BBB-/Watch Neg |
Eagle Materials Inc. |
Forest products and building materials | U.S. | |||||||||||
BBB-/Watch Neg |
Emaar Properties PJSC |
Homebuilders/real estate companies | U.A.E. | |||||||||||
BBB-/Watch Neg |
Embraer S.A. |
Aerospace and defense | Brazil | |||||||||||
BBB-/Watch Neg |
Host Hotels & Resorts Inc. |
Media and entertainment | U.S. | |||||||||||
BBB-/Watch Neg |
Hyatt Hotels Corp. |
Media and entertainment | U.S. | |||||||||||
BBB-/Watch Neg |
IHO Verwaltungs GmbH |
Automotive | Germany | |||||||||||
BBB-/Watch Neg |
Kingfisher PLC |
Retail/restaurants | U.K. | |||||||||||
BBB-/Watch Neg |
Las Vegas Sands Corp. |
Media and entertainment | U.S. | |||||||||||
BBB-/Watch Neg |
Marriott International Inc. |
Media and entertainment | U.S. | |||||||||||
BBB-/Watch Neg | Metso Corp. | Capital goods | Finland | |||||||||||
BBB-/Watch Neg |
Minsur S.A. |
Breca Mineria S.A.C. and Subsidiaries |
Metals, mining, and steel | Peru | ||||||||||
BBB-/Watch Neg |
Next PLC |
Consumer products | U.K. | |||||||||||
BBB-/Watch Neg |
Nexteer Automotive Group Ltd. |
Aviation Industry Corp. of China Ltd. | Automotive | Cayman Islands | ||||||||||
BBB-/Watch Neg |
SKYCITY Entertainment Group Ltd. |
Media and entertainment | New Zealand | |||||||||||
BBB-/Watch Neg |
Samhallsbyggnadsbolaget i Norden AB (publ) |
Homebuilders/real estate companies | Yes | Sweden | ||||||||||
BBB-/Watch Neg |
Sociedad Concesionaria Vespucio Norte Express S.A. |
Transportation | Chile | |||||||||||
BBB-/Watch Neg |
Steelcase Inc. |
Consumer products | U.S. | |||||||||||
BBB-/Watch Neg |
Sysco Corp. |
Consumer products | U.S. | |||||||||||
BBB-/Watch Neg |
Tech Data Corp. |
High technology | U.S. | |||||||||||
BBB-/Watch Neg |
Toll Road Investors Partnership II LP |
Transportation | U.S. | |||||||||||
BBB-/Watch Neg |
Valeo S.A. |
Automotive | France | |||||||||||
BBB-/Watch Neg | Zhejiang Geely Holding Group Co. Ltd. | Automotive | China | |||||||||||
BBB-/Watch Neg |
easyJet PLC |
Transportation | U.K. | |||||||||||
BBB- |
AIB Group PLC |
Financial institutions | Ireland | |||||||||||
BBB- |
Abertis Infraestructuras S.A. |
Utilities | Spain | |||||||||||
BBB- |
Accor S.A. |
Media and entertainment | France | |||||||||||
BBB- |
Aker BP ASA |
Oil and gas | Norway | |||||||||||
BBB- |
Ally Financial Inc. |
Financial institutions | Yes | U.S. | ||||||||||
BBB- |
American Equity Investment Life Holding Co. |
Insurance | U.S. | |||||||||||
BBB- |
ArcelorMittal |
Metals, mining, and steel | Luxembourg | |||||||||||
BBB- | Argo Group US Inc. |
Argo Group International Holdings Ltd. |
Financial institutions | U.S. | ||||||||||
BBB- |
Ashtead Group PLC |
Capital goods | U.K. | |||||||||||
BBB- |
Auchan Holding |
Retail/restaurants | France | |||||||||||
BBB- |
AutoNation Inc. |
Automotive | U.S. | |||||||||||
BBB- |
Aviation Capital Group LLC |
Pacific LifeCorp |
Transportation | U.S. | ||||||||||
BBB- |
Avolon Holdings Ltd. |
Transportation | Cayman Islands | |||||||||||
BBB- |
Axis Bank Ltd. |
Financial institutions | India | |||||||||||
BBB- |
Bank of Ireland Group PLC |
Financial institutions | Ireland | |||||||||||
BBB- | Beijing Capital Group Co. Ltd. | Homebuilders/real estate companies | China | |||||||||||
BBB- |
Bharti Airtel Ltd. |
Telecommunications | India | |||||||||||
BBB- |
Braskem S.A. |
Odebrecht S.A. |
Chemicals, packaging, and environmental services | Brazil | ||||||||||
BBB- |
BrightSphere Investment Group Inc. |
Financial institutions | U.S. | |||||||||||
BBB- |
Cameco Corp. |
Metals, mining, and steel | Canada | |||||||||||
BBB- | Capri Holdings Ltd. | Retail/restaurants | British Virgin Islands | |||||||||||
BBB- | Celulosa Arauco y Constitucion, S.A. (ARAUCO) | AntarChile S.A. | Forest products and building materials | Yes | Chile | |||||||||
BBB- |
Cenovus Energy Inc. |
Oil and gas | Canada | |||||||||||
BBB- |
China Jinmao Holdings Group Ltd. |
Sinochem Group |
Homebuilders/real estate companies | Hong Kong | ||||||||||
BBB- |
Choice Hotels International Inc. |
Media and entertainment | U.S. | |||||||||||
BBB- |
Cimarex Energy Co. |
Oil and gas | U.S. | |||||||||||
BBB- |
Citycon Oyj |
Homebuilders/real estate companies | Finland | |||||||||||
BBB- |
Conagra Brands Inc. |
Consumer products | U.S. | |||||||||||
BBB- |
DIFC Investments Ltd. |
Homebuilders/real estate companies | U.A.E. | |||||||||||
BBB- |
Darden Restaurants Inc. |
Retail/restaurants | U.S. | |||||||||||
BBB- |
Devon Energy Corp. |
Oil and gas | U.S. | |||||||||||
BBB- | Diamondback Energy Inc. | Oil and gas | U.S. | |||||||||||
BBB- |
Discover Financial Services |
Financial institutions | Yes | U.S. | ||||||||||
BBB- |
EPR Properties |
Homebuilders/real estate companies | U.S. | |||||||||||
BBB- |
Ecopetrol S.A. |
Oil and gas | Colombia | |||||||||||
BBB- |
Elizabeth River Crossings Opco LLC |
Utilities | U.S. | |||||||||||
BBB- |
Empresa Nacional del Petroleo |
Utilities | Chile | |||||||||||
BBB- | Enable Midstream Partners LP | Merchant power | U.S. | |||||||||||
BBB- |
Energy Transfer LP |
Midstream | Yes | U.S. | ||||||||||
BBB- | Expedia Group Inc. | Media and entertainment | U.S. | |||||||||||
BBB- |
Financiera de Desarrollo Territorial S.A. FINDETER |
Financial institutions | Colombia | |||||||||||
BBB- |
FirstGroup PLC |
Transportation | Yes | U.K. | ||||||||||
BBB- |
Flowserve Corp. |
Capital goods | Yes | U.S. | ||||||||||
BBB- |
Fluor Corp. |
Capital goods | Yes | U.S. | ||||||||||
BBB- | GKN Holdings Ltd. | Automotive | U.K. | |||||||||||
BBB- |
Gerdau S.A. |
Metalurgica Gerdau S.A. |
Metals, mining, and steel | Brazil | ||||||||||
BBB- |
Grupo Energia Bogota S.A.E.S.P. |
Utilities | Colombia | |||||||||||
BBB- |
Grupo de Inversiones Suramericana S.A. |
Diversified | Colombia | |||||||||||
BBB- |
Hess Corp. |
Oil and gas | U.S. | |||||||||||
BBB- | Howmet Aerospace Inc. | Aerospace and defense | U.S. | |||||||||||
BBB- |
ICICI Bank Ltd. |
Financial institutions | India | |||||||||||
BBB- |
ITV PLC |
Media and entertainment | U.K. | |||||||||||
BBB- | Indigo Group S.A.S. | Utilities | Yes | France | ||||||||||
BBB- |
Innergex Renewable Energy Inc. |
Merchant power | Canada | |||||||||||
BBB- |
Inter Pipeline Ltd. |
Midstream | Canada | |||||||||||
BBB- |
Kohl's Corp. |
Retail/restaurants | U.S. | |||||||||||
BBB- |
Lear Corp. |
Automotive | U.S. | |||||||||||
BBB- |
Marathon Oil Corp. |
Oil and gas | U.S. | |||||||||||
BBB- |
Metro AG |
Retail/restaurants | Yes | Germany | ||||||||||
BBB- | Molson Coors Beverage Co. | Consumer products | U.S. | |||||||||||
BBB- |
National Fuel Gas Co. |
Utilities | U.S. | |||||||||||
BBB- |
Nelnet Inc. |
Financial institutions | U.S. | |||||||||||
BBB- |
Noble Energy Inc. |
Oil and gas | U.S. | |||||||||||
BBB- |
Nordstrom Inc. |
Retail/restaurants | U.S. | |||||||||||
BBB- |
Nova Ljubljanska Banka D.D. |
Financial institutions | Yes | Slovenia | ||||||||||
BBB- |
Ocean Spray Cranberries Inc. |
Consumer products | U.S. | |||||||||||
BBB- |
Ohio National Financial Services Inc. |
Ohio National Mutual Holdings Inc. | Financial institutions | U.S. | ||||||||||
BBB- |
Ovintiv Inc. |
Oil and gas | U.S. | |||||||||||
BBB- |
PVH Corp. |
Consumer products | U.S. | |||||||||||
BBB- |
Peugeot S.A. |
Automotive | France | |||||||||||
BBB- |
PotlatchDeltic Corp. |
Forest products and building materials | U.S. | |||||||||||
BBB- | Power Finance Corp. Ltd. | Republic of India | Financial institutions | India | ||||||||||
BBB- |
Prospect Capital Corp. |
Financial institutions | Yes | U.S. | ||||||||||
BBB- |
Puget Energy Inc. |
Puget Holdings LLC |
Utilities | U.S. | ||||||||||
BBB- | Rakuten Inc. | High technology | Japan | |||||||||||
BBB- | Republic of Colombia | Sovereign | Colombia | |||||||||||
BBB- |
Retail Opportunity Investments Corp. |
Homebuilders/real estate companies | U.S. | |||||||||||
BBB- |
Romania |
Sovereign | Romania | |||||||||||
BBB- |
Stagecoach Group PLC |
Transportation | Yes | U.K. | ||||||||||
BBB- |
Standard Industries Inc. |
Forest products and building materials | Yes | U.S. | ||||||||||
BBB- |
Suedzucker AG |
Consumer products | Germany | |||||||||||
BBB- |
Suzano S.A. |
Forest products and building materials | Brazil | |||||||||||
BBB- |
Synchrony Financial |
Financial institutions | Yes | U.S. | ||||||||||
BBB- |
Synovus Financial Corp. |
Financial institutions | Yes | U.S. | ||||||||||
BBB- |
Tabcorp Holdings Ltd. |
Media and entertainment | Australia | |||||||||||
BBB- |
Tanner Servicios Financieros S.A. |
Financial institutions | Chile | |||||||||||
BBB- | Tapestry Inc. | Consumer products | U.S. | |||||||||||
BBB- | Timken Co. (The) | Capital goods | Yes | U.S. | ||||||||||
BBB- |
Vale S.A. |
Metals, mining, and steel | Brazil | |||||||||||
BBB- |
Virgin Money UK PLC |
Financial institutions | U.K. | |||||||||||
BBB- |
West Fraser Timber Co. Ltd. |
Forest products and building materials | Canada | |||||||||||
BBB- |
Westinghouse Air Brake Technologies Corp. |
Capital goods | U.S. | |||||||||||
BBB- |
Yangzhou Urban Construction State-owned Assets Holding (Group) Co. Ltd. |
Utilities | China | |||||||||||
BBB- |
Yuexiu Real Estate Investment Trust |
Guangzhou Yuexiu Holdings Ltd. |
Homebuilders/real estate companies | Hong Kong | ||||||||||
BBB- |
Zijin Mining Group Co. Ltd. |
Metals, mining, and steel | China | |||||||||||
BB+/Watch Neg |
Aristocrat Leisure Ltd. |
Media and entertainment | Australia | |||||||||||
BB+/Watch Neg |
Deutsche Lufthansa AG |
Transportation | Germany | |||||||||||
BB+/Watch Neg | El Corte Ingles, S.A. | Retail/restaurants | Spain | |||||||||||
BB+/Watch Neg | Elanco Animal Health Inc. | Health care | U.S. | |||||||||||
BB+/Watch Neg |
Flutter Entertainment PLC |
Media and entertainment | Yes | Ireland | ||||||||||
BB+/Watch Neg |
Ford Motor Co. |
Automotive | U.S. | |||||||||||
BB+/Watch Neg |
HD Supply Inc. |
Capital goods | U.S. | |||||||||||
BB+/Watch Neg |
Hilton Grand Vacations Inc. |
Media and entertainment | U.S. | |||||||||||
BB+/Watch Neg | IAC/InterActiveCorp | Media and entertainment | U.S. | |||||||||||
BB+/Watch Neg |
Marks & Spencer PLC |
Marks & Spencer Group PLC |
Retail/restaurants | U.K. | ||||||||||
BB+/Watch Neg |
Occidental Petroleum Corp. |
Oil and gas | U.S. | |||||||||||
BB+/Watch Neg |
PCI Gaming Authority |
Media and entertainment | U.S. | |||||||||||
BB+/Watch Neg |
Sensata Technologies B.V. |
Automotive | Netherlands | |||||||||||
BB+/Watch Neg |
Speedway Motorsports LLC |
Media and entertainment | U.S. | |||||||||||
BB+ |
Amplifon SpA |
Health care | Italy | |||||||||||
BB+ |
Apache Corp. |
Oil and gas | U.S. | |||||||||||
BB+ |
Asbury Automotive Group Inc. |
Automotive | U.S. | |||||||||||
BB+ | Beijing Easyhome Investment Holding Group Co. Ltd. | Homebuilders/real estate companies | China | |||||||||||
BB+ |
CAP S.A. |
Metals, mining, and steel | Chile | |||||||||||
BB+ |
CDK Global Inc. |
Media and entertainment | U.S. | |||||||||||
BB+ | CIT Group Inc. | Financial institutions | Yes | U.S. | ||||||||||
BB+ | Cadence BanCorp. | Cadence Bancorp LLC | Financial institutions | U.S. | ||||||||||
BB+ | Carter's Inc. | Consumer products | U.S. | |||||||||||
BB+ |
China Water Affairs Group Ltd. |
Utilities | Bermuda | |||||||||||
BB+ |
Continental Resources Inc. |
Oil and gas | U.S. | |||||||||||
BB+ |
Crown Holdings Inc. |
Chemicals, packaging, and environmental services | Yes | U.S. | ||||||||||
BB+ | DCP Midstream LP |
Phillips 66 |
Midstream | U.S. | ||||||||||
BB+ | Dell Technologies Inc. | High technology | U.S. | |||||||||||
BB+ | Fair Isaac Corp. | High technology | U.S. | |||||||||||
BB+ |
Foot Locker Inc. |
Consumer products | U.S. | |||||||||||
BB+ |
Gaming & Leisure Properties Inc. |
Media and entertainment | U.S. | |||||||||||
BB+ |
Group 1 Automotive Inc. |
Automotive | U.S. | |||||||||||
BB+ | Hillenbrand Inc. | Capital goods | U.S. | |||||||||||
BB+ |
Ibercaja Banco S.A. |
Caja de Ahorros y Monte de Piedad de Zaragoza, Aragon y Rioja (IBERCAJA) | Financial institutions | Yes | Spain | |||||||||
BB+ |
Icahn Enterprises L.P. |
Financial institutions | U.S. | |||||||||||
BB+ | Immobiliare Grande Distribuzione SIIQ S.p.A. | Homebuilders/real estate companies | Italy | |||||||||||
BB+ |
Ingersoll Rand Inc. |
Capital goods | Yes | U.S. | ||||||||||
BB+ |
Kaiser Aluminum Corp. |
Metals, mining, and steel | U.S. | |||||||||||
BB+ | Kraft Heinz Co. (The) | Consumer products | U.S. | |||||||||||
BB+ | LPL Holdings Inc. | Financial institutions | U.S. | |||||||||||
BB+ |
Levi Strauss & Co. |
Consumer products | U.S. | |||||||||||
BB+ | Lithia Motors Inc. | Automotive | Yes | U.S. | ||||||||||
BB+ |
MGIC Investment Corp. |
Insurance | U.S. | |||||||||||
BB+ |
Midland Cogeneration Venture L.P. |
Utilities | U.S. | |||||||||||
BB+ | New York Community Bancorp Inc. | Financial institutions | Yes | U.S. | ||||||||||
BB+ |
Newell Brands Inc. |
Consumer products | U.S. | |||||||||||
BB+ |
Nokia Corp. |
High technology | Finland | |||||||||||
BB+ |
Novomatic AG |
Media and entertainment | Yes | Austria | ||||||||||
BB+ |
PHOENIX Pharmahandel GmbH & Co. KG |
Health care | Germany | |||||||||||
BB+ | Patterson-UTI Energy Inc. | Oil and gas | U.S. | |||||||||||
BB+ |
Pitney Bowes Inc. |
High technology | U.S. | |||||||||||
BB+ | Promontoria MMB SAS | Financial institutions | France | |||||||||||
BB+ |
Radian Group Inc. |
Insurance | U.S. | |||||||||||
BB+ |
Red Star Macalline Group Corp. Ltd. |
Red Star Macalline Holding Group Co. Ltd. |
Homebuilders/real estate companies | China | ||||||||||
BB+ |
Renault S.A. |
Automotive | France | |||||||||||
BB+ | Ritchie Bros. Auctioneers Inc. | Capital goods | Canada | |||||||||||
BB+ |
Rockies Express Pipeline LLC |
Midstream | U.S. | |||||||||||
BB+ | SLM Corp. | Financial institutions | Yes | U.S. | ||||||||||
BB+ |
SNC-Lavalin Group Inc. |
Capital goods | Canada | |||||||||||
BB+ | Science Applications International Corp. | Aerospace and defense | U.S. | |||||||||||
BB+ |
Silgan Holdings Inc. |
Chemicals, packaging, and environmental services | U.S. | |||||||||||
BB+ |
SoftBank Group Corp. |
Financial institutions | Japan | |||||||||||
BB+ |
Terminales Portuarios Euroandinos Paita S.A |
Utilities | Yes | Peru | ||||||||||
BB+ |
TransUnion |
Media and entertainment | U.S. | |||||||||||
BB+ |
Travis Perkins PLC |
Forest products and building materials | U.K. | |||||||||||
BB+ |
Western Digital Corp. |
High technology | U.S. | |||||||||||
BB+ | Xerox Holdings Corp. | High technology | U.S. | |||||||||||
BB+ |
Xinjiang Zhongtai (Group) Co. Ltd. |
Chemicals, packaging, and environmental services | China | |||||||||||
BB+ |
ZF Friedrichshafen AG |
Automotive | Germany | |||||||||||
BB/Watch Neg |
Anixter International Inc. |
High technology | U.S. | |||||||||||
BB/Watch Neg |
Aramark |
Consumer products | U.S. | |||||||||||
BB/Watch Neg |
CEMEX S.A.B. de C.V. |
Forest products and building materials | Mexico | |||||||||||
BB/Watch Neg |
Churchill Downs Inc. |
Media and entertainment | U.S. | |||||||||||
BB/Watch Neg | Dana Inc. | Automotive | U.S. | |||||||||||
BB/Watch Neg |
Delta Air Lines Inc. |
Transportation | U.S. | |||||||||||
BB/Watch Neg |
FNAC Darty SA |
Retail/restaurants | France | |||||||||||
BB/Watch Neg |
Four Seasons Holdings Inc. |
Media and entertainment | Canada | |||||||||||
BB/Watch Neg | G-III Apparel Group Ltd. | Consumer products | U.S. | |||||||||||
BB/Watch Neg | Gestamp Automocion S.A. | Acek Desarrollo Y Gestion Industrial, S.L.Y Sociedades Dependientes | Automotive | Spain | ||||||||||
BB/Watch Neg |
International Game Technology Plc |
Media and entertainment | U.K. | |||||||||||
BB/Watch Neg |
Melco Resorts (Macau) Ltd. |
Melco International Development Ltd. |
Media and entertainment | Macau | ||||||||||
BB/Watch Neg | Mobile Mini Inc. | Transportation | U.S. | |||||||||||
BB/Watch Neg | NASCAR Holdings LLC | Media and entertainment | U.S. | |||||||||||
BB/Watch Neg |
Nielsen Holdings PLC |
Media and entertainment | U.K. | |||||||||||
BB/Watch Neg |
Teva Pharmaceutical Industries Ltd. |
Health care | Israel | |||||||||||
BB/Watch Neg | Trinidad Petroleum Holdings Ltd. | Oil and gas | Trinidad and Tobago | |||||||||||
BB/Watch Neg |
US Foods Inc. |
Consumer products | U.S. | |||||||||||
BB |
AES Panama S.R.L. |
Utilities | Panama | |||||||||||
BB | AMN Healthcare Services Inc. | Health care | U.S. | |||||||||||
BB |
Adecoagro S.A. |
Consumer products | Brazil | |||||||||||
BB |
Agile Group Holdings Ltd. |
Homebuilders/real estate companies | Cayman Islands | |||||||||||
BB | American Woodmark Corp. | Forest products and building materials | Yes | U.S. | ||||||||||
BB | Apergy Corp. | Oil and gas | Yes | U.S. | ||||||||||
BB |
Arcelik A.S. |
Consumer products | Turkey | |||||||||||
BB | Blucora Inc. | HDV Holdings Inc. | Financial institutions | U.S. | ||||||||||
BB |
British Airways PLC |
Transportation | Yes | U.K. | ||||||||||
BB |
Burlington Stores Inc. |
Retail/restaurants | U.S. | |||||||||||
BB | CYDSA, S.A.B. de C.V. | Chemicals, packaging, and environmental services | Mexico | |||||||||||
BB | Cabot Microelectronics Corp. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
BB | Clearway Energy Inc. |
NRG Energy Inc. |
Midstream | U.S. | ||||||||||
BB |
Colfax Corp. |
Capital goods | U.S. | |||||||||||
BB | CoreCivic Inc. | Consumer products | Yes | U.S. | ||||||||||
BB |
Corus Entertainment Inc. |
Media and entertainment | Canada | |||||||||||
BB |
Credit Acceptance Corp. |
Financial institutions | Yes | U.S. | ||||||||||
BB |
DPL Inc. |
AES Corp. (The) | Utilities | U.S. | ||||||||||
BB |
DaVita Inc. |
Health care | U.S. | |||||||||||
BB |
Doosan Bobcat Inc. |
Doosan Infracore Co. Ltd. |
Capital goods | Korea, Republic of | ||||||||||
BB |
Elior Group S.A. |
Consumer products | France | |||||||||||
BB |
Elis S.A. |
Consumer products | France | |||||||||||
BB | Fly Leasing Ltd. | Transportation | Bermuda | |||||||||||
BB | Fuller (H.B) Co. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
BB |
GMR Hyderabad International Airport Ltd |
Utilities | India | |||||||||||
BB |
Gartner Inc. |
Media and entertainment | U.S. | |||||||||||
BB | Getlink S.E. | Utilities | France | |||||||||||
BB |
Graham Holdings Co. |
Media and entertainment | U.S. | |||||||||||
BB | Greenhill & Co. Inc. | Financial institutions | U.S. | |||||||||||
BB |
Greif Inc. |
Chemicals, packaging, and environmental services | U.S. | |||||||||||
BB |
Haitong Bank S.A. |
Haitong Securities Co. Ltd. |
Financial institutions | Portugal | ||||||||||
BB |
Hanesbrands Inc. |
Consumer products | U.S. | |||||||||||
BB |
Hilton Worldwide Holdings Inc. |
Media and entertainment | U.S. | |||||||||||
BB |
IDBI Bank Ltd. |
Financial institutions | India | |||||||||||
BB |
INEOS Enterprises Holdings Ltd. |
Chemicals, packaging, and environmental services | U.K. | |||||||||||
BB |
Iccrea Banca SpA |
Financial institutions | Italy | |||||||||||
BB |
Ineos Group Holdings S.A. |
Chemicals, packaging, and environmental services | Luxembourg | |||||||||||
BB |
Ineos Styrolution Holding Ltd. |
Chemicals, packaging, and environmental services | Germany | |||||||||||
BB | International Consolidated Airlines Group, S.A. | Transportation | Yes | Spain | ||||||||||
BB |
Intrum AB (publ) |
Financial institutions | Sweden | |||||||||||
BB | James Hardie International Group Ltd. | Forest products and building materials | Yes | Ireland | ||||||||||
BB |
KazMunayGas NC JSC |
Oil and gas | Kazakhstan | |||||||||||
BB | Macquarie Infrastructure Corp. | Midstream | U.S. | |||||||||||
BB | Matthews International Corp. | Health care | U.S. | |||||||||||
BB |
Meritor Inc. |
Automotive | Yes | U.S. | ||||||||||
BB |
Methanex Corp. |
Chemicals, packaging, and environmental services | Canada | |||||||||||
BB |
Murphy Oil Corp. |
Oil and gas | U.S. | |||||||||||
BB |
Muthoot Finance Ltd. |
Financial institutions | India | |||||||||||
BB | NMI Holdings Inc. | Insurance | U.S. | |||||||||||
BB | Neenah Inc. | Forest products and building materials | U.S. | |||||||||||
BB |
Nexans S.A. |
Capital goods | France | |||||||||||
BB |
Nufarm Ltd. |
Chemicals, packaging, and environmental services | Australia | |||||||||||
BB |
OCI N.V. |
Chemicals, packaging, and environmental services | Netherlands | |||||||||||
BB |
PBF Holding Co. LLC |
PBF Energy Inc. |
Utilities | Yes | U.S. | |||||||||
BB | PDC Energy Inc. | Oil and gas | U.S. | |||||||||||
BB |
Penske Automotive Group Inc. |
Automotive | U.S. | |||||||||||
BB | PolyOne Corp. | Chemicals, packaging, and environmental services | Yes | U.S. | ||||||||||
BB |
RE/MAX LLC |
Media and entertainment | Yes | U.S. | ||||||||||
BB |
Restaurant Brands International Inc. |
Retail/restaurants | Canada | |||||||||||
BB |
Rolls-Royce PLC |
Rolls-Royce Holdings PLC |
Aerospace and defense | Yes | U.K. | |||||||||
BB |
Royal Caribbean Cruises Ltd. |
Media and entertainment | U.S. | |||||||||||
BB |
Sappi Ltd. |
Forest products and building materials | South Africa | |||||||||||
BB |
Service Properties Trust |
Homebuilders/real estate companies | Yes | U.S. | ||||||||||
BB |
Shriram Transport Finance Co. Ltd. |
Financial institutions | India | |||||||||||
BB |
Signature Aviation PLC |
Transportation | U.K. | |||||||||||
BB |
Stericycle Inc. |
Chemicals, packaging, and environmental services | U.S. | |||||||||||
BB |
TTM Technologies Inc. |
High technology | U.S. | |||||||||||
BB | Taylor Morrison Home Corp. | Homebuilders/real estate companies | U.S. | |||||||||||
BB |
Teollisuuden Voima Oyj |
Utilities | Finland | |||||||||||
BB | The Commonwealth of The Bahamas | Sovereign | Bahamas | |||||||||||
BB | TriNet Group Inc. | Media and entertainment | U.S. | |||||||||||
BB | Under Armour Inc. | Consumer products | U.S. | |||||||||||
BB |
Vail Resorts Inc. |
Media and entertainment | Yes | U.S. | ||||||||||
BB |
Valvoline Inc. |
Consumer products | Yes | U.S. | ||||||||||
BB |
Wolverine World Wide Inc. |
Consumer products | U.S. | |||||||||||
BB | Wyndham Hotels & Resorts Inc. | Media and entertainment | U.S. | |||||||||||
BB |
iStar Inc. |
Financial institutions | U.S. | |||||||||||
BB-/Watch Neg |
Air Canada |
ACE Aviation Holdings Inc. | Transportation | Canada | ||||||||||
BB-/Watch Neg |
Atlantia SpA |
Utilities | Italy | |||||||||||
BB-/Watch Neg |
Cinemark Holdings Inc. |
Media and entertainment | U.S. | |||||||||||
BB-/Watch Neg |
Delhi International Airport Ltd. |
Utilities | India | |||||||||||
BB-/Watch Neg |
Dufry AG |
Retail/restaurants | Switzerland | |||||||||||
BB-/Watch Neg |
Elementia S.A.B. de C.V. |
Forest products and building materials | Mexico | |||||||||||
BB-/Watch Neg |
Garrett Motion Inc. |
Automotive | U.S. | |||||||||||
BB-/Watch Neg |
Georgian Oil and Gas Corp. JSC |
Oil and gas | Georgia | |||||||||||
BB-/Watch Neg |
Grupo Unicomer Corp. |
Retail/restaurants | Yes | Panama | ||||||||||
BB-/Watch Neg |
Hilcorp Energy I L.P. |
Oil and gas | U.S. | |||||||||||
BB-/Watch Neg |
IAA Inc. |
Automotive | U.S. | |||||||||||
BB-/Watch Neg |
Ladder Capital Finance Holdings LLLP |
Financial institutions | U.S. | |||||||||||
BB-/Watch Neg |
MGM Resorts International |
Media and entertainment | U.S. | |||||||||||
BB-/Watch Neg |
NCL Corp. Ltd. |
Media and entertainment | Bermuda | |||||||||||
BB-/Watch Neg | Operadora de Servicios Mega, S.A. de C.V. SOFOM, E.R. | Financial institutions | Mexico | |||||||||||
BB-/Watch Neg | Patrick Industries Inc. | Media and entertainment | U.S. | |||||||||||
BB-/Watch Neg | Salini Impregilo SpA | Homebuilders/real estate companies | Italy | |||||||||||
BB-/Watch Neg | Serba Dinamik Holdings Berhad | Oil and gas | Malaysia | |||||||||||
BB-/Watch Neg |
Studio City Co. Ltd. |
Melco International Development Ltd. |
Media and entertainment | British Virgin Islands | ||||||||||
BB-/Watch Neg | Unifin Financiera, S.A.B. de C.V. | Financial institutions | Mexico | |||||||||||
BB-/Watch Neg | United Airlines Holdings Inc. | Transportation | U.S. | |||||||||||
BB-/Watch Neg |
Visteon Corp. |
Automotive | U.S. | |||||||||||
BB-/Watch Neg |
Wynn Resorts Ltd. |
Media and entertainment | U.S. | |||||||||||
BB- |
ACCO Brands Corp. |
Consumer products | U.S. | |||||||||||
BB- |
AMG Advanced Metallurgical Group N.V. |
Metals, mining, and steel | Netherlands | |||||||||||
BB- |
Alkermes PLC |
Health care | Ireland | |||||||||||
BB- |
Arrow Global Group PLC |
Financial institutions | U.K. | |||||||||||
BB- | Avanos Medical Inc. | Health care | U.S. | |||||||||||
BB- |
BankMuscat S.A.O.G. |
Financial institutions | Oman | |||||||||||
BB- | Boels Topholding B.V. | Capital goods | Yes | Netherlands | ||||||||||
BB- |
Bombardier Recreational Products Inc. |
Media and entertainment | Yes | Canada | ||||||||||
BB- |
Borets International Ltd. |
Capital goods | U.A.E. | |||||||||||
BB- |
Builders FirstSource Inc. |
Forest products and building materials | U.S. | |||||||||||
BB- | CVR Energy Inc. | Midstream | Yes | U.S. | ||||||||||
BB- | Cable & Wireless Communications Ltd. |
Liberty Latin America Ltd. |
Telecommunications | U.K. | ||||||||||
BB- |
Cabot Financial Ltd. |
Encore Capital Group Inc. |
Financial institutions | U.K. | ||||||||||
BB- |
Clearwater Paper Corp. |
Forest products and building materials | U.S. | |||||||||||
BB- |
Compass Minerals International Inc. |
Metals, mining, and steel | U.S. | |||||||||||
BB- |
Crestwood Equity Partners LP |
Crestwood Holdings LLC |
Midstream | Yes | U.S. | |||||||||
BB- |
Dillard's Inc. |
Retail/restaurants | U.S. | |||||||||||
BB- |
Dometic Group AB |
Capital goods | Yes | Sweden | ||||||||||
BB- |
Dominican Republic |
Sovereign | Dominican Republic | |||||||||||
BB- |
Douglas Dynamics Inc. |
Capital goods | Yes | U.S. | ||||||||||
BB- |
EQT Corp. |
Utilities | U.S. | |||||||||||
BB- |
Element Solutions Inc. |
Chemicals, packaging, and environmental services | U.S. | |||||||||||
BB- |
Endeavor Energy Resources L.P |
Oil and gas | U.S. | |||||||||||
BB- |
Energizer Holdings Inc. |
Consumer products | U.S. | |||||||||||
BB- | Equitrans Midstream Corp. | Midstream | U.S. | |||||||||||
BB- | GEO Group (The) Inc. | Consumer products | Yes | U.S. | ||||||||||
BB- | Gap Inc. (The) | Consumer products | U.S. | |||||||||||
BB- |
Glenmark Pharmaceuticals Ltd. |
Health care | India | |||||||||||
BB- | Greystar Real Estate Partners LLC | Financial institutions | U.S. | |||||||||||
BB- | Grupo KUO, S.A.B. de C.V. | Diversified | Yes | Mexico | ||||||||||
BB- |
Guacolda Energia S.A |
Utilities | Chile | |||||||||||
BB- |
Harbor Freight Tools USA Inc. |
Retail/restaurants | U.S. | |||||||||||
BB- |
Harsco Corp. |
Capital goods | U.S. | |||||||||||
BB- |
Iron Mountain Inc. |
Media and entertainment | Yes | U.S. | ||||||||||
BB- |
Jeld-Wen Inc. |
Forest products and building materials | U.S. | |||||||||||
BB- |
Lamar Advertising Co. |
Media and entertainment | U.S. | |||||||||||
BB- | Liquidnet Holdings Inc. | Financial institutions | U.S. | |||||||||||
BB- |
MEIF 5 Arena Holdings SLU |
Utilities | Yes | Spain | ||||||||||
BB- |
Manappuram Finance Ltd. |
Financial institutions | India | |||||||||||
BB- |
Mannington Mills Inc. |
Forest products and building materials | Yes | U.S. | ||||||||||
BB- |
Marriott Vacations Worldwide Corp. |
Media and entertainment | U.S. | |||||||||||
BB- |
Micro Focus International PLC |
High technology | U.K. | |||||||||||
BB- | Natgasoline LLC | Utilities | U.S. | |||||||||||
BB- |
Natura Cosmeticos S.A. |
Natura & Co Holding S.A. | Consumer products | Yes | Brazil | |||||||||
BB- | Navient Corp. | Financial institutions | Yes | U.S. | ||||||||||
BB- |
Neptune Energy Group Midco Ltd |
Oil and gas | U.K. | |||||||||||
BB- |
Olin Corp. |
Chemicals, packaging, and environmental services | U.S. | |||||||||||
BB- |
Oman Electricity Transmission Co. |
Utilities | Oman | |||||||||||
BB- |
PBF Logistics LP |
PBF Energy Inc. |
Midstream | Yes | U.S. | |||||||||
BB- |
PT Japfa Comfeed Indonesia Tbk. |
Japfa Ltd. |
Consumer products | Indonesia | ||||||||||
BB- |
Panama Canal Railway Co. |
Transportation | Cayman Islands | |||||||||||
BB- |
Permanent TSB Group Holdings PLC |
Financial institutions | Ireland | |||||||||||
BB- |
Playtech Plc |
Media and entertainment | Yes | U.K. | ||||||||||
BB- |
Q-Park Holding I BV |
Utilities | Yes | Netherlands | ||||||||||
BB- | Qurate Retail Inc. | Retail/restaurants | U.S. | |||||||||||
BB- |
Sally Beauty Holdings Inc. |
Retail/restaurants | U.S. | |||||||||||
BB- |
Samsonite International S.A. |
Consumer products | Luxembourg | |||||||||||
BB- |
Seven Generations Energy Ltd. |
Oil and gas | Canada | |||||||||||
BB- |
Sinclair Broadcast Group Inc. |
Media and entertainment | U.S. | |||||||||||
BB- |
Southwestern Energy Co. |
Oil and gas | U.S. | |||||||||||
BB- |
Spirit AeroSystems Inc. |
Aerospace and defense | U.S. | |||||||||||
BB- |
Starwood Property Trust Inc. |
Financial institutions | U.S. | |||||||||||
BB- | Sultanate of Oman | Sovereign | Oman | |||||||||||
BB- | TAMKO Building Products LLC | Forest products and building materials | Yes | U.S. | ||||||||||
BB- |
TEGNA Inc. |
Media and entertainment | U.S. | |||||||||||
BB- |
TI Fluid Systems plc |
Automotive | U.K. | |||||||||||
BB- |
TMK PAO |
Metals, mining, and steel | Russia | |||||||||||
BB- | TRI Pointe Group Inc. | Homebuilders/real estate companies | U.S. | |||||||||||
BB- |
Terex Corp. |
Capital goods | U.S. | |||||||||||
BB- | Thor Industries Inc. | Media and entertainment | U.S. | |||||||||||
BB- | TreeHouse Foods Inc. | Consumer products | U.S. | |||||||||||
BB- |
Victoria PLC |
Consumer products | U.K. | |||||||||||
BB- |
WEX Inc. |
Financial institutions | U.S. | |||||||||||
BB- |
Wabash National Corp. |
Automotive | U.S. | |||||||||||
BB- |
William Hill PLC |
Media and entertainment | Yes | U.K. | ||||||||||
BB- | Wyndham Destinations Inc. | Media and entertainment | U.S. | |||||||||||
BB- |
Zhongrong International Holdings Ltd. |
Zhongrong International Trust Co. Ltd. |
Financial institutions | British Virgin Islands | ||||||||||
B+/Watch Neg |
Adient plc |
Automotive | Ireland | |||||||||||
B+/Watch Neg |
American Axle & Manufacturing Holdings Inc. |
Automotive | U.S. | |||||||||||
B+/Watch Neg |
Avis Budget Group Inc. |
Transportation | U.S. | |||||||||||
B+/Watch Neg |
B&M European Value Retail S.A. |
Retail/restaurants | Luxembourg | |||||||||||
B+/Watch Neg |
Banijay Group SAS |
Media and entertainment | France | |||||||||||
B+/Watch Neg | Callaway Golf Co. | Consumer products | U.S. | |||||||||||
B+/Watch Neg |
Cedar Fair L.P. |
Media and entertainment | U.S. | |||||||||||
B+/Watch Neg |
Clearwater Seafoods Inc. |
Consumer products | Canada | |||||||||||
B+/Watch Neg |
Connect Bidco Ltd. |
Telecommunications | Guernsey | |||||||||||
B+/Watch Neg |
Cornerstone Building Brands Inc |
Forest products and building materials | U.S. | |||||||||||
B+/Watch Neg |
ENA Sur Trust |
Utilities | Panama | |||||||||||
B+/Watch Neg | GBT JerseyCo Ltd. | Media and entertainment | U.K. | |||||||||||
B+/Watch Neg | Goodyear Tire & Rubber Co. (The) | Automotive | Yes | U.S. | ||||||||||
B+/Watch Neg |
Novem Group GmbH |
Automotive | Germany | |||||||||||
B+/Watch Neg |
Performance Food Group Inc. |
Consumer products | U.S. | |||||||||||
B+/Watch Neg |
Six Flags Entertainment Corp. |
Media and entertainment | U.S. | |||||||||||
B+/Watch Neg |
Station Casinos LLC |
Media and entertainment | U.S. | |||||||||||
B+/Watch Neg |
Tata Chemicals North America Inc. |
Chemicals, packaging, and environmental services | U.S. | |||||||||||
B+/Watch Neg |
Twin River Worldwide Holdings Inc. |
Media and entertainment | U.S. | |||||||||||
B+ | 21Vianet Group Inc. | High technology | China | |||||||||||
B+ |
361 Degrees International Ltd. |
Consumer products | Cayman Islands | |||||||||||
B+ |
4finance Holding S.A. |
Financial institutions | Luxembourg | |||||||||||
B+ |
ADES International Holdings PLC |
Oil and gas | U.A.E. | |||||||||||
B+ |
Aernnova Aerospace Corp. S.A. |
Aerospace and defense | Spain | |||||||||||
B+ | Apollo Commercial Real Estate Finance Inc. | Financial institutions | U.S. | |||||||||||
B+ | Arch Resources Inc. | Metals, mining, and steel | Yes | U.S. | ||||||||||
B+ |
Aria Energy Operating LLC |
Aria Energy LLC |
Merchant power | U.S. | ||||||||||
B+ |
Avon Products Inc. |
Natura & Co Holding S.A. | Consumer products | Yes | U.S. | |||||||||
B+ | B&G Foods Inc. | Consumer products | U.S. | |||||||||||
B+ |
B2Holding ASA |
Financial institutions | Norway | |||||||||||
B+ |
Bed Bath & Beyond Inc. |
Retail/restaurants | U.S. | |||||||||||
B+ |
Blackstone Mortgage Trust Inc. |
Financial institutions | U.S. | |||||||||||
B+ | Bloomin' Brands Inc. | Retail/restaurants | Yes | U.S. | ||||||||||
B+ | Braskem Idesa, S.A.P.I. and subsidiary | Chemicals, packaging, and environmental services | Yes | Mexico | ||||||||||
B+ |
Bright Horizons Family Solutions LLC |
Bright Horizons Capital Corp. | Media and entertainment | U.S. | ||||||||||
B+ |
Brinker International Inc. |
Retail/restaurants | Yes | U.S. | ||||||||||
B+ |
CCM Merger Inc. |
Media and entertainment | Yes | U.S. | ||||||||||
B+ |
CEVA Logistics AG |
Transportation | Switzerland | |||||||||||
B+ |
CMA CGM S.A. |
Transportation | France | |||||||||||
B+ | CNX Resources Corp. | Oil and gas | U.S. | |||||||||||
B+ | Caleres Inc. | Consumer products | U.S. | |||||||||||
B+ |
Ceridian HCM Holding Inc. |
Ceridian LLC | High technology | U.S. | ||||||||||
B+ |
China SCE Group Holdings Ltd. |
Homebuilders/real estate companies | Cayman Islands | |||||||||||
B+ |
Cimpress plc |
Media and entertainment | Netherlands | |||||||||||
B+ | Claros Mortgage Trust Inc. | Financial institutions | U.S. | |||||||||||
B+ |
Compass Group Diversified Holdings LLC |
Consumer products | Yes | U.S. | ||||||||||
B+ | Concord New Energy Group Ltd. | Utilities | Bermuda | |||||||||||
B+ | Conduent Inc. | Media and entertainment | U.S. | |||||||||||
B+ | Donnelley Financial Solutions Inc. | Media and entertainment | U.S. | |||||||||||
B+ |
ENERGO-PRO a.s. |
Utilities | Czech Republic | |||||||||||
B+ |
Extended Stay America Inc. |
Media and entertainment | Yes | U.S. | ||||||||||
B+ |
FAGE International S.A |
Consumer products | Luxembourg | |||||||||||
B+ |
Ferro Corp. |
Chemicals, packaging, and environmental services | Yes | U.S. | ||||||||||
B+ | Frontera Energy Corp. | Oil and gas | Canada | |||||||||||
B+ |
Garfunkelux Holdco 2 S.A. |
Financial institutions | Luxembourg | |||||||||||
B+ |
Gates Global LLC |
Capital goods | Yes | U.S. | ||||||||||
B+ |
GeoPark Ltd. |
Oil and gas | Bermuda | |||||||||||
B+ | Global Partners LP | Midstream | Yes | U.S. | ||||||||||
B+ | GreenSky Holdings LLC | High technology | Yes | U.S. | ||||||||||
B+ | Hostess Brands Inc. | Consumer products | U.S. | |||||||||||
B+ |
J.B. Poindexter & Co. Inc. |
Capital goods | Yes | U.S. | ||||||||||
B+ |
Jamaica |
Sovereign | Jamaica | |||||||||||
B+ |
KWG Group Holdings Ltd. |
Homebuilders/real estate companies | Cayman Islands | |||||||||||
B+ |
Ken Garff Automotive LLC |
Automotive | U.S. | |||||||||||
B+ | Kontoor Brands Inc. | Consumer products | U.S. | |||||||||||
B+ | Kraton Corp. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
B+ |
Kratos Defense & Security Solutions Inc. |
Aerospace and defense | U.S. | |||||||||||
B+ | L Brands Inc. | Consumer products | U.S. | |||||||||||
B+ | LBM Borrower LLC | Forest products and building materials | Yes | U.S. | ||||||||||
B+ | Limetree Bay Terminals LLC | Midstream | U.S. | |||||||||||
B+ |
Live Nation Entertainment Inc. |
Media and entertainment | Yes | U.S. | ||||||||||
B+ | MI Windows and Doors LLC | Forest products and building materials | U.S. | |||||||||||
B+ |
Mack-Cali Realty Corp. |
Homebuilders/real estate companies | U.S. | |||||||||||
B+ |
Macy's Inc. |
Retail/restaurants | U.S. | |||||||||||
B+ |
Magnolia Oil & Gas Corp. |
Oil and gas | U.S. | |||||||||||
B+ |
Mattel Inc. |
Media and entertainment | U.S. | |||||||||||
B+ |
Mercer International Inc. |
Forest products and building materials | U.S. | |||||||||||
B+ |
Metro-Goldwyn-Mayer Inc. |
Media and entertainment | U.S. | |||||||||||
B+ |
Miller Homes Group Holdings PLC |
Homebuilders/real estate companies | U.K. | |||||||||||
B+ |
Momentive Performance Materials Inc. |
Chemicals, packaging, and environmental services | U.S. | |||||||||||
B+ |
NGL Energy Partners LP |
Midstream | U.S. | |||||||||||
B+ |
NewDay Group (Jersey) Ltd. |
Financial institutions | U.K. | |||||||||||
B+ | O-I Glass Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
B+ |
Oceaneering International Inc. |
Oil and gas | U.S. | |||||||||||
B+ |
Outfront Media Inc. |
Media and entertainment | U.S. | |||||||||||
B+ |
Oxbow Carbon LLC |
Metals, mining, and steel | Yes | U.S. | ||||||||||
B+ |
PT Medco Energi Internasional Tbk. |
Oil and gas | Indonesia | |||||||||||
B+ |
Peer Holding III B.V. |
Retail/restaurants | Netherlands | |||||||||||
B+ |
Piaggio & C. SpA |
Automotive | Italy | |||||||||||
B+ | Plantronics Inc. | High technology | U.S. | |||||||||||
B+ | Polaris Intermediate Corp. | Health care | U.S. | |||||||||||
B+ |
Press Metal Aluminium Holdings Bhd. |
Metals, mining, and steel | Malaysia | |||||||||||
B+ | Red Ventures Holdco LP | Media and entertainment | Yes | U.S. | ||||||||||
B+ | Republic of Costa Rica | Sovereign | Costa Rica | |||||||||||
B+ |
Resolute Forest Products Inc. |
Forest products and building materials | U.S. | |||||||||||
B+ | Resolute Investment Managers Inc. | American Beacon Advisors Inc. | Financial institutions | U.S. | ||||||||||
B+ | Revere Power LLC | Merchant power | U.S. | |||||||||||
B+ |
Reynolds Group Holdings Ltd. |
Chemicals, packaging, and environmental services | New Zealand | |||||||||||
B+ |
Ruby Pipeline LLC |
Midstream | U.S. | |||||||||||
B+ | STV Group Inc. | Capital goods | U.S. | |||||||||||
B+ |
Sabre Corp. |
Media and entertainment | U.S. | |||||||||||
B+ |
Sazka Group A.S. |
Media and entertainment | Czech Republic | |||||||||||
B+ |
Shea Homes L.P. |
Forest products and building materials | U.S. | |||||||||||
B+ |
Sigma HoldCo BV |
Consumer products | Yes | Netherlands | ||||||||||
B+ | Simply Good Foods Co. (The) | Consumer products | U.S. | |||||||||||
B+ |
Sotheby's |
Retail/restaurants | U.S. | |||||||||||
B+ | Springer Nature AG & Co. KGaA | Media and entertainment | Yes | Germany | ||||||||||
B+ | State of Montenegro | Sovereign | Yes | Montenegro | ||||||||||
B+ |
Stena AB |
Oil and gas | Sweden | |||||||||||
B+ |
Synlab Unsecured Bondco PLC |
Health care | Germany | |||||||||||
B+ |
Tata Steel Ltd. |
Tata Sons Pte. Ltd. |
Metals, mining, and steel | India | ||||||||||
B+ |
Techem Verwaltungsgesellschaft 674 mbH |
Consumer products | Germany | |||||||||||
B+ | The Chemours Company Co. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
B+ |
TransDigm Inc. |
Aerospace and defense | U.S. | |||||||||||
B+ | Turning Point Brands Inc. | Consumer products | U.S. | |||||||||||
B+ | USA Compression Partners LP | Midstream | U.S. | |||||||||||
B+ |
Unigel Participacoes S.A. |
Chemicals, packaging, and environmental services | Brazil | |||||||||||
B+ |
Universal Entertainment Corp. |
Media and entertainment | Yes | Japan | ||||||||||
B+ |
Verra Mobility Corp. |
High technology | Yes | U.S. | ||||||||||
B+ |
WCA Waste Corp. |
Chemicals, packaging, and environmental services | Yes | U.S. | ||||||||||
B+ | WW International Inc. | Consumer products | Yes | U.S. | ||||||||||
B+ | Wilsonart LLC | Forest products and building materials | Yes | U.S. | ||||||||||
B+ | Winnebago Industries Inc. | Media and entertainment | U.S. | |||||||||||
B+ |
eHi Car Services Ltd. |
Transportation | Cayman Islands | |||||||||||
B/Watch Neg |
ADMI Corp. |
Health care | U.S. | |||||||||||
B/Watch Neg |
AP Gaming Holdings LLC |
Media and entertainment | U.S. | |||||||||||
B/Watch Neg |
Acadia Healthcare Co. Inc. |
Health care | U.S. | |||||||||||
B/Watch Neg | Air Baltic Corp. AS | Transportation | Latvia | |||||||||||
B/Watch Neg |
American Airlines Group Inc. |
Transportation | U.S. | |||||||||||
B/Watch Neg |
Amigo Loans Ltd. |
Financial institutions | U.K. | |||||||||||
B/Watch Neg | Athletico Holdings LLC | Health care | U.S. | |||||||||||
B/Watch Neg | Autokiniton US Holdings Inc. | Automotive | U.S. | |||||||||||
B/Watch Neg |
Caesars Entertainment Corp. |
Media and entertainment | U.S. | |||||||||||
B/Watch Neg | Calceus Acquisition Inc. | Consumer products | U.S. | |||||||||||
B/Watch Neg | Compuware Corp. | High technology | U.S. | |||||||||||
B/Watch Neg |
Coty Inc. |
Consumer products | U.S. | |||||||||||
B/Watch Neg | Eldorado Resorts Inc. | Media and entertainment | U.S. | |||||||||||
B/Watch Neg | Emerald X Inc. | Media and entertainment | U.S. | |||||||||||
B/Watch Neg |
Fender Musical Instruments Corp. |
Consumer products | U.S. | |||||||||||
B/Watch Neg | Fossil Group Inc. | Consumer products | U.S. | |||||||||||
B/Watch Neg | Go Wireless Holdings Inc. | Retail/restaurants | U.S. | |||||||||||
B/Watch Neg | Golden Entertainment Inc. | Media and entertainment | U.S. | |||||||||||
B/Watch Neg | IXS Holdings Inc. | Automotive | U.S. | |||||||||||
B/Watch Neg |
Ilpea Parent Inc. |
Capital goods | U.S. | |||||||||||
B/Watch Neg |
Joye Media SLU |
Media and entertainment | Spain | |||||||||||
B/Watch Neg |
KAR Auction Services Inc. |
Automotive | U.S. | |||||||||||
B/Watch Neg |
Koos Holding Cooperatief U.A. |
Media and entertainment | Netherlands | |||||||||||
B/Watch Neg |
Korean Air Lines Co. Ltd. |
Transportation | Korea, Republic of | |||||||||||
B/Watch Neg | LSF9 Atlantis Holdings LLC | Retail/restaurants | U.S. | |||||||||||
B/Watch Neg |
Lindblad Expeditions Holdings Inc. |
Media and entertainment | U.S. | |||||||||||
B/Watch Neg |
Loancore Capital Markets LLC |
Financial institutions | Yes | U.S. | ||||||||||
B/Watch Neg |
Metinvest B.V. |
Metals, mining, and steel | Netherlands | |||||||||||
B/Watch Neg | Motion Midco Ltd. | Media and entertainment | U.K. | |||||||||||
B/Watch Neg |
Navistar International Corp. |
Automotive | U.S. | |||||||||||
B/Watch Neg |
New Enterprise Stone & Lime Co. Inc. |
Forest products and building materials | U.S. | |||||||||||
B/Watch Neg |
Park-Ohio Industries Inc. |
Capital goods | U.S. | |||||||||||
B/Watch Neg |
Penn National Gaming Inc. |
Media and entertainment | U.S. | |||||||||||
B/Watch Neg |
PlayPower Holdings Inc. |
Media and entertainment | U.S. | |||||||||||
B/Watch Neg |
Playa Hotels & Resorts N.V. |
Media and entertainment | Netherlands | |||||||||||
B/Watch Neg | Recess Holdings Inc. | Media and entertainment | U.S. | |||||||||||
B/Watch Neg |
Scientific Games Corp. |
Media and entertainment | U.S. | |||||||||||
B/Watch Neg | Screenvision LLC | Media and entertainment | U.S. | |||||||||||
B/Watch Neg |
Tendam Brands S.A.U. |
Consumer products | Spain | |||||||||||
B/Watch Neg |
Tenneco Inc. |
Automotive | U.S. | |||||||||||
B/Watch Neg |
The Knot Worldwide Inc. |
Media and entertainment | U.S. | |||||||||||
B/Watch Neg | Third Coast Midstream LLC | Midstream | U.S. | |||||||||||
B/Watch Neg | Tivity Health Inc. | Consumer products | U.S. | |||||||||||
B/Watch Neg |
Trader Corp. |
Consumer products | Canada | |||||||||||
B/Watch Neg |
UC Holdings Inc. |
Chassix Holdings Inc. | Automotive | U.S. | ||||||||||
B/Watch Neg |
UFC Holdings LLC |
Endeavor Operating Co. LLC | Media and entertainment | U.S. | ||||||||||
B/Watch Neg | Upstream Newco Inc. | Health care | U.S. | |||||||||||
B/Watch Neg |
Voyager Aviation Holdings LLC |
Transportation | U.S. | |||||||||||
B/Watch Neg |
Waste Pro USA Inc. |
Chemicals, packaging, and environmental services | Yes | U.S. | ||||||||||
B/Watch Neg | Zest Acquisition Corp. | Health care | U.S. | |||||||||||
B/Watch Neg |
eDreams ODIGEO S.A. |
Media and entertainment | Luxembourg | |||||||||||
B | ACProducts Inc. | Forest products and building materials | Yes | U.S. | ||||||||||
B |
AI Convoy (Luxembourg) S.a.r.l. |
Aerospace and defense | U.K. | |||||||||||
B |
AI Ladder (Luxembourg) Subco S.a.r.l. |
High technology | Luxembourg | |||||||||||
B |
AIS HoldCo LLC |
Insurance | U.S. | |||||||||||
B | ASM Global Parent Inc. | Media and entertainment | Yes | U.S. | ||||||||||
B | Access CIG LLC | Media and entertainment | Yes | U.S. | ||||||||||
B | Achilles Acquisition LLC | Insurance | U.S. | |||||||||||
B |
Advanced Integration Technology LP |
Aerospace and defense | U.S. | |||||||||||
B |
Ai Sirona (Luxembourg) Acquisition Sarl |
Health care | Luxembourg | |||||||||||
B |
Albaraka Turk Katilim Bankasi AS |
Al Baraka Banking Group B.S.C. |
Financial institutions | Turkey | ||||||||||
B |
Alera Group Intermediate Holdings Inc. |
Insurance | U.S. | |||||||||||
B |
Alight Solutions LLC |
Media and entertainment | Yes | U.S. | ||||||||||
B |
Allegiant Travel Co. |
Transportation | Yes | U.S. | ||||||||||
B |
Alterra Mountain Co. |
Media and entertainment | Yes | U.S. | ||||||||||
B |
Altice Europe N.V. |
Telecommunications | Netherlands | |||||||||||
B | American Bath Group LLC | Forest products and building materials | U.S. | |||||||||||
B |
American Greetings Corp. |
Consumer products | Yes | U.S. | ||||||||||
B |
American Trailer World Corp. |
BCD Intermediate Holdings Inc |
Capital goods | Yes | U.S. | |||||||||
B |
Amneal Pharmaceuticals LLC |
Amneal Pharmaceuticals Inc. | Health care | U.S. | ||||||||||
B | Archroma Holdings S.a r.l. | Chemicals, packaging, and environmental services | Yes | Luxembourg | ||||||||||
B |
Athena Bidco GmbH |
High technology | Germany | |||||||||||
B | Auris Luxembourg II S.A. | Health care | Luxembourg | |||||||||||
B |
Authentic Brands Group LLC |
Consumer products | U.S. | |||||||||||
B |
BCP VII Jade Topco (Cayman) Ltd. |
Chemicals, packaging, and environmental services | U.K. | |||||||||||
B | BCPE Empire Holdings Inc. | Media and entertainment | U.S. | |||||||||||
B |
BME Group Holding BV |
Forest products and building materials | Yes | Netherlands | ||||||||||
B | BVI Holdings Mayfair Ltd. | Health care | Yes | U.K. | ||||||||||
B |
Baytex Energy Corp. |
Oil and gas | Canada | |||||||||||
B | Bojangles' Inc. | Retail/restaurants | U.S. | |||||||||||
B |
Boyd Gaming Corp. |
Media and entertainment | Yes | U.S. | ||||||||||
B |
Boyne USA Inc. |
Media and entertainment | Yes | U.S. | ||||||||||
B |
CD&R Firefly 4 Ltd. (Motor Fuel Group) |
Retail/restaurants | U.K. | |||||||||||
B |
CES Energy Solutions Corp. |
Oil and gas | Canada | |||||||||||
B | CNG Holdings Inc. | Financial institutions | Yes | U.S. | ||||||||||
B | CNT Holdings III Corp. | Retail/restaurants | U.S. | |||||||||||
B |
Caldic Midco B.V. |
Chemicals, packaging, and environmental services | Netherlands | |||||||||||
B | Carestream Dental Parent Ltd. | Health care | U.K. | |||||||||||
B |
Carriage Services Inc. |
Health care | U.S. | |||||||||||
B |
Casino Guichard - Perrachon S.A. |
Retail/restaurants | France | |||||||||||
B | CityCenter Holdings LLC | Media and entertainment | Yes | U.S. | ||||||||||
B | Clarity Telecom LLC | Telecommunications | U.S. | |||||||||||
B | CommScope Holding Co. Inc. | High technology | U.S. | |||||||||||
B |
Commercial Vehicle Group Inc. |
Automotive | Yes | U.S. | ||||||||||
B |
Consolidated Communications Holdings Inc. |
Telecommunications | U.S. | |||||||||||
B |
Corelle Brands Holdings Inc. |
Consumer products | U.S. | |||||||||||
B |
Credivalores - Crediservicios SAS |
Financial institutions | Yes | Colombia | ||||||||||
B |
DISH Network Corp. |
Telecommunications | U.S. | |||||||||||
B |
DLG Acquisitions Ltd. |
Media and entertainment | U.K. | |||||||||||
B |
DaFa Properties Group Ltd. |
Homebuilders/real estate companies | Yes | Cayman Islands | ||||||||||
B |
Damac Real Estate Development Ltd. |
Homebuilders/real estate companies | U.A.E. | |||||||||||
B | Datto Inc. | High technology | Yes | U.S. | ||||||||||
B |
Dawn Acquisitions LLC |
Infra Colodata Holdings LLC |
Homebuilders/real estate companies | U.S. | ||||||||||
B |
Dhanani Group Inc. |
Retail/restaurants | U.S. | |||||||||||
B | Dimora Brands Inc. | Forest products and building materials | Yes | U.S. | ||||||||||
B |
DiversiTech Holdings Inc. |
Forest products and building materials | Yes | U.S. | ||||||||||
B | Donnelley (R.R.) & Sons Co. | Media and entertainment | U.S. | |||||||||||
B | Drive Chassis Holdco LLC | Transportation | U.S. | |||||||||||
B |
ENC Holding Corp. |
ENC Parent Corp. | Transportation | U.S. | ||||||||||
B |
EVO Payments International LLC |
High technology | Yes | U.S. | ||||||||||
B |
EVOCA S.p.A. |
Consumer products | Italy | |||||||||||
B | Edelman Financial Engines Center LLC (The) | Financial institutions | U.S. | |||||||||||
B | Electro Rent Corp. | Capital goods | U.S. | |||||||||||
B |
Element Materials Technology Ltd. |
Consumer products | U.K. | |||||||||||
B | Elo Touch Solutions Inc. | High technology | U.S. | |||||||||||
B |
Endo International PLC |
Health care | Ireland | |||||||||||
B |
Entercom Communications Corp. |
Media and entertainment | U.S. | |||||||||||
B | Epic Crude Services LP | EPIC Midstream Holdings LP | Midstream | U.S. | ||||||||||
B |
Everi Payments Inc. |
Media and entertainment | Yes | U.S. | ||||||||||
B | EyeCare Partners LLC | Health care | Yes | U.S. | ||||||||||
B | Federal Democratic Republic of Ethiopia | Sovereign | Ethiopia | |||||||||||
B |
Filtration Group Corp. |
Capital goods | Yes | U.S. | ||||||||||
B |
Financiere Colisee SAS |
Health care | France | |||||||||||
B |
Financiere N |
Health care | France | |||||||||||
B |
Financiere Top Mendel SAS |
Health care | France | |||||||||||
B | Flex Acquisition Holdings Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
B |
Flynn Restaurant Group LP |
Retail/restaurants | U.S. | |||||||||||
B | GEMS MENASA (Cayman) Ltd. |
GEMS Menasa Holdings Ltd. (Cayman islands) |
Consumer products | U.A.E. | ||||||||||
B |
Gamenet Group S.p.A. |
Media and entertainment | Yes | Italy | ||||||||||
B |
Genesis Care Pty Ltd. |
Health care | Australia | |||||||||||
B | Goldcup Holdings Inc. |
Explorer Holdings Inc |
Health care | U.S. | ||||||||||
B | Hayward Industries Inc. | Consumer products | U.S. | |||||||||||
B | Henry Holdings Inc. | Henry Co. LLC | Forest products and building materials | U.S. | ||||||||||
B |
Hestiafloor 2 |
Forest products and building materials | Yes | France | ||||||||||
B |
High Liner Foods Inc. |
Consumer products | Canada | |||||||||||
B | Highline Aftermarket Acquisition LLC | Consumer products | Yes | U.S. | ||||||||||
B |
House of HR NV |
Consumer products | Belgium | |||||||||||
B | HudBay Minerals Inc. | Metals, mining, and steel | Canada | |||||||||||
B |
Hyster-Yale Materials Handling Inc. |
Capital goods | U.S. | |||||||||||
B |
IWH UK Finco Ltd. |
Health care | U.K. | |||||||||||
B |
Indivior plc |
Health care | U.K. | |||||||||||
B |
Inmar Inc. |
Consumer products | U.S. | |||||||||||
B |
Inspire Brands Inc. |
Retail/restaurants | U.S. | |||||||||||
B |
International Design Group SpA |
Consumer products | Italy | |||||||||||
B |
Jaguar Land Rover Automotive PLC |
Tata Sons Pte. Ltd. |
Automotive | U.K. | ||||||||||
B |
Jiayuan International Group Ltd. |
Homebuilders/real estate companies | China | |||||||||||
B |
Jingrui Holdings Ltd. |
Homebuilders/real estate companies | Cayman Islands | |||||||||||
B | K+S Aktiengesellschaft | Chemicals, packaging, and environmental services | Germany | |||||||||||
B |
KAPLA Holding (Kiloutou) |
Capital goods | France | |||||||||||
B |
Keystone Acquisition Corp. |
Insurance | U.S. | |||||||||||
B |
Kiwi VFS SUB I S.ar.l |
Consumer products | Luxembourg | |||||||||||
B |
Koppers Holdings Inc. |
Chemicals, packaging, and environmental services | U.S. | |||||||||||
B | Kosmos Energy Ltd. | Oil and gas | U.S. | |||||||||||
B | LABL Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
B |
LSF10 Edilians Investments S.a.r.l. |
Forest products and building materials | France | |||||||||||
B |
LSF10 Wolverine Investments SCA |
Forest products and building materials | France | |||||||||||
B | LSFX Flavum Bidco S.A. | Forest products and building materials | Spain | |||||||||||
B |
La Financiere Atalian SAS |
Consumer products | France | |||||||||||
B | Latham Pool Products Inc. | Consumer products | U.S. | |||||||||||
B | LifeScan Global Corp. | Health care | U.S. | |||||||||||
B |
Lifetime Brands Inc. |
Consumer products | U.S. | |||||||||||
B | Loire UK Midco 3 Ltd. | Consumer products | U.K. | |||||||||||
B |
Loxam SAS |
Capital goods | France | |||||||||||
B | Lucid Energy Group II Borrower LLC | Lucid Energy Group II LLC | Midstream | U.S. | ||||||||||
B | MRO Holdings Inc. | Aerospace and defense | Panama | |||||||||||
B | MTN Infrastructure TopCo Inc. | Telecommunications | Yes | U.S. | ||||||||||
B | Mauser Packaging Solutions Holding Co. | BOE Intermediate Holding Corp. | Chemicals, packaging, and environmental services | U.S. | ||||||||||
B | Mercury Parent LLC | Health care | U.S. | |||||||||||
B |
Meredith Corp. |
Media and entertainment | Yes | U.S. | ||||||||||
B | Michaels Cos. Inc. (The) | Retail/restaurants | U.S. | |||||||||||
B |
Mobilux 2 S.A.S. |
Retail/restaurants | Yes | France | ||||||||||
B |
MoneyGram International |
Financial institutions | U.S. | |||||||||||
B |
Mr. Cooper Group Inc. |
Financial institutions | U.S. | |||||||||||
B | NFP Holdings LLC | Insurance | U.S. | |||||||||||
B |
National CineMedia Inc. |
Media and entertainment | Yes | U.S. | ||||||||||
B |
Natural Resource Partners L.P. |
Metals, mining, and steel | U.S. | |||||||||||
B |
Navios Maritime Holdings Inc. |
Transportation | Marshall Islands | |||||||||||
B |
Neptune Holdco S.a.r.l. |
Forest products and building materials | Luxembourg | |||||||||||
B |
NexTier Oilfield Solutions Inc. |
Oil and gas | U.S. | |||||||||||
B | Oak Holdings LLC | Consumer products | U.S. | |||||||||||
B |
Outdoor Home Services Holdings LLC |
Consumer products | U.S. | |||||||||||
B |
PDC Beauty & Wellness Co. |
Consumer products | U.S. | |||||||||||
B |
PHM Netherlands Midco B.V. |
Forest products and building materials | Netherlands | |||||||||||
B | PLZ Aeroscience Corp. | Chemicals, packaging, and environmental services | Yes | U.S. | ||||||||||
B | PS HoldCo LLC | Transportation | U.S. | |||||||||||
B |
PT Kawasan Industri Jababeka Tbk. |
Homebuilders/real estate companies | Indonesia | |||||||||||
B |
Peraton Corp. |
Aerospace and defense | U.S. | |||||||||||
B | Pioneer UK Midco 1 Ltd. | Health care | U.S. | |||||||||||
B |
Placin Sarl |
Consumer products | Spain | |||||||||||
B |
Platin 1425. GmbH |
Capital goods | Germany | |||||||||||
B |
Populus Financial Group Inc |
Financial institutions | U.S. | |||||||||||
B |
Precision Drilling Corp. |
Precision Drilling Trust | Oil and gas | Canada | ||||||||||
B | PriSo Acquisition Corp. | Forest products and building materials | U.S. | |||||||||||
B | Q Holdco Ltd. | Health care | Yes | U.S. | ||||||||||
B |
QEP Resources Inc. |
Oil and gas | U.S. | |||||||||||
B |
Quimper AB |
Forest products and building materials | Yes | Sweden | ||||||||||
B |
Radio Systems Corp. |
Consumer products | U.S. | |||||||||||
B |
Range Resources Corp. |
Oil and gas | U.S. | |||||||||||
B |
Realogy Group LLC |
Media and entertainment | U.S. | |||||||||||
B |
Rekeep S.p.A. |
Consumer products | Italy | |||||||||||
B | Republic of Ghana | Sovereign | Yes | Ghana | ||||||||||
B | Rockwood Service Corp. | Capital goods | U.S. | |||||||||||
B | Rough Country LLC | Automotive | U.S. | |||||||||||
B |
Ryerson Holding Corp. |
Metals, mining, and steel | U.S. | |||||||||||
B | Ryman Hospitality Properties Inc. | Media and entertainment | U.S. | |||||||||||
B | SRS Distribution Inc. | Forest products and building materials | U.S. | |||||||||||
B |
SSH Holdings Inc. d/b/a Spencer Spirit |
Retail/restaurants | U.S. | |||||||||||
B | Saffron Borrowco LLC | Retail/restaurants | U.S. | |||||||||||
B |
Schur Flexibles GmbH |
Chemicals, packaging, and environmental services | Germany | |||||||||||
B | Seplat Petroleum Development Co. PLC | Oil and gas | Nigeria | |||||||||||
B |
Shandong Sanxing Group Co. Ltd. |
Consumer products | China | |||||||||||
B |
Sisal Group S.p.A |
Schumann S.p.A. | Media and entertainment | Italy | ||||||||||
B |
Soco 1 |
Media and entertainment | France | |||||||||||
B |
Spectrum Brands Holdings Inc. |
Consumer products | U.S. | |||||||||||
B |
Staples Inc. |
Media and entertainment | U.S. | |||||||||||
B |
Stellagroup |
Polaris Holding |
Forest products and building materials | France | ||||||||||
B | Summit Midstream Partners LP | Midstream | U.S. | |||||||||||
B | Superior Industries International Inc. | Automotive | U.S. | |||||||||||
B |
THOM Europe S.A.S. |
Retail/restaurants | France | |||||||||||
B |
TNS Inc. |
Telecommunications | Yes | U.S. | ||||||||||
B | TRC Cos. Inc. | Capital goods | Yes | U.S. | ||||||||||
B |
Talen Energy Supply LLC |
Talen Energy Corp. | Utilities | U.S. | ||||||||||
B | TecoStar Holdings Inc. | Health care | U.S. | |||||||||||
B |
Teine Energy Ltd. |
Oil and gas | Canada | |||||||||||
B | The Cook & Boardman Group LLC | Forest products and building materials | U.S. | |||||||||||
B | The Schumacher Group of Delaware Inc. | Clinical Acquisitions Holdings LP | Health care | U.S. | ||||||||||
B | Thermon Group Holdings Inc. | Capital goods | U.S. | |||||||||||
B |
Tortoise Parent Holdco LLC |
Financial institutions | U.S. | |||||||||||
B | Townsquare Media Inc. | Media and entertainment | Yes | U.S. | ||||||||||
B | Trico Group LLC | Automotive | U.S. | |||||||||||
B |
Trinseo S.A. |
Chemicals, packaging, and environmental services | Luxembourg | |||||||||||
B |
Tronox Ltd. |
Chemicals, packaging, and environmental services | Australia | |||||||||||
B |
Tutor Perini Corp. |
Capital goods | U.S. | |||||||||||
B | United Natural Foods Inc. | Retail/restaurants | U.S. | |||||||||||
B |
Visual Comfort & Co. |
Consumer products | Yes | U.S. | ||||||||||
B |
WP/AV CH HOLDINGS II B.V. |
High technology | Yes | Netherlands | ||||||||||
B |
Walnut Bidco PLC |
Consumer products | Switzerland | |||||||||||
B |
Wendy's Co. (The) |
Retail/restaurants | U.S. | |||||||||||
B |
Xinhu Zhongbao Co. Ltd. |
Homebuilders/real estate companies | China | |||||||||||
B |
Xinjiang Guanghui Industry Investment (Group) Co. Ltd. |
Homebuilders/real estate companies | China | |||||||||||
B |
Zara UK Topco Ltd. |
Consumer products | U.K. | |||||||||||
B |
iHeartMedia Inc. |
Media and entertainment | U.S. | |||||||||||
B-/Watch Neg | 18 Fremont Street Acquisition LLC | Media and entertainment | U.S. | |||||||||||
B-/Watch Neg |
AAG FH LP |
Retail/restaurants | Canada | |||||||||||
B-/Watch Neg |
APCO Super Holdco LP |
Insurance | U.S. | |||||||||||
B-/Watch Neg | ATI Holdings Acquisition Inc. | Health care | U.S. | |||||||||||
B-/Watch Neg |
AVSC Holding Corp. |
Media and entertainment | U.S. | |||||||||||
B-/Watch Neg |
Affinity Gaming |
Media and entertainment | U.S. | |||||||||||
B-/Watch Neg |
AgroFresh Inc. |
Chemicals, packaging, and environmental services | U.S. | |||||||||||
B-/Watch Neg |
Airxcel Inc. |
Media and entertainment | U.S. | |||||||||||
B-/Watch Neg |
Algoma Steel Inc. |
Metals, mining, and steel | Canada | |||||||||||
B-/Watch Neg |
Alliance HealthCare Services |
Health care | U.S. | |||||||||||
B-/Watch Neg | American Dental Partners Inc. | Health care | U.S. | |||||||||||
B-/Watch Neg |
BURGER KING France SAS |
NewCo GB SAS | Retail/restaurants | France | ||||||||||
B-/Watch Neg | CWGS Enterprises LLC | Media and entertainment | U.S. | |||||||||||
B-/Watch Neg |
Casper MidCo SAS |
Media and entertainment | France | |||||||||||
B-/Watch Neg | Century Casinos Inc. | Media and entertainment | U.S. | |||||||||||
B-/Watch Neg | Chefs' Warehouse Inc. (The) | Consumer products | U.S. | |||||||||||
B-/Watch Neg | Comet Bidco Ltd. | Media and entertainment | U.K. | |||||||||||
B-/Watch Neg | Companhia Siderurgica Nacional (CSN) | Metals, mining, and steel | Brazil | |||||||||||
B-/Watch Neg |
Confie Seguros Holding Co. |
Insurance | U.S. | |||||||||||
B-/Watch Neg | Confluent Health LLC | Health care | U.S. | |||||||||||
B-/Watch Neg | Container Store Group Inc. (The) | Retail/restaurants | U.S. | |||||||||||
B-/Watch Neg | Covenant Surgical Partners Inc. | Health care | U.S. | |||||||||||
B-/Watch Neg |
Dentalcorp Health Services ULC |
Health care | Canada | |||||||||||
B-/Watch Neg | Digital Room Holdings Inc. | Media and entertainment | U.S. | |||||||||||
B-/Watch Neg | Edward Don & Co. Holdings LLC | Consumer products | U.S. | |||||||||||
B-/Watch Neg |
Ezdan Holding Group Q.S.C. |
Homebuilders/real estate companies | Yes | Qatar | ||||||||||
B-/Watch Neg |
GI Revelation Acquisition LLC |
High technology | U.S. | |||||||||||
B-/Watch Neg |
Genworth Financial Inc. |
Insurance | Yes | U.S. | ||||||||||
B-/Watch Neg | Hubbard Radio LLC | Media and entertainment | U.S. | |||||||||||
B-/Watch Neg |
International Park Holdings B.V. |
Media and entertainment | Spain | |||||||||||
B-/Watch Neg |
Jacobs Entertainment Inc. |
Media and entertainment | U.S. | |||||||||||
B-/Watch Neg |
KLDiscovery Inc. |
Consumer products | U.S. | |||||||||||
B-/Watch Neg |
Kongsberg Automotive ASA |
Automotive | Norway | |||||||||||
B-/Watch Neg | Lands' End Inc. | Consumer products | U.S. | |||||||||||
B-/Watch Neg |
Mabel Topco Ltd. |
The Restaurant Group PLC | Retail/restaurants | U.K. | ||||||||||
B-/Watch Neg |
NEP/NCP Holdco Inc. |
Media and entertainment | U.S. | |||||||||||
B-/Watch Neg | NN Inc. | Health care | U.S. | |||||||||||
B-/Watch Neg |
National Amusements Inc. |
Media and entertainment | U.S. | |||||||||||
B-/Watch Neg |
Neenah Foundry Co. |
Neenah Enterprises Inc. | Metals, mining, and steel | U.S. | ||||||||||
B-/Watch Neg |
OCWEN Financial Corp. |
Financial institutions | U.S. | |||||||||||
B-/Watch Neg |
PT Modernland Realty Tbk. |
Homebuilders/real estate companies | Indonesia | |||||||||||
B-/Watch Neg |
Pesquera Exalmar S.A.A. |
Consumer products | Peru | |||||||||||
B-/Watch Neg |
Pinnacle Bidco PLC |
Media and entertainment | U.K. | |||||||||||
B-/Watch Neg |
Piolin Bidco S.A.U. |
Media and entertainment | Spain | |||||||||||
B-/Watch Neg |
Pro.Gest SpA |
Forest products and building materials | Italy | |||||||||||
B-/Watch Neg |
Red Lobster Management LLC |
Red Lobster Intermediate Holdings LLC |
Retail/restaurants | U.S. | ||||||||||
B-/Watch Neg |
SBP Holding LP |
Media and entertainment | U.S. | |||||||||||
B-/Watch Neg |
SIRVA Inc. |
Consumer products | U.S. | |||||||||||
B-/Watch Neg | Spectacle Gary Holdings LLC | Media and entertainment | U.S. | |||||||||||
B-/Watch Neg |
Sugarhouse HSP Gaming Prop. Mezz. L.P. |
Media and entertainment | U.S. | |||||||||||
B-/Watch Neg | Surgery Partners Inc. | Health care | U.S. | |||||||||||
B-/Watch Neg |
TUI AG |
Media and entertainment | Germany | |||||||||||
B-/Watch Neg |
Tele Columbus AG |
Telecommunications | Germany | |||||||||||
B-/Watch Neg | Tensar Corp. (The) | Forest products and building materials | U.S. | |||||||||||
B-/Watch Neg | The New Home Co. Inc. | Forest products and building materials | U.S. | |||||||||||
B-/Watch Neg |
The Octave Music Group Inc. |
Media and entertainment | U.S. | |||||||||||
B-/Watch Neg | Transportes Aereos Portugueses, SGPS, S.A. | Transportation | Portugal | |||||||||||
B-/Watch Neg | Travel Leaders Group LLC | Media and entertainment | U.S. | |||||||||||
B-/Watch Neg | URS Holdco Inc. | Transportation | U.S. | |||||||||||
B-/Watch Neg |
WestJet Airlines Ltd. |
Transportation | Canada | |||||||||||
B- | APX Group Holdings Inc. | Media and entertainment | U.S. | |||||||||||
B- | AQ Carver Buyer Inc. | Media and entertainment | U.S. | |||||||||||
B- |
ASP Chromaflo Holdings LP |
Chemicals, packaging, and environmental services | Cayman Islands | |||||||||||
B- | Acropole Holding | Consumer products | France | |||||||||||
B- | Aegis Toxicology Sciences Corp. | Aegis Acquistion Inc. | Health care | U.S. | ||||||||||
B- |
Aerial Parent Corp. |
Telecommunications | Yes | U.S. | ||||||||||
B- |
Afflelou SAS |
Consumer products | France | |||||||||||
B- |
Albany Molecular Research Inc. |
Health care | U.S. | |||||||||||
B- | Alvogen Pharma US Inc. |
Alvogen Lux Holdings S.a.r.l. |
Health care | U.S. | ||||||||||
B- |
Amer Sports Holding 1 Oy |
Consumer products | Finland | |||||||||||
B- | American Renal Associates Holdings Inc. | Health care | U.S. | |||||||||||
B- |
Amynta Holdings LLC |
Insurance | U.S. | |||||||||||
B- | Antero Resources Corp. | Oil and gas | U.S. | |||||||||||
B- |
Arbor Pharmaceuticals Inc. |
Health care | U.S. | |||||||||||
B- |
Aspen Jersey Topco LLC |
High technology | U.S. | |||||||||||
B- |
AutoCanada Inc. |
Retail/restaurants | Canada | |||||||||||
B- | Avalign Holdings Inc. | Health care | U.S. | |||||||||||
B- | Aventiv Technologies LLC | Telecommunications | U.S. | |||||||||||
B- | BEP Ulterra Holdings Inc. | Oil and gas | U.S. | |||||||||||
B- |
Baffinland Iron Mines Corp. |
Metals, mining, and steel | Canada | |||||||||||
B- | Bahia de las Isletas, S.L. | Transportation | Spain | |||||||||||
B- | Ball Metalpack Finco LLC | Chemicals, packaging, and environmental services | U.S. | |||||||||||
B- | Berry Petroleum Corp. | Oil and gas | U.S. | |||||||||||
B- | Boardriders Inc. | Consumer products | U.S. | |||||||||||
B- | Bowlero Corp. | Media and entertainment | U.S. | |||||||||||
B- | Brand Industrial Services Inc. | Capital goods | U.S. | |||||||||||
B- | Buccaneer Intermediate Holdco Ltd. | Health care | U.K. | |||||||||||
B- | C&D Technologies Inc. | Capital goods | Yes | U.S. | ||||||||||
B- | CB Poly Investments LLC | Consumer products | U.S. | |||||||||||
B- |
CFS Brands LLC |
Capital goods | U.S. | |||||||||||
B- |
CHG PPC Intermediate II LLC |
Consumer products | U.S. | |||||||||||
B- | CIRCOR International Inc. | Capital goods | U.S. | |||||||||||
B- | Calumet Specialty Products Partners LP | Utilities | U.S. | |||||||||||
B- |
Cassini SAS |
Media and entertainment | France | |||||||||||
B- | Cast & Crew Payroll LLC | Consumer products | U.S. | |||||||||||
B- |
Cengage Learning Holdings II Inc. |
Media and entertainment | U.S. | |||||||||||
B- |
Cirsa Enterprises S.L.U. |
LHMC Finco 2 S.a.r.l. |
Media and entertainment | Spain | ||||||||||
B- |
Cleveland-Cliffs Inc. |
Metals, mining, and steel | U.S. | |||||||||||
B- | Cohu Inc. | High technology | U.S. | |||||||||||
B- | Cologix Holdings Inc. | Telecommunications | U.S. | |||||||||||
B- |
Conn's Inc. |
Retail/restaurants | Yes | U.S. | ||||||||||
B- |
ConvergeOne Holdings Inc. |
Media and entertainment | U.S. | |||||||||||
B- | Cooper-Standard Holdings Inc. | Automotive | U.S. | |||||||||||
B- |
Cornerstone Chemical Co. |
Chemicals, packaging, and environmental services | U.S. | |||||||||||
B- |
Corporacion Azucarera del Peru S. A. |
Consumer products | Peru | |||||||||||
B- | DMT Solutions Global Corp. | Media and entertainment | U.S. | |||||||||||
B- |
Daseke Inc |
Transportation | U.S. | |||||||||||
B- |
Dealer Tire LLC |
Automotive | Yes | U.S. | ||||||||||
B- |
DexKo Global Inc. |
Capital goods | Yes | U.S. | ||||||||||
B- |
Diebold Nixdorf Inc. |
High technology | U.S. | |||||||||||
B- |
Dunn Paper Holdings Inc. |
Chemicals, packaging, and environmental services | U.S. | |||||||||||
B- | Dynasty Acquisition Co. Inc. | Aerospace and defense | U.S. | |||||||||||
B- | ERC Topco Holdings LLC | Health care | U.S. | |||||||||||
B- |
EagleView Technology Corp. |
Media and entertainment | U.S. | |||||||||||
B- | Eclipse Midco Inc. | High technology | U.S. | |||||||||||
B- | Electronics for Imaging Inc. | High technology | U.S. | |||||||||||
B- |
Ellaktor S.A. |
Utilities | Greece | |||||||||||
B- | EnTrans International LLC | Automotive | U.S. | |||||||||||
B- | EnVen Energy Corp. | Oil and gas | U.S. | |||||||||||
B- |
Encino Acquisition Partners LLC |
Oil and gas | U.S. | |||||||||||
B- | Energy Holdings (Cayman) Ltd. | Capital goods | Cayman Islands | |||||||||||
B- |
EnergySolutions Inc. |
Chemicals, packaging, and environmental services | U.S. | |||||||||||
B- |
Eyemart Express Holdings LLC |
Retail/restaurants | U.S. | |||||||||||
B- |
First American Payment Systems LP |
High technology | U.S. | |||||||||||
B- | FleetPride Inc. | Fastlane Parent Co. Inc. | Automotive | U.S. | ||||||||||
B- | Forming Machining Industries Holdings LLC | Aerospace and defense | U.S. | |||||||||||
B- | Fort Dearborn Holding Co. Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
B- |
Freedom Mortgage Corp. |
Financial institutions | U.S. | |||||||||||
B- | GCI LLC | GCI Liberty Inc. | Telecommunications | U.S. | ||||||||||
B- | Genuine Financial Holdings LLC | Consumer products | U.S. | |||||||||||
B- |
Golden Nugget Inc. |
Retail/restaurants | U.S. | |||||||||||
B- | Greenway Health LLC | Health care | U.S. | |||||||||||
B- |
Grupo Antolin Irausa SA |
Automotive | Spain | |||||||||||
B- | Halo Buyer Inc. | Consumer products | U.S. | |||||||||||
B- |
Haya Real Estate S.A.U |
Consumer products | Yes | Spain | ||||||||||
B- |
Heidelberger Druckmaschinen AG |
Capital goods | Germany | |||||||||||
B- |
Hexion Inc. |
Chemicals, packaging, and environmental services | U.S. | |||||||||||
B- | Hillman Cos. Inc. (The) | Consumer products | U.S. | |||||||||||
B- | Holley Purchaser Inc. | Automotive | U.S. | |||||||||||
B- | Hoya Midco LLC | Media and entertainment | Yes | U.S. | ||||||||||
B- |
IM Growth SAS |
Consumer products | France | |||||||||||
B- |
Idemia France SAS |
High technology | France | |||||||||||
B- |
Infogroup Inc. |
Media and entertainment | U.S. | |||||||||||
B- |
Innovative Water Care Global Corp. |
Consumer products | U.S. | |||||||||||
B- | International Seaways Inc. | Transportation | Marshall Islands | |||||||||||
B- |
Intrado Corp. |
Telecommunications | U.S. | |||||||||||
B- |
JMC Acquisition Corp. |
Capital goods | U.S. | |||||||||||
B- |
Jazz Acquisition Inc. |
Wencor Group LLC | Aerospace and defense | U.S. | ||||||||||
B- |
K-Mac Holdings Corp. |
Retail/restaurants | U.S. | |||||||||||
B- |
KNEL Acquisition LLC |
Consumer products | U.S. | |||||||||||
B- |
Kleopatra Holdings 1 S.C.A. |
Chemicals, packaging, and environmental services | Luxembourg | |||||||||||
B- | Knowlton Development HoldCo Inc. | Consumer products | Canada | |||||||||||
B- |
Kronos Worldwide Inc. |
Chemicals, packaging, and environmental services | U.S. | |||||||||||
B- | LJ Ruby Holdings LLC | Capital goods | U.S. | |||||||||||
B- |
LSF9 Balta Issuer S.A. |
Consumer products | Belgium | |||||||||||
B- | Lannett Co. Inc. | Health care | U.S. | |||||||||||
B- |
Laredo Petroleum Inc. |
Oil and gas | U.S. | |||||||||||
B- |
Livingston International Inc. |
Consumer products | Canada | |||||||||||
B- | MED ParentCo LP | Retail/restaurants | Yes | U.S. | ||||||||||
B- |
MRC Global (US) Inc. |
McJunkin Red Man Holding Corp. | Metals, mining, and steel | Yes | U.S. | |||||||||
B- |
Marcolin SpA |
Consumer products | Italy | |||||||||||
B- | Matador Resources Co. | Oil and gas | U.S. | |||||||||||
B- |
Mavis Tire Express Services Corp. |
Retail/restaurants | U.S. | |||||||||||
B- | Maxim Crane Works Holdings Capital LLC | Capital goods | U.S. | |||||||||||
B- | McGraw-Hill Education Inc. | Media and entertainment | U.S. | |||||||||||
B- | Mitel Networks (International) Ltd. | High technology | U.K. | |||||||||||
B- |
Monitronics International Inc. |
Media and entertainment | U.S. | |||||||||||
B- | Moran Foods LLC | SAL Acquisition Corp. | Retail/restaurants | Yes | U.S. | |||||||||
B- | Navitas Midstream Midland Basin LLC | Midstream | U.S. | |||||||||||
B- |
Nets Topco 3 S.a r.l. |
High technology | Denmark | |||||||||||
B- |
Norican Global A/S |
Capital goods | Denmark | |||||||||||
B- |
Nutrition Parent LLC |
Consumer products | U.S. | |||||||||||
B- |
Oi S.A. |
Telecommunications | Brazil | |||||||||||
B- |
One Call Corp. |
One Call Care Management Inc. | Insurance | U.S. | ||||||||||
B- |
Oryx Midstream Holdings LLC |
Midstream | U.S. | |||||||||||
B- |
Owens & Minor Inc. |
Consumer products | U.S. | |||||||||||
B- | P&L Development Holdings LLC | Consumer products | U.S. | |||||||||||
B- |
PAX Midco Spain |
Retail/restaurants | Spain | |||||||||||
B- |
PT Lippo Karawaci Tbk. |
Homebuilders/real estate companies | Indonesia | |||||||||||
B- |
Panda Stonewall LLC |
Merchant power | U.S. | |||||||||||
B- |
Paradigm Midstream LLC |
Midstream | U.S. | |||||||||||
B- |
Parts Holding Europe SAS |
Dakar Finance S.A. | Automotive | France | ||||||||||
B- |
Perstorp Holding AB (publ) |
Chemicals, packaging, and environmental services | Sweden | |||||||||||
B- | PetroChoice Holdings Inc. | Consumer products | U.S. | |||||||||||
B- |
Plaskolite PPC Intermediate II LLC |
Plaskolite PPC Intermediate I LLC | Forest products and building materials | U.S. | ||||||||||
B- | Pregis TopCo Corp. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
B- |
Premier Brands Group Holdings LLC |
Consumer products | U.S. | |||||||||||
B- | Procera I LP | High technology | Canada | |||||||||||
B- |
Project Boost Purchaser LLC |
High technology | U.S. | |||||||||||
B- |
Project Silverback Holding Corp. |
High technology | U.S. | |||||||||||
B- | Prometric Holdings Inc. | Media and entertainment | U.S. | |||||||||||
B- |
Promontoria Holding 264 B.V. |
Transportation | Netherlands | |||||||||||
B- | Pugnacious Endeavors Inc. | Media and entertainment | U.S. | |||||||||||
B- | QBS Parent Inc. | Project Quarterback Parent LLC | High technology | U.S. | ||||||||||
B- | QualTek USA LLC | Capital goods | U.S. | |||||||||||
B- | Ring Container Technologies Group LLC | Chemicals, packaging, and environmental services | U.S. | |||||||||||
B- |
Rubix Group Holdings Ltd. |
Capital goods | U.K. | |||||||||||
B- | SIWF Holdings Inc. | Consumer products | U.S. | |||||||||||
B- |
SK Invictus Intermediate II S.a r.l. |
Chemicals, packaging, and environmental services | Luxembourg | |||||||||||
B- | STG-Fairway Holdings LLC (d/b/a First Advantage Corp.) | Consumer products | U.S. | |||||||||||
B- |
Safe Fleet Holdings LLC |
Capital goods | U.S. | |||||||||||
B- | Salient CRGT Inc. | Aerospace and defense | U.S. | |||||||||||
B- |
Schoeller Packaging B.V. |
Chemicals, packaging, and environmental services | Yes | Netherlands | ||||||||||
B- |
Selecta Group B.V. |
Consumer products | Netherlands | |||||||||||
B- |
Shift4 Payments LLC |
High technology | U.S. | |||||||||||
B- | Solenis UK International Ltd. | Chemicals, packaging, and environmental services | U.K. | |||||||||||
B- | Solera Parent Holding LLC | High technology | U.S. | |||||||||||
B- | Specialty Building Products Holdings LLC | Forest products and building materials | U.S. | |||||||||||
B- | Star UK Midco Ltd. | Capital goods | U.K. | |||||||||||
B- |
Starfish Holdco LLC |
High technology | U.S. | |||||||||||
B- |
Sterling Intermediate Corp. |
Media and entertainment | U.S. | |||||||||||
B- | Sungard AS New Holdings LLC | High technology | Yes | U.S. | ||||||||||
B- | TEG Pty Ltd. | Media and entertainment | Australia | |||||||||||
B- |
TMF Sapphire Midco B.V. |
Media and entertainment | Netherlands | |||||||||||
B- | TPC Group Inc. | TPC Group LLC | Chemicals, packaging, and environmental services | U.S. | ||||||||||
B- | TPro Acquisition Corp. | Automotive | Yes | U.S. | ||||||||||
B- |
Tacala LLC |
Retail/restaurants | U.S. | |||||||||||
B- |
Tank Holding Corp. |
Capital goods | U.S. | |||||||||||
B- | Team Health Holdings Inc. | Health care | U.S. | |||||||||||
B- |
Terra-Gen Finance Co. LLC |
Terra-Gen Power Holding II LLC |
Merchant power | U.S. | ||||||||||
B- |
Tornante - MDP Joe Holding LLC |
Media and entertainment | U.S. | |||||||||||
B- | Toro Private Holdings I Ltd. | Transportation | U.K. | |||||||||||
B- |
Trade Me Group Ltd. |
High technology | New Zealand | |||||||||||
B- |
Triton UK Midco Ltd. |
High technology | U.K. | |||||||||||
B- |
Triumph Group Inc. |
Aerospace and defense | U.S. | |||||||||||
B- |
Truck Holdings Inc. |
Automotive | U.S. | |||||||||||
B- | USIC Holdings Inc. | Capital goods | Yes | U.S. | ||||||||||
B- | USS Ultimate Holdings Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
B- |
Vantage Specialty Chemicals Inc. |
Chemicals, packaging, and environmental services | U.S. | |||||||||||
B- |
Veritas Holdings Ltd. |
High technology | Bermuda | |||||||||||
B- |
Viking Cruises Ltd. |
Viking Holdings Ltd. | Media and entertainment | Yes | U.S. | |||||||||
B- |
Vue International Bidco plc |
Media and entertainment | U.K. | |||||||||||
B- |
WP CPP Holdings LLC |
Aerospace and defense | U.S. | |||||||||||
B- |
WWEX UNI Intermediate Holdings LLC |
Transportation | Yes | U.S. | ||||||||||
B- | Wand NewCo 3 Inc. | Automotive | U.S. | |||||||||||
B- |
WaterBridge Operating LLC |
WaterBridge Resources LLC | Midstream | U.S. | ||||||||||
B- |
Welltec A/S |
Oil and gas | Denmark | |||||||||||
B- |
Wesco Aircraft Holdings Inc. |
Wolverine Intermediate Holding Corp. |
Aerospace and defense | U.S. | ||||||||||
B- | Wheel Pros Inc. | Automotive | U.S. | |||||||||||
B- |
WireCo WorldGroup Inc. |
Metals, mining, and steel | U.S. | |||||||||||
B- |
Wirepath LLC |
Crackle Holdings LP | High technology | U.S. | ||||||||||
B- |
World Endurance Holdings Inc. |
Media and entertainment | U.S. | |||||||||||
B- |
YS Garments LLC |
Consumer products | U.S. | |||||||||||
B- | Zenith Energy U.S. Logistics Holdings LLC | Midstream | U.S. | |||||||||||
B- | pH Beauty Holdings I Inc. | Consumer products | U.S. | |||||||||||
Data as of May 29, 2020. Source: S&P Global Ratings Research. |
Related Publications
Related Criteria
- General Criteria: Use Of CreditWatch And Outlooks, Sept. 14, 2009
Related Research
- COVID-19- And Oil Price-Related Public Rating Actions On Corporations, Sovereigns, And Project Finance To Date, July 7, 2020
- Coronavirus Dramatically Increases Consumer Products Risk, But Staples Benefit, April 7, 2020
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: | Abhik Debnath, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai |
Nivritti Mishra Richhariya, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai |
No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.
Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses.
To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw or suspend such acknowledgment at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.
S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.
S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees.
Any Passwords/user IDs issued by S&P to users are single user-dedicated and may ONLY be used by the individual to whom they have been assigned. No sharing of passwords/user IDs and no simultaneous access via the same password/user ID is permitted. To reprint, translate, or use the data or information other than as provided herein, contact S&P Global Ratings, Client Services, 55 Water Street, New York, NY 10041; (1) 212-438-7280 or by e-mail to: research_request@spglobal.com.