MUR – Base Case CDS 290bps, Base Case iCDS 163bps,

Negative Case iCDS 321bps, 2028 6.375% Bond YTW of 7.195%, iYTW of 5.310%,

Ba2 Rating from S&P, IG4+ (equivalent to Baa1) Rating from Valens,

Low Refinancing Need...

MTCH – Base Case CDS 218bps, Base Case iCDS 199bps,

Negative Case iCDS 311bps, 2027 5.000% Bond YTW of 7.096%, iYTW of 5.936%,

Ba2 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens,

Low Refinancing Need...

MTDR – Traded Base Case iCDS 162bps,

Negative Case iCDS 242bps, 2026 5.875% Bond YTW of 7.299%, iYTW of 5.619%,

Ba3 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,

Low Refinancing Need...

AMKR – CDS 192bps, Base Case iCDS 127bps,

Negative Case iCDS 208bps, 2027 6.625% Bond YTW of 7.146%, iYTW of 5.226%,

Ba3 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,

Low Refinancing Need...

CNC – Base Case CDS 168bps, Base Case iCDS 66bps,

Negative Case iCDS 69bps, 2027 4.250% Bond YTW of 6.023%, iYTW of 4.913%,

Ba1 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens,

Low Refinancing Need...

HES – Base Case CDS 121bps, Base Case iCDS 70bps

Negative Case iCDS 105bps, 2027 4.300% Bond YTW of 5.526%, iYTW of 4.968%

Baa3 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens

Low Refinancing Need...

SYNA – Base Case iCDS 153bps,

Negative Case iCDS 251bps, 2029 4.000% Bond YTW of 6.853%,

iYTW of 5.463%, Ba2 Rating from Moody’s, IG4+ (equivalent to Baa2) Rating from Valens,

Low Refinancing Need...

SQ – Base Case iCDS 67bps,

Negative Case iCDS 167bps, 2026 2.750% Bond YTW of 6.540%,

iYTW of 5.280%, Ba2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,

Low Refinancing Need...

UBER – CDS 228bps, Base Case iCDS 56bps,

Negative Case iCDS 66bps, 2027 7.500% Bond YTW of 6.932%,

iYTW of 4.826%, Ba3 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,

Low Refinancing Need...

PDCE – Base Case iCDS 179bps,

Negative Case iCDS 258bps, 2026 5.750% Bond YTW of 7.348%,

iYTW of 6.298%, Ba2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,

Low Refinancing Need...

CC – Traded CDS 389bps, Base Case iCDS 156bps,

Negative Case iCDS 248bps, 2028 5.750% Bond YTW of 8.420%,

iYTW of 5.720%, Ba3 Rating from Moody’s, XO (equivalent to Baa3) Rating from Valens,

Low Refinancing Need...

FCX – Base Case CDS 137bps, Base Case iCDS 65bps,

Negative Case iCDS 99bps, 2027 5.000% Bond YTW of 5.557%, iYTW of 4.667%,

Baa3 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,

Low Refinancing Need...

GM – Closed CDS 169bps, Base Case iCDS 103bps,

Negative Case iCDS 180bps, 2028 5.000% Bond YTW of 5.463%, iYTW of 5.034%,

Baa3 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens,

Low Refinancing Need...

F – Base Case CDS 299bps, Base Case iCDS 97bps,

Negative Case iCDS 130bps, 2026 4.346% Bond YTW of 5.395%, iYTW of 5.302%,

Ba2 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens,

Low Refinancing Need...

UPWK – Base Case iCDS 131bps,

Negative Case iCDS 157bps, 2026 0.250% Bond YTW of 7.560%,

iYTW of 4.976%,

Low Refinancing Need...