Key Takeaways
- The number of potential bond downgrades decreased in May for the ninth month in a row, to 757 as of May 31, 2021, from 844 as of April 30, 2021.
- Meanwhile, the number of potential bond upgrades increased to 299, from 268 a month earlier.
- The gap between potential bond downgrades and potential bond upgrades has tightened further, though remains above prepandemic levels.
- By sector, media and entertainment continues to lead our count of potential bond downgrades with 110, followed closely by financial institutions, contributing 109.
The number of potential bond downgrades (defined as issuers rated 'AAA' to 'B-' by S&P Global Ratings with either negative rating outlooks or ratings on CreditWatch with negative implications) decreased by 87, to 757 as of May 31, from 844 in April. This represents the ninth consecutive month of a declining potential downgrade count. Since April, we have removed 109 issuers from our list. Of these, 104 were driven by positive outlook revisions, 19 of which were accompanied by downgrades and five of which were accompanied by upgrades. Meanwhile, we added 22 issuers to our list--15 of these were driven by revisions in the outlook or CreditWatch placement, and two were accompanied by downgrades (see table 1). Financial institutions saw the most significant reduction in their tally of potential bond downgrades with 16 net removals, followed by capital goods, with 15 net removals.
At the same time, the tally 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 299 as of end-May, from 268 in the previous month. The number of potential upgrades has been rising consistently since July 2020, when it had reached its trough of 98, and now stands at its highest since March 2019.
Chart 1
Negative Bias Decreased Across All Sectors In May
Between April and May, negative bias dropped across all sectors, pointing to a deceleration in the pace of downgrades looking forward and, consequently, a decrease in the respective downgrade proportions. As of May 31, all sectors have a negative bias near the 12-month low. Automotive, oil and gas, and retail have seen the most significant drops in negative bias from May 2020, with 52 percentage points (ppts), 43 ppts and 40 ppts respectively (see chart 2).
Chart 2
Nearly 60% Of Potential Downgrades Are Rated Speculative-Grade
Nearly 60%--448 out of 757--of potential downgrade are rated speculative-grade. The media and entertainment sector alone contributes 92 of these. Among investment-grade issuers, utilities (including merchant power and midstream) has the highest contribution, with 70, followed by financial institutions, with 69. 'B' rated entities (including 'B+', 'B' and 'B-') continue to contribute the most issuers on our list with 124, while the number of total rated issuers within this category fell to 290 in May 2021 from 331 a month earlier.
Chart 3
As Positive Outlook and CreditWatch Revisions Outnumber Negative Ones, Downgrade Potential Decreases And Upgrade Potential Increases
The rating trends in 2020 were dominated by negative actions on ratings and outlooks as well as negative CreditWatch placements. This year so far, positive rating actions outnumbered the negative ones. Since our last report, 85 removals from our list of potential downgrades were due to revisions in outlook or CreditWatch, five of which were accompanied by upgrades. This count does not include revisions in outlook or CreditWatch while the issuer was simultaneously downgraded. In the meantime, only 13 potential downgrades were added due to negative revisions in outlook or negative CreditWatch placements. Also, the number of potential bond upgrades climbed to 299 in May from 268 a month earlier, to its highest count since March 2019 (see chart 3). This hints at an acceleration in the pace of upgrades looking forward.
Chart 4
Media And Entertainment Continues To Be The Sector With The Highest Credit Quality Deterioration From The Pandemic
Media and entertainment is the sector that has been, and continues to be, hurt the most by the shocks related to the pandemic and the measures to contain it. The sector leads the tally of potential bond downgrades with 110 issuers, followed by financial institutions at 109. While the elevated count of media and entertainment firms on our list is due to the pandemic's impact, the relatively high number of financial institutions on the list is related to the size of that rated universe.
The elevated downgrade proportion over the past 12 months, as well as the differential with its long-term average, further illustrates the particular vulnerabilities of media and entertainment corporates to pandemic-related restrictions (see chart 5).
Chart 5
Table 1
Most Entities Were Added And Removed After Outlook And CreditWatch Revisions | ||||||||
---|---|---|---|---|---|---|---|---|
--Potential bond downgrade removals-- | --Potential bond downgrade additions-- | |||||||
Reason for removal | Issuer count | Reason for addition | Issuer count | |||||
OLCW change | 80 | OLCW change | 13 | |||||
Downgraded and OLCW change | 19 | Parent | 4 | |||||
Upgraded and OLCW change | 5 | Newly rated issuer | 1 | |||||
Ratings withdrawn | 3 | Newly rated debt | 2 | |||||
Downgraded | 1 | Downgraded and OLCW change | 2 | |||||
No outstanding debt | 1 | Upgraded and OLCW change | 0 | |||||
Default | 0 | Upgraded | 0 | |||||
Parent | 0 | Downgraded | 0 | |||||
Selective default (SD) | 0 | |||||||
Upgraded | 0 | |||||||
Total | 109 | Total | 22 | |||||
Data as of May 31, 2021. OLCW--Outlook or CreditWatch. Source: S&P Global Ratings Research. |
Table 2
Media And Entertainment, Utilities, And Financial Institutions Have The Highest Negative Bias Contribution To The Total Potential Bond Downgrade Portfolio (%) | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sector | Trailing-12-month downgrade count (no. of downgrades) | 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 | ||||||||
Aerospace and defense | 23 | 85.19 | 37.10 | 21.40 | (15.70) | 2.38 | ||||||||
Media and entertainment | 105 | 70.95 | 40.79 | 26.88 | (13.91) | 14.53 | ||||||||
Transportation | 28 | 60.87 | 33.93 | 21.94 | (11.98) | 4.49 | ||||||||
Oil and gas | 70 | 72.92 | 26.54 | 20.64 | (5.90) | 3.17 | ||||||||
Utilities | 83 | 76.85 | 23.91 | 20.47 | (3.44) | 14.40 | ||||||||
Homebuilders and real estate companies | 32 | 58.18 | 17.51 | 15.70 | (1.81) | 5.02 | ||||||||
Automotive | 12 | 42.86 | 28.43 | 26.73 | (1.70) | 3.04 | ||||||||
Financial institutions | 48 | 73.85 | 20.91 | 20.27 | (0.63) | 14.40 | ||||||||
Sovereign | 20 | 83.33 | 14.78 | 14.43 | (0.35) | 2.38 | ||||||||
Capital goods | 20 | 54.05 | 21.93 | 22.05 | 0.12 | 4.49 | ||||||||
Consumer products | 61 | 58.10 | 24.60 | 25.03 | 0.43 | 8.45 | ||||||||
Health care | 18 | 42.86 | 16.79 | 17.89 | 1.10 | 4.76 | ||||||||
Telecommunications | 18 | 62.07 | 16.43 | 20.25 | 3.82 | 3.30 | ||||||||
Chemicals, packaging, and environmental services | 32 | 53.33 | 15.15 | 19.51 | 4.36 | 3.43 | ||||||||
Forest products and building materials | 17 | 54.84 | 16.67 | 22.53 | 5.86 | 2.25 | ||||||||
Insurance | 6 | 42.86 | 9.84 | 16.60 | 6.76 | 1.72 | ||||||||
Retail and restaurants | 25 | 34.72 | 18.52 | 25.34 | 6.83 | 3.04 | ||||||||
Metals, mining, and steel | 24 | 70.59 | 17.56 | 24.75 | 7.19 | 2.11 | ||||||||
High technology | 27 | 43.55 | 9.79 | 21.30 | 11.51 | 2.64 | ||||||||
Diversified | 3 | 100.00 | 0.00 | 18.14 | 18.14 | 0.00 | ||||||||
Data as of May 31, 2021. Source: S&P Global Ratings Research. |
Table 3
Issuers On CreditWatch/Outlook Negative ('AAA' Through 'B-' Ratings) | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Rating | Issuer | Parent company | Sector/Subsector | New to the list this month | 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-/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 | 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 | East Japan Railway Co. | Utilities | Yes | Japan | ||||||||||
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 | Canadian National Railway Co. | Transportation | Yes | Canada | ||||||||||
A/Watch Neg | Hitachi Ltd., | Capital goods | 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 | Connecticut Light & Power Co. | Eversource Energy | Utilities | Yes | U.S. | |||||||||
A/Negative | Dongfeng Motor Group Co. Ltd. | Dongfeng Motor Corporation | Automotive | China | ||||||||||
A/Negative | EVN AG | Utilities | Austria | |||||||||||
A/Negative | Genworth Financial Mortgage Insurance Pty Ltd. | Genworth Financial Inc. | Insurance | Yes | Australia | |||||||||
A/Negative | Hormel Foods Corp. | Consumer products | 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 | U.S. | ||||||||||
A/Negative | Scentre Group | Homebuilders/real estate companies | Australia | |||||||||||
A/Negative | Schlumberger Ltd. | Oil and gas | Curacao | |||||||||||
A/Negative | Seven & i Holdings Co. Ltd., | Retail/restaurants | Yes | Japan | ||||||||||
A/Negative | Singapore Telecommunications Ltd. | Telecommunications | Singapore | |||||||||||
A/Negative | Societe Generale | Financial institutions | France | |||||||||||
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 | Deutsche Wohnen SE | Homebuilders/real estate companies | Yes | Germany | ||||||||||
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 | U.S. | |||||||||||
A-/Negative | Arch Capital Group Ltd. | Insurance | Bermuda | |||||||||||
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 | Deutsche Pfandbriefbank AG | Financial institutions | 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 | 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 | S.F. Holding Co. Ltd., | Transportation | Yes | China | ||||||||||
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 | Vier Gas Transport GmbH | Utilities | Germany | |||||||||||
A-/Negative | Volkswagen Bank GmbH | Volkswagen AG | Financial institutions | 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 | 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 | Banco de Credito del Peru | Credicorp Ltd. | Financial institutions | Peru | ||||||||||
BBB+/Negative | Bankinter S.A. | Financial institutions | Spain | |||||||||||
BBB+/Negative | Bausparkasse Wuestenrot AG | Financial institutions | Yes | Austria | ||||||||||
BBB+/Negative | Broadridge Financial Solutions Inc. | Media and entertainment | U.S. | |||||||||||
BBB+/Negative | Caribbean Utilities Co. Ltd. | Fortis Inc. | Utilities | Cayman Islands | ||||||||||
BBB+/Negative | Coca-Cola Femsa, S.A.B. de C.V. | Consumer products | Mexico | |||||||||||
BBB+/Negative | Commerzbank AG | Financial institutions | Germany | |||||||||||
BBB+/Negative | Credit Suisse Group AG | Financial institutions | Switzerland | |||||||||||
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 | 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 | 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 | 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 | 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/Watch Neg | CPI Property Group S.A. | Homebuilders/real estate companies | Luxembourg | |||||||||||
BBB/Watch Neg | Crown Resorts Ltd. | Media and entertainment | Australia | |||||||||||
BBB/Watch Neg | DIRECTV | AT&T Inc. | Telecommunications | Yes | U.S. | |||||||||
BBB/Watch Neg | Millennium Parking Garages LLC | Utilities | U.S. | |||||||||||
BBB/Watch Neg | Warner Media, LLC | AT&T Inc. | Media and entertainment | Yes | U.S. | |||||||||
BBB/Negative | AEON Co. Ltd. | Retail/restaurants | Japan | |||||||||||
BBB/Negative | Adelaide Airport Ltd. | Utilities | Australia | |||||||||||
BBB/Negative | AerCap Holdings N.V. | Transportation | Netherlands | |||||||||||
BBB/Negative | 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 | 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 | 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 | 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 | 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 | Australia | |||||||||||
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 | 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 | 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 | BrightSphere Investment Group Inc. | Financial institutions | Yes | U.S. | ||||||||||
BBB-/Watch Neg | Domtar Corp. | Forest products and building materials | Yes | U.S. | ||||||||||
BBB-/Watch Neg | Rakuten Group Inc., | High technology | Japan | |||||||||||
BBB-/Watch Neg | Standard Industries Inc. | Forest products and building materials | U.S. | |||||||||||
BBB-/Negative | AIB Group PLC | Financial institutions | Ireland | |||||||||||
BBB-/Negative | Abertis Infraestructuras S.A. | Utilities | Spain | |||||||||||
BBB-/Negative | 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 | 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 | Eesti Energia AS | Utilities | Estonia | |||||||||||
BBB-/Negative | Enable Midstream Partners, LP | Utilities | U.S. | |||||||||||
BBB-/Negative | Expedia Group Inc., | Media and entertainment | U.S. | |||||||||||
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 | 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 Group PLC | Financial institutions | U.K. | |||||||||||
BBB-/Negative | Marriott International Inc. | Media and entertainment | U.S. | |||||||||||
BBB-/Negative | Meituan | Consumer products | Cayman Islands | |||||||||||
BBB-/Negative | Metro AG | Retail/restaurants | Germany | |||||||||||
BBB-/Negative | Molson Coors Beverage Co. | Consumer products | U.S. | |||||||||||
BBB-/Negative | Nexteer Automotive Group Ltd. | Aviation Industry Corporation of China, Ltd. | Automotive | Cayman Islands | ||||||||||
BBB-/Negative | Nissan Motor Co. Ltd. | Automotive | Japan | |||||||||||
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 | 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 | 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 | CoreLogic Australia Pty Ltd | CoreLogic Inc. | High technology | Australia | ||||||||||
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 | Akropolis Group UAB | Vilniaus Prekyba | Homebuilders/real estate companies | Yes | Lithuania | |||||||||
BB+/Negative | Apache Corp. | Oil and gas | U.S. | |||||||||||
BB+/Negative | Ashland Global Holdings Inc. | Chemicals, packaging, and environmental services | U.S. | |||||||||||
BB+/Negative | Austin Convention Enterprises Inc. | Utilities | Yes | 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 | 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 | 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 | FirstEnergy Corp. | Utilities | U.S. | |||||||||||
BB/Watch Neg | Hilton Grand Vacations Inc. | Media and entertainment | 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 | U.S. | |||||||||||
BB/Watch Neg | j2 Global Inc., | High technology | 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 | 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 | 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 | Icahn Enterprises L.P. | Financial institutions | U.S. | |||||||||||
BB/Negative | Iccrea Banca SpA | Financial institutions | Italy | |||||||||||
BB/Negative | International Consolidated Airlines Group, S.A. | Transportation | Spain | |||||||||||
BB/Negative | International Game Technology Plc | Media and entertainment | U.K. | |||||||||||
BB/Negative | Intrum AB (publ) | Financial institutions | Sweden | |||||||||||
BB/Negative | KazMunayGas NC JSC | Oil and gas | Kazakhstan | |||||||||||
BB/Negative | Matthews International Corp. | Health care | U.S. | |||||||||||
BB/Negative | Melco Resorts (Macau) Ltd. | Melco International Development Ltd. | Media and entertainment | Macau | ||||||||||
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 | 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 | 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 | U.K. | |||||||||||
BB-/Watch Neg | Atlantic Power Corp. | Utilities | Canada | |||||||||||
BB-/Watch Neg | Euskaltel S.A. | Telecommunications | Spain | |||||||||||
BB-/Watch Neg | Ferro Corp. | Chemicals, packaging, and environmental services | Yes | U.S. | ||||||||||
BB-/Watch Neg | II-VI 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 | 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 | 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 | EFS Cogen Holdings I LLC | Utilities | Yes | U.S. | ||||||||||
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 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 | 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 | WEPA Hygieneprodukte GmbH | Consumer products | Yes | Germany | ||||||||||
BB-/Negative | WEX Inc. | Financial institutions | U.S. | |||||||||||
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 | U.K. | |||||||||||
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 | Bausch Health Cos. Inc. | Health care | Yes | Canada | ||||||||||
B+/Negative | Blackstone Mortgage Trust Inc. | Financial institutions | 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 | Connect Bidco Ltd. | Telecommunications | Guernsey | |||||||||||
B+/Negative | Consolidated Energy Ltd. | Chemicals, packaging, and environmental services | Trinidad and Tobago | |||||||||||
B+/Negative | Dufry AG | Retail/restaurants | 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 | GeoProMining Investment (CYP) Ltd. | Metals, mining, and steel | Yes | Cyprus | ||||||||||
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 | Kingdom of Bahrain | Sovereign | Yes | Bahrain | ||||||||||
B+/Negative | Lightstone HoldCo LLC | Utilities | U.S. | |||||||||||
B+/Negative | Limetree Bay Terminals, LLC | Utilities | U.S. | |||||||||||
B+/Negative | Lorca Telecom Bidco S.A.U. | Telecommunications | Yes | Spain | ||||||||||
B+/Negative | MGM Resorts International | Media and entertainment | 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 | 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 | 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 | Sinclair Broadcast Group Inc. | Media and entertainment | U.S. | |||||||||||
B+/Negative | Springer Nature AG & Co. KGaA | Media and entertainment | Germany | |||||||||||
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 | West Deptford Energy Holdings, LLC | Utilities | U.S. | |||||||||||
B+/Negative | Wilsonart, LLC | Forest products and building materials | U.S. | |||||||||||
B/Watch Neg | Gopher Resource, LLC | ECP Gopher Holdings, L.P. | Metals, mining, and steel | U.S. | ||||||||||
B/Watch Neg | Kantar Global Holdings S.a r.l. | Media and entertainment | Luxembourg | |||||||||||
B/Watch Neg | Talen Energy Supply LLC | Talen Energy Corporation | 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 | U.S. | |||||||||||
B/Negative | ARS Intermediate Holdings LLC | Consumer products | U.S. | |||||||||||
B/Negative | Access CIG, LLC | Media and entertainment | U.S. | |||||||||||
B/Negative | Ai Sirona (Luxembourg) Acquisition Sarl | Health care | Luxembourg | |||||||||||
B/Negative | Albaraka Turk Katilim Bankasi AS | Al Baraka Banking Group B.S.C. | Financial institutions | Turkey | ||||||||||
B/Negative | 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 | Azalea TopCo Inc., | Health care | Yes | 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 | Braskem Idesa, S.A.P.I. and subsidiary | Chemicals, packaging, and environmental services | Yes | Mexico | ||||||||||
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 | U.S. | |||||||||||
B/Negative | CareerBuilder, LLC | Media and entertainment | U.S. | |||||||||||
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 Next Generation 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 | Diok Real Estate AG | Homebuilders/real estate companies | Germany | |||||||||||
B/Negative | Element Materials Technology Ltd. | Consumer products | U.K. | |||||||||||
B/Negative | Emerald X Inc., | Media and entertainment | U.S. | |||||||||||
B/Negative | Endeavor Operating Co., LLC | Media and entertainment | U.S. | |||||||||||
B/Negative | Endo International PLC | Health care | Ireland | |||||||||||
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 | 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 | U.S. | |||||||||||
B/Negative | Jaguar Land Rover Automotive PLC | Tata Motors Ltd. | Automotive | Yes | U.K. | |||||||||
B/Negative | K+S Aktiengesellschaft | Chemicals, packaging, and environmental services | Germany | |||||||||||
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 Corporation | 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 | Canada | |||||||||||
B/Negative | Live Nation Entertainment Inc. | Media and entertainment | U.S. | |||||||||||
B/Negative | Lonestar II Generation Holdings LLC | Utilities | U.S. | |||||||||||
B/Negative | MAG DS Corp. | Aerospace and defense | 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 | 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 | Newport Group Holdings II Inc., | Media and entertainment | U.S. | |||||||||||
B/Negative | NexTier Oilfield Solutions Inc. | Oil and gas | U.S. | |||||||||||
B/Negative | Park Hotels & Resorts Inc. | Media and entertainment | U.S. | |||||||||||
B/Negative | Park-Ohio Industries Inc. | Capital goods | U.S. | |||||||||||
B/Negative | Penn National Gaming Inc. | Media and entertainment | U.S. | |||||||||||
B/Negative | 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 | Sovos Brands Intermediate Inc., | Consumer products | Yes | U.S. | ||||||||||
B/Negative | Staples Inc. | Media and entertainment | U.S. | |||||||||||
B/Negative | Target Hospitality Corp. | Consumer products | U.S. | |||||||||||
B/Negative | TecoStar Holdings Inc., | Health care | U.S. | |||||||||||
B/Negative | Tendam Brands S.A.U. | Consumer products | Spain | |||||||||||
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 | Papua New Guinea | |||||||||||
B-/Watch Neg | Sichuan Languang Development Co. Ltd., | Homebuilders/real estate companies | Yes | China | ||||||||||
B-/Watch Neg | Spectacle Gary Holdings, LLC | Media and entertainment | U.S. | |||||||||||
B-/Watch Neg | Transportes Aereos Portugueses, SGPS, S.A. | Transportation | Portugal | |||||||||||
B-/Watch Neg | Universal Entertainment Corp. | Media and entertainment | Yes | Japan | ||||||||||
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 | 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 | 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 | CFS Brands LLC | Capital goods | U.S. | |||||||||||
B-/Negative | CIRCOR International Inc., | Capital goods | 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 | Coronado Global Resources Inc. | Metals, mining, and steel | Yes | Australia | ||||||||||
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 | 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 | 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 | GBT JerseyCo Ltd. | Media and entertainment | U.K. | |||||||||||
B-/Negative | Genuine Financial Holdings, LLC | Consumer products | U.S. | |||||||||||
B-/Negative | Greenway Health, LLC | Health care | U.S. | |||||||||||
B-/Negative | Guitar Center Inc. | Guitar Center Holdings Inc. | Retail/restaurants | 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 | Germany | |||||||||||
B-/Negative | Kiwi VFS SUB I S.ar.l | Consumer products | Luxembourg | |||||||||||
B-/Negative | Knowlton Development HoldCo Inc., | Consumer products | Canada | |||||||||||
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 | 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 | Northpole Newco S.a.r.l. | Triangle Holdings S.A. | High technology | Luxembourg | ||||||||||
B-/Negative | Oak Holdings, LLC | Consumer products | U.S. | |||||||||||
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 | 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 | 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 | Salient CRGT Inc., | Aerospace and defense | U.S. | |||||||||||
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 | U.S. TelePacific Holdings Corp. | Telecommunications | U.S. | |||||||||||
B-/Negative | Vincent Topco BV (NL) | Consumer products | Netherlands | |||||||||||
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 May 31, 2021. OLCW--Outlook or CreditWatch. Source: S&P Global Ratings Research. |
Related Research
- COVID-19 Heat Map: Pent-Up Demand And Supply Shortages Further Improve Recovery Prospects For Credit Quality, June 8, 2021
- 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 Contributor: | Shripati Pranshu, CRISIL Global Analytical Center, an S&P affiliate, Mumbai |
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