Key Takeaways
- The number of potential bond downgrades (issuers rated 'AAA' to 'B-' with negative rating outlooks or ratings on CreditWatch negative) fell for the ninth consecutive month to 844 as of April 30, from 942 a month prior and far below the annual twelve-month average of 1,198.
- Negative bias in all sectors declined over the past 12 months, with the most significant contractions in the automotive and oil and gas sectors.
- Out of 1,361 downgrades since the global spread of the pandemic in February last year, 76% were on speculative-grade ratings. This resulted in a more marked deterioration of credit quality among speculative-grade issuers than investment-grade issuers.
Negative Bias Among Sectors Has Narrowed Significantly
Compared to April 2020, negative bias in all sectors eased (see chart 1). During first-quarter 2020, credits were largely hit by social distancing measures imposed to curb the spread of COVID-19. The media and entertainment, transportation, and oil and gas sectors saw the highest proportion of issuers placed on CreditWatch negative or carrying a negative outlook. Since then, negative bias narrowed across the board as economic and market conditions improved, supported by the gradual vaccine rollout. As of April 30, all sectors except aerospace and defense and telecommunications posted their lowest negative bias over the last 12 months. The strongest improvement in negative bias took place in the automotive, oil and gas, and retail sectors, with contractions of 42%, 40%, and 32%, respectively. Still, in four out of 19 sectors, more than one-third of credit ratings carry either a negative outlook or a CreditWatch with negative implications: media and entertainment (43%), aerospace and defense (40%), automotive (36%), and transportation (34%).
Chart 1
Speculative-Grade Downgrades Accounted For 76% Of The Total Downgrades Since February 2020
We recorded 1,361 downgrades between February 2020 and April 26, 2021, 906 of which took place between last February and June, in the months following the pandemic's outbreak. 1,031 downgrades were on issuers rated speculative grade (see table 1). Most of the speculative-grade issuers belonged to the media and entertainment, oil and gas, consumer products, and capital goods sectors. Issuers from these four sectors accounted for 51% of the 958 speculative-grade downgrades of non-financial corporates from February 2020 through April 26, 2021 (see chart 2).
Table 1
| Speculative-Grade Downgrades Represent Almost 76% Of The Downgrades Seen Since February 2020 | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Rating categories | AA | A | BBB | BB | B | CCC/CC | SD/D | Total | ||||||||||
| AAA | 1 | 1 | ||||||||||||||||
| AA | 7 | 14 | 21 | |||||||||||||||
| A | 54 | 44 | 1 | 99 | ||||||||||||||
| BBB | 146 | 60 | 3 | 209 | ||||||||||||||
| BB | 121 | 106 | 9 | 10 | 246 | |||||||||||||
| B | 345 | 258 | 64 | 667 | ||||||||||||||
| CCC/CC | 43 | 75 | 118 | |||||||||||||||
| Total | 8 | 68 | 190 | 181 | 455 | 310 | 149 | 1,361 | ||||||||||
| Includes downgrades since February 2020 to April 26, 2021. 'BB' and below represent speculative-grade downgrades. Source: S&P Global Ratings Research. | ||||||||||||||||||
Chart 2
Credit Quality Deteriorated During The Pandemic's Spread
The COVID-related rating actions further deteriorated credit quality among rated issuers, both speculative and investment-grade. The proportion of issuers with lower grades increased (see chart 3). Within investment-grade, the proportion of 'BBB' issuers widened to 61% as of April 2021 from a 60% average between 2017 and 2019 and 51% in 2009. While the share of issuers rated 'CCC+' and below remains low within speculative grade, it has widened to 11% as of April 2021, from 6% in 2017-2019 and 9% in 2009. The proportion of issuers rated 'BB' meanwhile narrowed to 30% as of April 2021, from 34% in 2017-2019 and 38% in 2009.
Chart 3
The Count Of Potential Bond Upgrades Increased For The 10th Consecutive Month To 268 In April
As the tally of potential bond downgrades decreased, that of 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 268 as of April 2021, with 68 additions to and 23 deletions from our list. Up from 223 in March 2021 and 98 at its trough in June 2020, this represents the 10th consecutive month of increasing upgrade potential. With this, the gap between potential downgrades and upgrades has narrowed to 576, its lowest level since March 2020 (see chart 4). This gap stood at its all-time high of 1,261 in July 2020. The tightening gap indicates a deceleration in the pace of credit deterioration over the coming months compared to the past months. Nevertheless, it remains wide--more than double the 2017-2019 average for instance--therefore pointing to an ongoing decrease in credit quality.
Chart 4
The Recent Decline In The Count Of Potential Downgrades Was Mainly Driven By Outlook Revisions To Stable Or Positive
The count of potential downgrades surged last spring following the global spread of the pandemic, reaching its peak at 1,365 in July, before gradually decreasing to 844 currently. The spike in downgrade potential was followed by a spike in downgrades over the first half of 2020 as most negative CreditWatch statuses were largely settled with downgrades.
In recent months, the easing in potential bond downgrades was mainly driven by outlook revisions to stable or positive, as a consequence of downgrades in 2020, stabilization in capital markets, and positive news with respect to the COVID-19 pandemic in certain economies like the U.S. The number of issuers with negative rating outlooks has decreased to 780 as of April 30, 2021 (22.5% of rated issuers) from 875 in March. Meanwhile, issuers with ratings placed on CreditWatch with negative implication have decreased to 64 (1.4% of rated issuers) from 67 a month earlier.
While the tally of potential bond downgrades peaked in July, the share of issuer ratings placed on CreditWatch with negative implications reached a high of 7.9% in April 2020, following the rapid deterioration of global business and economic conditions. As these CreditWatch statuses got resolved--mainly with downgrades--the number of ratings carrying a negative CreditWatch as a share of all rated issuers decreased rapidly, with 1.7% below pre-COVID levels in December and 1.4% as of April 2021. 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 (for more on CreditWatch see "S&P Global Ratings Definitions," Jan. 5, 2021).
Chart 5
Since March, we removed 128 issuers from our list. 117 of these removals were due to a revision in the outlook or CreditWatch status, 16 of which were accompanied by downgrades and seven by upgrades. Of the 28 issuers that have faced downgrades since March 29, only five remain on the list. At the same time, we added 30 potential downgrades, 22 following a change in their outlook or CreditWatch status. Chemicals, packaging, and environmental services and consumer products lead the number of net removals with 16 and 12 respectively, closely followed by oil and gas with 11. Aerospace and defense was the only sector that saw an increase in its downgrade potential since last month, with one addition and no deletions.
Table 2
| Outlook And CreditWatch Revisions Accounts For Most Additions And Removals From The List Since Last Month | ||||||||
|---|---|---|---|---|---|---|---|---|
| --Potential bond downgrade removals -- | --Potential bond downgrade additions-- | |||||||
| Reason for removal | Issuer count | Reason for addition | Issuer count | |||||
| OLCW change | 94 | OLCW change | 22 | |||||
| Downgraded and OLCW change | 16 | Parent | 3 | |||||
| Downgraded | 7 | Newly rated issuer | 2 | |||||
| Upgraded and OLCW change | 7 | Upgraded | 2 | |||||
| Ratings withdrawn | 3 | Newly rated debt | 1 | |||||
| No outstanding debt | 1 | Downgraded | 0 | |||||
| Default | 0 | Downgraded and OLCW change | 0 | |||||
| Parent | 0 | Upgraded and OLCW change | 0 | |||||
| Selective default (SD) | 0 | |||||||
| Upgraded | 0 | |||||||
| Total | 128 | Total | 30 | |||||
| Data as of April 30, 2021. OLCW--Outlook or CreditWatch. Source: S&P Global Ratings Research. | ||||||||
Financial institutions continue to lead the potential bond downgrades tally with 125 issuers, which represent around 15% of all potential downgrades on our list (see table 3). However, this is largely due to the high number of rated financial institutions issuers, while the asset classes negative bias stands below 25%. It is also subject to broad economic risk due to the ongoing COVID-19 pandemic and revenue and profitability pressure stemming from persistently low interest rates. Also, only three of the financial institutions on our list carry a negative CreditWatch, which means the imminent downgrade risk among potential downgrades is relatively low. What's more, over 63% of financial institutions ratings are investment-grade, implying a low likelihood of downgrades among potential downgrades.
The rating distribution of utilities--118 potential downgrades--is even more heavily skewed toward investment-grade with 79% of rated issuers, similarly pointing to a low probability of potential downgrades materializing into actual downgrades. The picture is diametrically opposed for issuers in the media and entertainment sector--117 potential downgrades--where only 12% of issuers carry an investment-grade rating. Consequently, downgrades are more likely to materialize than in higher rated sectors.
Table 3
| Aerospace And Defense, Media And Entertainment, And Transportation Are The Sectors With The Widest Gaps Between Current Negative Bias And Their Historical Averages | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sector | Trailing-12-month downgrade count | Trailing-12-month downgrade ratio (%) | Current negative bias (%) | Historical average negative bias (%) | Gap between current and historical average negative bias (%) | Negative bias contribution to total potential bond downgrade portfolio (%) | Speculative-grade proportion (%) | |||||||||
| Aerospace and defense | 26 | 86.67 | 39.68 | 21.36 | (18.33) | 2.37 | 77.78 | |||||||||
| Media and entertainment | 137 | 76.54 | 43.09 | 26.84 | (16.24) | 13.86 | 88.06 | |||||||||
| Transportation | 44 | 73.33 | 33.93 | 21.91 | (12.02) | 3.91 | 63.39 | |||||||||
| Automotive | 23 | 67.65 | 35.64 | 26.73 | (8.92) | 3.32 | 68.32 | |||||||||
| Oil and gas | 80 | 77.67 | 29.30 | 20.62 | (8.68) | 3.20 | 65.19 | |||||||||
| Capital goods | 29 | 69.05 | 28.70 | 22.05 | (6.64) | 5.81 | 66.09 | |||||||||
| Utilities | 92 | 79.31 | 25.96 | 20.46 | (5.51) | 13.98 | 30.85 | |||||||||
| Financial institutions | 55 | 77.46 | 24.56 | 20.27 | (4.29) | 14.81 | 36.55 | |||||||||
| Homebuilders and real estate companies | 34 | 60.71 | 18.11 | 15.69 | (2.42) | 4.50 | 40.16 | |||||||||
| Health care | 23 | 52.27 | 19.78 | 17.90 | (1.88) | 4.62 | 79.10 | |||||||||
| Sovereign | 19 | 82.61 | 15.52 | 14.43 | (1.09) | 2.13 | 45.04 | |||||||||
| Consumer products | 68 | 64.76 | 25.81 | 25.03 | (0.78) | 7.94 | 70.30 | |||||||||
| Retail and restaurants | 31 | 43.06 | 23.46 | 25.36 | 1.90 | 3.67 | 66.67 | |||||||||
| Telecommunications | 20 | 64.52 | 17.73 | 20.26 | 2.53 | 2.96 | 64.54 | |||||||||
| Chemicals, packaging, and environmental services | 38 | 61.29 | 16.08 | 19.52 | 3.44 | 3.67 | 70.35 | |||||||||
| Forest products and building materials | 16 | 57.14 | 18.90 | 22.54 | 3.64 | 2.37 | 66.93 | |||||||||
| Metals, mining, and steel | 30 | 75.00 | 18.46 | 24.77 | 6.31 | 2.01 | 70.77 | |||||||||
| Diversified | 5 | 100.00 | 11.76 | 18.19 | 6.43 | 0.24 | 23.53 | |||||||||
| Insurance | 7 | 50.00 | 9.52 | 16.62 | 7.10 | 1.54 | 18.50 | |||||||||
| High technology | 27 | 44.26 | 12.20 | 21.33 | 9.14 | 3.08 | 70.73 | |||||||||
| Data as of April 30, 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. | ||||||||||||||||
The Media And Entertainment Remains The Sector With The Highest 12-Month Downgrade Proportion
The media and entertainment sector's particular exposure to the pandemic's consequences as well as its low ratings distribution resulted in a downgrade proportion of 17% over the past 12 months, 5.5 percentage points above the 5-year average. What's more, the gradual reopening in travel and leisure and the high number of potential downgrades from that sector indicate there will be more downgrades over the coming months.
Chart 6
Table 4
| Issuers With Negative Outlooks/On CreditWatch Negative (Rated 'AAA' Through 'B-' ) | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Rating | Issuer | Parent company | Sector/subsector | New to the list this month | OLCW change | Country | ||||||||
| AAA/Negative | Airservices Australia | Utilities | Australia | |||||||||||
| AAA/Negative | Commonwealth of Australia | Sovereign | Australia | |||||||||||
| AAA/Negative | Johnson & Johnson | Health care | U.S. | |||||||||||
| AA-/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 | 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 | Japan | |||||||||||
| AA-/Negative | Westpac Banking Corp. | Financial institutions | Australia | |||||||||||
| A+/Negative | 3M Co. | Capital goods | U.S. | |||||||||||
| A+/Negative | American States Water Co. | Utilities | 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/Watch Neg | Hitachi Ltd., | Capital goods | Yes | Japan | ||||||||||
| 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 | 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 | SUEZ Water Resources LLC | Suez Environment Co. | Utilities | Yes | U.S. | |||||||||
| 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 | S.F. Holding Co. Ltd., | Transportation | China | |||||||||||
| A-/Watch Neg | Western Power Distribution PLC | PPL Corp. | Utilities | U.K. | ||||||||||
| A-/Negative | ATCO Ltd. | Utilities | Canada | |||||||||||
| A-/Negative | AXIS Capital Holdings Ltd. | Insurance | Bermuda | |||||||||||
| A-/Negative | American Electric Power Co. Inc. | Utilities | Yes | U.S. | ||||||||||
| A-/Negative | Arch Capital Group Ltd. | Insurance | Bermuda | |||||||||||
| A-/Negative | Assa Abloy AB | Capital goods | Sweden | |||||||||||
| A-/Negative | Atmos Energy Corp. | Utilities | U.S. | |||||||||||
| A-/Negative | Australian Prime Property Fund Retail | Homebuilders/real estate companies | Australia | |||||||||||
| 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 | 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 | U.S. | |||||||||||
| A-/Negative | Fomento Economico Mexicano, S. A. B. de C. V. | Retail/restaurants | Mexico | |||||||||||
| A-/Negative | Hitachi Capital (U.K.) PLC | Mitsubishi UFJ Financial Group Inc., | Financial institutions | Yes | U.K. | |||||||||
| 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 | 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 | Shikoku Electric Power Co. Inc. | Utilities | Japan | |||||||||||
| A-/Negative | Sociedad Concesionaria Autovia de la Plata S.A. | Utilities | Spain | |||||||||||
| 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 | Vier Gas Transport GmbH | Utilities | Yes | Germany | ||||||||||
| A-/Negative | Volkswagen Bank GmbH | Volkswagen AG | Financial institutions | Yes | Germany | |||||||||
| A-/Negative | daa PLC | Utilities | Ireland | |||||||||||
| BBB+/Watch Neg | American International Group Inc. | Insurance | U.S. | |||||||||||
| BBB+/Watch Neg | China Huarong Asset Management Co. Ltd. | Financial institutions | Yes | China | ||||||||||
| BBB+/Watch Neg | General Electric Co. | Capital goods | U.S. | |||||||||||
| BBB+/Watch Neg | KASIKORNBANK PCL. | Financial institutions | Thailand | |||||||||||
| BBB+/Watch Neg | RSA Insurance Group PLC | Insurance | U.K. | |||||||||||
| BBB+/Watch Neg | Rogers Communications Inc. | Telecommunications | 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 | U.S. | |||||||||||
| BBB+/Negative | CSolar IV South LLC | Utilities | U.S. | |||||||||||
| BBB+/Negative | Caribbean Utilities Co. Ltd. | Fortis Inc. | Utilities | Yes | Cayman Islands | |||||||||
| 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 | Credit Suisse Group AG | Financial institutions | Yes | Switzerland | ||||||||||
| BBB+/Negative | Dover Corp. | Capital goods | U.S. | |||||||||||
| BBB+/Negative | Enagas S.A. | Utilities | Spain | |||||||||||
| BBB+/Negative | Exelon Corp. | Utilities | U.S. | |||||||||||
| 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 | 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 | 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 | Northumbrian Water Ltd. | CK Hutchison Holdings Ltd. | Utilities | Yes | U.K. | |||||||||
| BBB+/Negative | Nouvelle Autoroute 30, S.E.N.C. | Utilities | Canada | |||||||||||
| BBB+/Negative | OGE Energy Corp. | Utilities | 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 | Ratch Group Public Co. Ltd. | Electricity Generating Authority of Thailand | Utilities | Thailand | ||||||||||
| 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 | Sodexo S.A. | Consumer products | France | |||||||||||
| 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 | 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 | CPI Property Group S.A. | Homebuilders/real estate companies | Yes | Luxembourg | ||||||||||
| BBB/Watch Neg | Crown Resorts Ltd. | Media and entertainment | Australia | |||||||||||
| BBB/Watch Neg | Millennium Parking Garages LLC | Utilities | U.S. | |||||||||||
| BBB/Negative | AEON Co. Ltd. | Retail/restaurants | Japan | |||||||||||
| BBB/Negative | AT&T Inc. | Telecommunications | U.S. | |||||||||||
| BBB/Negative | Adelaide Airport Ltd. | Utilities | Australia | |||||||||||
| BBB/Negative | AerCap Holdings N.V. | Transportation | Netherlands | |||||||||||
| 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 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 | China | |||||||||||
| 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 | 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 | 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 | 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 | 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 | Kennametal Inc. | Capital goods | U.S. | |||||||||||
| BBB/Negative | Koninklijke FrieslandCampina N.V. | Consumer products | Netherlands | |||||||||||
| BBB/Negative | Marathon Petroleum Corp. | Utilities | U.S. | |||||||||||
| BBB/Negative | Mercialys | Homebuilders/real estate companies | France | |||||||||||
| 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 | Australia | |||||||||||
| BBB/Negative | Origin Energy Ltd. | Utilities | 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 | 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 | France | |||||||||||
| BBB/Negative | Textron Inc. | Aerospace and defense | U.S. | |||||||||||
| 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 | Walgreens Boots Alliance Inc., | Retail/restaurants | U.S. | |||||||||||
| BBB/Negative | Wellington International Airport Ltd. | Utilities | New Zealand | |||||||||||
| BBB/Negative | Workspace Group PLC | Homebuilders/real estate companies | 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 | Rakuten Group Inc. | High technology | Japan | |||||||||||
| BBB-/Watch Neg | Standard Industries Inc. | Forest products and building materials | Yes | U.S. | ||||||||||
| 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 | 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 | 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 | 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 | Austria | |||||||||||
| BBB-/Negative | Indigo Group S.A. | Utilities | France | |||||||||||
| BBB-/Negative | Informa PLC | Media and entertainment | U.K. | |||||||||||
| 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 | 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 | Meituan | Consumer products | Yes | Cayman Islands | ||||||||||
| 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 | PVH Corp. | Consumer products | U.S. | |||||||||||
| BBB-/Negative | Perrigo Co. plc | Health care | 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 | SK Innovation Co. Ltd., | Oil and gas | Korea, Republic of | |||||||||||
| BBB-/Negative | SL Green Realty Corp. | Homebuilders/real estate companies | U.S. | |||||||||||
| BBB-/Negative | Sociedad Concesionaria Vespucio Norte Express S.A. | Transportation | Chile | |||||||||||
| BBB-/Negative | Stagecoach Group PLC | Transportation | U.K. | |||||||||||
| 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 | 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 | Austin Convention Enterprises Inc. | Utilities | Yes | U.S. | ||||||||||
| BB+/Watch Neg | CoreLogic Australia Pty Ltd. | CoreLogic Inc. | Media and entertainment | Yes | Australia | |||||||||
| BB+/Watch Neg | NRG Energy Inc. | Utilities | U.S. | |||||||||||
| BB+/Watch Neg | Parampujya Solar Energy Private Ltd. Restricted Group | Utilities | India | |||||||||||
| BB+/Watch Neg | Prayatna Developers Private Ltd. | Utilities | India | |||||||||||
| BB+/Negative | Accor S.A. | Media and entertainment | France | |||||||||||
| BB+/Negative | Apache Corp. | Oil and gas | U.S. | |||||||||||
| BB+/Negative | Ashland Global Holdings Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| BB+/Negative | Beijing Easyhome Investment Holding Group Co. Ltd., | Homebuilders/real estate companies | China | |||||||||||
| BB+/Negative | CDK Global Inc. | Media and entertainment | 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 | 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 | 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 | 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 | 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 | 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 | U.K. | |||||||||||
| BB/Watch Neg | FirstEnergy Corp. | Utilities | U.S. | |||||||||||
| BB/Watch Neg | Hilton Grand Vacations Inc. | Media and entertainment | U.S. | |||||||||||
| BB/Watch Neg | Invenergy Thermal Operating I LLC | Utilities | 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 | U.K. | |||||||||||
| BB/Watch Neg | W.R. Grace & Co. | Chemicals, packaging, and environmental services | Yes | U.S. | ||||||||||
| BB/Watch Neg | j2 Global Inc., | High technology | Yes | U.S. | ||||||||||
| 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 | ChampionX Corp. | Oil and gas | U.S. | |||||||||||
| BB/Negative | China Aluminum International Engineering Corp. Ltd. | Aluminum Corp. of China | Capital goods | 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 | FEH Inc., | Financial institutions | Yes | U.S. | ||||||||||
| BB/Negative | Fosun International Ltd. | Metals, mining, and steel | Hong Kong | |||||||||||
| BB/Negative | Four Seasons Holdings Inc. | Media and entertainment | Canada | |||||||||||
| BB/Negative | Government of Georgia | Sovereign | Georgia | |||||||||||
| 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 | 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 | 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-/Watch Neg | Arrow Global Group PLC | Financial institutions | Yes | U.K. | ||||||||||
| BB-/Watch Neg | Atlantic Power Corp. | Utilities | Canada | |||||||||||
| BB-/Watch Neg | Columbus McKinnon Corp. | Capital goods | U.S. | |||||||||||
| BB-/Watch Neg | Euskaltel S.A. | Telecommunications | Yes | Spain | ||||||||||
| BB-/Watch Neg | II-VI Inc. | High technology | Yes | U.S. | ||||||||||
| BB-/Watch Neg | Lumentum Holdings Inc., | High technology | 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 | 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 | 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 | U.S. | |||||||||||
| BB-/Negative | Crestwood Equity Partners LP | Crestwood Holdings LLC | Utilities | 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 | 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 | GMR Hyderabad International Airport Ltd. | Utilities | India | |||||||||||
| 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 | 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 | 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 | 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 | 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 | The Commonwealth of The Bahamas | Sovereign | Bahamas | |||||||||||
| BB-/Negative | Travel + Leisure Co. | Media and entertainment | U.S. | |||||||||||
| BB-/Negative | Tripadvisor Inc., | Media and entertainment | U.S. | |||||||||||
| BB-/Negative | US Ecology Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| BB-/Negative | Unifin Financiera, S.A.B. de C.V. | Financial institutions | Mexico | |||||||||||
| BB-/Negative | Uzpromstroybank | Financial institutions | Uzbekistan | |||||||||||
| BB-/Negative | Victoria PLC | Consumer products | U.K. | |||||||||||
| BB-/Negative | 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 | Cooke Omega Investments Inc. | Cooke Aquaculture Inc., | Consumer products | Canada | ||||||||||
| B+/Watch Neg | Extended Stay America Inc. | Media and entertainment | U.S. | |||||||||||
| B+/Watch Neg | Gamesys Group PLC | Media and entertainment | Yes | U.K. | ||||||||||
| 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 | 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 | 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 | 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 | Dufry AG | Retail/restaurants | Yes | Switzerland | ||||||||||
| B+/Negative | Financiera Independencia S.A.B. de C.V. SOFOM E.N.R. | Financial institutions | Mexico | |||||||||||
| B+/Negative | Fleet Topco Ltd. | Media and entertainment | 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 | 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 | Lightstone HoldCo LLC | Utilities | U.S. | |||||||||||
| B+/Negative | Limetree Bay Terminals, LLC | Utilities | U.S. | |||||||||||
| B+/Negative | MGM Resorts International | Media and entertainment | 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 | Marriott Vacations Worldwide Corp. | Media and entertainment | U.S. | |||||||||||
| B+/Negative | Mercer International Inc. | Forest products and building materials | U.S. | |||||||||||
| B+/Negative | Midwest Gaming Borrower, LLC | Media and entertainment | Yes | 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 | Plurinational State of Bolivia | Sovereign | 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 | 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 | TMK PAO | Metals, mining, and steel | Russia | |||||||||||
| 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 | Braskem Idesa, S.A.P.I. and subsidiary | Chemicals, packaging, and environmental services | Mexico | |||||||||||
| B/Watch Neg | Gopher Resource, LLC | ECP Gopher Holdings, L.P. | Metals, mining, and steel | Yes | U.S. | |||||||||
| B/Watch Neg | Kantar Global Holdings S.a r.l. | Media and entertainment | Yes | Luxembourg | ||||||||||
| B/Watch Neg | Rocket Software Inc., | High technology | Yes | U.S. | ||||||||||
| B/Watch Neg | Talen Energy Supply LLC | Talen Energy Corp. | Utilities | 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 | AP Gaming Holdings LLC | Media and entertainment | Yes | 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 | 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 | France | ||||||||||
| B/Negative | Altice International S.a.r.l. | Altice Europe N.V. | Telecommunications | 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 | Audacy Inc. | Media and entertainment | U.S. | |||||||||||
| B/Negative | BME Group Holding BV | Forest products and building materials | Netherlands | |||||||||||
| B/Negative | BVI Holdings Mayfair Ltd. | Health care | U.K. | |||||||||||
| B/Negative | Balboa Intermediate Holdings LLC | High technology | U.S. | |||||||||||
| B/Negative | Banijay Group SAS | Media and entertainment | France | |||||||||||
| B/Negative | Bella Holding Co, LLC | Health care | U.S. | |||||||||||
| 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 | Callaway Golf Co. | Consumer products | Yes | U.S. | ||||||||||
| B/Negative | CareerBuilder, LLC | Media and entertainment | Yes | U.S. | ||||||||||
| 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 | Diok Real Estate AG | Homebuilders/real estate companies | Yes | Germany | ||||||||||
| 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 | Endeavor Operating Co., LLC | Media and entertainment | Yes | U.S. | ||||||||||
| B/Negative | Endo International PLC | Health care | Ireland | |||||||||||
| B/Negative | Enova International Inc., | Financial institutions | 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 | IXS Holdings Inc., | Automotive | Yes | 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 | Koos Holding Cooperatief U.A. | Media and entertainment | Netherlands | |||||||||||
| 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 | LifeScan Global Corp. | Health care | U.S. | |||||||||||
| B/Negative | Lions Gate Entertainment Corp. | Media and entertainment | Yes | Canada | ||||||||||
| B/Negative | Live Nation Entertainment Inc. | Media and entertainment | U.S. | |||||||||||
| B/Negative | Lonestar II Generation Holdings LLC | Utilities | U.S. | |||||||||||
| B/Negative | Loxam SAS | Capital goods | France | |||||||||||
| B/Negative | MAG DS Corp. | Aerospace and defense | Yes | U.S. | ||||||||||
| B/Negative | MRO Holdings Inc., | Aerospace and defense | Panama | |||||||||||
| B/Negative | MTN Infrastructure TopCo Inc., | Telecommunications | U.S. | |||||||||||
| B/Negative | Magenta Buyer LLC | High technology | Yes | 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 | NCL Corp. Ltd. | Media and entertainment | 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 | 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 | Sixsigma Networks Mexico, S.A. De C.V.(KIO Networks) | High technology | Mexico | |||||||||||
| B/Negative | Smart & Final Funding LLC | Retail/restaurants | U.S. | |||||||||||
| B/Negative | Staples Inc. | Media and entertainment | U.S. | |||||||||||
| B/Negative | TRC Cos. Inc., | Capital goods | U.S. | |||||||||||
| B/Negative | Target Hospitality Corp. | Consumer products | 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 | 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 | Federal Democratic Republic of Ethiopia | Sovereign | Ethiopia | |||||||||||
| B-/Watch Neg | Independent State of Papua New Guinea | Sovereign | Yes | Papua New Guinea | ||||||||||
| 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 | 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 | API Holdings III Corp. | Aerospace and defense | Yes | U.S. | ||||||||||
| 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 | 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 | Avison Young (Canada) Inc. | Financial institutions | Yes | Canada | ||||||||||
| 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 | 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 | ConvergeOne Holdings Inc. | Media and entertainment | U.S. | |||||||||||
| B-/Negative | Cooper-Standard Holdings Inc., | Automotive | U.S. | |||||||||||
| B-/Negative | Coty Inc. | Consumer products | 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 | EnTrans International, LLC | Automotive | U.S. | |||||||||||
| B-/Negative | Energy Holdings (Cayman) Ltd., | Capital goods | Cayman Islands | |||||||||||
| B-/Negative | EnergySolutions Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
| B-/Negative | Eyemart Express Holdings LLC | Retail/restaurants | U.S. | |||||||||||
| B-/Negative | F-Brasile S.p.A | Aerospace and defense | Italy | |||||||||||
| B-/Negative | First American Payment Systems LP | High technology | U.S. | |||||||||||
| B-/Negative | FleetPride Inc., | Fastlane Parent Co. Inc., | Automotive | U.S. | ||||||||||
| B-/Negative | 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 | 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 | 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 | JSG I Inc. | Capital goods | U.S. | |||||||||||
| B-/Negative | Kirk Beauty One GmbH | Retail/restaurants | Yes | Germany | ||||||||||
| 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 | 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 | 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 | 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 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 | 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 | Vincent Topco BV (NL) | Consumer products | Netherlands | |||||||||||
| 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 April 30, 2021. Source: S&P Global Ratings Research. | ||||||||||||||
Related Research
- S&P Global Ratings Definitions, Jan. 5, 2021
This report does not constitute a rating action.
| Credit Markets Research: | Sarah Limbach, Paris + 33 14 420 6708; Sarah.Limbach@spglobal.com |
| Sudeep K Kesh, New York + 1 (212) 438 7982; sudeep.kesh@spglobal.com | |
| Research Contributors: | Abhik Debnath, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai |
| Shripati Pranshu, CRISIL Global Analytical Center, an S&P affiliate, Mumbai |
No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.
Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses.
To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw or suspend such acknowledgment at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.
S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.
S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees.
Any Passwords/user IDs issued by S&P to users are single user-dedicated and may ONLY be used by the individual to whom they have been assigned. No sharing of passwords/user IDs and no simultaneous access via the same password/user ID is permitted. To reprint, translate, or use the data or information other than as provided herein, contact S&P Global Ratings, Client Services, 55 Water Street, New York, NY 10041; (1) 212-438-7280 or by e-mail to: research_request@spglobal.com.