WDC – Closed CDS 203bps, Base Case iCDS 130bps

Negative Case iCDS 433bps, 2026 4.750% Bond YTW of 6.107%, iYTW of 5.101%

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

Low Refinancing Need...

MU – Base Case CDS 152bps, Base Case iCDS 50bps

Negative Case iCDS 151bps, 2027 4.185% Bond YTW of 5.188%, iYTW of 4.192%

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

Low Refinancing Need...

QRVO – Base Case iCDS 133bps

Negative Case 199bps, 2029 4.375% Bond YTW of 5.897%, iYTW of 4.877%

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

Low Refinancing Need...

TEX – Base Case CDS 271bps, Base Case iCDS 188bps,

Negative Case iCDS 414bps, 2029 5.000% Bond YTW of 6.554%, iYTW of 5.404%,

Ba3 Rating from S&P, IG4+ (equivalent to Baa1) Rating from Valens,

Low Refinancing Need...

MOH – Base Case CDS 195bps, Base Case iCDS 91bps,

Negative Case iCDS 151bps, 2028 4.375% Bond YTW of 6.138%, iYTW of 4.428%,

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

Low Refinancing Need...

FLR – Traded CDS 186bps, Base Case iCDS 156bps,

Negative Case iCDS 210bps, 2028 4.250% Bond YTW of 6.436%, iYTW of 5.204%,

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

Low Refinancing Need...

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...