Credit Trends: Potential Downgrades Reach Another Record High Amid COVID-19 Stress

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10 Jul, 2020 | 16:47
Canada, APAC, United States of America, APAC, EMEA, Latin America

Credit Trends: Potential Downgrades Reach Another Record High Amid COVID-19 Stress

Sector Credit Markets Research Default Transition & Recovery
Tags Americas Latin America APAC EMEA

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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

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

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