Highlighted Top: MGM – MGM Resorts International, TMUS – T-Mobile US, Inc., WYND – Wyndham Destinations, Inc.

– CDS 828bps, Base Case iCDS 212bps

– Negative Case iCDS 346bps, 2024 5.875% Bond YTW of 5.468%, iYTW of 3.788%

– B3 Rating from Moody’s, XO (equivalent to Baa3) Rating from Valens

– High Refinancing Need

– CDS 968bps, Base Case iCDS 564bps

– Negative Case iCDS 2,412bps, 2025 6.375% Bond YTW of 10.100%, iYTW of 7.270%

– B2 Rating from Moody’s, HY1 (equivalent to Ba2) Rating from Valens

– Moderate Refinancing Need

Highlighted Top: CSTM – Constellium SE, GT – The Goodyear Tire & Rubber Company, URI – United Rentals, Inc.

Highlighted Top: AL – Air Lease Corporation, LEN – Lennar Corporation, RAD – Rite Aid Corporation

– CDS 1,312bps, Base Case iCDS 576bps

– Negative Case iCDS 1,201bps, 2023 6.125% Bond YTW of 11.160%, iYTW of 7.360%

– Caa1 Rating from Moody’s, XO (equivalent to Baa3) Rating from Valens

– High Refinancing Need

Highlighted Top: BBY – Best Buy Co., Inc., GME – GameStop Corp., LB – L Brands, Inc.

Highlighted Top: DF – Dean Foods Company, DOOR – Masonite International Corporation, SUM – Summit Materials, Inc.

Highlighted Top: ADNT – Adient plc, AMAG – AMAG Pharmaceuticals, Inc., BZH – Beazer Homes USA, Inc.

Highlighted Top: GM – General Motors Company, MTW – The Manitowoc Company, Inc., X – United States Steel Corporation 

Highlighted Top: AXL– American Axle & Manufacturing Holdings, Inc., UNT – Unit Corporation, RFP – Resolute Forest Products Inc.

– CDS 741bps, Base Case iCDS 380bps

– Negative Case iCDS 987bps, 2025 6.875% Bond YTW of 9.599%

Highlighted Top: AER – AerCap Holdings N.V. , CAR – Avis Budget Group, Inc. , CVS – CVS Health Corporation