TWI – Base Case iCDS 99bps,

Negative Case 550bps, 2028 7.000% Bond YTW of 7.338%, iYTW of 5.198%,

B1 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens,

Low Refinancing Need...

NRG – Base Case CDS 145bps, Base Case iCDS 35bps,

Negative Case iCDS 46bps, 2028 5.750% Bond YTW of 5.936%, iYTW of 4.556%,

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

Low Refinancing Need

 ...

MU – Base Case CDS 72bps, Base Case iCDS 28bps,

Negative Case iCDS 52bps, 2028 5.375% Bond YTW of 5.423%, iYTW of 4.903%,

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

Low Refinancing Need...

SQ – Base Case iCDS 65bps,

Negative Case iCDS 148bps, 2027 0.250% Bond YTW of 5.627%, iYTW of 4.740%,

Ba2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,

Low Refinancing Need

 ...

ZIP – Base Case iCDS 265bps,

Negative Case iCDS 317bps, 2030 5.000% Bond YTW of 7.368%, iYTW of 6.737%,

B1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,

Low Refinancing Need...

DVN – Base Case CDS 82bps, Base Case iCDS 62bps,

Negative Case iCDS 78bps, 2028 5.875% Bond YTW of 5.582%, iYTW of 4.942%,

Baa2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,

Low Refinancing Need

 ...

RTE.A – Base Case iCDS 137bps,

Negative Case iCDS 237bps, 2025 4.450% Bond YTW of 8.391%,

iYTW of 6.771%, CCC+ Rating from S&P, XO- (equivalent to BB+) Rating from Valens,

Low Refinancing Need...

CNC – Base Case CDS 126bps, Base Case iCDS 69bps,

Negative Case iCDS 71bps, 2029 4.625% Bond YTW of 5.617%, iYTW of 4.827%,

Ba1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,

Low Refinancing Need...

ROST – Base Case iCDS 43bps,

Negative Case iCDS 48bps, 2027 4.700% Bond YTW of 5.568%, iYTW of 4.822%,

A2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,

Low Refinancing Need...

UBER – CDS 89bps, Base Case iCDS 38bps

Negative Case iCDS 43bps, 2029 4.500% Bond YTW of 5.931%, iYTW of 4.724%

Ba3 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens

Low Refinancing Need...

MSCI – Base Case iCDS 123bps

Negative Case iCDS 149bps, 2029 4.000% Bond YTW of 5.693%, iYTW of 5.553%

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

Low Refinancing Need...

RRC – Base Case CDS 155bps

Base Case iCDS 182bps, Negative Case iCDS 254bps, 2029 8.250% Bond YTW of 6.394%, iYTW of 4.624%

Ba2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens

Low Refinancing Need...

FCX – Base Case CDS 112bps, Base Case iCDS 48bps,

Negative Case iCDS 63bps, 2028 5.250% Bond YTW of 5.343%, iYTW of 4.813%,

Baa2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens,

Low Refinancing Need...

MOH – Base Case CDS 152bps, Base Case iCDS 83bps,

Negative Case iCDS 155bps, 2028 4.375% Bond YTW of 6.033%, iYTW of 5.103%,

Ba3 Rating from Moody’s, IG3+ (equivalent to A1) Rating from Valens,

Low Refinancing Need...

TEX – Traded CDS 182bps, Base Case iCDS 138bps,

Negative Case 316bps, 2029 5.000% Bond YTW of 6.402%, iYTW of 5.682%,

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

Low Refinancing Need...

BA – Base Case CDS 76bps, Base Case iCDS 15bps,

Negative Case iCDS 25bps, 2029 3.200% Bond YTW of 5.340%, iYTW of 4.310%,

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

Low Refinancing Need...