Key Takeaways
- The number of potential bond downgrades has decreased for the eighth consecutive month, reaching 942 as of March 29, 2021, from 1,052 a month earlier. This is the first time since March 2020 that the count has dropped below 1,000.
- Meanwhile, our count of potential bond upgrades increased to 223 as a result of 42 additions and 24 removals. Therefore, the gap between potential bond downgrades and potential bond upgrades has tightened.
- Positive rating changes this year so far constituted 78% of total rating activity and the total negative bias decreased by 12 percentage points from its July peak to 27% at the end of March.
Over one year after the COVID-19 pandemic began to wreak havoc on public health, global economies, and global capital markets, the number of issuers with downgrade potential has finally returned to pre-pandemic levels. While certainly positive, much of this activity reflects more stability, as a rebound in economic and credit performance above pre-pandemic peaks remains some way off.
In March, we removed 141 issuers and added 31 to the list of potential bond downgrades (defined as issuers rated 'AAA' to 'B-' by S&P Global Ratings with either negative rating outlooks or ratings on CreditWatch with negative implications), bringing the total count to 942 as of March 29, 2021. Most of the issuers we removed were due to outlook/CreditWatch revisions. The count of potential downgrades peaked at 1,365 in July 2020--above the previous peak of 1,025 seen during the global financial crisis--and has now crossed back below 1,000 for the first time since March 2020.
Positive Rating Actions Prevail In 2021, Following Last Year's Predominantly Negative Rating Activity
Rating activity over the first three months of this year shows a clearly positive rating trend: 78% of total rating changes so far have been either upgrades or positive outlook or CreditWatch revisions. This contrasts with highly negative rating activity between March and December 2020, when only 12% of all rating changes were positive (see chart 1). As a result of last year's credit deterioration and a brighter economic outlook on the back of the increasing vaccine rollout, negative rating activity and the count of potential bond downgrades decreased, while positive rating activity and the count of potential bond upgrades increased.
Chart 1
Since last month, we have removed 141 issuers from the list of potential downgrades, 131 due to a revision in their outlook or CreditWatch--17 of which were accompanied by downgrades, and four by upgrades. Two removals were due to downgrades without a change in outlook or CreditWatch. Furthermore, we added 31 issuers to our list, 22 because of outlook or CreditWatch revisions, two of which were accompanied by downgrades. One issuer was added following an upgrade (see table 1). Of the issuers on our list as of end-February, 27 were downgraded in March, and only eight remain on our list. At the same time, potential bond upgrades (defined as issuers rated 'AA+' to 'B-' by S&P Global Ratings with either positive rating outlooks or ratings on CreditWatch with positive implications) increased to 223 in March 2021, up from 205 last month.
Since last month, we added 42 issuers to our count of potential upgrades--37 because of outlook or CreditWatch revisions, of which two were accompanied by upgrades, and five newly issued ratings. Simultaneously, we removed 24 issuers from our list. 20 removals were due to outlook or CreditWatch revisions, of which 18 were accompanied by upgrades. Four issuers were removed because their ratings were withdrawn. The tally of potential bond upgrades has been rising consistently over the last nine months, after having fallen to a low of 98 as of June 2020.
With this, the gap between potential downgrades and upgrades narrowed for the eighth consecutive month, to 719 in March, 42% below its all-time high of 1,261 last July (see chart 2). Nevertheless, the size of the gap continues to indicate ongoing credit deterioration in the coming month, albeit slower than in 2020.
Chart 2
Total Negative Bias Decreased To 27% In March
The negative bias--the number of issuers with a rating carrying a negative outlook or CreditWatch as a share of the total rated universe--declined consistently from its peak at 39% in July 2020, to 27% as of March 2021. Over that period, the proportion of negative outlooks fell by 9 points to 25%, and that of negative CreditWatch placements by 3 points to 1.5% (see chart 3). Outlook and CreditWatch revisions have been the major reason for the decline in the number of potential downgrades over recent months.
Chart 3
The sector breakdown shows that as of March 29, 2021, 11 out of the 19 sectors we look at had a lower negative bias than they did as of March 2020, at the beginning of the pandemic's spread in the U.S. (see chart 4).
Chart 4
Financial Institutions Lead Potential Downgrades At 133, Despite The Removal Of 14 In March
Financial institutions continue to lead the potential bond downgrades tally at 131, despite the removal of 14 entities in March. However, they have a particularly solid rating distribution, with a median rating of 'BBB', above that of nearly all other sectors, and 65% of issuers are rated investment-grade. This contrasts sharply with the rating distribution in media and entertainment, which comes second with 122 potential downgrades. In this sector, however, only 19% are rated investment-grade and the median rating is 'B'. The highly different ratings distributions in both sectors indicate a similarly divergent vulnerability to credit deterioration.
The ratio of potential downgrades with a negative outlook compared to those with a negative CreditWatch tightened again in March, to 13.1, from 13.8 in February. A lower ratio indicates an increased short-term downgrade risk within the pool of potential downgrades. Importantly, the tightening of this ratio was due to a relatively greater decrease in potential downgrades with a negative outlook--to 875 from 891 in February--than the decrease in those placed on CreditWatch with negative implications--to 67 from 71 in February. Consequently, and despite the relative increase in short-term downgrade risk, the total downgrade risk eased from the previous month.
The share of potential downgrades placed on CreditWatch negative is meaningful because issuers are placed on CreditWatch negative when there is an event or a 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 rating action in the direction mentioned in CreditWatch will follow (see "General Criteria: Use Of CreditWatch And Outlooks," Sept. 14, 2009).
Chart 5
The 12-Month Downgrade Proportion In Media And Entertainment Remains Above 16%
The media and entertainment sector was the hardest hit last year and continues to hurt. Despite the ongoing vaccine rollouts, it will take time for tourism and entertainment to get back to their full potential. This particular pandemic-related vulnerability is illustrated by the sector's 12-month downgrade proportion, which stands 4.7 points above its long-term average. The transportation and automotive sectors have also seen significant increases in the downgrade proportion related to the pandemic. On the other side, while the oil and gas sector has seen the second highest downgrade proportion over the last 12 months, it remains well below the five-year-average.
Chart 6
Table 1
| Most Entities Were Added And Removed After Outlook And CreditWatch Revisions | ||||||||
|---|---|---|---|---|---|---|---|---|
| --Potential bond downgrade removals-- | --Potential bond downgrade additions-- | |||||||
| Reason for removal | Issuer count | Reason for addition | Issuer count | |||||
| Outlook or CreditWatch (OLCW) change | 110 | OLCW change | 20 | |||||
| Downgraded and OLCW change | 17 | Newly rated issuer | 3 | |||||
| Ratings withdrawn | 5 | Parent | 3 | |||||
| Upgraded and OLCW change | 4 | Downgraded and OLCW change | 2 | |||||
| Downgraded | 2 | Newly rated debt | 2 | |||||
| No outstanding debt | 2 | Upgraded | 1 | |||||
| Parent | 1 | Downgraded | 0 | |||||
| Default | 0 | Upgraded and OLCW change | 0 | |||||
| Selective default | 0 | |||||||
| Upgraded | 0 | |||||||
| Total | 141 | Total | 31 | |||||
| Data as of March 29, 2021. *Issuers removed due to a subsidiary relationship with parent company, which now qualifies as potential downgrade. Source: S&P Global Ratings Research. | ||||||||
Table 2
| Oil And Gas, Media And Entertainment, And Transportation Have The Widest Gaps Between Their Current Negative Biases 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 | 140 | 88.05 | 41.77 | 20.55 | (21.23) | 4.03 | ||||||||
| Media and entertainment | 199 | 86.15 | 45.70 | 26.75 | (18.95) | 12.95 | ||||||||
| Transportation | 62 | 84.93 | 40.37 | 21.83 | (18.54) | 4.25 | ||||||||
| Aerospace and defense | 34 | 87.18 | 38.10 | 21.26 | (16.84) | 2.02 | ||||||||
| Automotive | 46 | 82.14 | 38.00 | 26.67 | (11.33) | 3.40 | ||||||||
| Capital goods | 66 | 85.71 | 32.61 | 22.01 | (10.60) | 5.63 | ||||||||
| Utilities | 109 | 81.95 | 27.39 | 20.43 | (6.97) | 13.38 | ||||||||
| Financial institutions | 72 | 83.72 | 26.00 | 20.24 | (5.76) | 13.91 | ||||||||
| Homebuilders and real estate companies | 40 | 72.73 | 20.48 | 15.67 | (4.81) | 4.78 | ||||||||
| Consumer products | 118 | 78.15 | 29.67 | 25.02 | (4.66) | 8.39 | ||||||||
| Chemicals, packaging, and environmental services | 67 | 80.72 | 23.98 | 19.52 | (4.46) | 4.99 | ||||||||
| Retail and restaurants | 65 | 65.66 | 28.75 | 25.36 | (3.39) | 3.93 | ||||||||
| Health care | 45 | 71.43 | 20.15 | 17.89 | (2.27) | 4.25 | ||||||||
| Sovereign | 27 | 90.00 | 16.38 | 14.42 | (1.96) | 2.02 | ||||||||
| Forest products and building materials | 19 | 63.33 | 20.80 | 22.55 | 1.75 | 2.44 | ||||||||
| Telecommunications | 29 | 74.36 | 17.61 | 20.27 | 2.67 | 2.65 | ||||||||
| Insurance | 7 | 50.00 | 11.86 | 16.65 | 4.79 | 2.12 | ||||||||
| Metals, mining, and steel | 39 | 84.78 | 19.53 | 24.80 | 5.27 | 1.91 | ||||||||
| Diversified | 5 | 100.00 | 11.76 | 18.22 | 6.46 | 0.21 | ||||||||
| High technology | 48 | 62.34 | 12.90 | 21.38 | 8.48 | 2.76 | ||||||||
| Data as of March 29, 2021. 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. Source: S&P Global Ratings Research. | ||||||||||||||
Table 3
| Issuers on CreditWatch/Outlook Negative ('AAA' Through 'B-' Ratings) | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Rating | Issuer | Parent company | Sector/subsector | New to the list this month | Outlook/CreditWatch change | Country | ||||||||
| AAA/Negative | Airservices Australia | Utilities | Australia | |||||||||||
| AAA/Negative | Commonwealth of Australia | Sovereign | Australia | |||||||||||
| AAA/Negative | Johnson & Johnson | Health care | U.S. | |||||||||||
| AA-/Watch Neg | Merck & Co. Inc. | Health care | U.S. | |||||||||||
| AA-/Watch Neg | Seven & i Holdings Co. Ltd., | Retail/restaurants | 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 | Exxon Mobil Corp. | Oil and gas | U.S. | |||||||||||
| AA-/Negative | Japan Tobacco Inc. | Consumer products | Japan | |||||||||||
| AA-/Negative | National Australia Bank Ltd. | Financial institutions | Australia | |||||||||||
| AA-/Negative | Societe nationale SNCF S.A. | Utilities | France | |||||||||||
| AA-/Negative | State of Kuwait | Sovereign | Kuwait | |||||||||||
| AA-/Negative | Tokyo Gas Co. Ltd. | Utilities | Yes | Japan | ||||||||||
| AA-/Negative | Westpac Banking Corp. | Financial institutions | Australia | |||||||||||
| A+/Negative | 3M Co. | Capital goods | U.S. | |||||||||||
| A+/Negative | American States Water Co. | Utilities | Yes | U.S. | ||||||||||
| A+/Negative | BNP Paribas | Financial institutions | France | |||||||||||
| A+/Negative | BPCE | Financial institutions | France | |||||||||||
| 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 | Eli Lilly & Co. | Health care | 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 | Siemens AG | Capital goods | Germany | |||||||||||
| A/Watch Neg | Farmer's Exchange Capital | Zurich Insurance Group. | Insurance | U.S. | ||||||||||
| A/Watch Neg | Farmers Insurance Exchange | Zurich Insurance Group. | Insurance | U.S. | ||||||||||
| A/Watch Neg | Fire Insurance Exchange | Zurich Insurance Group. | Insurance | U.S. | ||||||||||
| A/Watch Neg | SUEZ Water Resources LLC | Suez Environment Co. | Utilities | U.S. | ||||||||||
| A/Negative | Aeroports de Paris | Utilities | France | |||||||||||
| A/Negative | Airbus SE | Aerospace and defense | Netherlands | |||||||||||
| 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 | Caisse Centrale du Credit Mutuel | Financial institutions | France | |||||||||||
| A/Negative | Compass Group PLC | Consumer products | U.K. | |||||||||||
| 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 | Hormel Foods Corp. | Consumer products | 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 | London Stock Exchange Group PLC | Financial institutions | U.K. | |||||||||||
| A/Negative | Middlesex Water Co. | Utilities | U.S. | |||||||||||
| A/Negative | Mitsui Fudosan Co. Ltd. | Homebuilders/real estate companies | Japan | |||||||||||
| 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. Q.S.P.C. | 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 | 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 | The Hong Kong and China Gas Co. Ltd. | Utilities | Hong Kong | |||||||||||
| A/Negative | VP Bank AG | Financial institutions | Liechtenstein | |||||||||||
| A-/Watch Neg | AmerisourceBergen Corp. | Consumer products | U.S. | |||||||||||
| A-/Watch Neg | Biogen Inc. | Health care | U.S. | |||||||||||
| A-/Watch Neg | Euronext N.V. | Financial institutions | Netherlands | |||||||||||
| A-/Watch Neg | S.F. Holding Co. Ltd., | Transportation | China | |||||||||||
| A-/Watch Neg | Western Power Distribution PLC | PPL Corp. | Utilities | Yes | U.K. | |||||||||
| A-/Negative | ATCO Ltd. | Utilities | Canada | |||||||||||
| A-/Negative | AXIS Capital Holdings Ltd. | Insurance | Bermuda | |||||||||||
| A-/Negative | Arch Capital Group Ltd. | Insurance | Bermuda | |||||||||||
| A-/Negative | Assa Abloy AB | Capital goods | Sweden | |||||||||||
| A-/Negative | Atmos Energy Corp. | Utilities | Yes | U.S. | ||||||||||
| 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 | BP PLC | Oil and gas | U.K. | |||||||||||
| A-/Negative | Baker Hughes Co. | Oil and gas | U.S. | |||||||||||
| A-/Negative | Banco Bilbao Vizcaya Argentaria, S.A. | Financial institutions | Spain | |||||||||||
| A-/Negative | Banco de Credito e Inversiones | Financial institutions | Chile | |||||||||||
| A-/Negative | Booking Holdings Inc. | Media and entertainment | U.S. | |||||||||||
| A-/Negative | Bouygues S.A. | Telecommunications | 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 | Germany | |||||||||||
| A-/Negative | Deutsche Wohnen SE | Homebuilders/real estate companies | Germany | |||||||||||
| A-/Negative | Eni SpA | Oil and gas | Italy | |||||||||||
| A-/Negative | Federal Realty Investment Trust | Homebuilders/real estate companies | Yes | 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 | 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 | National Rural Utilities Cooperative Finance Corp | Financial institutions | Yes | U.S. | ||||||||||
| A-/Negative | ORIX Corp. | Financial institutions | 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 | Shikoku Electric Power Co. Inc. | Utilities | Japan | |||||||||||
| 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 | General Electric Co. | Capital goods | Yes | 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+/Watch Neg | Rogers Communications Inc. | Telecommunications | Yes | Canada | ||||||||||
| 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 | Broadridge Financial Solutions Inc. | Media and entertainment | Yes | U.S. | ||||||||||
| BBB+/Negative | CSolar IV South LLC | Utilities | U.S. | |||||||||||
| BBB+/Negative | Chevron Phillips Chemical Co. LLC | Chevron Corp. | Chemicals, packaging, and environmental services | 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 | Dover Corp. | Capital goods | U.S. | |||||||||||
| BBB+/Negative | Enagas S.A. | Utilities | Spain | |||||||||||
| 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 | Gilead Sciences Inc., | Health care | U.S. | |||||||||||
| BBB+/Negative | Grenke AG | Financial institutions | 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 | U.S. | |||||||||||
| BBB+/Negative | Hyundai Motor Co. | Automotive | Korea, Republic of | |||||||||||
| BBB+/Negative | Johnson Controls International Public Ltd. Co. | Forest products and building materials | Ireland | |||||||||||
| 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 | Mohawk Industries Inc. | Forest products and building materials | U.S. | |||||||||||
| BBB+/Negative | NIBC Bank N.V. | Financial institutions | Netherlands | |||||||||||
| BBB+/Negative | NOV Inc. | Oil and gas | U.S. | |||||||||||
| BBB+/Negative | Nouvelle Autoroute 30, S.E.N.C. | Utilities | Canada | |||||||||||
| BBB+/Negative | OGE Energy Corp. | Utilities | Yes | U.S. | ||||||||||
| BBB+/Negative | ONE Gas Inc., | Utilities | U.S. | |||||||||||
| BBB+/Negative | PPG Industries Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| BBB+/Negative | Phillips 66 | 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 | Thailand | ||||||||||
| BBB+/Negative | Sagen MI Canada Inc. | Financial institutions | Canada | |||||||||||
| 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 | Suncor Energy Inc. | Oil and gas | Canada | |||||||||||
| BBB+/Negative | Takeda Pharmaceutical Co. Ltd. | Health care | Japan | |||||||||||
| BBB+/Negative | Telus Corp. | Telecommunications | Canada | |||||||||||
| 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 | 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 | Crown Resorts Ltd. | Media and entertainment | Australia | |||||||||||
| BBB/Watch Neg | Millennium Parking Garages LLC | Utilities | U.S. | |||||||||||
| BBB/Watch Neg | Weibo Corp. | SINA Corp. | Media and entertainment | China | ||||||||||
| BBB/Negative | AEON Co. Ltd. | Retail/restaurants | Japan | |||||||||||
| BBB/Negative | AT&T Inc. | Telecommunications | Yes | U.S. | ||||||||||
| 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 | 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 | Beijing Automotive Group Co. Ltd. | Automotive | Yes | China | ||||||||||
| BBB/Negative | Boral Ltd. | Forest products and building materials | Australia | |||||||||||
| BBB/Negative | BorgWarner Inc. | Automotive | U.S. | |||||||||||
| BBB/Negative | Brisbane Airport Corp. Pty Ltd. | BAC Holdings Ltd. | Utilities | Australia | ||||||||||
| BBB/Negative | Brookfield Property Partners L.P. | Brookfield Asset Management Inc. | Homebuilders/real estate companies | Bermuda | ||||||||||
| BBB/Negative | 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 | Canada | |||||||||||
| BBB/Negative | CPI Property Group S.A. | Homebuilders/real estate companies | Luxembourg | |||||||||||
| 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 | DENTSPLY SIRONA Inc. | Health care | U.S. | |||||||||||
| BBB/Negative | DEPFA Bank PLC | FMS Wertmanagement Anstalt des oeffentlichen Rechts | Financial institutions | Ireland | ||||||||||
| BBB/Negative | Dairy Farmers of America Inc. | Consumer products | U.S. | |||||||||||
| BBB/Negative | Drawbridge Special Opportunities Fund LP | Financial institutions | U.S. | |||||||||||
| BBB/Negative | EQUATE Petrochemical Co K.S.C.C. | Chemicals, packaging, and environmental services | Kuwait | |||||||||||
| BBB/Negative | 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 | Enel Americas S.A. | Enel SpA | Utilities | Chile | ||||||||||
| BBB/Negative | Entergy New Orleans, LLC | Entergy Corp | Utilities | 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 | 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 | 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 | 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 | 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 | Naturgy Energy Group S.A. | Utilities | Spain | |||||||||||
| BBB/Negative | Orica Ltd. | Chemicals, packaging, and environmental services | Yes | Australia | ||||||||||
| BBB/Negative | Oshkosh 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 | U.S. | |||||||||||
| BBB/Negative | SiriusPoint Ltd. | Insurance | Yes | 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 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 | Technip Energies | Oil and gas | Yes | France | ||||||||||
| BBB/Negative | Textron Inc. | Aerospace and defense | U.S. | |||||||||||
| BBB/Negative | Tokyo Century Corp. | Mizuho Financial Group Inc. | Financial institutions | Japan | ||||||||||
| BBB/Negative | Transurban Queensland Finance Pty Ltd. | Transurban Group | Utilities | Australia | ||||||||||
| BBB/Negative | Trustmark Corp. | Financial institutions | U.S. | |||||||||||
| 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 | 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 | Workspace Group PLC | Homebuilders/real estate companies | Yes | U.K. | ||||||||||
| BBB/Negative | Xylem Inc. | Capital goods | U.S. | |||||||||||
| BBB-/Watch Neg | Eagle Materials Inc. | Forest products and building materials | U.S. | |||||||||||
| BBB-/Watch Neg | G4S PLC | Consumer products | U.K. | |||||||||||
| BBB-/Watch Neg | Rakuten Inc., | High technology | Japan | |||||||||||
| BBB-/Negative | AIB Group PLC | Financial institutions | Ireland | |||||||||||
| BBB-/Negative | Abertis Infraestructuras S.A. | Utilities | Spain | |||||||||||
| BBB-/Negative | Amadeus IT Group S.A. | Media and entertainment | Spain | |||||||||||
| 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 | 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 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 | CAS Holding No.1 Ltd. | PCCW Ltd. | Telecommunications | British Virgin Islands | ||||||||||
| 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 | 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 | Ecopetrol S.A. | Oil and gas | Colombia | |||||||||||
| BBB-/Negative | Eesti Energia AS | Utilities | Estonia | |||||||||||
| 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 | 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 | Immofinanz AG | Homebuilders/real estate companies | Yes | Austria | ||||||||||
| 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 | U.S. | |||||||||||
| BBB-/Negative | Kingdom of Morocco | Sovereign | Morocco | |||||||||||
| BBB-/Negative | Las Vegas Sands Corp. | Media and entertainment | 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 | 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 | Perrigo Co. plc | Health care | Yes | Ireland | ||||||||||
| BBB-/Negative | Prospect Capital Corp. | Financial institutions | U.S. | |||||||||||
| BBB-/Negative | Puget Energy Inc. | Puget Holdings LLC | Utilities | U.S. | ||||||||||
| 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 | SL Green Realty Corp. | Homebuilders/real estate companies | Yes | U.S. | ||||||||||
| 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 | Synovus Financial Corp. | Financial institutions | U.S. | |||||||||||
| BBB-/Negative | Tanner Servicios Financieros S.A. | Financial institutions | Chile | |||||||||||
| 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 | MKS Instruments Inc. | High technology | U.S. | |||||||||||
| BB+/Watch Neg | NRG Energy Inc. | Utilities | Yes | 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 | Vistra Corp. | 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 | CDK Global Inc. | Media and entertainment | U.S. | |||||||||||
| BB+/Negative | Cadence BanCorp. | Cadence Bancorp LLC | Financial institutions | 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 | Crown Holdings Inc. | Chemicals, packaging, and environmental services | 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 | 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 | Hexcel Corp. | Aerospace and defense | U.S. | |||||||||||
| BB+/Negative | Host Hotels & Resorts Inc. | Media and entertainment | 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 | Intertrust N.V. | Consumer products | 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 | Newmark Group 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 | Promontoria MMB SAS | Financial institutions | France | |||||||||||
| BB+/Negative | Radian Group Inc. | Insurance | U.S. | |||||||||||
| BB+/Negative | Renault S.A. | Automotive | France | |||||||||||
| BB+/Negative | Ritchie Bros. Auctioneers Inc. | Capital goods | Canada | |||||||||||
| BB+/Negative | SNC-Lavalin Group Inc. | Capital goods | Canada | |||||||||||
| BB+/Negative | Southeast Supply Header, LLC | Utilities | U.S. | |||||||||||
| BB+/Negative | TechnipFMC Plc | Oil and gas | U.K. | |||||||||||
| BB+/Negative | Telecom Italia SpA | Telecommunications | Italy | |||||||||||
| BB+/Negative | Toll Road Investors Partnership II LP | Transportation | 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 | U.K. | |||||||||||
| BB/Watch Neg | ContourGlobal PLC | Utilities | Cayman Islands | |||||||||||
| BB/Watch Neg | CoreLogic Inc. | Media and entertainment | U.S. | |||||||||||
| BB/Watch Neg | FirstEnergy Corp. | Utilities | U.S. | |||||||||||
| BB/Watch Neg | Hilton Grand Vacations Inc. | Media and entertainment | Yes | U.S. | ||||||||||
| BB/Watch Neg | Invenergy Thermal Operating I LLC | Utilities | Yes | U.S. | ||||||||||
| BB/Watch Neg | Jazz Pharmaceuticals plc | Health care | Ireland | |||||||||||
| BB/Watch Neg | Perspecta Inc. | Aerospace and defense | U.S. | |||||||||||
| BB/Watch Neg | Rexnord LLC | Capital goods | U.S. | |||||||||||
| BB/Watch Neg | Signature Aviation PLC | Transportation | Yes | U.K. | ||||||||||
| BB/Negative | Agile Group Holdings Ltd. | Homebuilders/real estate companies | Cayman Islands | |||||||||||
| BB/Negative | Blucora Inc., | HDV Holdings Inc., | Financial institutions | U.S. | ||||||||||
| BB/Negative | British Airways PLC | Transportation | U.K. | |||||||||||
| BB/Negative | CEMEX S.A.B. de C.V. | Forest products and building materials | Mexico | |||||||||||
| 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 | ChampionX Corp. | Oil and gas | U.S. | |||||||||||
| BB/Negative | Cheniere Energy Inc. | Utilities | U.S. | |||||||||||
| BB/Negative | China Aluminum International Engineering Corp. Ltd. | Aluminum Corp. of China | Capital goods | Yes | China | |||||||||
| BB/Negative | Churchill Downs Inc. | Media and entertainment | U.S. | |||||||||||
| BB/Negative | Colfax Corp. | Capital goods | U.S. | |||||||||||
| BB/Negative | Colombia Telecomunicaciones, S.A. E.S.P | Telefonica S.A. | Telecommunications | Colombia | ||||||||||
| BB/Negative | DaVita Inc. | Health care | U.S. | |||||||||||
| BB/Negative | Delek US Holdings Inc., | Oil and gas | 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 | Embraer S.A. | Aerospace and defense | Brazil | |||||||||||
| BB/Negative | Fosun International Ltd. | Metals, mining, and steel | Hong Kong | |||||||||||
| BB/Negative | Four Seasons Holdings Inc. | Media and entertainment | Canada | |||||||||||
| BB/Negative | G-III Apparel Group Ltd., | Consumer products | U.S. | |||||||||||
| BB/Negative | Government of Georgia | Sovereign | Georgia | |||||||||||
| BB/Negative | Graham Holdings Co. | Media and entertainment | U.S. | |||||||||||
| BB/Negative | Greenhill & Co. Inc., | Financial institutions | U.S. | |||||||||||
| BB/Negative | Haitong Bank S.A. | Haitong Securities Co. Ltd. | Financial institutions | Portugal | ||||||||||
| BB/Negative | Hanesbrands Inc. | Consumer products | U.S. | |||||||||||
| BB/Negative | Hilton Worldwide Holdings Inc. | Media and entertainment | U.S. | |||||||||||
| BB/Negative | INEOS Enterprises Holdings Ltd. | Ineos Ltd. | Chemicals, packaging, and environmental services | U.K. | ||||||||||
| BB/Negative | INEOS Quattro Holdings Ltd. | Ineos Ltd. | Chemicals, packaging, and environmental services | Germany | ||||||||||
| BB/Negative | Icahn Enterprises L.P. | Financial institutions | U.S. | |||||||||||
| BB/Negative | Iccrea Banca SpA | Financial institutions | Italy | |||||||||||
| BB/Negative | Ineos Group Holdings S.A. | Ineos Ltd. | Chemicals, packaging, and environmental services | Luxembourg | ||||||||||
| 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 | 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 | Midland Cogeneration Venture L.P. | Utilities | 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 | 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 | Spie SA | Consumer products | France | |||||||||||
| BB/Negative | Taylor Morrison Home Corp. | Homebuilders/real estate companies | U.S. | |||||||||||
| BB/Negative | Teollisuuden Voima Oyj | Utilities | 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 | 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 | Atlantic Power Corp. | Utilities | Canada | |||||||||||
| BB-/Watch Neg | Columbus McKinnon Corp. | Capital goods | Yes | U.S. | ||||||||||
| BB-/Watch Neg | Lumentum Holdings Inc., | High technology | Yes | U.S. | ||||||||||
| BB-/Watch Neg | Rolls-Royce Holdings PLC | Aerospace and defense | U.K. | |||||||||||
| BB-/Watch Neg | Telesat Canada | Telesat Holdings Inc. | Telecommunications | Canada | ||||||||||
| 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 | Dominican Republic | ||||||||||
| 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 | CoreCivic Inc., | Consumer products | Yes | U.S. | ||||||||||
| BB-/Negative | Deutsche Lufthansa AG | Transportation | Germany | |||||||||||
| BB-/Negative | Diversified Healthcare Trust | Homebuilders/real estate companies | U.S. | |||||||||||
| BB-/Negative | Dominican Republic | Sovereign | Dominican Republic | |||||||||||
| BB-/Negative | E-House (China) Enterprise Holdings Ltd. | Consumer products | China | |||||||||||
| BB-/Negative | EP Bco S.A. | Utilities | Netherlands | |||||||||||
| BB-/Negative | Element Solutions Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| BB-/Negative | Elior Group S.A. | Consumer products | France | |||||||||||
| BB-/Negative | Empresa Generadora de Electricidad Itabo, S. A. | Utilities | Dominican Republic | |||||||||||
| BB-/Negative | Energizer Holdings Inc. | Consumer products | U.S. | |||||||||||
| BB-/Negative | Fly Leasing Ltd. | Transportation | Bermuda | |||||||||||
| BB-/Negative | GMR Hyderabad International Airport Ltd. | Utilities | India | |||||||||||
| BB-/Negative | GMS Inc. | Forest products and building materials | U.S. | |||||||||||
| BB-/Negative | Georgian Oil and Gas Corp. JSC | Oil and gas | Yes | Georgia | ||||||||||
| 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 | KKR Real Estate Finance Trust Inc. | Financial institutions | U.S. | |||||||||||
| BB-/Negative | Ladder Capital Finance Holdings LLLP | Financial institutions | U.S. | |||||||||||
| BB-/Negative | MEIF 5 Arena Holdings SLU | Utilities | Spain | |||||||||||
| BB-/Negative | Mannington Mills Inc. | Forest products and building materials | U.S. | |||||||||||
| BB-/Negative | 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 | 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 | Panama Canal Railway Co. | Transportation | 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 | Schweitzer-Mauduit International Inc., | Forest products and building materials | U.S. | |||||||||||
| BB-/Negative | Service Properties Trust | Homebuilders/real estate companies | U.S. | |||||||||||
| BB-/Negative | SisalPay Group S.p.A. | Intesa Sanpaolo SpA | Financial institutions | Yes | Italy | |||||||||
| BB-/Negative | Speedway Motorsports LLC | Media and entertainment | U.S. | |||||||||||
| BB-/Negative | Starwood Property Trust Inc. | Financial institutions | U.S. | |||||||||||
| BB-/Negative | Studio City Co. Ltd. | Melco International Development Ltd. | Media and entertainment | British Virgin Islands | ||||||||||
| 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 | The Commonwealth of The Bahamas | Sovereign | Bahamas | |||||||||||
| BB-/Negative | Travel + Leisure Co. | Media and entertainment | U.S. | |||||||||||
| BB-/Negative | Tripadvisor Inc., | Media and entertainment | Yes | U.S. | ||||||||||
| BB-/Negative | US Ecology Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| BB-/Negative | Unifin Financiera, S.A.B. de C.V. | Financial institutions | Mexico | |||||||||||
| BB-/Negative | Uzpromstroybank | Financial institutions | Uzbekistan | |||||||||||
| BB-/Negative | Victoria PLC | Consumer products | U.K. | |||||||||||
| BB-/Negative | WEX Inc. | Financial institutions | U.S. | |||||||||||
| BB-/Negative | Zhongrong International Holdings Ltd. | Zhongrong International Trust Co. Ltd. | Financial institutions | British Virgin Islands | ||||||||||
| BB-/Negative | ams AG | High technology | Austria | |||||||||||
| BB-/Negative | thyssenkrupp AG | Capital goods | Germany | |||||||||||
| B+/Watch Neg | Callaway Golf Co. | Consumer products | U.S. | |||||||||||
| B+/Watch Neg | Cooke Omega Investments Inc. | Cooke Aquaculture Inc., | Consumer products | Canada | ||||||||||
| B+/Watch Neg | Dufry AG | Retail/restaurants | Switzerland | |||||||||||
| B+/Watch Neg | Extended Stay America Inc. | Media and entertainment | Yes | U.S. | ||||||||||
| B+/Watch Neg | GeoProMining Investment (CYP) Ltd. | Metals, mining, and steel | Cyprus | |||||||||||
| B+/Watch Neg | Guala Closures S.p.A. | GCL Holdings S.C.A. | Chemicals, packaging, and environmental services | Italy | ||||||||||
| 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 | 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 | AppLovin Corp. | High technology | U.S. | |||||||||||
| B+/Negative | Blackstone Mortgage Trust Inc. | Financial institutions | U.S. | |||||||||||
| B+/Negative | Bloomin' Brands Inc., | Retail/restaurants | 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 | 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 | Conduent Inc., | Media and entertainment | U.S. | |||||||||||
| B+/Negative | Connect Bidco Ltd. | Telecommunications | Guernsey | |||||||||||
| B+/Negative | Consolidated Energy Ltd. | Chemicals, packaging, and environmental services | Trinidad and Tobago | |||||||||||
| B+/Negative | Custom Truck One Source, L.P. | Capital goods | U.S. | |||||||||||
| B+/Negative | FAGE International S.A | Consumer products | Luxembourg | |||||||||||
| B+/Negative | Financiera Independencia S.A.B. de C.V. SOFOM E.N.R. | Financial institutions | Yes | Mexico | ||||||||||
| B+/Negative | Fleet Topco Ltd. | Media and entertainment | U.K. | |||||||||||
| B+/Negative | Frontera Energy Corp. | Oil and gas | Canada | |||||||||||
| B+/Negative | Genesis Energy, L.P. | Utilities | U.S. | |||||||||||
| B+/Negative | Georgian Railway JSC | Utilities | Georgia | |||||||||||
| B+/Negative | GreenSky Holdings, LLC | Financial institutions | U.S. | |||||||||||
| B+/Negative | ICH Intermediate Holdings II, L.P. | Financial institutions | 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 | Kraton Corp. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| B+/Negative | Lightstone HoldCo LLC | Utilities | U.S. | |||||||||||
| B+/Negative | Limetree Bay Terminals, LLC | Utilities | U.S. | |||||||||||
| B+/Negative | MGM Resorts International | Media and entertainment | Yes | 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 | Marriott Vacations Worldwide Corp. | Media and entertainment | Yes | 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 | NewDay Group (Jersey) Ltd. | Financial institutions | U.K. | |||||||||||
| B+/Negative | Novem Group GmbH | Automotive | Germany | |||||||||||
| 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 | Plurinational State of Bolivia | Sovereign | Yes | Bolivia | ||||||||||
| 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 Rwanda | Sovereign | Rwanda | |||||||||||
| B+/Negative | Resolute Investment Managers Inc., | American Beacon Advisors Inc., | Financial institutions | U.S. | ||||||||||
| B+/Negative | Revere Power, LLC | Utilities | U.S. | |||||||||||
| B+/Negative | Sigma HoldCo BV | Consumer products | Netherlands | |||||||||||
| B+/Negative | Sinclair Broadcast Group Inc. | Media and entertainment | U.S. | |||||||||||
| 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 | Station Casinos LLC | Media and entertainment | U.S. | |||||||||||
| B+/Negative | Stena AB | Oil and gas | Sweden | |||||||||||
| B+/Negative | Techem Verwaltungsgesellschaft 674 mbH | Consumer products | Germany | |||||||||||
| B+/Negative | Teekay Corp. | Transportation | Marshall Islands | |||||||||||
| B+/Negative | TransDigm Inc. | Aerospace and defense | U.S. | |||||||||||
| B+/Negative | USA Compression Partners, LP | Utilities | U.S. | |||||||||||
| B+/Negative | United Airlines Holdings Inc., | Transportation | U.S. | |||||||||||
| B+/Negative | WW International Inc., | Consumer products | U.S. | |||||||||||
| B+/Negative | West Deptford Energy Holdings, LLC | Utilities | 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 | Braskem Idesa, S.A.P.I. and subsidiary | Chemicals, packaging, and environmental services | Mexico | |||||||||||
| B/Watch Neg | IXS Holdings Inc., | Automotive | U.S. | |||||||||||
| B/Watch Neg | Talen Energy Supply LLC | Talen Energy Corp. | Utilities | Yes | U.S. | |||||||||
| B/Negative | 4finance Holding S.A. | Financial institutions | Luxembourg | |||||||||||
| B/Negative | ADMI Corp. | Health care | U.S. | |||||||||||
| B/Negative | AI Convoy (Luxembourg) S.a.r.l. | Aerospace and defense | U.K. | |||||||||||
| 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 | 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 | Albea Beauty Holdings S.A. | Hercule Debtco S.a r.l. | Chemicals, packaging, and environmental services | France | ||||||||||
| 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 | Alterra Mountain Co. | Media and entertainment | U.S. | |||||||||||
| B/Negative | Altice France S.A. | Altice Europe N.V. | Telecommunications | Yes | France | |||||||||
| B/Negative | Altice International S.a.r.l. | Altice Europe N.V. | Telecommunications | Yes | Luxembourg | |||||||||
| B/Negative | Amentum Holdings LLC | Aerospace and defense | U.S. | |||||||||||
| B/Negative | Athena Bidco GmbH | High technology | Germany | |||||||||||
| B/Negative | Athletico Holdings, LLC | Health care | 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 | Bella Holding Co, LLC | Health care | Yes | U.S. | ||||||||||
| B/Negative | Boyne USA Inc. | Media and entertainment | 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 | Caesars Entertainment Inc., | Media and entertainment | U.S. | |||||||||||
| B/Negative | Caldic Midco B.V. | Chemicals, packaging, and environmental services | Netherlands | |||||||||||
| B/Negative | Carestream Dental Parent Ltd. | Health care | U.K. | |||||||||||
| B/Negative | 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 | 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 | Damac Real Estate Development Ltd. | Homebuilders/real estate companies | U.A.E. | |||||||||||
| B/Negative | Dhanani Group Inc. | Retail/restaurants | 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 | First Heartland Jusan Bank JSC | Financial institutions | Kazakhstan | |||||||||||
| B/Negative | Fossil Group Inc., | Consumer products | U.S. | |||||||||||
| B/Negative | Foundation Building Materials Inc., | Forest products and building materials | U.S. | |||||||||||
| B/Negative | GBT JerseyCo Ltd. | Media and entertainment | U.K. | |||||||||||
| B/Negative | GEO Group (The) Inc. | Consumer products | U.S. | |||||||||||
| 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 | U.S. | |||||||||||
| B/Negative | Herschend Entertainment Co. LLC | Media and entertainment | U.S. | |||||||||||
| B/Negative | House of HR N.V. | Consumer products | Belgium | |||||||||||
| 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 | International Design Group SpA | Consumer products | Italy | |||||||||||
| 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 | LSFX Flavum Bidco S.A. | Forest products and building materials | Spain | |||||||||||
| B/Negative | La Financiere Atalian SAS | Consumer products | France | |||||||||||
| 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 | Lonestar II Generation Holdings LLC | Utilities | U.S. | |||||||||||
| 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 | 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 | NCL Corp. Ltd. | Media and entertainment | Yes | Bermuda | ||||||||||
| B/Negative | NFP Corp. | National Financial Partners Holdings A Corp. | Insurance | U.S. | ||||||||||
| B/Negative | NFP Holdings, LLC | Insurance | U.S. | |||||||||||
| B/Negative | NGL Energy Partners LP | Utilities | 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 | Northpole Newco S.a.r.l. | Triangle Holdings S.A. | High technology | Luxembourg | ||||||||||
| B/Negative | Oriflame Investment Holding Plc | Consumer products | Switzerland | |||||||||||
| 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 | Park Hotels & Resorts Inc. | Media and entertainment | U.S. | |||||||||||
| B/Negative | Park River Holdings Inc., | Forest products and building materials | 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 | Phoenix Services International LLC | Metals, mining, and steel | U.S. | |||||||||||
| B/Negative | Precision Drilling Corp. | Precision Drilling Trust | Oil and gas | Canada | ||||||||||
| B/Negative | Q Holdco Ltd. | Health care | U.S. | |||||||||||
| B/Negative | Republic of Belarus | Sovereign | Belarus | |||||||||||
| B/Negative | Republic of Costa Rica | Sovereign | Costa Rica | |||||||||||
| B/Negative | Royal Caribbean Cruises Ltd. | Media and entertainment | U.S. | |||||||||||
| B/Negative | SGLT Holding I LP | Transportation | Cayman Islands | |||||||||||
| 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 | Shift4 Payments Inc., | High technology | 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 | Staples Inc. | Media and entertainment | U.S. | |||||||||||
| B/Negative | TRC Cos. Inc., | Capital goods | U.S. | |||||||||||
| B/Negative | Tackle S.a.r.l (Tipico) | Media and entertainment | Luxembourg | |||||||||||
| B/Negative | Target Hospitality Corp. | Consumer products | Yes | U.S. | ||||||||||
| B/Negative | Tata Motors Ltd. | Automotive | India | |||||||||||
| B/Negative | TecoStar Holdings Inc., | Health care | U.S. | |||||||||||
| 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 | Thermon Group Holdings Inc., | Capital goods | U.S. | |||||||||||
| B/Negative | Trader Corp. | Consumer products | Canada | |||||||||||
| B/Negative | USF Holdings LLC | Automotive | Yes | U.S. | ||||||||||
| B/Negative | Varex Imaging Corp. | Health care | U.S. | |||||||||||
| B/Negative | Vida Capital Inc., | Financial institutions | U.S. | |||||||||||
| B/Negative | White Cap Supply Holdings, LLC | White Cap Parent, LLC | Capital goods | U.S. | ||||||||||
| B/Negative | Wrench Group, LLC | Consumer products | U.S. | |||||||||||
| B/Negative | Zest Acquisition Corp | Health care | U.S. | |||||||||||
| 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 | Delhi International Airport Ltd. | Utilities | India | |||||||||||
| B-/Watch Neg | Federal Democratic Republic of Ethiopia | Sovereign | Ethiopia | |||||||||||
| 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 | Ruby Pipeline LLC | Utilities | 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 | ASM Global Parent Inc., | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Aerial Parent Corp. | Telecommunications | U.S. | |||||||||||
| 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 | Arbor Pharmaceuticals Inc. | Health care | U.S. | |||||||||||
| B-/Negative | Arch Resources Inc., | Metals, mining, and steel | U.S. | |||||||||||
| B-/Negative | Associated Asphalt Partners LLC | Road Holdings III, LLC | Utilities | U.S. | ||||||||||
| B-/Negative | BEP Ulterra Holdings Inc., | Oil and gas | U.S. | |||||||||||
| B-/Negative | BURGER KING France SAS | NewCo GB SAS | Retail/restaurants | France | ||||||||||
| 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 | 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 | Calceus Acquisition Inc., | Consumer products | U.S. | |||||||||||
| B-/Negative | Calumet Specialty Products Partners LP | Utilities | 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 | Spain | ||||||||||
| 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 | Coty Inc. | Consumer products | U.S. | |||||||||||
| B-/Negative | Crestwood Holdings LLC | Utilities | U.S. | |||||||||||
| B-/Negative | Dave & Buster's Inc. | Dave & Buster's Entertainment Inc., | Retail/restaurants | U.S. | ||||||||||
| B-/Negative | Dentalcorp Health Services ULC | Health care | Canada | |||||||||||
| B-/Negative | Dynasty Acquisition Co. Inc., | Aerospace and defense | 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 | 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 | Fort Dearborn Holding Co. Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| B-/Negative | Genuine Financial Holdings, LLC | Consumer products | U.S. | |||||||||||
| B-/Negative | Genworth Financial Inc. | Insurance | Yes | 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 | U.S. | ||||||||||
| B-/Negative | HC2 Holdings Inc. | Telecommunications | U.S. | |||||||||||
| B-/Negative | Halo Buyer Inc. | Consumer products | U.S. | |||||||||||
| B-/Negative | Hoya Midco, LLC | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Hubbard Radio, LLC | Media and entertainment | U.S. | |||||||||||
| B-/Negative | IM Growth SAS | Consumer products | France | |||||||||||
| B-/Negative | 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 | Kiwi VFS SUB I S.ar.l | Consumer products | Luxembourg | |||||||||||
| B-/Negative | Knowlton Development HoldCo Inc., | Consumer products | Canada | |||||||||||
| 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 | Lannett Co. Inc., | Health care | U.S. | |||||||||||
| B-/Negative | Lindblad Expeditions Holdings Inc. | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Livingston International Inc. | Consumer products | Canada | |||||||||||
| 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 | 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 | Moran Foods, LLC | SAL Acquisition Corp. | Retail/restaurants | U.S. | ||||||||||
| B-/Negative | NEP/NCP Holdco Inc. | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Norican Global A/S | Capital goods | Denmark | |||||||||||
| B-/Negative | Oak Holdings, LLC | Consumer products | U.S. | |||||||||||
| B-/Negative | POWDR Corp. | Media and entertainment | U.S. | |||||||||||
| B-/Negative | PT Lippo Karawaci Tbk. | Homebuilders/real estate companies | Indonesia | |||||||||||
| 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 | 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 | 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 | 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 | 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 | Star UK Midco Ltd. | Capital goods | U.K. | |||||||||||
| 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 | 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 | U.S. TelePacific Holdings Corp. | Telecommunications | U.S. | |||||||||||
| B-/Negative | Ukrainian Railways JSC | Utilities | Ukraine | |||||||||||
| B-/Negative | Vincent Topco BV (NL) | Consumer products | Netherlands | |||||||||||
| 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 | pH Beauty Holdings I Inc., | Consumer products | U.S. | |||||||||||
| Data as of March 29, 2021. Source: S&P Global Ratings Research. | ||||||||||||||
Related Research:
- S&P Global Ratings Takes Multiple Rating Actions On Major Oil And Gas Companies To Factor In Greater Industry Risks, Jan 26, 2021
- The Change To The Industry Risk Assessment For Exploration & Production Companies And What It Means For Issuer Ratings, Jan 26, 2021
- General Criteria: Use Of CreditWatch And Outlooks, Sept. 14, 2009
This report does not constitute a rating action.
| Credit Markets Research: | Sarah Limbach, Paris + 33 14 420 6708; Sarah.Limbach@spglobal.com |
| Sudeep K Kesh, New York + 1 (212) 438 7982; sudeep.kesh@spglobal.com | |
| Research Contributors: | Abhik Debnath, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai |
| Shripati Pranshu, CRISIL Global Analytical Center, an S&P affiliate, Mumbai |
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