Key Takeaways
- Potential bond downgrades dropped to 1,349 in August from their peak of 1,365 a month earlier--the first drop since April 2019. Nevertheless, they remain more than twice the January count of 642--before the global COVID-19 outbreak.
- Moreover, 1,202 financial, nonfinancial, and sovereign issuers had negative outlooks and 147 were on CreditWatch negative (as of Aug. 31, 2020). This is a ratio of 8 to 1, versus 4 to 1 in May, pointing to significantly lower risk of credit deterioration in the near term.
- Of the 42 new potential downgrades in August, 28 were affected by the coronavirus pandemic-induced economic downturn.
- Media and entertainment (including lodging) remains the hardest-hit sector, with 170 potential downgrades.
In August, the number of potential bond downgrades decreased to 1,349 after hitting a historical high of 1,365 in July. This was the first decline in 15 months. (Potential bond downgrades are issuers rated 'AAA' to 'B-' by S&P Global Ratings with either negative rating outlooks or ratings on CreditWatch with negative implications.)
In August, we added 42 companies to our list of potential downgrades, while we removed 58. Of these, 36 were removed because of outlook and CreditWatch revisions, and 18 because they were downgraded. In previous months, removals from the list were mostly due to downgrades.
The count of potential bond downgrades had started to rise starting in April 2019, but it skyrocketed from February when the global economy was hit by the coronavirus pandemic and an oil price war. Following the surge in potential bond downgrades was a wave of downgrades, especially in the sectors most affected by lockdowns and social distancing measures--media and entertainment (including leisure and lodging) and transportation--as well as autos and oil and gas. Comparing the proportion of entities in a given sector that were downgraded over the last 12 months versus over the last five years highlights the sectors most exposed to downgrades due to the economic impact of COVID-19--pointing to media and entertainment as the hardest hit (see chart 1).
Chart 1
The Gap Between Potential Downgrades And Potential Upgrades Narrowed In August
For the first time since July 2018, the gap between potential bond downgrades and potential bond upgrades (issuers rated 'AA+' to 'B-' by S&P Global Ratings with either positive outlooks or ratings on CreditWatch with positive implications) narrowed. This seems to hint that the scope for credit deterioration has hit its peak and credit quality is on its way to recovery (see chart 2). The gap narrowed on the back of decreasing potential bond downgrades and an increase in potential bond upgrades to 108 from their low of 98 in June.
In August, we removed 13 issuers from our list of potential upgrades (eight due to upgrades) and added 17. Only one of these additions is investment grade (rated 'BBB-' and higher). The issuers added to the potential upgrades list are from a wide variety of sectors: three from health care, two each from retail and restaurants, forest products and building materials, homebuilders and real estate companies, capital goods, and media and entertainment, and one each from high technology, oil and gas, consumer products, and merchant power.
Despite these positive developments, downgrade potential remains at record highs, signaling an elevated count of downgrades over the coming months. In particular, issuers at the lower end of the rating spectrum might see a decline in revenues and strained operations while credit availability and liquidity conditions remain tight.
Chart 2
COVID-19 Remains The Main Factor Behind Additions To Potential Bond Downgrades
Of the 42 new potential downgrades in August, 28 (67%) are COVID-19-related (see chart 3)--still the majority though below the 90% in April and May. Financial institutions have had the most additions, four out of nine (44%) of which are related to the coronavirus. Utilities comes in second, with five out of its seven additions related to COVID-19. Media and entertainment takes third place with four new potential downgrades--three of these (75%) are COVID-19-related. This again underlines the sector's vulnerability to the economic consequences of the pandemic.
Chart 3
Media And Entertainment Continues To Be The Most Vulnerable Sector
The three sectors with the most potential downgrades as of Aug. 31 are media and entertainment with 170, financial institutions with 169, and consumer products with 130. Businesses in media and entertainment include hotels, tourism, and leisure services, which will continue to face challenges as the gradual reopening of economies leads to a spike in infections in some regions.
Downgrade potential among financial institutions mainly stems from their exposure to vulnerable sectors and their links to risks on sovereign ratings. For instance, the negative bias for sovereigns more than doubled to 22.9% in August 2020 from 10.4% six months ago. Noteworthy, of the 169 financial institutions ratings with a negative bias, only four are on CreditWatch negative. This means that, despite the negative bias, immediate downward pressure is very low.
The picture looks different for media and entertainment: Despite the recent wave of downgrades in this sector, it still leads in potential bond downgrades, with 170, of which 44 are on CreditWatch negative (a less than 3 to 1 ratio for outlooks versus CreditWatch). Also, 85% of the issuers on our list are rated speculative grade. As a result, the sector is more susceptible to downgrades than sectors like financial institutions (see table 1).
Chart 4
Near-Term Downgrade Risk Has Eased
Across all sectors, 1,202 issuers have negative outlooks and 147 are on CreditWatch negative. This represents a ratio of 8 to 1, compared with 4 to 1 in May, indicating that the pace of downgrades will slow.
An examination of the proportion of potential bond downgrades placed on CreditWatch negative in crisis periods (defined as months with more than 80 downgrades) shows that an increase is followed by a rise in downgrades. On average, a rating 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 (one year for speculative grade) for a rating with a negative outlook. The longer time horizon gives more room for an issuer's business and financial risk profiles to improve.
S&P Global Ratings places a rating on CreditWatch negative when there is an event or a deviation from an expected trend or material change in the performance of an issuer, but its magnitude is not yet determined, or there is a change in rating criteria. This may not necessarily lead to a downgrade, but the short timeline of 90 days indicates a high likelihood that a rating action in the direction mentioned in the CreditWatch will follow ("S&P Global Ratings Definitions," Aug. 7, 2020).
The Negative Bias In The Sectors Most Affected By COVID-19 Is Down From Highs Reached Earlier This Year
As a result of the high shares of credit deterioration since the start of the year in the media and entertainment, auto, oil and gas, and transportation sectors, their negative bias in August is below their maximums this year.
On the other side are sectors like sovereigns, financial institutions, and utilities, which saw changes in outlook and CreditWatch statuses to negative to reflect the risk rather than downgrades. Therefore, the negative bias in these sectors is currently at its highest point in 2020 (see chart 5).
Chart 5
Table 1
Table 2
| Removals Due To A Change In Outlook Or CreditWatch Placements Outweigh Removals Due To Downgrades | ||||||||
|---|---|---|---|---|---|---|---|---|
| --Potential bond downgrade removals-- | --Potential bond downgrade additions-- | |||||||
| Reason for removal | Issuer count | Reason for addition | Issuer count | |||||
| Outlook/CreditWatch change | 36 | Outlook/CreditWatch change | 28 | |||||
| Downgraded and outlook/CreditWatch change | 13 | Downgraded and outlook/CreditWatch change | 4 | |||||
| Downgraded | 5 | Parent | 4 | |||||
| No outstanding debt | 2 | Newly rated issuer | 3 | |||||
| Ratings withdrawn | 2 | Upgraded and outlook/CreditWatch change | 2 | |||||
| Default | 0 | Upgraded | 1 | |||||
| Parent | 0 | Downgraded | 0 | |||||
| Selective default ('SD') | 0 | Newly rated debt | 0 | |||||
| Upgraded | 0 | |||||||
| Upgraded and outlook/CreditWatch change | 0 | |||||||
| Total | 58 | Total | 42 | |||||
| Data as of Aug. 31, 2020. *Issuer removed due to subsidiary relationship with parent company, which now qualifies as potential downgrade. Source: S&P Global Ratings Research. | ||||||||
Table 3
| All Sectors--Except Insurance--Face Current Downgrade Risks Above 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 downgrade portfolio (%) | ||||||||
| Automotive | 77 | 97.47 | 75.49 | 26.15 | (49.34) | 5.04 | ||||||||
| Oil and gas | 162 | 93.64 | 64.20 | 19.97 | (44.23) | 4.82 | ||||||||
| Media and entertainment | 246 | 96.09 | 61.80 | 26.27 | (35.53) | 12.60 | ||||||||
| Retail and restaurants | 106 | 89.08 | 56.95 | 25.02 | (31.93) | 4.82 | ||||||||
| Capital goods | 91 | 91.92 | 50.45 | 21.66 | (28.79) | 5.56 | ||||||||
| Transportation | 81 | 93.10 | 49.58 | 21.46 | (28.12) | 3.85 | ||||||||
| Chemicals, packaging, and environmental services | 86 | 91.49 | 45.19 | 19.23 | (25.97) | 5.86 | ||||||||
| Aerospace and defense | 36 | 85.71 | 46.77 | 20.88 | (25.90) | 1.78 | ||||||||
| Consumer products | 176 | 91.67 | 43.38 | 24.73 | (18.66) | 9.64 | ||||||||
| Forest products and building materials | 27 | 90.00 | 40.48 | 22.38 | (18.09) | 3.48 | ||||||||
| Health care | 74 | 90.24 | 32.76 | 17.76 | (15.00) | 4.52 | ||||||||
| Financial institutions | 88 | 77.19 | 33.80 | 20.06 | (13.74) | 12.53 | ||||||||
| Homebuilders and real estate companies | 45 | 81.82 | 23.79 | 15.55 | (8.24) | 3.93 | ||||||||
| Utilities | 113 | 80.71 | 28.46 | 20.30 | (8.16) | 10.08 | ||||||||
| Sovereign | 28 | 68.29 | 22.41 | 14.35 | (8.07) | 1.78 | ||||||||
| Metals, mining, and steel | 54 | 88.52 | 31.75 | 24.70 | (7.04) | 2.08 | ||||||||
| Diversified | 4 | 100.00 | 23.53 | 18.24 | (5.28) | 0.30 | ||||||||
| Telecommunications | 40 | 86.96 | 23.65 | 20.29 | (3.36) | 1.85 | ||||||||
| High technology | 63 | 71.59 | 23.11 | 21.42 | (1.68) | 3.48 | ||||||||
| Insurance | 12 | 46.15 | 15.29 | 16.70 | 1.41 | 2.00 | ||||||||
| Data as of Aug. 31, 2020. Source: S&P Global Ratings Research. | ||||||||||||||
We monitor potential downgrades because they are the most likely to be downgraded in the short to medium term, and their aggregate number indicates the direction of potential rating changes. Timely and ongoing surveillance of issuers at risk of being downgraded can be valuable to investors in their sector credit-allocation process, as well as in hedging against potential capital losses arising from a downgrade.
Table 4
| Issuers With Negative Outlooks/On CreditWatch Negative (Rated 'AAA' Through 'B-') | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Rating | Issuer | Parent company | Sector/subsector | New to the list this month | Outlook/CreditWatch change | Country | ||||||||
| AAA/Negative | Airservices Australia | Utilities | Australia | |||||||||||
| AAA/Negative | Commonwealth of Australia | Sovereign | Australia | |||||||||||
| AA/Negative | Chevron Corp. | Oil and gas | U.S. | |||||||||||
| AA/Negative | Exxon Mobil Corp. | Oil and gas | U.S. | |||||||||||
| AA-/Watch Neg | Merck & Co. Inc. | Health care | U.S. | |||||||||||
| AA-/Watch Neg | Pfizer Inc. | Health care | U.S. | |||||||||||
| AA-/Watch Neg | Seven & i Holdings Co. Ltd., | Retail/restaurants | Yes | Japan | ||||||||||
| AA-/Watch Neg | Societe nationale SNCF S.A. | Utilities | France | |||||||||||
| AA-/Negative | Australia and New Zealand Banking Group Ltd. | Financial institutions | Australia | |||||||||||
| AA-/Negative | Commonwealth Bank of Australia | Financial institutions | Australia | |||||||||||
| AA-/Negative | DZ BANK AG Deutsche Zentral-Genossenschaftsbank | Cooperative Banking Sector Germany | Financial institutions | Germany | ||||||||||
| AA-/Negative | Deutsche Apotheker- und Aerztebank eG | Cooperative Banking Sector Germany | Financial institutions | Germany | ||||||||||
| AA-/Negative | Deutsche Bahn AG | Utilities | Germany | |||||||||||
| AA-/Negative | East Japan Railway Co. | Utilities | Japan | |||||||||||
| AA-/Negative | Equinor ASA | Oil and gas | Norway | |||||||||||
| AA-/Negative | First Abu Dhabi Bank P.J.S.C. | Financial institutions | U.A.E. | |||||||||||
| AA-/Negative | Japan Tobacco Inc. | Consumer products | Japan | |||||||||||
| AA-/Negative | National Australia Bank Ltd. | Financial institutions | Australia | |||||||||||
| AA-/Negative | Nordea Bank Abp | Financial institutions | Finland | |||||||||||
| AA-/Negative | OP Corporate Bank PLC | OP Financial Group | Financial institutions | Finland | ||||||||||
| AA-/Negative | Royal Dutch Shell PLC | Oil and gas | U.K. | |||||||||||
| AA-/Negative | State of Kuwait | Sovereign | Kuwait | |||||||||||
| AA-/Negative | Westpac Banking Corp. | Financial institutions | Australia | |||||||||||
| A+/Negative | 3M Co. | Capital goods | U.S. | |||||||||||
| A+/Negative | BNP Paribas | Financial institutions | France | |||||||||||
| A+/Negative | BPCE | Financial institutions | France | |||||||||||
| A+/Negative | Banco del Estado de Chile | Financial institutions | Chile | |||||||||||
| A+/Negative | China Southern Power Grid Co. Ltd. | Utilities | China | |||||||||||
| A+/Negative | Coca-Cola Co. (The) | Consumer products | U.S. | |||||||||||
| A+/Negative | Compagnie Financiere Richemont S.A. | Consumer products | Switzerland | |||||||||||
| A+/Negative | Cooperatieve Rabobank U.A. | Financial institutions | Netherlands | |||||||||||
| A+/Negative | Credit Agricole S.A. | Financial institutions | France | |||||||||||
| A+/Negative | DekaBank Deutsche Girozentrale | Deutscher Sparkassen- und Giroverband e.V. | Financial institutions | Germany | ||||||||||
| A+/Negative | Denso Corp. | Automotive | Japan | |||||||||||
| A+/Negative | Eli Lilly & Co. | Health care | U.S. | |||||||||||
| A+/Negative | Empresa de Transporte de Pasajeros Metro S.A. | Utilities | Chile | |||||||||||
| A+/Negative | Estee Lauder Cos. Inc. (The) | Consumer products | U.S. | |||||||||||
| A+/Negative | Flughafen Zurich AG | Utilities | Switzerland | |||||||||||
| A+/Negative | LVMH Moet Hennessy Louis Vuitton S.E. | Consumer products | France | |||||||||||
| A+/Negative | Macquarie Bank Ltd. | Macquarie Group Ltd. | Financial institutions | Australia | ||||||||||
| A+/Negative | NATS (En Route) PLC | Transportation | U.K. | |||||||||||
| A+/Negative | Republic of Chile | Sovereign | Chile | |||||||||||
| A+/Negative | Robert Bosch GmbH | Automotive | Germany | |||||||||||
| A+/Negative | Siemens AG | Capital goods | Yes | Germany | ||||||||||
| A+/Negative | Slovak Republic | Sovereign | Slovak Republic | |||||||||||
| A+/Negative | Total SE | Oil and gas | France | |||||||||||
| A+/Negative | Toyota Industries Corp. | Automotive | Japan | |||||||||||
| A+/Negative | Toyota Motor Corp. | Automotive | Japan | |||||||||||
| A/Watch Neg | BASF SE | Chemicals, packaging, and environmental services | Germany | |||||||||||
| A/Watch Neg | KKR & Co. Inc. | Financial institutions | U.S. | |||||||||||
| A/Watch Neg | London Stock Exchange Group PLC | Financial institutions | U.K. | |||||||||||
| A/Negative | ABB Ltd. | Capital goods | Switzerland | |||||||||||
| A/Negative | ABN AMRO Bank N.V. | Financial institutions | Netherlands | |||||||||||
| A/Negative | Abu Dhabi Commercial Bank PJSC | Financial institutions | U.A.E. | |||||||||||
| A/Negative | Aeroports de Paris | Utilities | France | |||||||||||
| A/Negative | Airbus SE | Aerospace and defense | Netherlands | |||||||||||
| A/Negative | Aisin Seiki Co. Ltd. | Automotive | Japan | |||||||||||
| A/Negative | Ameriprise Financial Inc. | Insurance | U.S. | |||||||||||
| A/Negative | Autoridad del Canal de Panama | Utilities | Panama | |||||||||||
| A/Negative | Avinor AS | Utilities | Norway | |||||||||||
| A/Negative | BMW AG | Automotive | Germany | |||||||||||
| A/Negative | Banco Santander S.A. | Financial institutions | Spain | |||||||||||
| A/Negative | Banco de Credito e Inversiones | Financial institutions | Chile | |||||||||||
| A/Negative | Caisse Centrale du Credit Mutuel | Financial institutions | France | |||||||||||
| A/Negative | Compass Group PLC | Consumer products | U.K. | |||||||||||
| A/Negative | ConocoPhillips | Oil and gas | U.S. | |||||||||||
| A/Negative | Corporacion Nacional del Cobre de Chile | Metals, mining, and steel | Chile | |||||||||||
| A/Negative | Dongfeng Motor Group Co. Ltd. | Dongfeng Motor Corp. | Automotive | China | ||||||||||
| A/Negative | EVN AG | Utilities | Austria | |||||||||||
| A/Negative | Emirate of Ras Al Khaimah | Sovereign | U.A.E. | |||||||||||
| A/Negative | General Dynamics Corp. | Aerospace and defense | U.S. | |||||||||||
| A/Negative | International Business Machines Corp. | High technology | U.S. | |||||||||||
| A/Negative | Landesbank Hessen-Thueringen Girozentrale | Deutscher Sparkassen- und Giroverband e.V. | Financial institutions | Germany | ||||||||||
| A/Negative | Oberbank AG | Financial institutions | Austria | |||||||||||
| A/Negative | Oracle Corp. | High technology | U.S. | |||||||||||
| A/Negative | Proximus S.A. | Telecommunications | Belgium | |||||||||||
| A/Negative | Qatar Insurance Co. S.A.Q. | Insurance | Qatar | |||||||||||
| A/Negative | Royal Schiphol Group N.V. | Utilities | Netherlands | |||||||||||
| A/Negative | Scentre Group | Homebuilders/real estate companies | Australia | |||||||||||
| A/Negative | Schlumberger Ltd. | Oil and gas | Curacao | |||||||||||
| A/Negative | Shanghai Electric (Group) Corp. | Capital goods | China | |||||||||||
| A/Negative | Simon Property Group Inc., | Homebuilders/real estate companies | U.S. | |||||||||||
| A/Negative | Societe Generale | Financial institutions | France | |||||||||||
| A/Negative | Stanley Black & Decker Inc. | Forest products and building materials | U.S. | |||||||||||
| A/Negative | Swiss Re Ltd. | Insurance | Switzerland | |||||||||||
| A/Negative | TJX Cos. Inc. | Retail/restaurants | U.S. | |||||||||||
| A/Negative | The Hong Kong and China Gas Co. Ltd. | Utilities | Hong Kong | |||||||||||
| A/Negative | Toyota Tsusho Corp. | Diversified | Japan | |||||||||||
| A/Negative | VF Corp. | Consumer products | U.S. | |||||||||||
| A/Negative | VP Bank AG | Financial institutions | Liechtenstein | |||||||||||
| 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 | Walt Disney Co. (The) | Media and entertainment | U.S. | |||||||||||
| A-/Negative | AXIS Capital Holdings Ltd. | Insurance | Bermuda | |||||||||||
| A-/Negative | Aktia Bank PLC | Financial institutions | Finland | |||||||||||
| A-/Negative | AmerisourceBergen Corp. | Consumer products | U.S. | |||||||||||
| A-/Negative | Arch Capital Group Ltd. | Insurance | Bermuda | |||||||||||
| A-/Negative | Argenta Spaarbank N.V. | Financial institutions | Belgium | |||||||||||
| A-/Negative | Assa Abloy AB | Capital goods | Sweden | |||||||||||
| A-/Negative | Australian Prime Property Fund Retail | Homebuilders/real estate companies | Australia | |||||||||||
| A-/Negative | BOC Aviation Ltd. | Bank of China Ltd. | Transportation | Singapore | ||||||||||
| A-/Negative | Baker Hughes Co. | Oil and gas | U.S. | |||||||||||
| A-/Negative | Banco Bilbao Vizcaya Argentaria, S.A. | Financial institutions | Spain | |||||||||||
| A-/Negative | Booking Holdings Inc. | Media and entertainment | U.S. | |||||||||||
| A-/Negative | CEZ a.s. | Utilities | Czech Republic | |||||||||||
| A-/Negative | Cboe Global Markets | Financial institutions | U.S. | |||||||||||
| A-/Negative | Cembra Money Bank AG | Financial institutions | Switzerland | |||||||||||
| A-/Negative | Central Bank of Savings Banks Finland PLC | Savings Banks Group Finland | Financial institutions | Finland | ||||||||||
| A-/Negative | China National Travel Service Group Corp. Ltd. | Media and entertainment | China | |||||||||||
| A-/Negative | Cigna Corp. | Financial institutions | U.S. | |||||||||||
| A-/Negative | Compagnie Generale des Etablissements Michelin S.C.A. | Automotive | France | |||||||||||
| A-/Negative | Cullen/Frost Bankers Inc., | Financial institutions | U.S. | |||||||||||
| A-/Negative | Deutsche Pfandbriefbank AG | Financial institutions | Germany | |||||||||||
| A-/Negative | Deutsche Wohnen SE | Homebuilders/real estate companies | Germany | |||||||||||
| A-/Negative | EOG Resources Inc. | Oil and gas | U.S. | |||||||||||
| A-/Negative | Eni SpA | Oil and gas | Italy | |||||||||||
| A-/Negative | Enterprise Holdings Inc. | Transportation | U.S. | |||||||||||
| A-/Negative | Fomento Economico Mexicano, S. A. B. de C. V. | Retail/restaurants | Mexico | |||||||||||
| A-/Negative | Formosa Plastics Corp. | Chemicals, packaging, and environmental services | Taiwan | |||||||||||
| A-/Negative | Fortis Inc. | Utilities | Canada | |||||||||||
| A-/Negative | Harman International Industries Inc. | Samsung Electronics Co. Ltd. | Automotive | U.S. | ||||||||||
| A-/Negative | Honda Motor Co. Ltd. | Automotive | Japan | |||||||||||
| A-/Negative | ING Groep N.V. | Financial institutions | Netherlands | |||||||||||
| A-/Negative | KBC Group N.V. | Financial institutions | Belgium | |||||||||||
| A-/Negative | Klepierre S.A. | Homebuilders/real estate companies | France | |||||||||||
| A-/Negative | LQ Inversiones Financieras S.A. | Financial institutions | Chile | |||||||||||
| A-/Negative | M&T Bank Corp. | Financial institutions | Yes | U.S. | ||||||||||
| A-/Negative | Magna International Inc. | Automotive | Canada | |||||||||||
| A-/Negative | Malayan Banking Berhad | Financial institutions | Malaysia | |||||||||||
| A-/Negative | Malaysia | Sovereign | Malaysia | |||||||||||
| A-/Negative | Marsh & McLennan Cos. Inc., | Insurance | U.S. | |||||||||||
| A-/Negative | Mashreqbank | Financial institutions | U.A.E. | |||||||||||
| A-/Negative | National Grid PLC | Utilities | Yes | U.K. | ||||||||||
| A-/Negative | ORIX Corp. | Financial institutions | Japan | |||||||||||
| A-/Negative | Panasonic Corp. | High technology | Japan | |||||||||||
| A-/Negative | PartnerRe Ltd. | Insurance | Yes | Bermuda | ||||||||||
| A-/Negative | Principal Financial Group Inc., | Insurance | U.S. | |||||||||||
| A-/Negative | QIC Shopping Centre Fund | Homebuilders/real estate companies | Australia | |||||||||||
| A-/Negative | Raiffeisen Bank International AG | Financial institutions | Austria | |||||||||||
| A-/Negative | Raytheon Technologies Corp | Aerospace and defense | U.S. | |||||||||||
| A-/Negative | Reckitt Benckiser Group PLC | Consumer products | U.K. | |||||||||||
| A-/Negative | SK Telecom Co. Ltd. | Telecommunications | Korea, Republic of | |||||||||||
| A-/Negative | Sharjah Islamic Bank | Financial institutions | U.A.E. | |||||||||||
| A-/Negative | Shikoku Electric Power Co. Inc. | Utilities | Japan | |||||||||||
| A-/Negative | Sika AG | Chemicals, packaging, and environmental services | Switzerland | |||||||||||
| A-/Negative | Sociedad Concesionaria Autovia de la Plata S.A. | Utilities | Spain | |||||||||||
| A-/Negative | Sodexo S.A. | Consumer products | France | |||||||||||
| A-/Negative | Southern Co. | Utilities | U.S. | |||||||||||
| A-/Negative | Stryker Corp. | Health care | U.S. | |||||||||||
| A-/Negative | Telekom Malaysia Berhad | Telecommunications | Malaysia | |||||||||||
| A-/Negative | Unibail-Rodamco-Westfield SE | Homebuilders/real estate companies | France | |||||||||||
| A-/Negative | United Parcel Service Inc. | Transportation | U.S. | |||||||||||
| A-/Negative | Yorkshire Water Services Finance Ltd. | Kelda Group Ltd. | Utilities | U.K. | ||||||||||
| A-/Negative | daa PLC | Utilities | Ireland | |||||||||||
| BBB+/Watch Neg | Borealis AG | Mamoura Diversified Global Holding PJSC | Chemicals, packaging, and environmental services | Austria | ||||||||||
| 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 | Hyundai Motor Co. | Automotive | Korea, Republic of | |||||||||||
| BBB+/Watch Neg | KASIKORNBANK PCL. | Financial institutions | Yes | Thailand | ||||||||||
| BBB+/Watch Neg | Northumbrian Water Ltd. | CK Hutchison Holdings Ltd. | Utilities | U.K. | ||||||||||
| BBB+/Negative | America Movil S.A.B. de C.V. | Telecommunications | Mexico | |||||||||||
| BBB+/Negative | Anheuser-Busch InBev S.A./N.V. | Consumer products | Belgium | |||||||||||
| BBB+/Negative | Aozora Bank Ltd. | Financial institutions | Japan | |||||||||||
| BBB+/Negative | Australia Pacific Airports Corp. Ltd. | Utilities | Australia | |||||||||||
| BBB+/Negative | BOK Financial Corp. | Financial institutions | U.S. | |||||||||||
| BBB+/Negative | Banco BBVA Peru | Financial institutions | Peru | |||||||||||
| BBB+/Negative | Banco General, S.A. | Financial institutions | Panama | |||||||||||
| BBB+/Negative | Banco de Credito del Peru | Credicorp Ltd. | Financial institutions | Peru | ||||||||||
| BBB+/Negative | Bankinter S.A. | Financial institutions | Spain | |||||||||||
| BBB+/Negative | Bertelsmann SE & Co. KGaA | Media and entertainment | Germany | |||||||||||
| BBB+/Negative | CenterPoint Energy Inc. | Utilities | U.S. | |||||||||||
| BBB+/Negative | Coca-Cola Femsa, S.A.B. de C.V. | Consumer products | Mexico | |||||||||||
| BBB+/Negative | Comerica Inc. | Financial institutions | U.S. | |||||||||||
| BBB+/Negative | Commerzbank AG | Financial institutions | Germany | |||||||||||
| BBB+/Negative | Corning Inc. | High technology | U.S. | |||||||||||
| BBB+/Negative | DEPFA Bank PLC | FMS Wertmanagement Anstalt des oeffentlichen Rechts | Financial institutions | Ireland | ||||||||||
| BBB+/Negative | DTE Energy Center LLC | Utilities | U.S. | |||||||||||
| BBB+/Negative | Daimler AG | Automotive | Germany | |||||||||||
| BBB+/Negative | Deutsche Bank AG | Financial institutions | Germany | |||||||||||
| BBB+/Negative | Dover Corp. | Capital goods | U.S. | |||||||||||
| BBB+/Negative | Equitable Holdings Inc., | Financial institutions | U.S. | |||||||||||
| BBB+/Negative | Exelon Corp. | Utilities | U.S. | |||||||||||
| BBB+/Negative | Finning International Inc. | Capital goods | Canada | |||||||||||
| BBB+/Negative | Fubon Financial Holding Co. Ltd. | Insurance | Taiwan | |||||||||||
| BBB+/Negative | GPT Wholesale Shopping Centre Fund | Homebuilders/real estate companies | Australia | |||||||||||
| BBB+/Negative | General Electric Co. | Capital goods | U.S. | |||||||||||
| BBB+/Negative | Genworth MI Canada Inc. | Financial institutions | Canada | |||||||||||
| BBB+/Negative | Goodman European Partnership | Homebuilders/real estate companies | Luxembourg | |||||||||||
| BBB+/Negative | Grenke AG | Financial institutions | Germany | |||||||||||
| BBB+/Negative | Grupo Televisa, S. A. B. | Media and entertainment | Mexico | |||||||||||
| BBB+/Negative | Guangzhou Finance Holdings Group Co. Ltd. | Financial institutions | China | |||||||||||
| BBB+/Negative | Halliburton Co. | Oil and gas | U.S. | |||||||||||
| BBB+/Negative | Heineken N.V. | Consumer products | Netherlands | |||||||||||
| BBB+/Negative | Helmerich & Payne Inc. | Oil and gas | U.S. | |||||||||||
| BBB+/Negative | Ignitis Group UAB | Utilities | Lithuania | |||||||||||
| BBB+/Negative | Intercontinental Exchange Inc., | Financial institutions | Yes | U.S. | ||||||||||
| BBB+/Negative | Johnson Controls International Public Ltd. Co. | Capital goods | Ireland | |||||||||||
| BBB+/Negative | Jones Lang LaSalle Inc. | Financial institutions | U.S. | |||||||||||
| BBB+/Negative | Kimberly-Clark de Mexico S.A.B. de C.V. | Consumer products | Mexico | |||||||||||
| BBB+/Negative | Lloyds Banking Group PLC | Financial institutions | U.K. | |||||||||||
| BBB+/Negative | MDU Resources Group Inc. | Utilities | U.S. | |||||||||||
| BBB+/Negative | McDonald's Corp. | Retail/restaurants | U.S. | |||||||||||
| BBB+/Negative | Meridian Energy Ltd. | Utilities | New Zealand | |||||||||||
| BBB+/Negative | Millennium Parking Garages LLC | Utilities | U.S. | |||||||||||
| BBB+/Negative | Mohawk Industries Inc. | Forest products and building materials | Yes | U.S. | ||||||||||
| BBB+/Negative | NIBC Bank N.V. | Financial institutions | Netherlands | |||||||||||
| BBB+/Negative | National Oilwell Varco Inc. | Oil and gas | U.S. | |||||||||||
| BBB+/Negative | North West Redwater Partnership | Merchant Power | Canada | |||||||||||
| BBB+/Negative | PPG Industries Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| BBB+/Negative | PTT Global Chemical Public Co. Ltd. | PTT Public Co. Ltd. | Chemicals, packaging, and environmental services | Thailand | ||||||||||
| BBB+/Negative | Parker-Hannifin Corp. | Capital goods | U.S. | |||||||||||
| BBB+/Negative | People's United Financial Inc | Financial institutions | U.S. | |||||||||||
| BBB+/Negative | Portland General Electric Co. | Utilities | Yes | U.S. | ||||||||||
| BBB+/Negative | RHB Bank Berhad | Financial institutions | Malaysia | |||||||||||
| BBB+/Negative | RLI Corp. | Insurance | U.S. | |||||||||||
| BBB+/Negative | Republic of Panama | Sovereign | Panama | |||||||||||
| BBB+/Negative | Ross Stores Inc. | Retail/restaurants | U.S. | |||||||||||
| BBB+/Negative | Scotland Gas Networks PLC | Scotia Gas Networks PLC | Utilities | U.K. | ||||||||||
| BBB+/Negative | Sempra Energy | Utilities | U.S. | |||||||||||
| BBB+/Negative | Siam Commercial Bank Public Co. Ltd. | Financial institutions | Yes | Thailand | ||||||||||
| BBB+/Negative | Southern Cross Airports Corp. Holdings Ltd. | Utilities | Australia | |||||||||||
| BBB+/Negative | Southern Gas Networks PLC | Scotia Gas Networks PLC | Utilities | U.K. | ||||||||||
| BBB+/Negative | Southwest Gas Holdings Inc | Utilities | U.S. | |||||||||||
| BBB+/Negative | Starbucks Corp. | Retail/restaurants | U.S. | |||||||||||
| BBB+/Negative | Takeda Pharmaceutical Co. Ltd. | Health care | Japan | |||||||||||
| BBB+/Negative | TechnipFMC Plc | Oil and gas | U.K. | |||||||||||
| BBB+/Negative | Telus Corp. | Telecommunications | Canada | |||||||||||
| BBB+/Negative | Tenaska Georgia Partners L.P. | Utilities | Yes | U.S. | ||||||||||
| BBB+/Negative | Terna SpA | Utilities | Italy | |||||||||||
| BBB+/Negative | Thai Oil Public Co. Ltd. | PTT Public Co. Ltd. | Oil and gas | Thailand | ||||||||||
| BBB+/Negative | Transurban Finance Co. Pty Ltd. | Transurban Group | Utilities | Australia | ||||||||||
| BBB+/Negative | Van Lanschot Kempen Wealth Management N.V. | Financial institutions | Netherlands | |||||||||||
| BBB+/Negative | Ventas Inc. | Homebuilders/real estate companies | U.S. | |||||||||||
| BBB+/Negative | Volkswagen AG | Automotive | Germany | |||||||||||
| BBB+/Negative | Welltower Inc. | Homebuilders/real estate companies | U.S. | |||||||||||
| BBB+/Negative | Woodside Petroleum Ltd. | Oil and gas | Australia | |||||||||||
| BBB+/Negative | Zions BanCorp., N.A. | Financial institutions | U.S. | |||||||||||
| BBB/Watch Neg | AMP Ltd. | Insurance | Australia | |||||||||||
| BBB/Watch Neg | Alfa S.A.B. de C.V. | Diversified | Yes | Mexico | ||||||||||
| BBB/Watch Neg | Danfoss A/S | Capital goods | Denmark | |||||||||||
| BBB/Watch Neg | FirstEnergy Corp. | Utilities | U.S. | |||||||||||
| BBB/Watch Neg | Ryanair Holdings PLC | Transportation | Ireland | |||||||||||
| BBB/Watch Neg | Seminole Tribe of Florida | Media and entertainment | U.S. | |||||||||||
| BBB/Negative | A.P. Moller - Maersk A/S | Transportation | Denmark | |||||||||||
| BBB/Negative | AEON Co. Ltd. | Retail/restaurants | Japan | |||||||||||
| BBB/Negative | AMCO - Asset Management Co. S.p.A. | Financial institutions | Italy | |||||||||||
| BBB/Negative | Adelaide Airport Ltd. | Utilities | Australia | |||||||||||
| BBB/Negative | AerCap Holdings N.V. | Transportation | Netherlands | |||||||||||
| BBB/Negative | Air Lease Corp. | Transportation | U.S. | |||||||||||
| BBB/Negative | Altarea SCA | Homebuilders/real estate companies | France | |||||||||||
| BBB/Negative | American Campus Communities Inc. | Homebuilders/real estate companies | U.S. | |||||||||||
| BBB/Negative | Aptiv PLC | Automotive | Jersey | |||||||||||
| BBB/Negative | Babcock International Group PLC | Consumer products | U.K. | |||||||||||
| BBB/Negative | Banco Inbursa S.A. Institucion de Banca Multiple Grupo Financiero Inbursa | Grupo Financiero Inbursa | Financial institutions | Mexico | ||||||||||
| BBB/Negative | Banco Latinoamericano de Comercio Exterior S.A. | Financial institutions | Panama | |||||||||||
| BBB/Negative | Banco Mercantil del Norte, S.A. Institucion de Banca Multiple Grupo Financiero Banorte | Grupo Financiero Banorte S.A.B. de C.V. y Subsidiarias | Financial institutions | Mexico | ||||||||||
| BBB/Negative | Banco de Sabadell S.A. | Financial institutions | Spain | |||||||||||
| BBB/Negative | Bank of Aland PLC | Financial institutions | Finland | |||||||||||
| BBB/Negative | Barclays PLC | Financial institutions | U.K. | |||||||||||
| BBB/Negative | Becton Dickinson & Co. | Health care | U.S. | |||||||||||
| BBB/Negative | Beijing Automotive Group Co. Ltd. | Automotive | China | |||||||||||
| BBB/Negative | Boral Ltd. | Forest products and building materials | Australia | |||||||||||
| BBB/Negative | BorgWarner Inc. | Automotive | U.S. | |||||||||||
| BBB/Negative | Brisbane Airport Corp. Pty Ltd. | BAC Holdings Ltd. | Utilities | Australia | ||||||||||
| BBB/Negative | Brookfield Property Partners L.P. | Brookfield Asset Management Inc. | Homebuilders/real estate companies | Bermuda | ||||||||||
| BBB/Negative | Bunge Ltd. | Consumer products | Bermuda | |||||||||||
| BBB/Negative | CE Oaxaca Cuatro, S. de R.L. de C.V. | Utilities | Mexico | |||||||||||
| BBB/Negative | CE Oaxaca Dos, S. de R.L. de C.V. | Utilities | Mexico | |||||||||||
| BBB/Negative | CPI Property Group SA | Homebuilders/real estate companies | Luxembourg | |||||||||||
| BBB/Negative | Canadian Tire Corp. Ltd. | Retail/restaurants | Canada | |||||||||||
| BBB/Negative | Capital One Financial Corp. | Financial institutions | U.S. | |||||||||||
| BBB/Negative | Carmila S.A. | Homebuilders/real estate companies | France | |||||||||||
| BBB/Negative | Carrier Global Corp. | Forest products and building materials | U.S. | |||||||||||
| BBB/Negative | Centrica PLC | Utilities | U.K. | |||||||||||
| BBB/Negative | China National Chemical Corp. Ltd.. | Chemicals, packaging, and environmental services | China | |||||||||||
| BBB/Negative | Chongqing Nan'an Urban Construction & Development (Group) Co. Ltd. | Homebuilders/real estate companies | China | |||||||||||
| BBB/Negative | Constellation Brands Inc. | Consumer products | U.S. | |||||||||||
| BBB/Negative | Crane Co. | Capital goods | Yes | U.S. | ||||||||||
| BBB/Negative | Crown Resorts Ltd. | Media and entertainment | Australia | |||||||||||
| BBB/Negative | DENTSPLY SIRONA Inc. | Health care | U.S. | |||||||||||
| BBB/Negative | Dairy Farmers of America Inc. | Consumer products | U.S. | |||||||||||
| BBB/Negative | Drawbridge Special Opportunities Fund LP | Financial institutions | U.S. | |||||||||||
| BBB/Negative | EQUATE Petrochemical Co K.S.C.C. | Chemicals, packaging, and environmental services | Kuwait | |||||||||||
| BBB/Negative | El Paso Electric Co. | Sun Jupiter Holdings LLC | Utilities | U.S. | ||||||||||
| BBB/Negative | El Puerto de Liverpool, S. A. B. de C. V. | Retail/restaurants | Mexico | |||||||||||
| BBB/Negative | Ellevio AB | Utilities | Sweden | |||||||||||
| BBB/Negative | Emgesa S.A. E.S.P. | Utilities | Colombia | |||||||||||
| BBB/Negative | Emirate of Sharjah | Sovereign | U.A.E. | |||||||||||
| BBB/Negative | Enel Americas S.A. | Enel SpA | Utilities | Chile | ||||||||||
| BBB/Negative | Equifax Inc. | Media and entertainment | U.S. | |||||||||||
| BBB/Negative | Euronet Worldwide Inc. | Financial institutions | U.S. | |||||||||||
| BBB/Negative | Falabella S.A. | Retail/restaurants | Chile | |||||||||||
| BBB/Negative | FedEx Corp. | Transportation | U.S. | |||||||||||
| BBB/Negative | Fermaca Enterprises S. de R.L. de C.V. | Utilities | Mexico | |||||||||||
| BBB/Negative | Ferrovie dello Stato Italiane S.p.A | Utilities | Italy | |||||||||||
| BBB/Negative | Fideicomiso 209635 (Matehuala) | Transportation | Mexico | |||||||||||
| BBB/Negative | FinecoBank S.p.A. | Financial institutions | Italy | |||||||||||
| BBB/Negative | Fortive Corp. | Capital goods | U.S. | |||||||||||
| BBB/Negative | Fortum Oyj | Utilities | Finland | |||||||||||
| BBB/Negative | GLP Pte. Ltd. | Homebuilders/real estate companies | Singapore | |||||||||||
| BBB/Negative | General Motors Co. | Automotive | Yes | U.S. | ||||||||||
| BBB/Negative | Genting Bhd. | Media and entertainment | Malaysia | |||||||||||
| BBB/Negative | Hancock Whitney Corp. | Financial institutions | U.S. | |||||||||||
| BBB/Negative | Harley-Davidson Inc. | Media and entertainment | U.S. | |||||||||||
| BBB/Negative | Hexcel Corp. | Aerospace and defense | U.S. | |||||||||||
| BBB/Negative | Hong Kong Telecommunications (HKT) Ltd. | PCCW Ltd. | Telecommunications | Hong Kong | ||||||||||
| BBB/Negative | Huntington Ingalls Industries Inc. | Aerospace and defense | U.S. | |||||||||||
| BBB/Negative | Husky Energy Inc. | CK Hutchison Holdings Ltd. | Oil and gas | Canada | ||||||||||
| BBB/Negative | ISS A/S | Consumer products | Denmark | |||||||||||
| BBB/Negative | Infraestructura Energetica Nova, S. A. B. de C. V. | Utilities | Mexico | |||||||||||
| BBB/Negative | International Flavors & Fragrances Inc. | Consumer products | U.S. | |||||||||||
| BBB/Negative | Interpublic Group of Cos. Inc. | Media and entertainment | U.S. | |||||||||||
| BBB/Negative | Intesa Sanpaolo SpA | Financial institutions | Italy | |||||||||||
| BBB/Negative | J.M. Smucker Co. (The) | Consumer products | U.S. | |||||||||||
| BBB/Negative | JFK International Air Terminal LLC | Utilities | U.S. | |||||||||||
| BBB/Negative | Jefferies Financial Group Inc | Automotive | U.S. | |||||||||||
| BBB/Negative | Jinjiang International Holding Co. Ltd., | Media and entertainment | China | |||||||||||
| BBB/Negative | KKR Financial Holdings LLC | Financial institutions | U.S. | |||||||||||
| BBB/Negative | Kennametal Inc. | Capital goods | U.S. | |||||||||||
| BBB/Negative | Laurentian Bank of Canada | Financial institutions | Canada | |||||||||||
| BBB/Negative | Li & Fung Ltd. | Consumer products | Bermuda | |||||||||||
| BBB/Negative | LyondellBasell Industries N.V. | Chemicals, packaging, and environmental services | Netherlands | |||||||||||
| BBB/Negative | MM SpA | Utilities | Italy | |||||||||||
| BBB/Negative | Marathon Petroleum Corp. | Utilities | U.S. | |||||||||||
| BBB/Negative | Mediobanca Banca di Credito Finanziario S.p.A | Financial institutions | Italy | |||||||||||
| BBB/Negative | Mercialys | Homebuilders/real estate companies | France | |||||||||||
| BBB/Negative | Mirae Asset Daewoo Co. Ltd. | Financial institutions | Korea, Republic of | |||||||||||
| BBB/Negative | Motiva Enterprises LLC | Utilities | U.S. | |||||||||||
| BBB/Negative | NEPI Rockcastle PLC | Homebuilders/real estate companies | Isle of Man | |||||||||||
| BBB/Negative | NIPPON STEEL Corp. | Metals, mining, and steel | Japan | |||||||||||
| BBB/Negative | NatWest Group plc | Financial institutions | U.K. | |||||||||||
| BBB/Negative | Oshkosh Corp. | Capital goods | U.S. | |||||||||||
| BBB/Negative | Otis Worldwide Corp. | Capital goods | U.S. | |||||||||||
| BBB/Negative | Otter Tail Corp. | Utilities | Yes | U.S. | ||||||||||
| BBB/Negative | Perth Airport Pty Ltd. | Perth Airport Development Group Pty Ltd | Utilities | Australia | ||||||||||
| BBB/Negative | Portsmouth Water Ltd. | Utilities | U.K. | |||||||||||
| BBB/Negative | Republic of Indonesia | Sovereign | Indonesia | |||||||||||
| BBB/Negative | Royal Mail plc | Transportation | U.K. | |||||||||||
| BBB/Negative | SK Innovation Co. Ltd., | Oil and gas | Korea, Republic of | |||||||||||
| BBB/Negative | Sirius International Group Ltd. | Sirius International Insurance Group | Insurance | Yes | Bermuda | |||||||||
| BBB/Negative | Societa Cattolica di Assicurazione | Insurance | Italy | |||||||||||
| BBB/Negative | Sonoco Products Co. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| BBB/Negative | South Jersey Industries Inc. | Utilities | U.S. | |||||||||||
| BBB/Negative | South Staffordshire PLC | Utilities | U.K. | |||||||||||
| BBB/Negative | Southwest Airlines Co. | Transportation | Yes | U.S. | ||||||||||
| BBB/Negative | TMB Bank Public Co. Ltd. | Financial institutions | Yes | Thailand | ||||||||||
| BBB/Negative | Tanger Factory Outlet Centers Inc. | Homebuilders/real estate companies | U.S. | |||||||||||
| BBB/Negative | Telefonica S.A. | Telecommunications | Spain | |||||||||||
| BBB/Negative | Textron Inc. | Aerospace and defense | Yes | U.S. | ||||||||||
| BBB/Negative | UBI Banca SpA | Financial institutions | Yes | Italy | ||||||||||
| BBB/Negative | UniCredit SpA | Financial institutions | Italy | |||||||||||
| BBB/Negative | Unite Group PLC | Homebuilders/real estate companies | U.K. | |||||||||||
| BBB/Negative | United Mexican States | Sovereign | Mexico | |||||||||||
| BBB/Negative | Valley National Bancorp | Financial institutions | U.S. | |||||||||||
| BBB/Negative | ViacomCBS Inc. | Media and entertainment | U.S. | |||||||||||
| BBB/Negative | Vornado Realty Trust | Homebuilders/real estate companies | U.S. | |||||||||||
| BBB/Negative | WPP PLC | Media and entertainment | U.K. | |||||||||||
| BBB/Negative | Walgreens Boots Alliance Inc., | Retail/restaurants | U.S. | |||||||||||
| BBB/Negative | Wellington International Airport Ltd. | Utilities | New Zealand | |||||||||||
| BBB/Negative | WestRock Co. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| BBB/Negative | Whirlpool Corp. | Consumer products | U.S. | |||||||||||
| BBB/Negative | Xylem Inc. | Capital goods | U.S. | |||||||||||
| BBB/Negative | Zimmer Biomet Holdings Inc., | Health care | U.S. | |||||||||||
| BBB-/Watch Neg | Autopistas Metropolitanas de Puerto Rico LLC | Atlantia SpA | Utilities | Yes | U.S. | |||||||||
| BBB-/Watch Neg | Avnet Inc. | High technology | Yes | U.S. | ||||||||||
| BBB-/Watch Neg | Eagle Materials Inc. | Forest products and building materials | U.S. | |||||||||||
| 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 | Jets Stadium Development, LLC | Media and entertainment | U.S. | |||||||||||
| 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 | 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 | Sociedad Concesionaria Vespucio Norte Express S.A. | Transportation | Chile | |||||||||||
| BBB-/Watch Neg | Southeast Supply Header, LLC | Midstream | U.S. | |||||||||||
| BBB-/Watch Neg | Sunrise Communications Group AG | High technology | Yes | Switzerland | ||||||||||
| BBB-/Watch Neg | Toll Road Investors Partnership II LP | Transportation | U.S. | |||||||||||
| BBB-/Watch Neg | Zhejiang Geely Holding Group Co. Ltd., | Automotive | China | |||||||||||
| BBB-/Watch Neg | easyJet PLC | Transportation | U.K. | |||||||||||
| BBB-/Negative | AIB Group PLC | Financial institutions | Ireland | |||||||||||
| BBB-/Negative | Abertis Infraestructuras S.A. | Utilities | Spain | |||||||||||
| BBB-/Negative | Ally Financial Inc. | Financial institutions | U.S. | |||||||||||
| BBB-/Negative | Amadeus IT Group S.A. | Media and entertainment | Spain | |||||||||||
| BBB-/Negative | ArcelorMittal | Metals, mining, and steel | Luxembourg | |||||||||||
| BBB-/Negative | Argo Group International Holdings Ltd. | Financial institutions | U.S. | |||||||||||
| BBB-/Negative | Ashtead Group PLC | Capital goods | U.K. | |||||||||||
| BBB-/Negative | Auchan Holding | Retail/restaurants | France | |||||||||||
| BBB-/Negative | Austin Convention Enterprises Inc | Utilities | U.S. | |||||||||||
| BBB-/Negative | AutoNation Inc. | Automotive | U.S. | |||||||||||
| BBB-/Negative | Aviation Capital Group LLC | Pacific LifeCorp | Transportation | U.S. | ||||||||||
| BBB-/Negative | Avolon Holdings Ltd. | Transportation | Cayman Islands | |||||||||||
| BBB-/Negative | Bank of Ireland Group PLC | Financial institutions | Ireland | |||||||||||
| BBB-/Negative | Beijing Capital Group Co. Ltd., | Homebuilders/real estate companies | China | |||||||||||
| BBB-/Negative | Bharti Airtel Ltd. | Telecommunications | India | |||||||||||
| BBB-/Negative | Boeing Co. | Aerospace and defense | Yes | U.S. | ||||||||||
| BBB-/Negative | BrightSphere Investment Group Inc. | Financial institutions | U.S. | |||||||||||
| BBB-/Negative | Cameco Corp. | Metals, mining, and steel | Canada | |||||||||||
| BBB-/Negative | Capri Holdings Ltd. | Retail/restaurants | British Virgin Islands | |||||||||||
| BBB-/Negative | Carpenter Technology Corp. | Metals, mining, and steel | U.S. | |||||||||||
| BBB-/Negative | Celulosa Arauco y Constitucion, S.A. (ARAUCO) | AntarChile S.A. | Forest products and building materials | Chile | ||||||||||
| BBB-/Negative | Cenovus Energy Inc. | Oil and gas | Canada | |||||||||||
| BBB-/Negative | China Jinmao Holdings Group Ltd. | Sinochem Group | Homebuilders/real estate companies | Hong Kong | ||||||||||
| BBB-/Negative | Choice Hotels International Inc. | Media and entertainment | U.S. | |||||||||||
| BBB-/Negative | Cimarex Energy Co. | Oil and gas | U.S. | |||||||||||
| BBB-/Negative | Citycon Oyj | Homebuilders/real estate companies | Finland | |||||||||||
| BBB-/Negative | Darden Restaurants Inc. | Retail/restaurants | U.S. | |||||||||||
| BBB-/Negative | Denver Convention Ctr Hotel Auth | Media and entertainment | U.S. | |||||||||||
| BBB-/Negative | Devon Energy Corp. | Oil and gas | U.S. | |||||||||||
| BBB-/Negative | Diamondback Energy Inc | Oil and gas | U.S. | |||||||||||
| BBB-/Negative | Discover Financial Services | Financial institutions | U.S. | |||||||||||
| BBB-/Negative | EPR Properties | Homebuilders/real estate companies | U.S. | |||||||||||
| BBB-/Negative | Ecopetrol S.A. | Oil and gas | Colombia | |||||||||||
| BBB-/Negative | Eesti Energia AS | Utilities | Yes | Estonia | ||||||||||
| BBB-/Negative | Elizabeth River Crossings Opco LLC | Utilities | U.S. | |||||||||||
| BBB-/Negative | Empresa Nacional del Petroleo | Utilities | Chile | |||||||||||
| BBB-/Negative | Enable Midstream Partners, LP | Merchant Power | U.S. | |||||||||||
| BBB-/Negative | Energy Transfer LP | Midstream | U.S. | |||||||||||
| BBB-/Negative | Expedia Group Inc., | Media and entertainment | U.S. | |||||||||||
| BBB-/Negative | Financiera de Desarrollo Territorial S.A. FINDETER | Financial institutions | Colombia | |||||||||||
| BBB-/Negative | FirstGroup PLC | Transportation | U.K. | |||||||||||
| BBB-/Negative | Flowserve Corp. | Capital goods | U.S. | |||||||||||
| BBB-/Negative | Fluor Corp. | Capital goods | U.S. | |||||||||||
| BBB-/Negative | GKN Holdings Ltd. | Automotive | U.K. | |||||||||||
| BBB-/Negative | Gas Natural de Lima y Callao S.A. | Grupo Energia Bogota S.A.E.S.P. | Utilities | Yes | Peru | |||||||||
| BBB-/Negative | Gerdau S.A. | Metalurgica Gerdau S.A. | Metals, mining, and steel | Brazil | ||||||||||
| BBB-/Negative | Grupo de Inversiones Suramericana S.A. | Diversified | Colombia | |||||||||||
| BBB-/Negative | Hess Corp | Oil and gas | U.S. | |||||||||||
| BBB-/Negative | Howmet Aerospace Inc | Aerospace and defense | U.S. | |||||||||||
| BBB-/Negative | ICICI Bank Ltd. | Financial institutions | India | |||||||||||
| BBB-/Negative | ITV PLC | Media and entertainment | U.K. | |||||||||||
| BBB-/Negative | Indigo Group S.A. | Utilities | France | |||||||||||
| BBB-/Negative | Innergex Renewable Energy Inc. | Merchant Power | Canada | |||||||||||
| BBB-/Negative | Inter Pipeline Ltd. | Midstream | Canada | |||||||||||
| BBB-/Negative | InterContinental Hotels Group PLC | Media and entertainment | U.K. | |||||||||||
| BBB-/Negative | Intercorp Financial Services Inc. | Intercorp Peru Ltd. | Financial institutions | Peru | ||||||||||
| BBB-/Negative | Kohl's Corp. | Retail/restaurants | U.S. | |||||||||||
| BBB-/Negative | Lear Corp. | Automotive | U.S. | |||||||||||
| BBB-/Negative | Madrilena Red de Gas, S.A.U. | Utilities | Yes | Spain | ||||||||||
| BBB-/Negative | Marathon Oil Corp. | Oil and gas | U.S. | |||||||||||
| BBB-/Negative | Marex Spectron Group Ltd. | Financial institutions | U.K. | |||||||||||
| BBB-/Negative | Metro AG | Retail/restaurants | Germany | |||||||||||
| BBB-/Negative | Metso Outotec Oyj | Capital goods | Yes | Finland | ||||||||||
| BBB-/Negative | Molson Coors Beverage Co. | Consumer products | U.S. | |||||||||||
| BBB-/Negative | Mosaic Co. (The) | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| BBB-/Negative | Nelnet Inc. | Financial institutions | U.S. | |||||||||||
| BBB-/Negative | Nexteer Automotive Group Ltd. | Aviation Industry Corp. of China Ltd., | Automotive | Cayman Islands | ||||||||||
| BBB-/Negative | Nissan Motor Co. Ltd. | Automotive | Japan | |||||||||||
| BBB-/Negative | Nordstrom Inc. | Retail/restaurants | U.S. | |||||||||||
| BBB-/Negative | Nova Ljubljanska Banka D.D. | Financial institutions | Slovenia | |||||||||||
| BBB-/Negative | Ocean Spray Cranberries Inc. | Consumer products | U.S. | |||||||||||
| BBB-/Negative | Ohio National Financial Services Inc. | Ohio National Mutual Holdings Inc. | Financial institutions | U.S. | ||||||||||
| BBB-/Negative | Ovintiv Inc. | Oil and gas | U.S. | |||||||||||
| BBB-/Negative | PVH Corp. | Consumer products | U.S. | |||||||||||
| BBB-/Negative | Peugeot S.A. | Automotive | France | |||||||||||
| BBB-/Negative | Prospect Capital Corp. | Financial institutions | U.S. | |||||||||||
| BBB-/Negative | Puget Energy Inc. | Puget Holdings LLC | Utilities | Yes | U.S. | |||||||||
| BBB-/Negative | Rakuten Inc., | High technology | Japan | |||||||||||
| BBB-/Negative | Republic of Colombia | Sovereign | Colombia | |||||||||||
| BBB-/Negative | Retail Opportunity Investments Corp. | Homebuilders/real estate companies | U.S. | |||||||||||
| BBB-/Negative | Romania | Sovereign | Romania | |||||||||||
| BBB-/Negative | SKYCITY Entertainment Group Ltd. | Media and entertainment | New Zealand | |||||||||||
| BBB-/Negative | Stagecoach Group PLC | Transportation | U.K. | |||||||||||
| BBB-/Negative | Standard Industries Inc. | Forest products and building materials | U.S. | |||||||||||
| BBB-/Negative | Steelcase Inc. | Consumer products | U.S. | |||||||||||
| BBB-/Negative | Suedzucker AG | Consumer products | Germany | |||||||||||
| BBB-/Negative | Suzano S.A. | Forest products and building materials | Brazil | |||||||||||
| BBB-/Negative | Synchrony Financial | Financial institutions | U.S. | |||||||||||
| BBB-/Negative | Synovus Financial Corp. | Financial institutions | U.S. | |||||||||||
| BBB-/Negative | Sysco Corp. | Consumer products | U.S. | |||||||||||
| BBB-/Negative | Tanner Servicios Financieros S.A. | Financial institutions | Chile | |||||||||||
| BBB-/Negative | Tapestry Inc., | Consumer products | U.S. | |||||||||||
| BBB-/Negative | Timken Co. (The) | Capital goods | U.S. | |||||||||||
| BBB-/Negative | UPL Corp. Ltd. | UPL Ltd | Chemicals, packaging, and environmental services | Mauritius | ||||||||||
| BBB-/Negative | Vale S.A. | Metals, mining, and steel | Brazil | |||||||||||
| BBB-/Negative | Virgin Money UK PLC | Financial institutions | U.K. | |||||||||||
| BBB-/Negative | West Fraser Timber Co. Ltd. | Forest products and building materials | Canada | |||||||||||
| BBB-/Negative | Westinghouse Air Brake Technologies Corp. | Capital goods | U.S. | |||||||||||
| BBB-/Negative | Yangzhou Urban Construction State-owned Assets Holding (Group) Co. Ltd. | Utilities | China | |||||||||||
| BBB-/Negative | Yuexiu Real Estate Investment Trust | Guangzhou Yuexiu Holdings Ltd. | Homebuilders/real estate companies | Hong Kong | ||||||||||
| BB+/Watch Neg | Adani Green Energy (UP) Ltd. | Utilities | India | |||||||||||
| BB+/Watch Neg | Aristocrat Leisure Ltd. | Media and entertainment | Australia | |||||||||||
| BB+/Watch Neg | HD Supply Inc. | Capital goods | U.S. | |||||||||||
| BB+/Watch Neg | Marks & Spencer PLC | Marks & Spencer Group PLC | Retail/restaurants | U.K. | ||||||||||
| BB+/Watch Neg | Nemak, S.A.B. de C.V. | Automotive | Yes | Mexico | ||||||||||
| BB+/Watch Neg | Occidental Petroleum Corp. | Oil and gas | U.S. | |||||||||||
| BB+/Watch Neg | Parampujya Solar Energy Private Ltd. Restricted Group | Utilities | India | |||||||||||
| BB+/Watch Neg | Prayatna Developers Private Ltd. | Utilities | India | |||||||||||
| BB+/Watch Neg | Queens Ballpark Co. LLC | Utilities | U.S. | |||||||||||
| BB+/Negative | Accor S.A. | Media and entertainment | Yes | France | ||||||||||
| BB+/Negative | Alcoa Corp. | Metals, mining, and steel | U.S. | |||||||||||
| BB+/Negative | Amplifon SpA | Health care | Italy | |||||||||||
| BB+/Negative | Apache Corp. | Oil and gas | U.S. | |||||||||||
| BB+/Negative | Asbury Automotive Group Inc. | Automotive | U.S. | |||||||||||
| BB+/Negative | Ashland Global Holdings Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| BB+/Negative | Beijing Easyhome Investment Holding Group Co. Ltd., | Homebuilders/real estate companies | China | |||||||||||
| BB+/Negative | CAP S.A. | Metals, mining, and steel | Chile | |||||||||||
| BB+/Negative | CDK Global Inc. | Media and entertainment | U.S. | |||||||||||
| BB+/Negative | CIT Group Inc., | Financial institutions | U.S. | |||||||||||
| BB+/Negative | Cadence BanCorp. | Cadence Bancorp LLC | Financial institutions | U.S. | ||||||||||
| BB+/Negative | Carter's Inc., | Consumer products | U.S. | |||||||||||
| BB+/Negative | Cementos Pacasmayo S.A.A. | Forest products and building materials | Peru | |||||||||||
| BB+/Negative | China Water Affairs Group Ltd. | Utilities | Bermuda | |||||||||||
| BB+/Negative | Continental Resources Inc. | Oil and gas | U.S. | |||||||||||
| BB+/Negative | Crown Holdings Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| BB+/Negative | DCP Midstream, LP | Phillips 66 | Midstream | U.S. | ||||||||||
| BB+/Negative | Dell Technologies Inc | High technology | U.S. | |||||||||||
| BB+/Negative | El Corte Ingles, S.A. | Retail/restaurants | Spain | |||||||||||
| BB+/Negative | Emaar Properties PJSC | Homebuilders/real estate companies | U.A.E. | |||||||||||
| BB+/Negative | Embraer S.A. | Aerospace and defense | Brazil | |||||||||||
| BB+/Negative | Fair Isaac Corp. | High technology | U.S. | |||||||||||
| BB+/Negative | Foot Locker Inc. | Consumer products | U.S. | |||||||||||
| BB+/Negative | Ford Motor Co. | Automotive | Yes | U.S. | ||||||||||
| BB+/Negative | Gaming & Leisure Properties Inc. | Media and entertainment | U.S. | |||||||||||
| BB+/Negative | Group 1 Automotive Inc. | Automotive | U.S. | |||||||||||
| BB+/Negative | Hillenbrand Inc., | Capital goods | U.S. | |||||||||||
| BB+/Negative | Ibercaja Banco S.A. | Caja de Ahorros y Monte de Piedad de Zaragoza, Aragon y Rioja (IBERCAJA) | Financial institutions | Spain | ||||||||||
| BB+/Negative | Icahn Enterprises L.P. | Financial institutions | U.S. | |||||||||||
| BB+/Negative | Immobiliare Grande Distribuzione SIIQ S.p.A. | Homebuilders/real estate companies | Italy | |||||||||||
| BB+/Negative | Ingersoll Rand Inc. | Capital goods | U.S. | |||||||||||
| BB+/Negative | Kaiser Aluminum Corp. | Metals, mining, and steel | U.S. | |||||||||||
| BB+/Negative | Kraft Heinz Co. (The) | Consumer products | U.S. | |||||||||||
| BB+/Negative | LPL Holdings Inc., | Financial institutions | U.S. | |||||||||||
| BB+/Negative | Levi Strauss & Co. | Consumer products | U.S. | |||||||||||
| BB+/Negative | Lithia Motors Inc., | Automotive | U.S. | |||||||||||
| BB+/Negative | MGIC Investment Corp. | Insurance | U.S. | |||||||||||
| BB+/Negative | Moog Inc. | Aerospace and defense | U.S. | |||||||||||
| BB+/Negative | New York Community Bancorp Inc., | Financial institutions | U.S. | |||||||||||
| BB+/Negative | Newell Brands Inc. | Consumer products | U.S. | |||||||||||
| BB+/Negative | Nokia Corp. | High technology | Finland | |||||||||||
| BB+/Negative | Novomatic AG | Media and entertainment | Austria | |||||||||||
| BB+/Negative | PCI Gaming Authority | Media and entertainment | Yes | U.S. | ||||||||||
| BB+/Negative | PHOENIX Pharmahandel GmbH & Co. KG | Health care | Germany | |||||||||||
| BB+/Negative | Patterson-UTI Energy Inc., | Oil and gas | U.S. | |||||||||||
| BB+/Negative | Pitney Bowes Inc. | High technology | U.S. | |||||||||||
| BB+/Negative | Promontoria MMB SAS | Financial institutions | France | |||||||||||
| BB+/Negative | Radian Group Inc. | Insurance | U.S. | |||||||||||
| BB+/Negative | Red Star Macalline Group Corp. Ltd. | Red Star Macalline Holding Group Co. Ltd. | Homebuilders/real estate companies | China | ||||||||||
| BB+/Negative | Renault S.A. | Automotive | France | |||||||||||
| BB+/Negative | Ritchie Bros. Auctioneers Inc. | Capital goods | Canada | |||||||||||
| BB+/Negative | Rockies Express Pipeline LLC | Midstream | U.S. | |||||||||||
| BB+/Negative | SLM Corp. | Financial institutions | U.S. | |||||||||||
| BB+/Negative | SNC-Lavalin Group Inc. | Capital goods | Canada | |||||||||||
| BB+/Negative | Science Applications International Corp. | Aerospace and defense | U.S. | |||||||||||
| BB+/Negative | Sensata Technologies B.V. | Automotive | Yes | Netherlands | ||||||||||
| BB+/Negative | Silgan Holdings Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| BB+/Negative | SoftBank Group Corp. | Financial institutions | Japan | |||||||||||
| BB+/Negative | Terminales Portuarios Euroandinos Paita S.A | Utilities | Peru | |||||||||||
| BB+/Negative | TransUnion | Media and entertainment | U.S. | |||||||||||
| BB+/Negative | Travis Perkins PLC | Forest products and building materials | U.K. | |||||||||||
| BB+/Negative | ZF Friedrichshafen AG | Automotive | Germany | |||||||||||
| BB/Watch Neg | Churchill Downs Inc. | Media and entertainment | 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 | Hilton Grand Vacations Inc. | Media and entertainment | U.S. | |||||||||||
| BB/Watch Neg | INEOS Enterprises Holdings Ltd. | Chemicals, packaging, and environmental services | U.K. | |||||||||||
| BB/Watch Neg | Ineos Group Holdings S.A. | Chemicals, packaging, and environmental services | Luxembourg | |||||||||||
| BB/Watch Neg | Ineos Styrolution Holding Ltd. | Chemicals, packaging, and environmental services | Germany | |||||||||||
| 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 | Nielsen Holdings PLC | Media and entertainment | U.K. | |||||||||||
| BB/Watch Neg | Teva Pharmaceutical Industries Ltd. | Health care | Israel | |||||||||||
| BB/Watch Neg | US Foods Inc. | Consumer products | U.S. | |||||||||||
| BB/Negative | AES Panama S.R.L. | Utilities | Panama | |||||||||||
| BB/Negative | AMN Healthcare Services Inc., | Health care | U.S. | |||||||||||
| BB/Negative | Adecoagro S.A. | Consumer products | Brazil | |||||||||||
| BB/Negative | Agile Group Holdings Ltd. | Homebuilders/real estate companies | Cayman Islands | |||||||||||
| BB/Negative | American Woodmark Corp. | Forest products and building materials | U.S. | |||||||||||
| BB/Negative | Apergy Corp. | Oil and gas | U.S. | |||||||||||
| BB/Negative | Arcelik A.S. | Consumer products | Turkey | |||||||||||
| BB/Negative | Avient Corp. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| BB/Negative | Blucora Inc., | HDV Holdings Inc., | Financial institutions | U.S. | ||||||||||
| BB/Negative | British Airways PLC | Transportation | U.K. | |||||||||||
| BB/Negative | Burlington Stores Inc. | Retail/restaurants | U.S. | |||||||||||
| BB/Negative | CEMEX S.A.B. de C.V. | Forest products and building materials | Yes | Mexico | ||||||||||
| BB/Negative | CORESTATE Capital Holding S.A. | Financial institutions | Yes | Luxembourg | ||||||||||
| BB/Negative | CYDSA, S.A.B. de C.V. | Chemicals, packaging, and environmental services | Mexico | |||||||||||
| BB/Negative | Cabot Microelectronics Corp. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| BB/Negative | Cheniere Energy Inc. | Utilities | U.S. | |||||||||||
| BB/Negative | Colfax Corp. | Capital goods | U.S. | |||||||||||
| BB/Negative | Corus Entertainment Inc. | Media and entertainment | Canada | |||||||||||
| BB/Negative | Credit Acceptance Corp. | Financial institutions | U.S. | |||||||||||
| BB/Negative | DEMIRE Deutsche Mittelstand Real Estate AG | Homebuilders/real estate companies | Yes | Germany | ||||||||||
| BB/Negative | DPL Inc. | AES Corp. (The) | Utilities | U.S. | ||||||||||
| BB/Negative | DaVita Inc. | Health care | U.S. | |||||||||||
| BB/Negative | Dana Inc. | Automotive | Yes | U.S. | ||||||||||
| BB/Negative | Delta Air Lines Inc. | Transportation | U.S. | |||||||||||
| BB/Negative | Deutsche Lufthansa AG | Transportation | Germany | |||||||||||
| BB/Negative | Doosan Bobcat Inc. | Doosan Infracore Co. Ltd. | Capital goods | Korea, Republic of | ||||||||||
| BB/Negative | Edgewell Personal Care Co. | Consumer products | Yes | U.S. | ||||||||||
| BB/Negative | Elior Group S.A. | Consumer products | France | |||||||||||
| BB/Negative | Fly Leasing Ltd | Transportation | Bermuda | |||||||||||
| BB/Negative | Fosun International Ltd. | Metals, mining, and steel | Yes | Hong Kong | ||||||||||
| BB/Negative | Fuller (H.B) Co. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| BB/Negative | G-III Apparel Group Ltd., | Consumer products | U.S. | |||||||||||
| BB/Negative | Graham Holdings Co. | Media and entertainment | U.S. | |||||||||||
| BB/Negative | Greenhill & Co. Inc., | Financial institutions | U.S. | |||||||||||
| BB/Negative | Greif Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| BB/Negative | Haitong Bank S.A. | Haitong Securities Co. Ltd. | Financial institutions | Portugal | ||||||||||
| BB/Negative | Hanesbrands Inc. | Consumer products | U.S. | |||||||||||
| BB/Negative | Hilton Worldwide Holdings Inc. | Media and entertainment | U.S. | |||||||||||
| BB/Negative | IDBI Bank Ltd. | Financial institutions | India | |||||||||||
| BB/Negative | Iccrea Banca SpA | Financial institutions | Italy | |||||||||||
| BB/Negative | International Consolidated Airlines Group, S.A. | Transportation | Spain | |||||||||||
| BB/Negative | Intrum AB (publ) | Financial institutions | Sweden | |||||||||||
| BB/Negative | James Hardie International Group Ltd | Forest products and building materials | Ireland | |||||||||||
| BB/Negative | KazMunayGas NC JSC | Oil and gas | Kazakhstan | |||||||||||
| BB/Negative | Macquarie Infrastructure Corp. | Midstream | U.S. | |||||||||||
| BB/Negative | Match Group Inc., | Media and entertainment | Yes | U.S. | ||||||||||
| BB/Negative | Matthews International Corp. | Health care | U.S. | |||||||||||
| BB/Negative | Meritor Inc. | Automotive | U.S. | |||||||||||
| BB/Negative | Methanex Corp. | Chemicals, packaging, and environmental services | Canada | |||||||||||
| BB/Negative | Midland Cogeneration Venture L.P. | Utilities | U.S. | |||||||||||
| BB/Negative | Murphy Oil Corp. | Oil and gas | U.S. | |||||||||||
| BB/Negative | Muthoot Finance Ltd | Financial institutions | India | |||||||||||
| BB/Negative | NASCAR Holdings, LLC | Media and entertainment | U.S. | |||||||||||
| BB/Negative | NMI Holdings Inc., | Insurance | U.S. | |||||||||||
| BB/Negative | Nexans S.A. | Capital goods | France | |||||||||||
| BB/Negative | Nufarm Ltd. | Chemicals, packaging, and environmental services | Australia | |||||||||||
| BB/Negative | OCI N.V. | Chemicals, packaging, and environmental services | Netherlands | |||||||||||
| BB/Negative | PBF Holding Co. LLC | PBF Energy Inc. | Utilities | U.S. | ||||||||||
| BB/Negative | PDC Energy Inc., | Oil and gas | U.S. | |||||||||||
| BB/Negative | Penske Automotive Group Inc. | Automotive | U.S. | |||||||||||
| BB/Negative | RE/MAX LLC | Media and entertainment | U.S. | |||||||||||
| BB/Negative | Restaurant Brands International Inc. | Retail/restaurants | Canada | |||||||||||
| BB/Negative | Rolls-Royce PLC | Rolls-Royce Holdings PLC | Aerospace and defense | U.K. | ||||||||||
| BB/Negative | Sappi Ltd. | Forest products and building materials | South Africa | |||||||||||
| BB/Negative | Signature Aviation PLC | Transportation | U.K. | |||||||||||
| BB/Negative | Spie SA | Consumer products | Yes | France | ||||||||||
| BB/Negative | Stericycle Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| BB/Negative | Taylor Morrison Home Corp | Homebuilders/real estate companies | U.S. | |||||||||||
| BB/Negative | Teollisuuden Voima Oyj | Utilities | Finland | |||||||||||
| BB/Negative | The Commonwealth of The Bahamas | Sovereign | Bahamas | |||||||||||
| BB/Negative | Trinidad Petroleum Holdings Ltd. | Oil and gas | Trinidad and Tobago | |||||||||||
| BB/Negative | Under Armour Inc., | Consumer products | U.S. | |||||||||||
| BB/Negative | Vail Resorts Inc. | Media and entertainment | U.S. | |||||||||||
| BB/Negative | Valvoline Inc. | Consumer products | U.S. | |||||||||||
| BB/Negative | W.R. Grace & Co. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| BB/Negative | Wolverine World Wide Inc. | Consumer products | U.S. | |||||||||||
| BB/Negative | Wyndham Hotels & Resorts Inc., | Media and entertainment | U.S. | |||||||||||
| BB/Negative | iStar Inc. | Financial institutions | U.S. | |||||||||||
| BB-/Watch Neg | Carnival Corp. | Media and entertainment | Panama | |||||||||||
| 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 | Georgian Oil and Gas Corp. JSC | Oil and gas | Georgia | |||||||||||
| BB-/Watch Neg | Glenmark Pharmaceuticals Ltd. | Health care | India | |||||||||||
| BB-/Watch Neg | Grupo Unicomer Corp. | Retail/restaurants | Panama | |||||||||||
| BB-/Watch Neg | IAA Inc. | Automotive | U.S. | |||||||||||
| BB-/Watch Neg | Inovyn Ltd. | Chemicals, packaging, and environmental services | U.K. | |||||||||||
| BB-/Watch Neg | MGM Resorts International | Media and entertainment | U.S. | |||||||||||
| BB-/Watch Neg | Masmovil Ibercom SA. | Telecommunications | Spain | |||||||||||
| BB-/Watch Neg | Panama Canal Railway Co. | Transportation | Cayman Islands | |||||||||||
| BB-/Watch Neg | Shriram Transport Finance Co. Ltd. | Financial institutions | India | |||||||||||
| BB-/Watch Neg | Studio City Co. Ltd. | Melco International Development Ltd. | Media and entertainment | British Virgin Islands | ||||||||||
| BB-/Watch Neg | Telecommunications Services of Trinidad and Tobago Ltd., | Telecommunications | Trinidad and Tobago | |||||||||||
| BB-/Watch Neg | Webuild S.p.A. | Homebuilders/real estate companies | Italy | |||||||||||
| BB-/Watch Neg | Wynn Resorts Ltd. | Media and entertainment | U.S. | |||||||||||
| BB-/Negative | ACCO Brands Corp. | Consumer products | U.S. | |||||||||||
| BB-/Negative | AMG Advanced Metallurgical Group N.V. | Metals, mining, and steel | Netherlands | |||||||||||
| BB-/Negative | Alkermes PLC | Health care | Ireland | |||||||||||
| BB-/Negative | Arrow Global Group PLC | Financial institutions | U.K. | |||||||||||
| BB-/Negative | Avanos Medical Inc | Health care | U.S. | |||||||||||
| BB-/Negative | Avia Solutions Group Plc | Transportation | Yes | Lithuania | ||||||||||
| BB-/Negative | BankMuscat S.A.O.G. | Financial institutions | Oman | |||||||||||
| BB-/Negative | Boels Topholding B.V. | Capital goods | Netherlands | |||||||||||
| BB-/Negative | Boluda Towage S.L. | Transportation | Spain | |||||||||||
| BB-/Negative | Bombardier Recreational Products Inc. | Media and entertainment | Canada | |||||||||||
| BB-/Negative | Borets International Ltd. | Capital goods | U.A.E. | |||||||||||
| BB-/Negative | CVR Energy Inc., | Midstream | U.S. | |||||||||||
| BB-/Negative | Cable & Wireless Communications Ltd. | Liberty Latin America Ltd. | Telecommunications | U.K. | ||||||||||
| BB-/Negative | Cabot Financial Ltd. | Encore Capital Group Inc. | Financial institutions | U.K. | ||||||||||
| BB-/Negative | Companhia de Saneamento Basico do Estado de Sao Paulo | Utilities | Brazil | |||||||||||
| BB-/Negative | Compass Minerals International Inc. | Metals, mining, and steel | U.S. | |||||||||||
| BB-/Negative | Crestwood Equity Partners LP | Crestwood Holdings LLC | Midstream | U.S. | ||||||||||
| BB-/Negative | Dillard's Inc. | Retail/restaurants | U.S. | |||||||||||
| BB-/Negative | Dometic Group AB | Capital goods | Sweden | |||||||||||
| BB-/Negative | Dominican Republic | Sovereign | Dominican Republic | |||||||||||
| BB-/Negative | Douglas Dynamics Inc. | Capital goods | U.S. | |||||||||||
| BB-/Negative | Element Solutions Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| BB-/Negative | Endeavor Energy Resources L.P | Oil and gas | U.S. | |||||||||||
| BB-/Negative | Energizer Holdings Inc. | Consumer products | U.S. | |||||||||||
| BB-/Negative | Equitrans Midstream Corp. | Midstream | U.S. | |||||||||||
| BB-/Negative | GEO Group (The) Inc. | Consumer products | U.S. | |||||||||||
| BB-/Negative | GMR Hyderabad International Airport Ltd | Utilities | India | |||||||||||
| BB-/Negative | GMS Inc. | Forest products and building materials | U.S. | |||||||||||
| BB-/Negative | Gap Inc. (The) | Consumer products | U.S. | |||||||||||
| BB-/Negative | Garrett Motion Inc. | Automotive | U.S. | |||||||||||
| BB-/Negative | Getlink S.E. | Utilities | France | |||||||||||
| BB-/Negative | Grupo KUO, S.A.B. de C.V. | Diversified | Mexico | |||||||||||
| BB-/Negative | Guacolda Energia S.A | Utilities | Chile | |||||||||||
| BB-/Negative | Harbor Freight Tools USA Inc. | Retail/restaurants | U.S. | |||||||||||
| BB-/Negative | Harsco Corp. | Capital goods | U.S. | |||||||||||
| BB-/Negative | Hunt Cos. Inc., | Financial institutions | U.S. | |||||||||||
| BB-/Negative | Iron Mountain Inc. | Media and entertainment | U.S. | |||||||||||
| BB-/Negative | Jeld-Wen Inc. | Forest products and building materials | U.S. | |||||||||||
| BB-/Negative | KKR Real Estate Finance Trust Inc. | Financial institutions | U.S. | |||||||||||
| BB-/Negative | Ladder Capital Finance Holdings LLLP | Financial institutions | Yes | U.S. | ||||||||||
| BB-/Negative | Lamar Advertising Co. | Media and entertainment | U.S. | |||||||||||
| BB-/Negative | Liquidnet Holdings Inc., | Financial institutions | U.S. | |||||||||||
| BB-/Negative | MEIF 5 Arena Holdings SLU | Utilities | Spain | |||||||||||
| BB-/Negative | Mannington Mills Inc. | Forest products and building materials | U.S. | |||||||||||
| BB-/Negative | Marriott Vacations Worldwide Corp. | Media and entertainment | U.S. | |||||||||||
| BB-/Negative | Micro Focus International PLC | High technology | U.K. | |||||||||||
| BB-/Negative | NOVA Chemicals Corp. | Mamoura Diversified Global Holding PJSC | Chemicals, packaging, and environmental services | Canada | ||||||||||
| BB-/Negative | Natgasoline, LLC | Utilities | U.S. | |||||||||||
| BB-/Negative | Natura Cosmeticos S.A. | Natura & Co Holding S.A. | Consumer products | Brazil | ||||||||||
| BB-/Negative | Navient Corp. | Financial institutions | U.S. | |||||||||||
| BB-/Negative | Neptune Energy Group Midco Ltd | Oil and gas | U.K. | |||||||||||
| BB-/Negative | Olin Corp. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| BB-/Negative | Oman Electricity Transmission Co. | Utilities | Oman | |||||||||||
| BB-/Negative | Operadora de Servicios Mega, S.A. de C.V. SOFOM, E.R. | Financial institutions | Mexico | |||||||||||
| BB-/Negative | PBF Logistics LP | PBF Energy Inc. | Midstream | U.S. | ||||||||||
| BB-/Negative | PT Japfa Comfeed Indonesia Tbk. | Japfa Ltd. | Consumer products | Indonesia | ||||||||||
| BB-/Negative | Permanent TSB Group Holdings PLC | Financial institutions | Ireland | |||||||||||
| BB-/Negative | Playtech Plc | Media and entertainment | U.K. | |||||||||||
| BB-/Negative | Q-Park Holding I BV | Utilities | Netherlands | |||||||||||
| BB-/Negative | Qurate Retail Inc., | Retail/restaurants | U.S. | |||||||||||
| BB-/Negative | Republic of Fiji | Sovereign | Fiji | |||||||||||
| BB-/Negative | Republic of Uzbekistan | Sovereign | Uzbekistan | |||||||||||
| BB-/Negative | Sally Beauty Holdings Inc. | Retail/restaurants | U.S. | |||||||||||
| BB-/Negative | Sculptor Capital Management Inc., | Financial institutions | U.S. | |||||||||||
| BB-/Negative | Service Properties Trust | Homebuilders/real estate companies | U.S. | |||||||||||
| BB-/Negative | Seven Generations Energy Ltd. | Oil and gas | Canada | |||||||||||
| BB-/Negative | Sinclair Broadcast Group Inc. | Media and entertainment | U.S. | |||||||||||
| BB-/Negative | Southwestern Energy Co. | Oil and gas | U.S. | |||||||||||
| BB-/Negative | Speedway Motorsports LLC | Media and entertainment | U.S. | |||||||||||
| BB-/Negative | Starwood Property Trust Inc. | Financial institutions | U.S. | |||||||||||
| BB-/Negative | Sultanate of Oman | Sovereign | Oman | |||||||||||
| BB-/Negative | TAMKO Building Products, LLC | Forest products and building materials | U.S. | |||||||||||
| BB-/Negative | TEGNA Inc. | Media and entertainment | U.S. | |||||||||||
| BB-/Negative | TI Fluid Systems plc | Automotive | U.K. | |||||||||||
| BB-/Negative | TMK PAO | Metals, mining, and steel | Russia | |||||||||||
| BB-/Negative | TRI Pointe Group Inc., | Homebuilders/real estate companies | U.S. | |||||||||||
| BB-/Negative | Terex Corp. | Capital goods | U.S. | |||||||||||
| BB-/Negative | Thor Industries Inc., | Media and entertainment | U.S. | |||||||||||
| BB-/Negative | US Ecology Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| BB-/Negative | Unifin Financiera, S.A.B. de C.V. | Financial institutions | Mexico | |||||||||||
| BB-/Negative | Uzpromstroybank | Financial institutions | Uzbekistan | |||||||||||
| BB-/Negative | Victoria PLC | Consumer products | U.K. | |||||||||||
| BB-/Negative | Visteon Corp. | Automotive | Yes | U.S. | ||||||||||
| BB-/Negative | WEX Inc. | Financial institutions | U.S. | |||||||||||
| BB-/Negative | Wabash National Corp. | Automotive | U.S. | |||||||||||
| BB-/Negative | William Hill PLC | Media and entertainment | U.K. | |||||||||||
| BB-/Negative | Wyndham Destinations Inc., | Media and entertainment | U.S. | |||||||||||
| BB-/Negative | 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 | Cedar Fair L.P. | Media and entertainment | U.S. | |||||||||||
| B+/Watch Neg | Cinemark Holdings Inc. | Media and entertainment | U.S. | |||||||||||
| B+/Watch Neg | Cornerstone Building Brands Inc | Forest products and building materials | U.S. | |||||||||||
| B+/Watch Neg | Delhi International Airport Ltd. | Utilities | India | |||||||||||
| B+/Watch Neg | Goodyear Tire & Rubber Co. (The) | Automotive | U.S. | |||||||||||
| B+/Watch Neg | HT Global IT Solutions Holdings Ltd. | High technology | Mauritius | |||||||||||
| B+/Watch Neg | PT Chandra Asri Petrochemical Tbk. | Chemicals, packaging, and environmental services | Yes | Indonesia | ||||||||||
| 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 | Twin River Worldwide Holdings Inc. | Media and entertainment | U.S. | |||||||||||
| B+/Negative | 361 Degrees International Ltd. | Consumer products | Cayman Islands | |||||||||||
| B+/Negative | 4finance Holding S.A. | Financial institutions | Luxembourg | |||||||||||
| B+/Negative | ADES International Holdings PLC | Oil and gas | U.A.E. | |||||||||||
| B+/Negative | Aernnova Aerospace Corp. S.A. | Aerospace and defense | Spain | |||||||||||
| B+/Negative | Air Canada | ACE Aviation Holdings Inc. | Transportation | Yes | Canada | |||||||||
| B+/Negative | Apollo Commercial Real Estate Finance Inc., | Financial institutions | U.S. | |||||||||||
| B+/Negative | Avon Products Inc. | Natura & Co Holding S.A. | Consumer products | U.S. | ||||||||||
| B+/Negative | B2Holding ASA | Financial institutions | Norway | |||||||||||
| B+/Negative | Bed Bath & Beyond Inc. | Retail/restaurants | U.S. | |||||||||||
| B+/Negative | Blackstone Mortgage Trust Inc. | Financial institutions | U.S. | |||||||||||
| B+/Negative | Bloomin' Brands Inc., | Retail/restaurants | U.S. | |||||||||||
| B+/Negative | Braskem Idesa, S.A.P.I. and subsidiary | Chemicals, packaging, and environmental services | Mexico | |||||||||||
| B+/Negative | Bright Horizons Family Solutions LLC | Bright Horizons Capital Corp. | Media and entertainment | U.S. | ||||||||||
| B+/Negative | Brinker International Inc. | Retail/restaurants | U.S. | |||||||||||
| B+/Negative | CCM Merger Inc. | Media and entertainment | U.S. | |||||||||||
| B+/Negative | CEVA Logistics AG | Transportation | Switzerland | |||||||||||
| B+/Negative | CMA CGM S.A. | Transportation | France | |||||||||||
| B+/Negative | CNX Midstream Partners LP | CNX Resources Corp. | Midstream | Yes | U.S. | |||||||||
| B+/Negative | Caleres Inc., | Consumer products | U.S. | |||||||||||
| B+/Negative | Callaway Golf Co. | Consumer products | Yes | U.S. | ||||||||||
| B+/Negative | Ceridian HCM Holding Inc. | Ceridian LLC | High technology | U.S. | ||||||||||
| B+/Negative | China SCE Group Holdings Ltd. | Homebuilders/real estate companies | Cayman Islands | |||||||||||
| B+/Negative | Cimpress plc | Media and entertainment | Netherlands | |||||||||||
| B+/Negative | Claros Mortgage Trust Inc., | Financial institutions | U.S. | |||||||||||
| B+/Negative | Compass Group Diversified Holdings LLC | Financial institutions | U.S. | |||||||||||
| B+/Negative | Conduent Inc., | Media and entertainment | U.S. | |||||||||||
| B+/Negative | Connect Bidco Ltd. | Telecommunications | Guernsey | |||||||||||
| B+/Negative | Custom Truck One Source, L.P. | Capital goods | U.S. | |||||||||||
| B+/Negative | ENERGO-PRO a.s. | Utilities | Czech Republic | |||||||||||
| B+/Negative | Extended Stay America Inc. | Media and entertainment | U.S. | |||||||||||
| B+/Negative | FAGE International S.A | Consumer products | Luxembourg | |||||||||||
| B+/Negative | Ferro Corp. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| B+/Negative | Financiera Independencia S.A.B. de C.V. SOFOM E.N.R. | Financial institutions | Yes | Mexico | ||||||||||
| B+/Negative | Frontera Energy Corp. | Oil and gas | Canada | |||||||||||
| B+/Negative | GBT JerseyCo Ltd | Media and entertainment | U.K. | |||||||||||
| B+/Negative | Garfunkelux Holdco 2 S.A. | Financial institutions | Luxembourg | |||||||||||
| B+/Negative | Gates Global LLC | Capital goods | U.S. | |||||||||||
| B+/Negative | GeoPark Ltd. | Oil and gas | Bermuda | |||||||||||
| B+/Negative | Georgian Railway JSC | Utilities | Georgia | |||||||||||
| B+/Negative | Global Partners LP | Midstream | U.S. | |||||||||||
| B+/Negative | GreenSky Holdings, LLC | Financial institutions | U.S. | |||||||||||
| B+/Negative | Hostess Brands Inc., | Consumer products | U.S. | |||||||||||
| B+/Negative | Inversiones Atlantida, S.A. | Financial institutions | Yes | Honduras | ||||||||||
| B+/Negative | J.B. Poindexter & Co. Inc. | Capital goods | U.S. | |||||||||||
| B+/Negative | Jamaica | Sovereign | Jamaica | |||||||||||
| B+/Negative | JetBlue Airways Corp. | Transportation | U.S. | |||||||||||
| B+/Negative | KAEFER Isoliertechnik GmbH & Co. KG | Capital goods | Germany | |||||||||||
| B+/Negative | KWG Group Holdings Ltd. | Homebuilders/real estate companies | Cayman Islands | |||||||||||
| B+/Negative | Ken Garff Automotive LLC | Automotive | U.S. | |||||||||||
| B+/Negative | Kontoor Brands Inc., | Consumer products | U.S. | |||||||||||
| B+/Negative | Kraton Corp | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| B+/Negative | Kratos Defense & Security Solutions Inc. | Aerospace and defense | U.S. | |||||||||||
| B+/Negative | L Brands Inc., | Consumer products | U.S. | |||||||||||
| B+/Negative | LBM Borrower, LLC | Forest products and building materials | U.S. | |||||||||||
| B+/Negative | Limetree Bay Terminals, LLC | Midstream | U.S. | |||||||||||
| B+/Negative | Live Nation Entertainment Inc. | Media and entertainment | U.S. | |||||||||||
| B+/Negative | MI Windows and Doors, LLC | Forest products and building materials | U.S. | |||||||||||
| B+/Negative | MTS Systems Corp. | Capital goods | U.S. | |||||||||||
| B+/Negative | Mack-Cali Realty Corp. | Homebuilders/real estate companies | U.S. | |||||||||||
| B+/Negative | Macy's Inc. | Retail/restaurants | U.S. | |||||||||||
| B+/Negative | Magnolia Oil & Gas Corp. | Oil and gas | U.S. | |||||||||||
| B+/Negative | Mattel Inc. | Media and entertainment | U.S. | |||||||||||
| B+/Negative | Mercer International Inc. | Forest products and building materials | U.S. | |||||||||||
| B+/Negative | Metro-Goldwyn-Mayer Inc. | Media and entertainment | U.S. | |||||||||||
| B+/Negative | Miller Homes Group Holdings PLC | Homebuilders/real estate companies | U.K. | |||||||||||
| B+/Negative | NCL Corp. Ltd. | Media and entertainment | Yes | Bermuda | ||||||||||
| B+/Negative | NGL Energy Partners LP | Midstream | U.S. | |||||||||||
| B+/Negative | NewDay Group (Jersey) Ltd. | Financial institutions | U.K. | |||||||||||
| B+/Negative | Novem Group GmbH | Automotive | Germany | |||||||||||
| B+/Negative | O-I Glass Inc., | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| B+/Negative | Oceaneering International Inc. | Oil and gas | U.S. | |||||||||||
| B+/Negative | Outfront Media Inc. | Media and entertainment | U.S. | |||||||||||
| B+/Negative | Oxbow Carbon LLC | Metals, mining, and steel | U.S. | |||||||||||
| B+/Negative | PT Medco Energi Internasional Tbk. | Oil and gas | Indonesia | |||||||||||
| B+/Negative | Peer Holding III B.V. | Retail/restaurants | Netherlands | |||||||||||
| B+/Negative | Performance Food Group Inc. | Consumer products | U.S. | |||||||||||
| B+/Negative | Piaggio & C. SpA | Automotive | Italy | |||||||||||
| B+/Negative | Plantronics Inc., | High technology | U.S. | |||||||||||
| B+/Negative | Polaris Intermediate Corp. | Health care | U.S. | |||||||||||
| B+/Negative | Press Metal Aluminium Holdings Bhd. | Metals, mining, and steel | Malaysia | |||||||||||
| B+/Negative | Rain Carbon Inc. | Rain Industries Ltd. | Chemicals, packaging, and environmental services | Yes | U.S. | |||||||||
| B+/Negative | Red Ventures Holdco, LP | Media and entertainment | U.S. | |||||||||||
| B+/Negative | Republic of Kenya | Sovereign | Kenya | |||||||||||
| B+/Negative | Republic of Rwanda | Sovereign | Yes | Rwanda | ||||||||||
| B+/Negative | Resolute Forest Products Inc. | Forest products and building materials | U.S. | |||||||||||
| B+/Negative | Resolute Investment Managers Inc., | American Beacon Advisors Inc., | Financial institutions | U.S. | ||||||||||
| B+/Negative | Revere Power, LLC | Merchant Power | U.S. | |||||||||||
| B+/Negative | Reynolds Group Holdings Ltd. | Chemicals, packaging, and environmental services | New Zealand | |||||||||||
| B+/Negative | Royal Caribbean Cruises Ltd. | Media and entertainment | Yes | U.S. | ||||||||||
| B+/Negative | Ruby Pipeline LLC | Midstream | U.S. | |||||||||||
| B+/Negative | STV Group Inc., | Capital goods | U.S. | |||||||||||
| B+/Negative | Sazka Group A.S. | Media and entertainment | Czech Republic | |||||||||||
| B+/Negative | Shea Homes L.P. | Forest products and building materials | U.S. | |||||||||||
| B+/Negative | Sigma HoldCo BV | Consumer products | Netherlands | |||||||||||
| B+/Negative | Simply Good Foods Co. (The) | Consumer products | U.S. | |||||||||||
| B+/Negative | Sixsigma Networks Mexico, S.A. De C.V.(KIO Networks) | High technology | Yes | Mexico | ||||||||||
| B+/Negative | Sotheby's | Retail/restaurants | U.S. | |||||||||||
| B+/Negative | Springer Nature AG & Co. KGaA | Media and entertainment | Germany | |||||||||||
| B+/Negative | State of Montenegro | Sovereign | Montenegro | |||||||||||
| B+/Negative | Stena AB | Oil and gas | Sweden | |||||||||||
| B+/Negative | Synlab Unsecured Bondco PLC | Health care | Germany | |||||||||||
| B+/Negative | Tata Steel Ltd. | Tata Sons Pte. Ltd. | Metals, mining, and steel | India | ||||||||||
| B+/Negative | Techem Verwaltungsgesellschaft 674 mbH | Consumer products | Germany | |||||||||||
| B+/Negative | The Chemours Co. Co. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| B+/Negative | TransDigm Inc. | Aerospace and defense | U.S. | |||||||||||
| B+/Negative | Turning Point Brands Inc., | Consumer products | U.S. | |||||||||||
| B+/Negative | USA Compression Partners, LP | Midstream | U.S. | |||||||||||
| B+/Negative | Unigel Participacoes S.A. | Chemicals, packaging, and environmental services | Brazil | |||||||||||
| B+/Negative | United Airlines Holdings Inc., | Transportation | U.S. | |||||||||||
| B+/Negative | Universal Entertainment Corp. | Media and entertainment | Japan | |||||||||||
| B+/Negative | Verra Mobility Corp. | High technology | U.S. | |||||||||||
| B+/Negative | WCA Waste Corp. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| B+/Negative | WW International Inc., | Consumer products | U.S. | |||||||||||
| B+/Negative | Wilsonart, LLC | Forest products and building materials | U.S. | |||||||||||
| B/Watch Neg | ADMI Corp. | Health care | U.S. | |||||||||||
| B/Watch Neg | AI Alpine AT Bidco | Capital goods | Austria | |||||||||||
| B/Watch Neg | AP Gaming Holdings LLC | Media and entertainment | U.S. | |||||||||||
| B/Watch Neg | Autokiniton US Holdings Inc., | Automotive | U.S. | |||||||||||
| B/Watch Neg | Calceus Acquisition Inc., | Consumer products | U.S. | |||||||||||
| B/Watch Neg | ENA Sur Trust | Utilities | Panama | |||||||||||
| B/Watch Neg | Global Blue Acquisition B.V. | High technology | Netherlands | |||||||||||
| B/Watch Neg | Golden Entertainment Inc., | Media and entertainment | U.S. | |||||||||||
| B/Watch Neg | IXS Holdings Inc., | Automotive | U.S. | |||||||||||
| B/Watch Neg | KAR Auction Services Inc. | Automotive | U.S. | |||||||||||
| B/Watch Neg | Korean Air Lines Co. Ltd. | Transportation | Korea, Republic of | |||||||||||
| B/Watch Neg | Lindblad Expeditions Holdings Inc. | Media and entertainment | U.S. | |||||||||||
| B/Watch Neg | Motion Midco Ltd | Media and entertainment | U.K. | |||||||||||
| B/Watch Neg | Navistar International Corp. | Automotive | U.S. | |||||||||||
| B/Watch Neg | Penn National Gaming Inc. | Media and entertainment | U.S. | |||||||||||
| B/Watch Neg | Tendam Brands S.A.U. | Consumer products | Spain | |||||||||||
| B/Watch Neg | The Knot Worldwide Inc. | Media and entertainment | 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 | Waste Pro USA Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| B/Watch Neg | Zest Acquisition Corp | Health care | U.S. | |||||||||||
| B/Negative | ACProducts Inc., | Forest products and building materials | U.S. | |||||||||||
| B/Negative | AI Convoy (Luxembourg) S.a.r.l. | Aerospace and defense | U.K. | |||||||||||
| B/Negative | AI Ladder (Luxembourg) Subco S.a.r.l. | High technology | Luxembourg | |||||||||||
| B/Negative | AIS HoldCo LLC | Insurance | U.S. | |||||||||||
| B/Negative | ASM Global Parent Inc., | Media and entertainment | U.S. | |||||||||||
| B/Negative | Access CIG, LLC | Media and entertainment | U.S. | |||||||||||
| B/Negative | Achilles Acquisition LLC | Insurance | U.S. | |||||||||||
| B/Negative | Advanced Integration Technology LP | Aerospace and defense | U.S. | |||||||||||
| B/Negative | Ai Sirona (Luxembourg) Acquisition Sarl | Health care | Luxembourg | |||||||||||
| B/Negative | Albaraka Turk Katilim Bankasi AS | Al Baraka Banking Group B.S.C. | Financial institutions | Turkey | ||||||||||
| B/Negative | Alera Group Intermediate Holdings Inc. | Insurance | U.S. | |||||||||||
| B/Negative | Alight Solutions LLC | Media and entertainment | U.S. | |||||||||||
| B/Negative | Allegiant Travel Co. | Transportation | U.S. | |||||||||||
| B/Negative | Allnex (Luxembourg) & Cy SCA | Chemicals, packaging, and environmental services | Luxembourg | |||||||||||
| B/Negative | Altera Infrastructure L.P. | Brookfield Asset Management Inc. | Midstream | Marshall Islands | ||||||||||
| B/Negative | Alterra Mountain Co. | Media and entertainment | U.S. | |||||||||||
| B/Negative | Altice Europe N.V. | Telecommunications | Netherlands | |||||||||||
| B/Negative | Altisource Portfolio Solutions S.A. | Financial institutions | Luxembourg | |||||||||||
| B/Negative | American Bath Group, LLC | Forest products and building materials | U.S. | |||||||||||
| B/Negative | American Greetings Corp. | Consumer products | U.S. | |||||||||||
| B/Negative | American Trailer World Corp. | BCD Intermediate Holdings Inc | Capital goods | U.S. | ||||||||||
| B/Negative | Amneal Pharmaceuticals LLC | Amneal Pharmaceuticals Inc. | Health care | U.S. | ||||||||||
| B/Negative | Archroma Holdings S.a r.l. | Chemicals, packaging, and environmental services | Luxembourg | |||||||||||
| B/Negative | Athena Bidco GmbH | High technology | Germany | |||||||||||
| B/Negative | Athletico Holdings, LLC | Health care | Yes | U.S. | ||||||||||
| B/Negative | Authentic Brands Group LLC | Consumer products | U.S. | |||||||||||
| B/Negative | BCP VII Jade Topco (Cayman) Ltd. | Chemicals, packaging, and environmental services | U.K. | |||||||||||
| B/Negative | BCPE Empire Holdings Inc., | Media and entertainment | U.S. | |||||||||||
| B/Negative | BME Group Holding BV | Forest products and building materials | Netherlands | |||||||||||
| B/Negative | BVI Holdings Mayfair Ltd. | Health care | U.K. | |||||||||||
| B/Negative | Banijay Group SAS | Media and entertainment | France | |||||||||||
| B/Negative | Baytex Energy Corp. | Oil and gas | Canada | |||||||||||
| B/Negative | Bojangles' Inc., | Retail/restaurants | U.S. | |||||||||||
| B/Negative | Boyd Gaming Corp. | Media and entertainment | U.S. | |||||||||||
| B/Negative | Boyne USA Inc. | Media and entertainment | U.S. | |||||||||||
| B/Negative | Brookfield Residential Properties Inc. | Homebuilders/real estate companies | Canada | |||||||||||
| B/Negative | CD&R Firefly 4 Ltd. (Motor Fuel Group) | Retail/restaurants | U.K. | |||||||||||
| B/Negative | CD&R Smokey Buyer Inc., | Consumer products | U.S. | |||||||||||
| B/Negative | CES Energy Solutions Corp. | Oil and gas | Canada | |||||||||||
| B/Negative | CNG Holdings Inc., | Financial institutions | U.S. | |||||||||||
| B/Negative | CNT Holdings III Corp | Retail/restaurants | U.S. | |||||||||||
| B/Negative | Caesars Entertainment Corp. | Media and entertainment | U.S. | |||||||||||
| B/Negative | Caesars Entertainment Inc., | Media and entertainment | U.S. | |||||||||||
| B/Negative | Caldic Midco B.V. | Chemicals, packaging, and environmental services | Netherlands | |||||||||||
| B/Negative | Carestream Dental Parent Ltd. | Health care | U.K. | |||||||||||
| B/Negative | Carriage Services Inc. | Health care | U.S. | |||||||||||
| B/Negative | Casino Guichard - Perrachon S.A. | Retail/restaurants | France | |||||||||||
| B/Negative | Cerelia Participation Holding SAS | Consumer products | Yes | France | ||||||||||
| B/Negative | CityCenter Holdings, LLC | Media and entertainment | U.S. | |||||||||||
| B/Negative | Clarity Telecom, LLC | Telecommunications | U.S. | |||||||||||
| B/Negative | Clearwater Seafoods Inc. | Consumer products | Canada | |||||||||||
| B/Negative | CommScope Holding Co. Inc., | High technology | U.S. | |||||||||||
| B/Negative | Commercial Vehicle Group Inc. | Automotive | U.S. | |||||||||||
| B/Negative | Consolidated Communications Holdings Inc. | Telecommunications | U.S. | |||||||||||
| B/Negative | Corelle Brands Holdings Inc. | Consumer products | U.S. | |||||||||||
| B/Negative | Credivalores - Crediservicios SAS | Financial institutions | Colombia | |||||||||||
| B/Negative | DISH Network Corp. | Telecommunications | U.S. | |||||||||||
| B/Negative | DLG Acquisitions Ltd. | Media and entertainment | U.K. | |||||||||||
| B/Negative | DaFa Properties Group Ltd. | Homebuilders/real estate companies | Cayman Islands | |||||||||||
| B/Negative | Damac Real Estate Development Ltd. | Homebuilders/real estate companies | U.A.E. | |||||||||||
| B/Negative | Datto Inc., | High technology | U.S. | |||||||||||
| B/Negative | Dhanani Group Inc. | Retail/restaurants | U.S. | |||||||||||
| B/Negative | Dimora Brands Inc., | Forest products and building materials | U.S. | |||||||||||
| B/Negative | DiversiTech Holdings Inc. | Forest products and building materials | U.S. | |||||||||||
| B/Negative | Donnelley (R.R.) & Sons Co. | Media and entertainment | U.S. | |||||||||||
| B/Negative | Drive Chassis Holdco, LLC | Transportation | U.S. | |||||||||||
| B/Negative | ENC Holding Corp. | ENC Parent Corp. | Transportation | U.S. | ||||||||||
| B/Negative | EVO Payments International LLC | High technology | U.S. | |||||||||||
| B/Negative | EVOCA S.p.A. | Consumer products | Italy | |||||||||||
| B/Negative | Edelman Financial Engines Center, LLC (The) | Financial institutions | U.S. | |||||||||||
| B/Negative | Electro Rent Corp. | Capital goods | U.S. | |||||||||||
| B/Negative | Element Materials Technology Ltd. | Consumer products | U.K. | |||||||||||
| B/Negative | Elo Touch Solutions Inc., | High technology | U.S. | |||||||||||
| B/Negative | Emerald X Inc., | Media and entertainment | U.S. | |||||||||||
| B/Negative | Endo International PLC | Health care | Ireland | |||||||||||
| B/Negative | Enova International Inc., | Financial institutions | U.S. | |||||||||||
| B/Negative | Entercom Communications Corp. | Media and entertainment | U.S. | |||||||||||
| B/Negative | Epic Crude Services, LP | EPIC Midstream Holdings, LP | Midstream | U.S. | ||||||||||
| B/Negative | Everi Payments Inc. | Media and entertainment | U.S. | |||||||||||
| B/Negative | EyeCare Partners, LLC | Health care | U.S. | |||||||||||
| B/Negative | Federal Democratic Republic of Ethiopia | Sovereign | Ethiopia | |||||||||||
| B/Negative | Filtration Group Corp. | Capital goods | U.S. | |||||||||||
| B/Negative | Financiere Colisee SAS | Health care | France | |||||||||||
| B/Negative | Financiere N | Health care | France | |||||||||||
| B/Negative | Financiere Top Mendel SAS | Health care | France | |||||||||||
| B/Negative | First Brands Group, LLC | Automotive | U.S. | |||||||||||
| B/Negative | Fossil Group Inc., | Consumer products | U.S. | |||||||||||
| B/Negative | GEMS MENASA (Cayman) Ltd | GEMS Menasa Holdings Ltd. (Cayman islands) | Consumer products | U.A.E. | ||||||||||
| B/Negative | Galaxy Finco Ltd. (Domestic & General) | Consumer products | Jersey | |||||||||||
| B/Negative | Galileo Global Education Finance Sarl | Media and entertainment | Luxembourg | |||||||||||
| B/Negative | Gamenet Group S.p.A. | Gamma Bidco S.p.A. | Media and entertainment | Italy | ||||||||||
| B/Negative | Garda World Security Corp | Transportation | Canada | |||||||||||
| B/Negative | Genesis Care Pty Ltd. | Health care | Australia | |||||||||||
| B/Negative | Go Wireless Holdings Inc., | Retail/restaurants | Yes | U.S. | ||||||||||
| B/Negative | Goldcup Holdings Inc., | Explorer Holdings Inc | Health care | U.S. | ||||||||||
| B/Negative | Hayward Industries Inc., | Consumer products | U.S. | |||||||||||
| B/Negative | Henry Holdings Inc., | Henry Co. LLC | Forest products and building materials | U.S. | ||||||||||
| B/Negative | Herschend Entertainment Co. LLC | Media and entertainment | Yes | U.S. | ||||||||||
| B/Negative | Hestiafloor 2 | Forest products and building materials | France | |||||||||||
| B/Negative | High Liner Foods Inc. | Consumer products | Canada | |||||||||||
| B/Negative | Highline Aftermarket Acquisition, LLC | Consumer products | U.S. | |||||||||||
| B/Negative | House of HR NV | Consumer products | Belgium | |||||||||||
| B/Negative | HudBay Minerals Inc. | Metals, mining, and steel | Canada | |||||||||||
| B/Negative | Hyster-Yale Materials Handling Inc. | Capital goods | U.S. | |||||||||||
| B/Negative | IBC Capital Ltd. | Transportation | Cayman Islands | |||||||||||
| B/Negative | IRIS Midco Ltd. | High technology | U.K. | |||||||||||
| B/Negative | IWH UK Finco Ltd. | Health care | U.K. | |||||||||||
| B/Negative | Ilpea Parent Inc. | Capital goods | U.S. | |||||||||||
| B/Negative | Indivior plc | Health care | U.K. | |||||||||||
| B/Negative | Inspire Brands Inc. | Retail/restaurants | U.S. | |||||||||||
| B/Negative | International Design Group SpA | Consumer products | Italy | |||||||||||
| B/Negative | Jaguar Land Rover Automotive PLC | Tata Sons Pte. Ltd. | Automotive | U.K. | ||||||||||
| B/Negative | Jiayuan International Group Ltd. | Homebuilders/real estate companies | China | |||||||||||
| B/Negative | Jingrui Holdings Ltd. | Homebuilders/real estate companies | Cayman Islands | |||||||||||
| B/Negative | K+S Aktiengesellschaft | Chemicals, packaging, and environmental services | Germany | |||||||||||
| B/Negative | KAPLA Holding (Kiloutou) | Capital goods | France | |||||||||||
| B/Negative | Kantar Global Holdings S.a r.l. | Media and entertainment | Luxembourg | |||||||||||
| B/Negative | Keystone Acquisition Corp. | Insurance | U.S. | |||||||||||
| B/Negative | Kiwi VFS SUB I S.ar.l | Consumer products | Luxembourg | |||||||||||
| B/Negative | Koos Holding Cooperatief U.A. | Media and entertainment | Netherlands | |||||||||||
| B/Negative | Koppers Holdings Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| B/Negative | Kosmos Energy Ltd., | Oil and gas | U.S. | |||||||||||
| B/Negative | LABL Inc | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| B/Negative | LSF10 Edilians Investments S.a.r.l. | Forest products and building materials | France | |||||||||||
| B/Negative | LSF10 Wolverine Investments SCA | Forest products and building materials | France | |||||||||||
| B/Negative | LSFX Flavum Bidco S.A. | Forest products and building materials | Spain | |||||||||||
| B/Negative | La Financiere Atalian SAS | Consumer products | France | |||||||||||
| B/Negative | Latham Pool Products Inc., | Consumer products | U.S. | |||||||||||
| B/Negative | LifeScan Global Corp. | Health care | U.S. | |||||||||||
| B/Negative | Lifetime Brands Inc. | Consumer products | U.S. | |||||||||||
| B/Negative | Loire UK Midco 3 Ltd. | Consumer products | U.K. | |||||||||||
| B/Negative | Loxam SAS | Capital goods | France | |||||||||||
| B/Negative | Lucid Energy Group II Borrower, LLC | Lucid Energy Group II, LLC | Midstream | U.S. | ||||||||||
| B/Negative | MRO Holdings Inc., | Aerospace and defense | Panama | |||||||||||
| B/Negative | MTN Infrastructure TopCo Inc., | Telecommunications | U.S. | |||||||||||
| B/Negative | Mauser Packaging Solutions Holding Co. | BOE Intermediate Holding Corp. | Chemicals, packaging, and environmental services | U.S. | ||||||||||
| B/Negative | Mercury Parent, LLC | Health care | U.S. | |||||||||||
| B/Negative | Meredith Corp. | Media and entertainment | U.S. | |||||||||||
| B/Negative | Michaels Cos. Inc., (The) | Retail/restaurants | U.S. | |||||||||||
| B/Negative | Mobilux 2 S.A.S. | Retail/restaurants | France | |||||||||||
| B/Negative | Momentive Performance Materials Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| B/Negative | MoneyGram International | Financial institutions | U.S. | |||||||||||
| B/Negative | Mr. Cooper Group Inc. | Financial institutions | U.S. | |||||||||||
| B/Negative | NFP Corp. | National Financial Partners Holdings A Corp. | Insurance | Yes | U.S. | |||||||||
| B/Negative | NFP Holdings, LLC | Insurance | U.S. | |||||||||||
| B/Negative | National CineMedia Inc. | Media and entertainment | U.S. | |||||||||||
| B/Negative | Natural Resource Partners L.P. | Metals, mining, and steel | U.S. | |||||||||||
| B/Negative | Navios Maritime Holdings Inc. | Transportation | Marshall Islands | |||||||||||
| B/Negative | Neptune Holdco S.a.r.l. | Forest products and building materials | Luxembourg | |||||||||||
| B/Negative | New Enterprise Stone & Lime Co. Inc. | Forest products and building materials | U.S. | |||||||||||
| B/Negative | New Gold Inc. | Metals, mining, and steel | Canada | |||||||||||
| B/Negative | Newport Group Holdings II Inc., | Media and entertainment | Yes | U.S. | ||||||||||
| B/Negative | NexTier Oilfield Solutions Inc. | Oil and gas | U.S. | |||||||||||
| B/Negative | OQ Chemicals International Holding GmbH | OQ S.A.O.C | Chemicals, packaging, and environmental services | Germany | ||||||||||
| B/Negative | Omnitracs Holdings, LLC | High technology | U.S. | |||||||||||
| B/Negative | PACCOR Holdings GmbH | Chemicals, packaging, and environmental services | Germany | |||||||||||
| B/Negative | PDC Beauty & Wellness Co. | Consumer products | U.S. | |||||||||||
| B/Negative | PLZ Aeroscience Corp. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| B/Negative | POWDR Corp. | Media and entertainment | U.S. | |||||||||||
| B/Negative | PS HoldCo, LLC | Transportation | U.S. | |||||||||||
| B/Negative | Park-Ohio Industries Inc. | Capital goods | Yes | U.S. | ||||||||||
| B/Negative | Peraton Corp. | Aerospace and defense | U.S. | |||||||||||
| B/Negative | Phoenix Services International LLC | Metals, mining, and steel | U.S. | |||||||||||
| B/Negative | Pioneer UK Midco 1 Ltd. | Health care | U.S. | |||||||||||
| B/Negative | Placin S.a.r.l | Consumer products | Spain | |||||||||||
| B/Negative | Platin 1425. GmbH | Capital goods | Germany | |||||||||||
| B/Negative | Populus Financial Group Inc | Financial institutions | U.S. | |||||||||||
| B/Negative | Precision Drilling Corp. | Precision Drilling Trust | Oil and gas | Canada | ||||||||||
| B/Negative | PriSo Acquisition Corp. | Forest products and building materials | U.S. | |||||||||||
| B/Negative | Q Holdco Ltd. | Health care | U.S. | |||||||||||
| B/Negative | QEP Resources Inc. | Oil and gas | U.S. | |||||||||||
| B/Negative | Quimper AB | Forest products and building materials | Sweden | |||||||||||
| B/Negative | Range Resources Corp. | Oil and gas | U.S. | |||||||||||
| B/Negative | Realogy Group LLC | Media and entertainment | U.S. | |||||||||||
| B/Negative | Rekeep S.p.A. | Consumer products | Italy | |||||||||||
| B/Negative | Republic of Costa Rica | Sovereign | Costa Rica | |||||||||||
| B/Negative | Republic of Ghana | Sovereign | Ghana | |||||||||||
| B/Negative | Rockwood Service Corp. | Capital goods | U.S. | |||||||||||
| B/Negative | Ryerson Holding Corp. | Metals, mining, and steel | U.S. | |||||||||||
| B/Negative | SRS Distribution Inc., | Forest products and building materials | U.S. | |||||||||||
| B/Negative | SSH Holdings Inc. d/b/a Spencer Spirit | Retail/restaurants | U.S. | |||||||||||
| B/Negative | Sabre Corp. | Media and entertainment | U.S. | |||||||||||
| B/Negative | Samsonite International S.A. | Consumer products | Luxembourg | |||||||||||
| B/Negative | Schur Flexibles GmbH | Chemicals, packaging, and environmental services | Germany | |||||||||||
| B/Negative | Scientific Games Corp. | Media and entertainment | U.S. | |||||||||||
| B/Negative | Screenvision, LLC | Media and entertainment | U.S. | |||||||||||
| B/Negative | Seplat Petroleum Development Co. PLC | Oil and gas | Nigeria | |||||||||||
| B/Negative | Shandong Sanxing Group Co. Ltd. | Consumer products | China | |||||||||||
| B/Negative | Sisal Group S.p.A | Schumann S.p.A. | Media and entertainment | Italy | ||||||||||
| B/Negative | Smart & Final Funding LLC | Retail/restaurants | U.S. | |||||||||||
| B/Negative | Soco 1 | Media and entertainment | France | |||||||||||
| B/Negative | Spectrum Brands Holdings Inc. | Consumer products | U.S. | |||||||||||
| B/Negative | Staples Inc. | Media and entertainment | U.S. | |||||||||||
| B/Negative | Stellagroup | Polaris Holding | Forest products and building materials | France | ||||||||||
| B/Negative | Superior Industries International Inc., | Automotive | U.S. | |||||||||||
| B/Negative | THOM Europe S.A.S. | Retail/restaurants | France | |||||||||||
| B/Negative | TNS Inc. | Telecommunications | U.S. | |||||||||||
| B/Negative | TRC Cos. Inc., | Capital goods | U.S. | |||||||||||
| B/Negative | Talen Energy Supply LLC | Talen Energy Corp. | Utilities | U.S. | ||||||||||
| B/Negative | TecoStar Holdings Inc., | Health care | U.S. | |||||||||||
| B/Negative | Teine Energy Ltd. | Oil and gas | Canada | |||||||||||
| B/Negative | Tenneco Inc. | Automotive | Yes | U.S. | ||||||||||
| B/Negative | Terrier Media Buyer Inc., | Terrier Media Holdings Inc., | Media and entertainment | U.S. | ||||||||||
| B/Negative | The Cook & Boardman Group, LLC | Forest products and building materials | U.S. | |||||||||||
| B/Negative | The Manitowoc Co. Inc., | Capital goods | U.S. | |||||||||||
| B/Negative | The Schumacher Group of Delaware Inc., | Clinical Acquisitions Holdings LP | Health care | U.S. | ||||||||||
| B/Negative | Thermon Group Holdings Inc., | Capital goods | U.S. | |||||||||||
| B/Negative | Tortoise Parent Holdco LLC | Financial institutions | U.S. | |||||||||||
| B/Negative | Townsquare Media Inc., | Media and entertainment | U.S. | |||||||||||
| B/Negative | Traviata B.V. | Media and entertainment | Germany | |||||||||||
| B/Negative | Trinseo S.A. | Chemicals, packaging, and environmental services | Luxembourg | |||||||||||
| B/Negative | Tronox Ltd. | Chemicals, packaging, and environmental services | Australia | |||||||||||
| B/Negative | United Natural Foods Inc., | Retail/restaurants | U.S. | |||||||||||
| B/Negative | Visual Comfort & Co. | Consumer products | U.S. | |||||||||||
| B/Negative | WP/AV CH HOLDINGS II B.V. | High technology | Netherlands | |||||||||||
| B/Negative | Walnut Bidco PLC | Consumer products | Switzerland | |||||||||||
| B/Negative | Wendy's Co. (The) | Retail/restaurants | U.S. | |||||||||||
| B/Negative | Xinhu Zhongbao Co. Ltd. | Homebuilders/real estate companies | China | |||||||||||
| B/Negative | Xinjiang Guanghui Industry Investment (Group) Co. Ltd. | Homebuilders/real estate companies | China | |||||||||||
| B/Negative | Zara UK Topco Ltd. | Consumer products | U.K. | |||||||||||
| B/Negative | 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 | 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 | Cassini SAS | Media and entertainment | France | |||||||||||
| B-/Watch Neg | Century Casinos Inc., | Media and entertainment | U.S. | |||||||||||
| B-/Watch Neg | Cirsa Enterprises S.L.U. | LHMC Finco 2 S.a.r.l. | Media and entertainment | Yes | Spain | |||||||||
| 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 | Ezdan Holding Group Q.S.C. | Homebuilders/real estate companies | Qatar | |||||||||||
| B-/Watch Neg | GameStop Corp. | Retail/restaurants | U.S. | |||||||||||
| B-/Watch Neg | Genworth Financial Inc. | Insurance | U.S. | |||||||||||
| B-/Watch Neg | Jacobs Entertainment Inc. | Media and entertainment | U.S. | |||||||||||
| B-/Watch Neg | Joye Media SLU | Media and entertainment | Spain | |||||||||||
| 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 | National Amusements Inc. | Media and entertainment | U.S. | |||||||||||
| B-/Watch Neg | Navicure Inc., | Health care | Yes | U.S. | ||||||||||
| B-/Watch Neg | Piolin Bidco S.A.U. | Media and entertainment | Spain | |||||||||||
| 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 | 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 | 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 | Third Coast Midstream, LLC | Midstream | U.S. | |||||||||||
| B-/Watch Neg | Transportes Aereos Portugueses, SGPS, S.A. | Transportation | Portugal | |||||||||||
| B-/Watch Neg | URS Holdco Inc., | Transportation | U.S. | |||||||||||
| B-/Watch Neg | WestJet Airlines Ltd. | Transportation | Canada | |||||||||||
| B-/Negative | APX Group Holdings Inc. | Media and entertainment | U.S. | |||||||||||
| B-/Negative | AQ Carver Buyer Inc., | Media and entertainment | U.S. | |||||||||||
| B-/Negative | ASP Chromaflo Holdings LP | Chemicals, packaging, and environmental services | Cayman Islands | |||||||||||
| B-/Negative | Acropole Holding | Consumer products | France | |||||||||||
| B-/Negative | Aegis Toxicology Sciences Corp. | Aegis Acquistion Inc., | Health care | U.S. | ||||||||||
| B-/Negative | Aerial Parent Corp. | Telecommunications | U.S. | |||||||||||
| B-/Negative | Afflelou SAS | Consumer products | France | |||||||||||
| B-/Negative | Algeco Investments B.V. | Capital goods | Netherlands | |||||||||||
| B-/Negative | Alvogen Pharma US Inc., | Alvogen Lux Holdings S.a.r.l. | Health care | U.S. | ||||||||||
| B-/Negative | American Airlines Group Inc. | Transportation | U.S. | |||||||||||
| B-/Negative | American Renal Associates Holdings Inc., | Health care | U.S. | |||||||||||
| B-/Negative | Amynta Holdings LLC | Insurance | U.S. | |||||||||||
| B-/Negative | Antero Resources Corp. | Oil and gas | U.S. | |||||||||||
| B-/Negative | Arbor Pharmaceuticals Inc. | Health care | U.S. | |||||||||||
| B-/Negative | Aspen Jersey Topco LLC | High technology | U.S. | |||||||||||
| B-/Negative | AutoCanada Inc. | Retail/restaurants | Canada | |||||||||||
| B-/Negative | Avalign Holdings Inc., | Health care | U.S. | |||||||||||
| B-/Negative | Aventiv Technologies, LLC | Telecommunications | U.S. | |||||||||||
| B-/Negative | BEP Ulterra Holdings Inc., | Oil and gas | U.S. | |||||||||||
| B-/Negative | BMC Acquisition Inc., | Consumer products | U.S. | |||||||||||
| B-/Negative | Baffinland Iron Mines Corp. | Metals, mining, and steel | Canada | |||||||||||
| B-/Negative | Bahia de las Isletas, S.L. | Transportation | Spain | |||||||||||
| B-/Negative | Ball Metalpack Finco LLC | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| B-/Negative | Berry Petroleum Corp. | Oil and gas | U.S. | |||||||||||
| B-/Negative | Bowlero Corp | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Brand Industrial Services Inc., | Capital goods | U.S. | |||||||||||
| B-/Negative | Bristow Group Inc. | Oil and gas | U.S. | |||||||||||
| B-/Negative | Buccaneer Intermediate Holdco Ltd. | Health care | U.K. | |||||||||||
| B-/Negative | C&D Technologies Inc | Capital goods | U.S. | |||||||||||
| B-/Negative | CFS Brands LLC | Capital goods | U.S. | |||||||||||
| B-/Negative | CHG PPC Intermediate II LLC | Consumer products | U.S. | |||||||||||
| B-/Negative | CIRCOR International Inc., | Capital goods | U.S. | |||||||||||
| B-/Negative | CONSOL Energy Inc. | Metals, mining, and steel | U.S. | |||||||||||
| B-/Negative | Calumet Specialty Products Partners LP | Utilities | U.S. | |||||||||||
| B-/Negative | Carrols Restaurant Group Inc., | Retail/restaurants | U.S. | |||||||||||
| B-/Negative | Cast & Crew Payroll, LLC | Consumer products | U.S. | |||||||||||
| B-/Negative | Cengage Learning Holdings II Inc. | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Chefs' Warehouse Inc., (The) | Consumer products | U.S. | |||||||||||
| B-/Negative | Cleveland-Cliffs Inc. | Metals, mining, and steel | U.S. | |||||||||||
| B-/Negative | Cohu Inc., | High technology | U.S. | |||||||||||
| B-/Negative | Cologix Holdings Inc., | Telecommunications | U.S. | |||||||||||
| B-/Negative | Confie Seguros Holding Co. | Insurance | Yes | U.S. | ||||||||||
| B-/Negative | Conn's Inc. | Retail/restaurants | U.S. | |||||||||||
| B-/Negative | ConvergeOne Holdings Inc. | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Cooper-Standard Holdings Inc., | Automotive | U.S. | |||||||||||
| B-/Negative | Cornerstone Chemical Co. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| B-/Negative | Corporacion Azucarera del Peru S. A. | Consumer products | Peru | |||||||||||
| B-/Negative | Cumulus Media Inc. | Media and entertainment | U.S. | |||||||||||
| B-/Negative | DMT Solutions Global Corp. | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Daseke Inc | Transportation | U.S. | |||||||||||
| B-/Negative | Dawn Acquisitions LLC | Infra Colodata Holdings LLC | Telecommunications | U.S. | ||||||||||
| B-/Negative | Dealer Tire LLC | Automotive | U.S. | |||||||||||
| B-/Negative | DexKo Global Inc. | Capital goods | U.S. | |||||||||||
| B-/Negative | Dynasty Acquisition Co. Inc., | Aerospace and defense | U.S. | |||||||||||
| B-/Negative | ERC Topco Holdings, LLC | Health care | U.S. | |||||||||||
| B-/Negative | EagleView Technology Corp. | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Eclipse Midco Inc., | High technology | U.S. | |||||||||||
| B-/Negative | Edward Don & Co. Holdings, LLC | Consumer products | U.S. | |||||||||||
| B-/Negative | Ellaktor S.A. | Utilities | Greece | |||||||||||
| B-/Negative | EnTrans International, LLC | Automotive | U.S. | |||||||||||
| B-/Negative | EnVen Energy Corp. | Oil and gas | U.S. | |||||||||||
| B-/Negative | Encino Acquisition Partners LLC | Oil and gas | U.S. | |||||||||||
| B-/Negative | Energy Holdings (Cayman) Ltd., | Capital goods | Cayman Islands | |||||||||||
| B-/Negative | EnergySolutions Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| B-/Negative | Eyemart Express Holdings LLC | Retail/restaurants | U.S. | |||||||||||
| B-/Negative | F-Brasile S.p.A | Aerospace and defense | Italy | |||||||||||
| B-/Negative | First American Payment Systems LP | High technology | U.S. | |||||||||||
| B-/Negative | FleetPride Inc., | Fastlane Parent Co. Inc., | Automotive | U.S. | ||||||||||
| B-/Negative | Flynn Restaurant Group LP | Retail/restaurants | U.S. | |||||||||||
| B-/Negative | Fort Dearborn Holding Co. Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| B-/Negative | Freedom Mortgage Corp. | Financial institutions | U.S. | |||||||||||
| B-/Negative | GCI, LLC | GCI Liberty Inc., | Telecommunications | U.S. | ||||||||||
| B-/Negative | Genuine Financial Holdings, LLC | Consumer products | U.S. | |||||||||||
| B-/Negative | Getty Images Inc. | Abe Investment Holdings Inc., | Media and entertainment | Yes | U.S. | |||||||||
| B-/Negative | Golden Nugget Inc. | Retail/restaurants | U.S. | |||||||||||
| B-/Negative | Greenway Health, LLC | Health care | U.S. | |||||||||||
| B-/Negative | Grupo Antolin Irausa SA | Automotive | Spain | |||||||||||
| B-/Negative | Halo Buyer Inc | Consumer products | U.S. | |||||||||||
| B-/Negative | Haya Real Estate S.A.U | Consumer products | Spain | |||||||||||
| B-/Negative | Heidelberger Druckmaschinen AG | Capital goods | Germany | |||||||||||
| B-/Negative | Hexion Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| B-/Negative | Hillman Cos. Inc. (The) | Consumer products | U.S. | |||||||||||
| B-/Negative | Hoya Midco, LLC | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Hubbard Radio, LLC | Media and entertainment | U.S. | |||||||||||
| B-/Negative | IM Growth SAS | Consumer products | France | |||||||||||
| B-/Negative | Idemia France SAS | High technology | France | |||||||||||
| B-/Negative | Infogroup Inc. | Media and entertainment | U.S. | |||||||||||
| B-/Negative | International Park Holdings B.V. | Media and entertainment | Spain | |||||||||||
| B-/Negative | International Seaways Inc., | Transportation | Marshall Islands | |||||||||||
| B-/Negative | Intrado Corp. | Telecommunications | U.S. | |||||||||||
| B-/Negative | JMC Acquisition Corp. | Capital goods | U.S. | |||||||||||
| B-/Negative | Jazz Acquisition Inc. | Wencor Group LLC | Aerospace and defense | U.S. | ||||||||||
| B-/Negative | K-Mac Holdings Corp. | Retail/restaurants | U.S. | |||||||||||
| B-/Negative | KLDiscovery Inc. | Consumer products | Yes | U.S. | ||||||||||
| B-/Negative | KNEL Acquisition LLC | Consumer products | U.S. | |||||||||||
| B-/Negative | Kleopatra Holdings 1 S.C.A. | Chemicals, packaging, and environmental services | Luxembourg | |||||||||||
| B-/Negative | Kongsberg Automotive ASA | Automotive | Yes | Norway | ||||||||||
| B-/Negative | Kronos Worldwide Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| B-/Negative | LJ Ruby Holdings, LLC | Capital goods | U.S. | |||||||||||
| B-/Negative | LSCS Holdings Inc., | Health care | U.S. | |||||||||||
| B-/Negative | LSF9 Balta Issuer S.A. | Consumer products | Belgium | |||||||||||
| B-/Negative | Lannett Co. Inc., | Health care | U.S. | |||||||||||
| B-/Negative | Laredo Petroleum Inc. | Oil and gas | U.S. | |||||||||||
| B-/Negative | Livingston International Inc. | Consumer products | Canada | |||||||||||
| B-/Negative | MED ParentCo, LP | Retail/restaurants | U.S. | |||||||||||
| B-/Negative | MRC Global (US) Inc. | McJunkin Red Man Holding Corp. | Metals, mining, and steel | U.S. | ||||||||||
| B-/Negative | MYOB Invest Co Pty Ltd | High technology | Australia | |||||||||||
| B-/Negative | Marcolin SpA | Consumer products | Italy | |||||||||||
| B-/Negative | Martin Midstream Partners L.P. | Midstream | Yes | U.S. | ||||||||||
| B-/Negative | Matador Resources Co. | Oil and gas | U.S. | |||||||||||
| B-/Negative | Mavis Tire Express Services Corp. | Retail/restaurants | U.S. | |||||||||||
| B-/Negative | Maxim Crane Works Holdings Capital, LLC | Capital goods | U.S. | |||||||||||
| B-/Negative | McGraw-Hill Education Inc., | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Mitel Networks (International) Ltd | High technology | U.K. | |||||||||||
| B-/Negative | Monitronics International Inc. | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Monotype Imaging Holdings Inc. | High technology | U.S. | |||||||||||
| B-/Negative | Moran Foods, LLC | SAL Acquisition Corp. | Retail/restaurants | U.S. | ||||||||||
| B-/Negative | Navitas Midstream Midland Basin, LLC | Midstream | U.S. | |||||||||||
| B-/Negative | Nets Topco 3 S.a r.l. | High technology | Denmark | |||||||||||
| B-/Negative | Norican Global A/S | Capital goods | Denmark | |||||||||||
| B-/Negative | Nutrition Parent LLC | Consumer products | U.S. | |||||||||||
| B-/Negative | OCWEN Financial Corp. | Financial institutions | U.S. | |||||||||||
| B-/Negative | Oak Holdings, LLC | Consumer products | U.S. | |||||||||||
| B-/Negative | One Call Corp. | One Call Care Management Inc., | Insurance | U.S. | ||||||||||
| B-/Negative | Oryx Midstream Holdings LLC | Midstream | U.S. | |||||||||||
| B-/Negative | P&L Development Holdings, LLC | Consumer products | U.S. | |||||||||||
| B-/Negative | PAX Midco Spain | Retail/restaurants | Spain | |||||||||||
| B-/Negative | PT Lippo Karawaci Tbk. | Homebuilders/real estate companies | Indonesia | |||||||||||
| B-/Negative | Panda Stonewall LLC | Merchant Power | U.S. | |||||||||||
| B-/Negative | Paradigm Midstream LLC | Midstream | U.S. | |||||||||||
| B-/Negative | Parts Holding Europe SAS | Dakar Finance S.A. | Automotive | France | ||||||||||
| B-/Negative | Peak Jersey Holdco Ltd. | Media and entertainment | Jersey | |||||||||||
| B-/Negative | Perstorp Holding AB (publ) | Chemicals, packaging, and environmental services | Sweden | |||||||||||
| B-/Negative | PetroChoice Holdings Inc., | Consumer products | U.S. | |||||||||||
| B-/Negative | Plaskolite PPC Intermediate II LLC | Plaskolite PPC Intermediate I LLC | Forest products and building materials | U.S. | ||||||||||
| B-/Negative | PlayPower Holdings Inc. | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Playa Hotels & Resorts N.V. | Media and entertainment | Netherlands | |||||||||||
| B-/Negative | Pregis TopCo Corp. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| B-/Negative | Premier Brands Group Holdings LLC | Consumer products | U.S. | |||||||||||
| B-/Negative | Procera I, LP | High technology | Canada | |||||||||||
| B-/Negative | Project Boost Purchaser LLC | High technology | U.S. | |||||||||||
| B-/Negative | Project Silverback Holding Corp. | High technology | U.S. | |||||||||||
| B-/Negative | Prometric Holdings Inc., | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Promontoria Holding 264 B.V. | Transportation | Netherlands | |||||||||||
| B-/Negative | Pugnacious Endeavors Inc | Media and entertainment | U.S. | |||||||||||
| B-/Negative | QBS Parent Inc., | Project Quarterback Parent, LLC | High technology | U.S. | ||||||||||
| B-/Negative | QualTek USA, LLC | Capital goods | U.S. | |||||||||||
| B-/Negative | Quality Distribution Inc. | Transportation | U.S. | |||||||||||
| B-/Negative | RGIS Holdings LLC | Consumer products | U.S. | |||||||||||
| B-/Negative | Recess Holdings Inc., | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Ring Container Technologies Group, LLC | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| B-/Negative | Rubix Group Holdings Ltd. | Capital goods | U.K. | |||||||||||
| B-/Negative | Ryman Hospitality Properties Inc., | Media and entertainment | U.S. | |||||||||||
| B-/Negative | SIWF Holdings Inc., | Consumer products | U.S. | |||||||||||
| B-/Negative | SK Blue Holdings, LP | Chemicals, packaging, and environmental services | Cayman Islands | |||||||||||
| B-/Negative | SK Invictus Intermediate II S.a r.l. | Chemicals, packaging, and environmental services | Luxembourg | |||||||||||
| B-/Negative | Safe Fleet Holdings LLC | Capital goods | U.S. | |||||||||||
| B-/Negative | Salient CRGT Inc., | Aerospace and defense | U.S. | |||||||||||
| B-/Negative | Schoeller Packaging B.V. | Chemicals, packaging, and environmental services | Netherlands | |||||||||||
| B-/Negative | SeaWorld Parks & Entertainment Inc. | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Solenis UK International Ltd. | Chemicals, packaging, and environmental services | U.K. | |||||||||||
| B-/Negative | Solera Parent Holding, LLC | High technology | U.S. | |||||||||||
| B-/Negative | Specialty Building Products Holdings, LLC | Forest products and building materials | U.S. | |||||||||||
| B-/Negative | Star UK Midco Ltd. | Capital goods | U.K. | |||||||||||
| B-/Negative | Starfish Holdco LLC | High technology | U.S. | |||||||||||
| B-/Negative | Sterling Intermediate Corp. | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Sungard AS New Holdings, LLC | High technology | U.S. | |||||||||||
| B-/Negative | TEG Pty Ltd | Media and entertainment | Australia | |||||||||||
| B-/Negative | TMF Sapphire Midco B.V. | Media and entertainment | Netherlands | |||||||||||
| B-/Negative | TPC Group Inc., | TPC Group LLC | Chemicals, packaging, and environmental services | U.S. | ||||||||||
| B-/Negative | TPro Acquisition Corp. | Automotive | U.S. | |||||||||||
| B-/Negative | Tacala LLC | Retail/restaurants | U.S. | |||||||||||
| B-/Negative | Tank Holding Corp. | Capital goods | U.S. | |||||||||||
| B-/Negative | Team Health Holdings Inc., | Health care | U.S. | |||||||||||
| B-/Negative | Terra-Gen Finance Co. LLC | Terra-Gen Power Holding II LLC | Merchant Power | U.S. | ||||||||||
| B-/Negative | Tornante - MDP Joe Holding LLC | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Trade Me Group Ltd. | High technology | New Zealand | |||||||||||
| B-/Negative | Triton UK Midco Ltd. | High technology | U.K. | |||||||||||
| B-/Negative | Truck Holdings Inc. | Automotive | U.S. | |||||||||||
| B-/Negative | U.S. TelePacific Holdings Corp. | Telecommunications | U.S. | |||||||||||
| B-/Negative | USIC Holdings Inc | Capital goods | U.S. | |||||||||||
| B-/Negative | USS Ultimate Holdings Inc., | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| B-/Negative | Ukrainian Railways JSC | Utilities | Ukraine | |||||||||||
| B-/Negative | Vantage Specialty Chemicals Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| B-/Negative | Veritas Holdings Ltd. | High technology | Bermuda | |||||||||||
| B-/Negative | Viking Cruises Ltd. | Viking Holdings Ltd | Media and entertainment | U.S. | ||||||||||
| B-/Negative | Vue International Bidco plc | Media and entertainment | U.K. | |||||||||||
| B-/Negative | WP CPP Holdings LLC | Aerospace and defense | U.S. | |||||||||||
| B-/Negative | WWEX UNI Intermediate Holdings LLC | Transportation | U.S. | |||||||||||
| B-/Negative | Wand NewCo 3 Inc., | Automotive | U.S. | |||||||||||
| B-/Negative | WaterBridge Operating LLC | WaterBridge Resources, LLC | Midstream | U.S. | ||||||||||
| B-/Negative | Welltec A/S | Oil and gas | Denmark | |||||||||||
| B-/Negative | WireCo WorldGroup Inc. | Metals, mining, and steel | U.S. | |||||||||||
| B-/Negative | Wirepath LLC | Crackle Holdings LP | High technology | U.S. | ||||||||||
| B-/Negative | YS Garments LLC | Consumer products | U.S. | |||||||||||
| B-/Negative | Zenith Energy U.S. Logistics Holdings, LLC | Midstream | U.S. | |||||||||||
| B-/Negative | eDreams ODIGEO S.A. | Media and entertainment | Yes | Luxembourg | ||||||||||
| B-/Negative | pH Beauty Holdings I Inc., | Consumer products | U.S. | |||||||||||
| Data as of Aug. 31, 2020. Source: S&P Global Ratings Research. | ||||||||||||||
Related Research
- COVID-19- And Oil Price-Related Public Rating Actions On Corporations, Sovereigns, And Project Finance To Date, Sept. 9, 2020
- S&P Global Ratings Definitions, Aug. 7, 2020
This report does not constitute a rating action.
| Credit Markets Research: | Sarah Limbach, Paris + 33 14 420 6708; Sarah.Limbach@spglobal.com |
| Sudeep K Kesh, New York (1) 212-438-7982; sudeep.kesh@spglobal.com | |
| Research Contributors: | Abhik Debnath, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai |
| Shripati Pranshu, CRISIL Global Analytical Center, an S&P affiliate, Mumbai |
No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.
Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses.
To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw or suspend such acknowledgment at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.
S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.
S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees.
Any Passwords/user IDs issued by S&P to users are single user-dedicated and may ONLY be used by the individual to whom they have been assigned. No sharing of passwords/user IDs and no simultaneous access via the same password/user ID is permitted. To reprint, translate, or use the data or information other than as provided herein, contact S&P Global Ratings, Client Services, 55 Water Street, New York, NY 10041; (1) 212-438-7280 or by e-mail to: research_request@spglobal.com.