KSS – Base Case CDS 487bps, Base Case iCDS 275bps,

Negative Case iCDS 326bps, 2029 7.250% Bond YTW of 8.495%, iYTW of 6.404%,

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

Low Refinancing Need

 ...

AR – Base Case CDS 112bps, Base Case iCDS 108bps,

Negative Case iCDS 122bps, 2029 7.625% Bond YTW of 5.911%, iYTW of 4.830%,

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

Low Refinancing Need...

MU – Base Case CDS 70bps, Base Case iCDS 28bps,

Negative Case iCDS 44bps, 2028 5.375% Bond YTW of 4.693%, iYTW of 4.040%,

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

Low Refinancing Need

 ...

CIEN – Base Case iCDS 115bps,

Negative Case iCDS 154bps, 2030 4.000% Bond YTW of 5.742%, iYTW of 5.080%,

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

Low Refinancing Need...

HOLX – Base Case iCDS 76bps,

Negative Case iCDS 106bps, 2028 4.625% Bond YTW of 5.743%, iYTW of 5.029%,

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

Low Refinancing Need...

BRBR – Base Case iCDS 129bps,

Negative Case iCDS 207bps, 2030 7.000% Bond YTW of 6.210%, iYTW of 5.384%,

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

Low Refinancing Need...

PBF – Base Case iCDS 166bps,

Negative Case iCDS 220bps, 2028 6.000% Bond YTW of 6.690%, iYTW of 5.788%,

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

Low Refinancing Need...

NRG – CDS 129bps, iCDS 32bps,

Negative Case iCDS 40bps, 2028 5.750% Bond YTW of 5.897%, iYTW of 4.564%,

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

Low Refinancing Need...

DVN – Base Case CDS 84bps, Base Case iCDS 60bps,

Negative Case iCDS 81bps, 2028 5.875% Bond YTW of 5.629%, iYTW of 5.336%,

Baa2 Rating from Moody’s, IG4+ Rating from Valens,

Low Refinancing Need...

ZIP – Base Case iCDS 302bps,

Negative Case iCDS 353bps, 2030 5.000% Bond YTW of 8.027%, iYTW of 7.484%,

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

Low Refinancing Need...

TWI – Base Case iCDS 414bps,

Negative Case 817bps, 2028 7.000% Bond YTW of 7.960%, iYTW of 9.034%,

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

Low Refinancing Need...