Key Takeaways
- The count of potential bond downgrades was 1,178 as of Dec. 25, after decreasing for the fifth consecutive month, while potential upgrades increased for the sixth consecutive month.
- The gap between potential downgrades and upgrades remains above what it was during the 2009 global financial crisis. Combined with more vulnerable credit (even before the pandemic) and an anticipated slow economic and business recovery, we believe additional credit deterioration, albeit slower, is expected in 2021, especially for sectors whose revenue generation prospects have not yet meaningfully improved.
- The pace of downgrades should continue to slow as the ratio of issuers with a negative outlook, compared with a CreditWatch with negative implications, rose to 15.8 in December, from 15.3 in November, signaling less immediate downgrade pressure.
The number of potential bond downgrades decreased to 1,178 as of Dec. 25, from 1,219 as of Nov. 30, dropping for the fifth consecutive month after a historical high of 1,365 last July. Since November, we added 32 issuers to our list and removed 73 issuers (see table 1). 53 removals were caused by a revision of outlook or CreditWatch, of which 11 were accompanied by a downgrade. Five removals were because of downgrades. There were 23 downgrades from the list since the last reporting period, of which seven remain on the list. 26 of the 32 additions were owing to an outlook or CreditWatch revision, three of which were accompanied by a downgrade. During that time, the tally of potential bond upgrades increased to 179 from 161. Six of the seven additions were driven by a revised outlook or CreditWatch, five of which were accompanied by an upgrade. Of the 25 removals, 22 were because of an outlook or CreditWatch change, three of which also saw an upgrade.
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. Potential bond upgrades are issuers rated 'AA+' to 'B-' by S&P Global Ratings with either positive outlooks or ratings on CreditWatch with positive implications.
Chart 1
Downgrades Should Continue To Slow As The Proportion Of Issuers On A Negative CreditWatch Dropped Significantly
Lockdowns and social distancing measures aimed to curb the coronavirus pandemic slowed the economic activity and earnings while increasing potential bond downgrades through 2020, continuing into 2021--especially among issuers from vulnerable sectors like media and entertainment, automotive, and transportation. This led to a surge in downgrades, and a subsequent decrease in the count of issuers on our list. This is especially true for issuers with ratings placed on CreditWatch with negative implications. They carried a higher immediate downgrade potential than ratings with a negative outlook, and are more frequently followed by downgrades.
Issuers are placed on CreditWatch negative when there is an event or deviation from an expected trend or material change in the performance of the 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 tight timeline of 90 days indicates a high likelihood that the rating action in the direction mentioned in CreditWatch will follow ("General Criteria: Use Of CreditWatch And Outlooks", Sept. 14, 2009). Historical evidence shows on average, a rating on CreditWatch negative has a 50% likelihood of being lowered in the next 90 days, compared with a one in three chance and a two-year time span for a rating with a negative outlook. Consequently, the number of potential downgrades with a negative CreditWatch placement dropped to 70 at the end of 2020 from its high of 310 in April. Meanwhile, the ratio of negative outlooks to negative CreditWatch placements increased to 15.8 to 1 in December, from 15.3 to 1 in November, and a record 3.0 to 1 in April. As a result, the immediate downgrade risk eased.
Chart 2
The gap between potential downgrades and upgrades tightened in December--for the fifth consecutive month--as the situation improved at both ends: potential bond downgrades continued to decrease while potential bond upgrades gradually increased. Despite the recent narrowing, the gap remains wider than during the last global financial crisis (GFC) (see chart 2). This indicates that credit deterioration will continue in the coming months, though at a slower pace than last year, especially among lower rated issuers more vulnerable to worsening financing conditions after a sudden shock or negative change of events. This offsets the positive sentiment created by new vaccine developments.
Non-Financial Corporates, And Especially Those Operating In People-Facing Sectors, Have Seen Most Credit Deterioration Linked To The Pandemic
Non-financial corporates are most impacted by last year's coronavirus-induced recession. Their negative bias reached an all-time high of 43% between May and July last year, five percentage points above its previous record high in April 2009. Financial institutions and sovereigns also saw a spike in their negative bias last year, but clearly below levels during the last GFC (see chart 3).
Chart 3
Financial Institutions Lead The Tally; Media And Entertainment Face A Higher And More Immediate Downgrade Risk
While financial institutions lead potential bond downgrades, with 162 issuers, this is partly linked to the asset classes' size, and is reflected in the significantly lower negative bias (27% in December, compared with 36% for non-financial corporates) (see chart 4). Additionally, 65% of potential downgrades in financial institutions are rated investment grade
This compares to media and entertainment, which is second in the count of potential downgrades, with 144 issuers, of which 82% are rated speculative grade. The sector also has the highest share of issuers on CreditWatch with negative implications, at 15, and is expected to contribute more to the number of downgrades in the near term as their CreditWatch statuses are settled in the shorter term.
Chart 4
The exposure of the media and entertainment sector is tightly linked to social distancing measures aiming to contain the spread of the coronavirus. This was a hard economic hit on the corporates, notably in hotels, gaming, and leisure. The sector's elevated vulnerability to the current pandemic-induced lockdowns is reflected in its downgrade proportion of 16% over the past 12 months, compared with 11% over the past five years. This year's outlook remains dire for hotels and gaming as the COVID-19 pandemic continues to ravage most sectors under our leisure coverage, with increased confirmed cases in the U.S. and Europe threatening credit environment in early 2021. Cruise ships, fitness, theme parks, and lodging are the most impaired sectors (see "Industry Top Trends 2021: Hotels, Gaming, And Leisure," Dec. 10, 2020).
Chart 5
Almost All Sectors Face Higher Downgrade Risk Than A Year Ago
All sectors, except telecommunications, had more downgrade risk at the end of last year than at the end of 2019. This risk is most elevated in the oil and gas, media and entertainment, and automotive sectors (see chart 5). The transportation sector has the sharpest rise in downgrade potential. The sector's negative bias was multiplied by more than seven over the course of last year on the earnings fallout, notably in air travel as travel restrictions and cautious consumer behavior weighed hard on activity in this sector. For 2021, airlines remain the most vulnerable subsector with a renewed surge in COVID-19 cases hampering its recovery. Rapid increases in new cases, particularly in Europe and the U.S., are prompting renewed travel restrictions and lockdowns (see "Industry Top Trends 2021: Transportation," Dec. 10, 2020).
Telecommunications is the only sector with a lower current negative bias than a year ago. The sector proved to be resilient. The pandemic underscores broadband's value which benefits telecommunications. Stay home orders, work-at-home mandates, and social distancing is shining a light on broadband's importance to the modern economy, which bodes well for vested carriers in the long run (see "Industry Top Trends 2021: Telecommunications ," Dec. 10, 2020).
Chart 6
Media And Entertainment Had The Most Downgrades Last Year
The pandemic poses significant challenges to the economy and especially to people-facing businesses like tourism, travel, and leisure. As a result, downgrade pressure and subsequent rating actions surged in sectors like media and entertainment, automotive, and transportation. The sector with the widest 12-month downgrade proportion was media and entertainment, at 16%, by large, surpassing its five-year proportion (see Chart 5). In 2020 through Dec. 25, there were 1,554 downgrades, more than twice the 753 in 2019 and surpassing the previous high of 1,326 during the 2009 sub-prime crisis. Media and entertainment had 248 downgrades in 2020, followed by oil and gas with 166 downgrades, and consumer products with 152 downgrades. Contrary to media and entertainment, last year's downgrade proportion in the oil and gas sector was smaller than the past five years, and both proportions were similar for consumer products.
Table 1
| Outlook And CreditWatch Revisions Account For Most Removals And Additions In The List | ||||||||
|---|---|---|---|---|---|---|---|---|
| Potential bond downgrade removals | Potential bond downgrade additions | |||||||
| Reason for removal | Issuer count | Reason for addition | Issuer count | |||||
| OLCW change | 42 | OLCW Change | 23 | |||||
| Downgraded and OLCW change | 11 | Downgraded and OLCW change | 3 | |||||
| Ratings withdrawn | 9 | Newly rated debt | 3 | |||||
| Downgraded | 5 | Newly rated issuer | 3 | |||||
| No outstanding debt | 4 | Downgraded | 0 | |||||
| Parent* | 1 | Parent | 0 | |||||
| Selective default (SD) | 1 | Upgraded | 0 | |||||
| Default | 0 | Upgraded and OLCW change | 0 | |||||
| Upgraded | 0 | |||||||
| Upgraded and OLCW change | 0 | |||||||
| Total | 73 | Total | 32 | |||||
| Data as of Dec. 25, 2020. Source: S&P Global Ratings Research. *Issuer removed due to subsidiary relationship with Parent company, which now qualifies as Potential Downgrade. | ||||||||
Table 2
| Oil And Gas, Media And Entertainment And Automotive Have The Widest Gap Between Current Negative Bias And 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 (%) | ||||||||
| Oil and gas | 166 | 93.79 | 55.06 | 20.27 | (34.79) | 4.67 | ||||||||
| Media and entertainment | 248 | 93.58 | 55.40 | 26.54 | (28.86) | 12.22 | ||||||||
| Automotive | 65 | 92.86 | 54.37 | 26.47 | (27.90) | 3.99 | ||||||||
| Aerospace and defense | 39 | 88.64 | 46.03 | 21.09 | (24.94) | 2.04 | ||||||||
| Transportation | 81 | 94.19 | 42.61 | 21.67 | (20.94) | 3.74 | ||||||||
| Capital goods | 77 | 88.51 | 41.07 | 21.87 | (19.21) | 5.43 | ||||||||
| Chemicals, packaging, and environmental services | 84 | 92.31 | 38.35 | 19.40 | (18.95) | 5.52 | ||||||||
| Retail and restaurants | 95 | 80.51 | 44.03 | 25.24 | (18.79) | 4.67 | ||||||||
| Financial institutions | 98 | 88.29 | 32.34 | 20.17 | (12.18) | 13.75 | ||||||||
| Consumer products | 152 | 84.44 | 35.56 | 24.85 | (10.71) | 9.00 | ||||||||
| Forest products and building materials | 22 | 75.86 | 32.33 | 22.50 | (9.83) | 3.48 | ||||||||
| Utilities | 131 | 88.51 | 29.02 | 20.36 | (8.66) | 11.63 | ||||||||
| Homebuilders and real estate companies | 45 | 80.36 | 22.98 | 15.61 | (7.37) | 4.41 | ||||||||
| Health care | 60 | 83.33 | 24.70 | 17.85 | (6.85) | 4.07 | ||||||||
| Metals, mining, and steel | 47 | 87.04 | 30.47 | 24.78 | (5.69) | 2.29 | ||||||||
| Sovereign | 34 | 87.18 | 18.10 | 14.39 | (3.71) | 1.78 | ||||||||
| Diversified | 5 | 100.00 | 17.65 | 18.24 | 0.60 | 0.25 | ||||||||
| Telecommunications | 36 | 81.82 | 18.92 | 20.29 | 1.37 | 1.95 | ||||||||
| Insurance | 12 | 57.14 | 14.06 | 16.69 | 2.63 | 2.04 | ||||||||
| High technology | 58 | 69.05 | 18.22 | 21.41 | 3.20 | 3.06 | ||||||||
| Data as of Dec. 25, 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 3
| Issuers On CreditWatch/Outlook Negative ('AAA' Through 'B-' Ratings) | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Rating comb | Issuer | Parent company | Sector/subsector | New to the list this month | OLCW change | Country | ||||||||
| AAA/Negative | Airservices Australia | Utilities | Australia | |||||||||||
| AAA/Negative | Commonwealth of Australia | Sovereign | Australia | |||||||||||
| AAA/Negative | Johnson & Johnson | Health care | U.S. | |||||||||||
| 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 | Seven & i Holdings Co. Ltd., | Retail/restaurants | Japan | |||||||||||
| AA-/Watch Neg | Tokyo Gas Co. Ltd. | Utilities | Japan | |||||||||||
| 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 | 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 | Societe nationale SNCF S.A. | Utilities | France | |||||||||||
| 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 | Bristol-Myers Squibb Co. | Health care | U.S. | |||||||||||
| A+/Negative | Central Japan Railway Co. | Utilities | Japan | |||||||||||
| 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 | Siemens AG | Capital goods | 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 | Farmer's Exchange Capital | Zurich Insurance Group. | Insurance | Yes | U.S. | |||||||||
| A/Watch Neg | Farmers Insurance Exchange | Zurich Insurance Group. | Insurance | Yes | U.S. | |||||||||
| A/Watch Neg | Fire Insurance Exchange | Zurich Insurance Group. | Insurance | Yes | U.S. | |||||||||
| A/Watch Neg | KKR & Co. Inc. | Financial institutions | U.S. | |||||||||||
| A/Watch Neg | London Stock Exchange Group PLC | Financial institutions | U.K. | |||||||||||
| 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 | Avinor AS | Utilities | Norway | |||||||||||
| A/Negative | BASF SE | Chemicals, packaging, and environmental services | Germany | |||||||||||
| 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 | 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 | General Dynamics Corp. | Aerospace and defense | U.S. | |||||||||||
| A/Negative | International Business Machines Corp. | High technology | U.S. | |||||||||||
| A/Negative | Kingdom of Spain | Sovereign | Spain | |||||||||||
| A/Negative | Landesbank Hessen-Thueringen Girozentrale | Deutscher Sparkassen- und Giroverband e.V. | Financial institutions | Germany | ||||||||||
| A/Negative | Middlesex Water Co. | Utilities | U.S. | |||||||||||
| 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 | Singapore Telecommunications Ltd. | Telecommunications | Yes | Singapore | ||||||||||
| 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 | VP Bank AG | Financial institutions | Liechtenstein | |||||||||||
| A-/Watch Neg | Biogen Inc. | Health care | U.S. | |||||||||||
| A-/Watch Neg | Euronext N.V. | Financial institutions | Netherlands | |||||||||||
| A-/Negative | ATCO Ltd. | Utilities | Canada | |||||||||||
| 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 | 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 | Bouygues S.A. | Telecommunications | Yes | France | ||||||||||
| 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 | Consolidated Edison Inc. | Utilities | U.S. | |||||||||||
| A-/Negative | Cullen/Frost Bankers Inc., | Financial institutions | U.S. | |||||||||||
| A-/Negative | Deutsche Pfandbriefbank AG | Financial institutions | Yes | Germany | ||||||||||
| A-/Negative | Deutsche Wohnen SE | Homebuilders/real estate companies | Germany | |||||||||||
| A-/Negative | Duke Energy Corp. | Utilities | Yes | 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 | 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 | 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 | U.K. | |||||||||||
| A-/Negative | ORIX Corp. | Financial institutions | Japan | |||||||||||
| A-/Negative | Orange Cogen Funding Corp. | Utilities | Yes | U.S. | ||||||||||
| A-/Negative | Panasonic Corp. | High technology | Japan | |||||||||||
| A-/Negative | PartnerRe Ltd. | Insurance | 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 | Ralph Lauren Corp. | Consumer products | U.S. | |||||||||||
| A-/Negative | Raytheon Technologies Corp | Aerospace and defense | U.S. | |||||||||||
| 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 | UMB Financial Corp. | Financial institutions | U.S. | |||||||||||
| 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 | American International Group Inc. | Insurance | U.S. | |||||||||||
| BBB+/Watch Neg | Coca-Cola European Partners PLC | Consumer products | U.K. | |||||||||||
| BBB+/Watch Neg | DuPont de Nemours Inc., | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| BBB+/Watch Neg | KASIKORNBANK PCL. | Financial institutions | Thailand | |||||||||||
| BBB+/Watch Neg | Northumbrian Water Ltd. | CK Hutchison Holdings Ltd. | Utilities | U.K. | ||||||||||
| BBB+/Watch Neg | RSA Insurance Group PLC | Insurance | 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 de Credito del Peru | Credicorp Ltd. | Financial institutions | Peru | ||||||||||
| BBB+/Negative | Bankinter S.A. | Financial institutions | Spain | |||||||||||
| BBB+/Negative | CSolar IV South LLC | Utilities | U.S. | |||||||||||
| 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 | Exelon Corp. | Utilities | U.S. | |||||||||||
| BBB+/Negative | Finning International Inc. | Capital goods | Canada | |||||||||||
| 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 | Gilead Sciences Inc., | Health care | U.S. | |||||||||||
| BBB+/Negative | Goodman European Partnership | Homebuilders/real estate companies | Luxembourg | |||||||||||
| BBB+/Negative | Grenke AG | Financial institutions | Yes | Germany | ||||||||||
| BBB+/Negative | Grupo Televisa, S. A. B. | Telecommunications | 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 | Huntington Bancshares Inc. | Financial institutions | Yes | U.S. | ||||||||||
| BBB+/Negative | Hyundai Motor Co. | Automotive | Korea, Republic of | |||||||||||
| BBB+/Negative | Intercontinental Exchange Inc., | Financial institutions | U.S. | |||||||||||
| BBB+/Negative | Johnson Controls International Public Ltd. Co. | Forest products and building materials | 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 | 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 | Utilities | Canada | |||||||||||
| BBB+/Negative | Nouvelle Autoroute 30, S.E.N.C. | Utilities | Yes | 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 | Phillips 66 | Utilities | U.S. | |||||||||||
| BBB+/Negative | Portland General Electric Co. | Utilities | U.S. | |||||||||||
| BBB+/Negative | RHB Bank Berhad | Financial institutions | Malaysia | |||||||||||
| BBB+/Negative | RLI Corp. | Insurance | U.S. | |||||||||||
| BBB+/Negative | Ratch Group Public Co. Ltd. | Electricity Generating Authority of Thailand | Utilities | Yes | Thailand | |||||||||
| 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 | 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 | 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 | 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 | Unibail-Rodamco-Westfield SE | Homebuilders/real estate companies | France | |||||||||||
| 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 | Walt Disney Co. (The) | Media and entertainment | U.S. | |||||||||||
| 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 | ACS, Actividades de Construccion y Servicios SA | Capital goods | Spain | |||||||||||
| BBB/Watch Neg | Husky Energy Inc. | CK Hutchison Holdings Ltd. | Oil and gas | Canada | ||||||||||
| BBB/Watch Neg | KKR Financial Holdings LLC | Financial institutions | U.S. | |||||||||||
| BBB/Watch Neg | Weibo Corp. | SINA Corp. | Media and entertainment | China | ||||||||||
| BBB/Negative | AEON Co. Ltd. | Retail/restaurants | Japan | |||||||||||
| 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 | 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 | 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 | 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 | CI Financial Corp. | Financial institutions | Yes | Canada | ||||||||||
| 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 | Chongqing Nan'an Urban Construction & Development (Group) Co. Ltd. | Homebuilders/real estate companies | China | |||||||||||
| BBB/Negative | Crane Co. | Capital goods | 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 | Danfoss A/S | Capital goods | Denmark | |||||||||||
| 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 | Edison International | 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 | Enel Americas S.A. | Enel SpA | Utilities | Chile | ||||||||||
| BBB/Negative | Entergy New Orleans, LLC | Entergy Corp. | Utilities | U.S. | ||||||||||
| 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 | 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 | 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 | Hong Kong Telecommunications (HKT) Ltd. | PCCW Ltd. | Telecommunications | Hong Kong | ||||||||||
| BBB/Negative | Huntington Ingalls Industries Inc. | Aerospace and defense | U.S. | |||||||||||
| 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 | Kennametal Inc. | Capital goods | U.S. | |||||||||||
| BBB/Negative | Koninklijke FrieslandCampina N.V. | Consumer products | Netherlands | |||||||||||
| BBB/Negative | Laurentian Bank of Canada | Financial institutions | Canada | |||||||||||
| BBB/Negative | Li & Fung Ltd. | Consumer products | Bermuda | |||||||||||
| 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 | U.S. | |||||||||||
| BBB/Negative | Perth Airport Pty Ltd. | Perth Airport Development Group Pty Ltd | Utilities | Australia | ||||||||||
| BBB/Negative | Republic of Indonesia | Sovereign | Indonesia | |||||||||||
| BBB/Negative | Royal Mail plc | Transportation | U.K. | |||||||||||
| BBB/Negative | Ryanair Holdings PLC | Transportation | Ireland | |||||||||||
| BBB/Negative | Seminole Tribe of Florida | Media and entertainment | Yes | U.S. | ||||||||||
| BBB/Negative | Sirius International Group Ltd. | Sirius International Insurance Group | Insurance | Bermuda | ||||||||||
| BBB/Negative | Solar Star Funding LLC | Berkshire Hathaway Inc. | Utilities | U.S. | ||||||||||
| 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 | U.S. | |||||||||||
| BBB/Negative | TMB Bank Public Co. Ltd. | Financial institutions | Thailand | |||||||||||
| BBB/Negative | Tanger Factory Outlet Centers Inc. | Homebuilders/real estate companies | U.S. | |||||||||||
| BBB/Negative | Tenaska Georgia Partners L.P. | Utilities | U.S. | |||||||||||
| BBB/Negative | Textron Inc. | Aerospace and defense | U.S. | |||||||||||
| BBB/Negative | Tokyo Century Corp. | Mizuho Financial Group Inc. | Financial institutions | Yes | Japan | |||||||||
| BBB/Negative | Transurban Queensland Finance Pty Ltd. | Transurban Group | Utilities | Australia | ||||||||||
| BBB/Negative | Trustmark Corp. | Financial institutions | U.S. | |||||||||||
| BBB/Negative | UBI Banca SpA | Financial institutions | 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 | Valero Energy Corp. | Utilities | U.S. | |||||||||||
| BBB/Negative | Valley National Bancorp | Financial institutions | U.S. | |||||||||||
| BBB/Negative | ViacomCBS Inc. | Media and entertainment | U.S. | |||||||||||
| BBB/Negative | Vivendi S.A. | Media and entertainment | Yes | France | ||||||||||
| 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 | Eagle Materials Inc. | Forest products and building materials | U.S. | |||||||||||
| 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 | Austin Convention Enterprises Inc. | Utilities | U.S. | |||||||||||
| BBB-/Negative | Autopistas Metropolitanas de Puerto Rico LLC | Atlantia SpA | Utilities | Yes | U.S. | |||||||||
| BBB-/Negative | Avnet Inc. | High technology | 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 | Beijing Haidian State-Owned Asset Investment Group Co. Ltd. | Chemicals, packaging, and environmental services | China | |||||||||||
| BBB-/Negative | Bharti Airtel Ltd. | Telecommunications | India | |||||||||||
| BBB-/Negative | Boeing Co. | Aerospace and defense | 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 | 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 | Discover Financial Services | Financial institutions | U.S. | |||||||||||
| BBB-/Negative | Ecopetrol S.A. | Oil and gas | Colombia | |||||||||||
| BBB-/Negative | Eesti Energia AS | Utilities | 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 | Utilities | U.S. | |||||||||||
| BBB-/Negative | Energy Transfer LP | Utilities | 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 | Golub Capital BDC Inc., | Financial institutions | U.S. | |||||||||||
| BBB-/Negative | Grupo de Inversiones Suramericana S.A. | Diversified | Colombia | |||||||||||
| BBB-/Negative | Hess Corp. | Oil and gas | U.S. | |||||||||||
| BBB-/Negative | Hexcel Corp. | Aerospace and defense | U.S. | |||||||||||
| BBB-/Negative | Host Hotels & Resorts Inc. | Media and entertainment | U.S. | |||||||||||
| BBB-/Negative | Hyatt Hotels Corp. | Media and entertainment | U.S. | |||||||||||
| BBB-/Negative | ICICI Bank Ltd. | Financial institutions | India | |||||||||||
| BBB-/Negative | ISS A/S | Consumer products | Denmark | |||||||||||
| BBB-/Negative | ITV PLC | Media and entertainment | U.K. | |||||||||||
| BBB-/Negative | Indigo Group S.A. | Utilities | France | |||||||||||
| BBB-/Negative | Informa PLC | Media and entertainment | U.K. | |||||||||||
| BBB-/Negative | Inter Pipeline Ltd. | Utilities | 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 | JCDecaux S.A. | Media and entertainment | France | |||||||||||
| BBB-/Negative | Jets Stadium Development, LLC | Media and entertainment | Yes | U.S. | ||||||||||
| BBB-/Negative | Kingdom of Morocco | Sovereign | Morocco | |||||||||||
| BBB-/Negative | Kohl's Corp. | Retail/restaurants | U.S. | |||||||||||
| BBB-/Negative | Las Vegas Sands Corp. | Media and entertainment | U.S. | |||||||||||
| BBB-/Negative | Lear Corp. | Automotive | U.S. | |||||||||||
| BBB-/Negative | Madrilena Red de Gas, S.A.U. | Utilities | Spain | |||||||||||
| BBB-/Negative | Marex Spectron Group Ltd. | Financial institutions | U.K. | |||||||||||
| BBB-/Negative | Marriott International Inc. | Media and entertainment | U.S. | |||||||||||
| BBB-/Negative | Metro AG | Retail/restaurants | Germany | |||||||||||
| BBB-/Negative | Metso Outotec Oyj | Capital goods | 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 | Nexteer Automotive Group Ltd. | Aviation Industry Corp. of China Ltd., | Automotive | Cayman Islands | ||||||||||
| BBB-/Negative | Nissan Motor Co. Ltd. | Automotive | Japan | |||||||||||
| BBB-/Negative | Nova Ljubljanska Banka D.D. | Financial institutions | Slovenia | |||||||||||
| BBB-/Negative | OCP S.A. | Chemicals, packaging, and environmental services | Morocco | |||||||||||
| 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 | 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 | SK Innovation Co. Ltd., | Oil and gas | Korea, Republic of | |||||||||||
| BBB-/Negative | SKYCITY Entertainment Group Ltd. | Media and entertainment | New Zealand | |||||||||||
| BBB-/Negative | Sociedad Concesionaria Vespucio Norte Express S.A. | Transportation | Chile | |||||||||||
| 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 | Virgin Money UK PLC | Financial institutions | U.K. | |||||||||||
| BBB-/Negative | Westinghouse Air Brake Technologies Corp. | Capital goods | U.S. | |||||||||||
| BBB-/Negative | Yuexiu Real Estate Investment Trust | Guangzhou Yuexiu Holdings Ltd. | Homebuilders/real estate companies | Hong Kong | ||||||||||
| BBB-/Negative | Zhejiang Geely Holding Group Co. Ltd., | Automotive | China | |||||||||||
| BBB-/Negative | easyJet PLC | Transportation | U.K. | |||||||||||
| BB+/Watch Neg | Adani Green Energy (UP) Ltd. | Utilities | India | |||||||||||
| BB+/Watch Neg | Kaiser Aluminum Corp. | Metals, mining, and steel | 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 | France | |||||||||||
| BB+/Negative | Amplifon SpA | Health care | Italy | |||||||||||
| BB+/Negative | Apache Corp. | Oil and gas | U.S. | |||||||||||
| BB+/Negative | Aristocrat Leisure Ltd. | Media and entertainment | Australia | |||||||||||
| 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 | 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 | Colombia Telecomunicaciones, S.A. E.S.P | Telefonica S.A. | Telecommunications | Colombia | ||||||||||
| BB+/Negative | Continental Resources Inc. | Oil and gas | U.S. | |||||||||||
| BB+/Negative | Crown Holdings Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| BB+/Negative | Dell Technologies Inc. | High technology | U.S. | |||||||||||
| BB+/Negative | EPR Properties | Homebuilders/real estate companies | 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 | Evraz PLC | Metals, mining, and steel | U.K. | |||||||||||
| BB+/Negative | Foot Locker Inc. | Consumer products | U.S. | |||||||||||
| BB+/Negative | Ford Motor Co. | Automotive | U.S. | |||||||||||
| BB+/Negative | Hillenbrand Inc., | Capital goods | U.S. | |||||||||||
| BB+/Negative | Howmet Aerospace Inc. | Aerospace and defense | 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 | Immobiliare Grande Distribuzione SIIQ S.p.A. | Homebuilders/real estate companies | Italy | |||||||||||
| BB+/Negative | Ingersoll Rand Inc. | Capital goods | U.S. | |||||||||||
| BB+/Negative | Intertrust N.V. | Consumer products | Yes | Netherlands | ||||||||||
| BB+/Negative | Kennedy-Wilson Holdings Inc., | Homebuilders/real estate companies | U.S. | |||||||||||
| BB+/Negative | LPL Holdings Inc., | Financial institutions | U.S. | |||||||||||
| BB+/Negative | Levi Strauss & Co. | Consumer products | U.S. | |||||||||||
| BB+/Negative | MGIC Investment Corp. | Insurance | U.S. | |||||||||||
| BB+/Negative | Marks & Spencer PLC | Marks & Spencer Group PLC | Retail/restaurants | U.K. | ||||||||||
| BB+/Negative | Maxima Grupe UAB | Vilniaus Prekyba | Retail/restaurants | Lithuania | ||||||||||
| BB+/Negative | Moog Inc. | Aerospace and defense | U.S. | |||||||||||
| BB+/Negative | Nemak, S.A.B. de C.V. | Automotive | Mexico | |||||||||||
| BB+/Negative | New York Community Bancorp Inc., | Financial institutions | U.S. | |||||||||||
| BB+/Negative | Newell Brands Inc. | Consumer products | U.S. | |||||||||||
| BB+/Negative | Newmark Group Inc., | Retail/restaurants | U.S. | |||||||||||
| BB+/Negative | Nokia Corp. | High technology | Finland | |||||||||||
| BB+/Negative | Nordstrom Inc. | Retail/restaurants | U.S. | |||||||||||
| BB+/Negative | PCI Gaming Authority | Media and entertainment | 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 | Utilities | 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 | Netherlands | |||||||||||
| BB+/Negative | Silgan Holdings Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| BB+/Negative | SoftBank Group Corp. | Financial institutions | Japan | |||||||||||
| BB+/Negative | Southeast Supply Header, LLC | Utilities | U.S. | |||||||||||
| BB+/Negative | Telecom Italia SpA | Telecommunications | Italy | |||||||||||
| BB+/Negative | Toll Road Investors Partnership II LP | Transportation | Yes | U.S. | ||||||||||
| BB+/Negative | Travis Perkins PLC | Forest products and building materials | U.K. | |||||||||||
| BB+/Negative | ZF Friedrichshafen AG | Automotive | Germany | |||||||||||
| BB/Watch Neg | Adtalem Global Education Inc. | Media and entertainment | U.S. | |||||||||||
| BB/Watch Neg | Cardtronics plc | High technology | Yes | U.K. | ||||||||||
| BB/Watch Neg | ContourGlobal PLC | Utilities | Yes | Cayman Islands | ||||||||||
| BB/Watch Neg | FirstEnergy Corp. | Utilities | 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 | Macquarie Infrastructure Corp. | Utilities | U.S. | |||||||||||
| BB/Watch Neg | Nielsen Holdings PLC | Media and entertainment | U.K. | |||||||||||
| BB/Watch Neg | Vail Resorts Inc. | Media and entertainment | Yes | U.S. | ||||||||||
| BB/Negative | AMN Healthcare Services Inc., | Health care | U.S. | |||||||||||
| 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 | Mexico | |||||||||||
| BB/Negative | CORESTATE Capital Holding S.A. | Financial institutions | 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 | Churchill Downs Inc. | Media and entertainment | 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 | Germany | |||||||||||
| BB/Negative | DaVita Inc. | Health care | U.S. | |||||||||||
| BB/Negative | Dana Inc. | Automotive | U.S. | |||||||||||
| BB/Negative | Delek US Holdings Inc., | Oil and gas | Yes | U.S. | ||||||||||
| BB/Negative | Delta Air Lines Inc. | Transportation | U.S. | |||||||||||
| BB/Negative | Doosan Bobcat Inc. | Doosan Infracore Co. Ltd. | Capital goods | Korea, Republic of | ||||||||||
| BB/Negative | Edgewell Personal Care Co. | Consumer products | U.S. | |||||||||||
| BB/Negative | Elior Group S.A. | Consumer products | France | |||||||||||
| BB/Negative | FNAC Darty SA | Retail/restaurants | France | |||||||||||
| BB/Negative | Fosun International Ltd. | Metals, mining, and steel | Hong Kong | |||||||||||
| BB/Negative | Four Seasons Holdings Inc. | Media and entertainment | Yes | Canada | ||||||||||
| 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 Grand Vacations Inc. | Media and entertainment | U.S. | |||||||||||
| BB/Negative | Hilton Worldwide Holdings Inc. | Media and entertainment | U.S. | |||||||||||
| BB/Negative | Icahn Enterprises L.P. | Financial institutions | U.S. | |||||||||||
| BB/Negative | Iccrea Banca SpA | Financial institutions | Italy | |||||||||||
| BB/Negative | International Consolidated Airlines Group, S.A. | Transportation | Spain | |||||||||||
| BB/Negative | International Game Technology Plc | Media and entertainment | U.K. | |||||||||||
| BB/Negative | Intrum AB (publ) | Financial institutions | Sweden | |||||||||||
| BB/Negative | KazMunayGas NC JSC | Oil and gas | Kazakhstan | |||||||||||
| BB/Negative | Match Group Inc., | Media and entertainment | U.S. | |||||||||||
| BB/Negative | Matthews International Corp. | Health care | U.S. | |||||||||||
| BB/Negative | Melco Resorts (Macau) Ltd. | Melco International Development Ltd. | Media and entertainment | Macau | ||||||||||
| 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 | Novomatic AG | Media and entertainment | Austria | |||||||||||
| BB/Negative | OCI N.V. | Chemicals, packaging, and environmental services | Netherlands | |||||||||||
| BB/Negative | Restaurant Brands International Inc. | Retail/restaurants | Canada | |||||||||||
| BB/Negative | Signature Aviation PLC | Transportation | U.K. | |||||||||||
| BB/Negative | Spie SA | Consumer products | 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 | Yes | Finland | ||||||||||
| BB/Negative | Termocandelaria Power Ltd. | Utilities | Colombia | |||||||||||
| BB/Negative | Topaz Solar Farms LLC | Berkshire Hathaway Inc. | Utilities | U.S. | ||||||||||
| BB/Negative | Trinidad Petroleum Holdings Ltd. | Oil and gas | Trinidad and Tobago | |||||||||||
| BB/Negative | Under Armour Inc., | Consumer products | U.S. | |||||||||||
| BB/Negative | W.R. Grace & Co. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| BB/Negative | Western Midstream Operating LP | Utilities | 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/Negative | j2 Global Inc., | High technology | 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 | Rolls-Royce Holdings PLC | Aerospace and defense | U.K. | |||||||||||
| BB-/Watch Neg | Webuild S.p.A. | Homebuilders/real estate companies | Italy | |||||||||||
| BB-/Watch Neg | William Hill PLC | Media and entertainment | U.K. | |||||||||||
| BB-/Watch Neg | Wynn Resorts Ltd. | Media and entertainment | U.S. | |||||||||||
| BB-/Negative | ACCO Brands Corp. | Consumer products | U.S. | |||||||||||
| BB-/Negative | AES Andres B.V | AES Corp. (The) | Utilities | Yes | Dominican Republic | |||||||||
| BB-/Negative | Alkermes PLC | Health care | Ireland | |||||||||||
| BB-/Negative | Arrow Global Group PLC | Financial institutions | U.K. | |||||||||||
| BB-/Negative | Avia Solutions Group Plc | Transportation | Lithuania | |||||||||||
| BB-/Negative | Banca Mifel S.A. | Financial institutions | Mexico | |||||||||||
| BB-/Negative | Boels Topholding B.V. | Capital goods | Netherlands | |||||||||||
| BB-/Negative | Boluda Towage S.L. | Transportation | Spain | |||||||||||
| BB-/Negative | Borets International Ltd. | Capital goods | U.A.E. | |||||||||||
| BB-/Negative | Cable & Wireless Communications Ltd. | Liberty Latin America Ltd. | Telecommunications | U.K. | ||||||||||
| BB-/Negative | DTZ UK Guarantor Ltd. | Financial institutions | U.K. | |||||||||||
| BB-/Negative | Deutsche Lufthansa AG | Transportation | Germany | |||||||||||
| BB-/Negative | Dillard's Inc. | Retail/restaurants | U.S. | |||||||||||
| BB-/Negative | Dominican Republic | Sovereign | Dominican Republic | |||||||||||
| BB-/Negative | Douglas Dynamics Inc. | Capital goods | U.S. | |||||||||||
| BB-/Negative | E-House (China) Enterprise Holdings Ltd. | Consumer products | China | |||||||||||
| BB-/Negative | EP Bco S.A. | Utilities | Yes | Netherlands | ||||||||||
| BB-/Negative | Element Solutions Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| BB-/Negative | Elementia S.A.B. de C.V. | Forest products and building materials | Mexico | |||||||||||
| BB-/Negative | Empresa Generadora de Electricidad Itabo, S. A. | Utilities | Yes | Dominican Republic | ||||||||||
| BB-/Negative | Energizer Holdings Inc. | Consumer products | U.S. | |||||||||||
| BB-/Negative | Fly Leasing Ltd. | Transportation | Bermuda | |||||||||||
| 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 | Getlink S.E. | Utilities | France | |||||||||||
| BB-/Negative | Grupo KUO, S.A.B. de C.V. | Diversified | Mexico | |||||||||||
| BB-/Negative | Grupo Unicomer Corp. | Retail/restaurants | Panama | |||||||||||
| BB-/Negative | Guacolda Energia S.A | Utilities | Chile | |||||||||||
| BB-/Negative | Harsco Corp. | Capital goods | U.S. | |||||||||||
| BB-/Negative | Hunt Cos. Inc., | Financial institutions | U.S. | |||||||||||
| BB-/Negative | Ipoteka Bank JSCM | Financial institutions | Uzbekistan | |||||||||||
| BB-/Negative | Iron Mountain Inc. | Media and entertainment | U.S. | |||||||||||
| BB-/Negative | Jefferies Finance LLC | Jefferies Financial Group Inc | Financial institutions | 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 | U.S. | |||||||||||
| BB-/Negative | Lamar Advertising Co. | Media and entertainment | 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 | Matador Bidco S.a r.l. | Oil and gas | Luxembourg | |||||||||||
| 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 | National Bank For Foreign Economic Activity Of The Republic Of Uzbekistan | Financial institutions | Uzbekistan | |||||||||||
| BB-/Negative | Navient Corp. | Financial institutions | U.S. | |||||||||||
| BB-/Negative | Neptune Energy Group Midco Ltd. | Oil and gas | U.K. | |||||||||||
| BB-/Negative | Occidental Petroleum Corp. | Oil and gas | U.S. | |||||||||||
| BB-/Negative | Olin Corp. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| BB-/Negative | Operadora de Servicios Mega, S.A. de C.V. SOFOM, E.R. | Financial institutions | Mexico | |||||||||||
| BB-/Negative | PG&E Corp. | Utilities | U.S. | |||||||||||
| BB-/Negative | PT Japfa Comfeed Indonesia Tbk. | Japfa Ltd. | Consumer products | Indonesia | ||||||||||
| BB-/Negative | Panama Canal Railway Co. | Transportation | Yes | Cayman Islands | ||||||||||
| 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 Uzbekistan | Sovereign | Uzbekistan | |||||||||||
| BB-/Negative | Sally Beauty Holdings Inc. | Retail/restaurants | U.S. | |||||||||||
| BB-/Negative | Service Properties Trust | Homebuilders/real estate companies | U.S. | |||||||||||
| BB-/Negative | Sinclair Broadcast Group Inc. | Media and entertainment | U.S. | |||||||||||
| BB-/Negative | Speedway Motorsports LLC | Media and entertainment | U.S. | |||||||||||
| BB-/Negative | Starwood Property Trust Inc. | Financial institutions | U.S. | |||||||||||
| BB-/Negative | State Oil Co. of Azerbaijan Republic | Oil and gas | Azerbaijan | |||||||||||
| BB-/Negative | Studio City Co. Ltd. | Melco International Development Ltd. | Media and entertainment | British Virgin Islands | ||||||||||
| 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 | The Commonwealth of The Bahamas | Sovereign | Bahamas | |||||||||||
| 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 | WEX Inc. | Financial institutions | U.S. | |||||||||||
| BB-/Negative | West Deptford Energy Holdings, LLC | Utilities | U.S. | |||||||||||
| BB-/Negative | Wyndham Destinations Inc., | Media and entertainment | U.S. | |||||||||||
| BB-/Negative | Yanlord Land Group Ltd. | Homebuilders/real estate companies | Singapore | |||||||||||
| BB-/Negative | Zhongrong International Holdings Ltd. | Zhongrong International Trust Co. Ltd. | Financial institutions | British Virgin Islands | ||||||||||
| BB-/Negative | ams AG | High technology | Austria | |||||||||||
| B+/Watch Neg | Callaway Golf Co. | Consumer products | U.S. | |||||||||||
| B+/Watch Neg | Cooke Omega Investments Inc. | Cooke Aquaculture Inc., | Consumer products | Yes | Canada | |||||||||
| B+/Watch Neg | Dufry AG | Retail/restaurants | Switzerland | |||||||||||
| B+/Watch Neg | DynCorp International Inc. | Aerospace and defense | U.S. | |||||||||||
| B+/Watch Neg | Foundation Building Materials Holding Co. LLC | Forest products and building materials | U.S. | |||||||||||
| B+/Watch Neg | GeoProMining Investment (CYP) Ltd. | Metals, mining, and steel | Yes | Cyprus | ||||||||||
| B+/Watch Neg | NCL Corp. Ltd. | Media and entertainment | Yes | Bermuda | ||||||||||
| B+/Watch Neg | Royal Caribbean Cruises Ltd. | Media and entertainment | Yes | U.S. | ||||||||||
| B+/Negative | ADES International Holdings PLC | Oil and gas | U.A.E. | |||||||||||
| B+/Negative | AMG Advanced Metallurgical Group N.V. | Metals, mining, and steel | Netherlands | |||||||||||
| B+/Negative | Adient plc | Automotive | Ireland | |||||||||||
| B+/Negative | Air Canada | ACE Aviation Holdings Inc. | Transportation | Canada | ||||||||||
| B+/Negative | Alliance Resource Partners, L.P. | Metals, mining, and steel | U.S. | |||||||||||
| B+/Negative | Apollo Commercial Real Estate Finance Inc., | Financial institutions | U.S. | |||||||||||
| B+/Negative | Avis Budget Group Inc. | Transportation | 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 | 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 | CVR Energy Inc., | Utilities | U.S. | |||||||||||
| B+/Negative | Caleres Inc., | Consumer products | U.S. | |||||||||||
| B+/Negative | Ceridian HCM Holding Inc. | Ceridian LLC | High technology | U.S. | ||||||||||
| B+/Negative | China Evergrande Group | Homebuilders/real estate companies | Cayman Islands | |||||||||||
| B+/Negative | China SCE Group Holdings Ltd. | Homebuilders/real estate companies | Cayman Islands | |||||||||||
| 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 | Consolidated Energy Ltd. | Chemicals, packaging, and environmental services | Yes | Trinidad and Tobago | ||||||||||
| B+/Negative | Cornerstone Building Brands Inc. | Forest products and building materials | U.S. | |||||||||||
| B+/Negative | Custom Truck One Source, L.P. | Capital goods | U.S. | |||||||||||
| 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 | Mexico | |||||||||||
| B+/Negative | Fleet Topco Ltd. | Media and entertainment | Yes | U.K. | ||||||||||
| B+/Negative | Frontera Energy Corp. | Oil and gas | Canada | |||||||||||
| B+/Negative | Genesis Energy, L.P. | Utilities | Yes | U.S. | ||||||||||
| B+/Negative | GeoPark Ltd. | Oil and gas | Bermuda | |||||||||||
| B+/Negative | Georgian Railway JSC | Utilities | Georgia | |||||||||||
| B+/Negative | Global Partners LP | Utilities | U.S. | |||||||||||
| B+/Negative | Goodyear Tire & Rubber Co. (The) | Automotive | U.S. | |||||||||||
| B+/Negative | GreenSky Holdings, LLC | Financial institutions | U.S. | |||||||||||
| B+/Negative | ICH Intermediate Holdings II, L.P. | Financial institutions | Yes | U.S. | ||||||||||
| B+/Negative | Inversiones Atlantida, S.A. | Financial institutions | 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 | 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 | Limetree Bay Terminals, LLC | Utilities | 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 | Miller Homes Group Holdings PLC | Homebuilders/real estate companies | U.K. | |||||||||||
| B+/Negative | NN Inc., | Automotive | 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 | PBF Holding Co. LLC | PBF Energy Inc. | Utilities | U.S. | ||||||||||
| B+/Negative | PBF Logistics LP | PBF Energy Inc. | Utilities | 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 | Rain Carbon Inc. | Rain Industries Ltd. | Chemicals, packaging, and environmental services | 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 | 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 | Utilities | U.S. | |||||||||||
| B+/Negative | Ruby Pipeline LLC | Utilities | 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 | Sixsigma Networks Mexico, S.A. De C.V.(KIO Networks) | High technology | Mexico | |||||||||||
| B+/Negative | Springer Nature AG & Co. KGaA | Media and entertainment | Germany | |||||||||||
| B+/Negative | State of Montenegro | Sovereign | Montenegro | |||||||||||
| B+/Negative | Station Casinos LLC | Media and entertainment | U.S. | |||||||||||
| B+/Negative | Stena AB | Oil and gas | Sweden | |||||||||||
| B+/Negative | Synlab Unsecured Bondco PLC | Health care | Germany | |||||||||||
| 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 | Utilities | U.S. | |||||||||||
| B+/Negative | United Airlines Holdings Inc., | Transportation | U.S. | |||||||||||
| B+/Negative | Verra Mobility Corp. | High technology | 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 | AP Gaming Holdings LLC | Media and entertainment | U.S. | |||||||||||
| B/Watch Neg | Big River Steel LLC | Metals, mining, and steel | Yes | U.S. | ||||||||||
| B/Watch Neg | Braskem Idesa, S.A.P.I. and subsidiary | Chemicals, packaging, and environmental services | Yes | Mexico | ||||||||||
| B/Watch Neg | Datasite Global Corp. | Mermaid Bidco Inc. | Media and entertainment | U.S. | ||||||||||
| B/Watch Neg | First Heartland Jusan Bank JSC | Financial institutions | Kazakhstan | |||||||||||
| B/Watch Neg | IXS Holdings Inc., | Automotive | U.S. | |||||||||||
| B/Watch Neg | UC Holdings Inc. | Chassix Holdings Inc., | Automotive | 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 | 4finance Holding S.A. | Financial institutions | Luxembourg | |||||||||||
| B/Negative | ACProducts Inc., | Forest products and building materials | U.S. | |||||||||||
| B/Negative | ADMI Corp. | Health care | 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 | ARS Intermediate Holdings LLC | Consumer products | U.S. | |||||||||||
| B/Negative | Access CIG, LLC | Media and entertainment | U.S. | |||||||||||
| B/Negative | Advanced Integration Technology LP | Aerospace and defense | U.S. | |||||||||||
| B/Negative | Aernnova Aerospace Corp. S.A. | Aerospace and defense | Spain | |||||||||||
| 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 | Alight Solutions LLC | Media and entertainment | U.S. | |||||||||||
| B/Negative | Allegheny Technologies Inc. | Metals, mining, and steel | 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. | Utilities | Marshall Islands | ||||||||||
| B/Negative | Alterra Mountain Co. | Media and entertainment | U.S. | |||||||||||
| B/Negative | Altice Europe N.V. | Telecommunications | Netherlands | |||||||||||
| B/Negative | Amentum Holdings LLC | Aerospace and defense | U.S. | |||||||||||
| 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 | Athena Bidco GmbH | High technology | Germany | |||||||||||
| B/Negative | Athletico Holdings, LLC | Health care | 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 | BME Group Holding BV | Forest products and building materials | Netherlands | |||||||||||
| B/Negative | BVI Holdings Mayfair Ltd. | Health care | U.K. | |||||||||||
| B/Negative | Balboa Intermediate Holdings LLC | High technology | U.S. | |||||||||||
| B/Negative | Banijay Group SAS | Media and entertainment | France | |||||||||||
| B/Negative | Baytex Energy Corp. | Oil and gas | Canada | |||||||||||
| B/Negative | Boyd Gaming Corp. | Media and entertainment | U.S. | |||||||||||
| B/Negative | Boyne USA Inc. | Media and entertainment | U.S. | |||||||||||
| 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 I Corp. | Retail/restaurants | U.S. | |||||||||||
| B/Negative | CNT Holdings III Corp. | Retail/restaurants | U.S. | |||||||||||
| B/Negative | CP Atlas Buyer Inc., | Forest products and building materials | U.S. | |||||||||||
| B/Negative | Caesars Entertainment Inc., | Media and entertainment | U.S. | |||||||||||
| B/Negative | Calceus Acquisition Inc., | Consumer products | 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 | Carnival Corp. | Media and entertainment | Panama | |||||||||||
| B/Negative | Casino Guichard - Perrachon S.A. | Retail/restaurants | France | |||||||||||
| B/Negative | Cerelia Participation Holding SAS | Consumer products | France | |||||||||||
| B/Negative | Charter NEX US Inc., | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| B/Negative | Cinemark Holdings Inc. | Media and entertainment | U.S. | |||||||||||
| B/Negative | CityCenter Holdings, LLC | Media and entertainment | U.S. | |||||||||||
| B/Negative | Clarity Telecom, LLC | Telecommunications | U.S. | |||||||||||
| B/Negative | Commercial Vehicle Group Inc. | Automotive | U.S. | |||||||||||
| B/Negative | Corelle Brands Holdings Inc. | Consumer products | U.S. | |||||||||||
| B/Negative | Credivalores - Crediservicios SAS | Financial institutions | Colombia | |||||||||||
| B/Negative | Curium Midco S.a r.l. | Health care | Luxembourg | |||||||||||
| 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 | Dhanani Group Inc. | Retail/restaurants | U.S. | |||||||||||
| B/Negative | Dimora Brands 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 | 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 | 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 | 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 | GBT JerseyCo Ltd. | Media and entertainment | U.K. | |||||||||||
| 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 | Garda World Security Corp. | Transportation | Canada | |||||||||||
| B/Negative | Genesis Care Pty Ltd. | Health care | Australia | |||||||||||
| B/Negative | Go Wireless Holdings Inc., | Retail/restaurants | U.S. | |||||||||||
| B/Negative | Golden Entertainment Inc., | Media and entertainment | Yes | 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 | U.S. | |||||||||||
| B/Negative | Hestiafloor 2 | Forest products and building materials | France | |||||||||||
| B/Negative | High Liner Foods Inc. | Consumer products | Canada | |||||||||||
| B/Negative | House of HR N.V. | Consumer products | Belgium | |||||||||||
| B/Negative | HudBay Minerals Inc. | Metals, mining, and steel | Canada | |||||||||||
| 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 | International Design Group SpA | Consumer products | Italy | |||||||||||
| B/Negative | Jiayuan International Group Ltd. | Homebuilders/real estate companies | China | |||||||||||
| B/Negative | K+S Aktiengesellschaft | Chemicals, packaging, and environmental services | Germany | |||||||||||
| B/Negative | KAPLA Holding (Kiloutou) | Capital goods | France | |||||||||||
| B/Negative | KAR Auction Services Inc. | Automotive | U.S. | |||||||||||
| B/Negative | Kantar Global Holdings S.a r.l. | Media and entertainment | 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 | LABL Intermediate Holding Corp. | 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 | Live Nation Entertainment Inc. | Media and entertainment | 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 | Utilities | U.S. | ||||||||||
| B/Negative | MRO Holdings Inc., | Aerospace and defense | Panama | |||||||||||
| B/Negative | MTN Infrastructure TopCo Inc., | Telecommunications | U.S. | |||||||||||
| B/Negative | Marcel Lux IV Sarl | High technology | Luxembourg | |||||||||||
| B/Negative | Mercury Parent, LLC | Health care | U.S. | |||||||||||
| B/Negative | Meredith Corp. | Media and entertainment | U.S. | |||||||||||
| B/Negative | Mirion Technologies Inc., | Mirion Technologies (Finance), LLC | Capital goods | 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 | NFP Corp. | National Financial Partners Holdings A Corp. | Insurance | U.S. | ||||||||||
| B/Negative | NFP Holdings, LLC | Insurance | U.S. | |||||||||||
| B/Negative | Natural Resource Partners L.P. | Metals, mining, and steel | U.S. | |||||||||||
| 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 Residential Investment Corp. | Financial institutions | U.S. | |||||||||||
| B/Negative | Newport Group Holdings II Inc., | Media and entertainment | U.S. | |||||||||||
| B/Negative | NexTier Oilfield Solutions Inc. | Oil and gas | 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 | Par Petroleum, LLC | Par Pacific Holdings Inc., | Utilities | U.S. | ||||||||||
| B/Negative | Park Hotels & Resorts Inc. | Media and entertainment | U.S. | |||||||||||
| B/Negative | Park-Ohio Industries Inc. | Capital goods | U.S. | |||||||||||
| B/Negative | Penn National Gaming Inc. | Media and entertainment | 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 | Placin S.a.r.l | Consumer products | Spain | |||||||||||
| 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 | Quimper AB | Forest products and building materials | Sweden | |||||||||||
| B/Negative | Range Resources Corp. | Oil and gas | U.S. | |||||||||||
| B/Negative | Rekeep S.p.A. | Consumer products | Italy | |||||||||||
| B/Negative | Republic of Belarus | Sovereign | Belarus | |||||||||||
| B/Negative | Republic of Costa Rica | Sovereign | Costa Rica | |||||||||||
| B/Negative | Rockwood Service Corp. | Capital goods | U.S. | |||||||||||
| B/Negative | Ryerson Holding Corp. | Metals, mining, and steel | U.S. | |||||||||||
| B/Negative | SGLT Holding I LP | Transportation | Cayman Islands | |||||||||||
| 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 | Scientific Games Corp. | Media and entertainment | U.S. | |||||||||||
| B/Negative | Seplat Petroleum Development Co. PLC | Oil and gas | Nigeria | |||||||||||
| B/Negative | Shift4 Payments Inc., | High technology | Yes | U.S. | ||||||||||
| 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 | TRC Cos. Inc., | Capital goods | U.S. | |||||||||||
| B/Negative | Tackle S.a.r.l (Tipico) | Media and entertainment | Luxembourg | |||||||||||
| B/Negative | Talen Energy Supply LLC | Talen Energy Corp. | Utilities | U.S. | ||||||||||
| B/Negative | Tata Motors Ltd. | Automotive | India | |||||||||||
| B/Negative | TecoStar Holdings Inc., | Health care | U.S. | |||||||||||
| B/Negative | Teine Energy Ltd. | Oil and gas | Canada | |||||||||||
| B/Negative | Tendam Brands S.A.U. | Consumer products | Spain | |||||||||||
| 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 Knot Worldwide Inc. | Media and entertainment | 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 | Trader Corp. | Consumer products | Canada | |||||||||||
| B/Negative | Trinseo S.A. | Chemicals, packaging, and environmental services | Luxembourg | |||||||||||
| B/Negative | Tronox Ltd. | Chemicals, packaging, and environmental services | Australia | |||||||||||
| B/Negative | Varex Imaging Corp. | Health care | U.S. | |||||||||||
| B/Negative | Vida Capital Inc., | Financial institutions | Yes | U.S. | ||||||||||
| B/Negative | Walnut Bidco PLC | Consumer products | Switzerland | |||||||||||
| B/Negative | Wrench Group, LLC | Consumer products | U.S. | |||||||||||
| 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 | Arvos LuxCo S.a.r.l. | Capital goods | Luxembourg | |||||||||||
| B-/Watch Neg | Delhi International Airport Ltd. | Utilities | India | |||||||||||
| B-/Watch Neg | Ezdan Holding Group Q.S.C. | Homebuilders/real estate companies | Qatar | |||||||||||
| B-/Watch Neg | Genworth Financial Inc. | Insurance | U.S. | |||||||||||
| B-/Watch Neg | Jacobs Entertainment Inc. | Media and entertainment | U.S. | |||||||||||
| B-/Watch Neg | Mabel Topco Ltd. | The Restaurant Group PLC | Retail/restaurants | U.K. | ||||||||||
| B-/Watch Neg | National Amusements Inc. | Media and entertainment | U.S. | |||||||||||
| B-/Watch Neg | Red Lobster Management LLC | Red Lobster Intermediate Holdings LLC | Retail/restaurants | U.S. | ||||||||||
| B-/Watch Neg | Spectacle Gary Holdings, LLC | Media and entertainment | U.S. | |||||||||||
| B-/Watch Neg | Transportes Aereos Portugueses, SGPS, S.A. | Transportation | Portugal | |||||||||||
| B-/Negative | 361 Degrees International Ltd. | Consumer products | Cayman Islands | |||||||||||
| B-/Negative | AAG FH LP | Retail/restaurants | 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 | ASM Global Parent Inc., | Media and entertainment | U.S. | |||||||||||
| B-/Negative | ASP Chromaflo Holdings LP | Chemicals, packaging, and environmental services | Cayman Islands | |||||||||||
| B-/Negative | Aerial Parent Corp. | Telecommunications | U.S. | |||||||||||
| B-/Negative | Afflelou SAS | Consumer products | France | |||||||||||
| B-/Negative | Altisource Portfolio Solutions S.A. | Financial institutions | Luxembourg | |||||||||||
| 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 Dental Partners Inc., | Health care | U.S. | |||||||||||
| B-/Negative | American Renal Associates Holdings Inc., | Health care | U.S. | |||||||||||
| B-/Negative | Amynta Holdings LLC | Insurance | U.S. | |||||||||||
| B-/Negative | Arbor Pharmaceuticals Inc. | Health care | U.S. | |||||||||||
| B-/Negative | Arch Resources Inc., | Metals, mining, and steel | Yes | U.S. | ||||||||||
| B-/Negative | Aspen Jersey Topco LLC | High technology | U.S. | |||||||||||
| B-/Negative | Associated Asphalt Partners LLC | Road Holdings III, LLC | Utilities | Yes | U.S. | |||||||||
| B-/Negative | BEP Ulterra Holdings Inc., | Oil and gas | U.S. | |||||||||||
| B-/Negative | BMC Acquisition Inc., | Consumer products | U.S. | |||||||||||
| B-/Negative | BURGER KING France SAS | NewCo GB SAS | Retail/restaurants | France | ||||||||||
| B-/Negative | Baffinland Iron Mines Corp. | Metals, mining, and steel | Canada | |||||||||||
| 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 | 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 | Cedar Fair L.P. | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Century Casinos Inc., | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Chefs' Warehouse Inc., (The) | Consumer products | U.S. | |||||||||||
| B-/Negative | Chinos Intermediate 2 LLC | Consumer products | U.S. | |||||||||||
| B-/Negative | Cirsa Enterprises S.L.U. | LHMC Finco 2 S.a.r.l. | Media and entertainment | Yes | Spain | |||||||||
| B-/Negative | Cleveland-Cliffs Inc. | Metals, mining, and steel | U.S. | |||||||||||
| B-/Negative | Confie Seguros Holding Co. | Insurance | 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 | Coty Inc. | Consumer products | U.S. | |||||||||||
| B-/Negative | Crestwood Holdings LLC | Utilities | U.S. | |||||||||||
| B-/Negative | Cumulus Media Inc. | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Dave & Buster's Inc. | Dave & Buster's Entertainment Inc., | Retail/restaurants | U.S. | ||||||||||
| B-/Negative | Dawn Acquisitions LLC | Infra Colodata Holdings LLC | Telecommunications | U.S. | ||||||||||
| B-/Negative | Dentalcorp Health Services ULC | Health care | Canada | |||||||||||
| 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 | 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 | Epic Crude Services, LP | EPIC Midstream Holdings, LP | Utilities | 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 | Genuine Financial Holdings, LLC | Consumer products | U.S. | |||||||||||
| B-/Negative | Getty Images Inc. | Abe Investment Holdings Inc., | Media and entertainment | 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 | Guitar Center Inc. | Guitar Center Holdings Inc. | Retail/restaurants | Yes | U.S. | |||||||||
| B-/Negative | HC2 Holdings Inc. | Telecommunications | U.S. | |||||||||||
| B-/Negative | Halo Buyer Inc. | Consumer products | U.S. | |||||||||||
| B-/Negative | Hexion Inc. | Chemicals, packaging, and environmental services | 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 | Intrado Corp. | Telecommunications | U.S. | |||||||||||
| B-/Negative | JMC Acquisition Corp. | Capital goods | U.S. | |||||||||||
| B-/Negative | KLDiscovery Inc. | Consumer products | U.S. | |||||||||||
| B-/Negative | Kiwi VFS SUB I S.ar.l | Consumer products | Luxembourg | |||||||||||
| B-/Negative | Kongsberg Automotive ASA | Automotive | 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 | Lindblad Expeditions Holdings Inc. | Media and entertainment | 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. | Utilities | U.S. | |||||||||||
| B-/Negative | Matador Resources Co. | Oil and gas | U.S. | |||||||||||
| B-/Negative | Maxim Crane Works Holdings Capital, LLC | Capital goods | 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 | NEP/NCP Holdco Inc. | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Navios Maritime Acquisition Corp. | Navios Maritime Holdings Inc. | Transportation | Marshall Islands | ||||||||||
| B-/Negative | Navitas Midstream Midland Basin, LLC | Utilities | U.S. | |||||||||||
| B-/Negative | Norican Global A/S | Capital goods | Denmark | |||||||||||
| 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 | Utilities | U.S. | |||||||||||
| B-/Negative | PT Lippo Karawaci Tbk. | Homebuilders/real estate companies | Indonesia | |||||||||||
| B-/Negative | Panda Stonewall LLC | Utilities | U.S. | |||||||||||
| B-/Negative | Paradigm Midstream LLC | Utilities | 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 | Peru LNG S.R.L. | Utilities | Peru | |||||||||||
| B-/Negative | PetroChoice Holdings Inc., | Consumer products | U.S. | |||||||||||
| B-/Negative | PlayPower Holdings Inc. | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Pregis TopCo Corp. | Chemicals, packaging, and environmental services | 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 | 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 | Six Flags Entertainment Corp. | 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 | Star UK Midco Ltd. | Capital goods | U.K. | |||||||||||
| B-/Negative | Sterling Intermediate Corp. | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Sugarhouse HSP Gaming Prop. Mezz. L.P. | Media and entertainment | U.S. | |||||||||||
| B-/Negative | TEG Pty Ltd | Media and entertainment | Australia | |||||||||||
| B-/Negative | TNT Crane & Rigging LLC | Capital goods | U.S. | |||||||||||
| B-/Negative | TPro Acquisition Corp. | Automotive | 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 | Utilities | U.S. | ||||||||||
| B-/Negative | The Octave Music Group Inc. | Media and entertainment | U.S. | |||||||||||
| B-/Negative | The Pasha Group | Transportation | U.S. | |||||||||||
| B-/Negative | Tornante - MDP Joe Holding LLC | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Triton UK Midco Ltd. | High technology | U.K. | |||||||||||
| B-/Negative | U.S. TelePacific Holdings Corp. | Telecommunications | U.S. | |||||||||||
| B-/Negative | USIC Holdings Inc. | Capital goods | U.S. | |||||||||||
| B-/Negative | Ukrainian Railways JSC | Utilities | Ukraine | |||||||||||
| B-/Negative | Vedanta Resources Ltd. | Metals, mining, and steel | U.K. | |||||||||||
| B-/Negative | Viking Cruises Ltd. | Viking Holdings Ltd | Media and entertainment | 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 | Utilities | U.S. | ||||||||||
| B-/Negative | Welltec A/S | Oil and gas | Denmark | |||||||||||
| B-/Negative | WestJet Airlines Ltd. | Transportation | Canada | |||||||||||
| B-/Negative | WireCo WorldGroup Inc. | Metals, mining, and steel | U.S. | |||||||||||
| B-/Negative | Xenia Hotels & Resorts Inc., | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Xinjiang Guanghui Industry Investment (Group) Co. Ltd. | Homebuilders/real estate companies | China | |||||||||||
| B-/Negative | YS Garments LLC | Consumer products | U.S. | |||||||||||
| B-/Negative | pH Beauty Holdings I Inc., | Consumer products | U.S. | |||||||||||
| Data as of Dec. 25, 2020. Source: S&P Global Ratings Research. | ||||||||||||||
This report does not constitute a rating action.
| Research Contributors: | Abhik P Debnath, Mumbai; Abhik.Debnath@spglobal.com |
| Shripati Pranshu, Mumbai; shripati.pranshu@spglobal.com | |
| 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 |
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