An issuer that remained rated for more than one year was counted as many times as the number of years it was rated. This transaction was aimed at preserving liquidity as sales volume and operating income had been adversely affected by the pandemic. Adding those companies first rated in 1981 to the surviving members (those still actively rated and not in default) of the 1981 static pool forms the 1982 static pool. Noteholders validly tendered about 69% of the total outstanding principal amount of the notes through the exchange. Speculative-grade bond spreads in the U.S. widened to 991 basis points (bps) on March 23, but finished the year at 434 bps. The procedure for calculating the Gini coefficients is illustrated in chart 31: Area B is bounded by the random curve and the Lorenz curve, while area A is bounded by the Lorenz curve and the ideal curve. At the time of the withdrawal, our 'D' rating reflected the nonpayment of the coupon on the $350 million Eurobond in April 2020 followed by a nonpayment of its mezzanine loan. All rating changes that took place are reflected in the newly formed 1982 static pool through the ratings on these entities as of 12:00:01 a.m. on Jan. 1, 1982. On Nov. 9, 2020, we withdrew the issuer credit ratings on the company at its request. On Nov. 4, 2020, S&P Global Ratings withdrew its ratings on the issuer. In other words, the use of a rating category suggests that transitions, for example, to 'AA' from 'AA-' or to 'BBB+' from 'BBB-', are not considered to be rating transitions because the rating remained within the rating category. Given this track record, monitoring the trends of newly assigned ratings could prove useful in anticipating future default activity, based on the observation that years with high numbers of new 'B-' and lower ratings will likely be followed by increased default risk. On Oct. 14, 2020, S&P Global Ratings lowered its long-term issuer credit rating on Argentina-based Banco Hipotecario S.A. to 'SD' from 'CC' after the issuer announced that 46.7% of the bondholders of its outstanding US$279.8 million series 29 notes due on Nov. 30, 2020, accepted the exchange offer originally launched in early September. For example, in the average one-year global transition matrix in table 33, each cell's weighted standard deviation is calculated from the series of that particular cell in each of the 40 cohorts beginning with the 1981 cohort and ending with the 2020 cohort. S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. The share of management teams citing labor shortages, now at less than a third of the peak in 3Q 2021, indicates loosening in the jobs market. On March 9, 2020, Bluestem Brands Inc. defaulted, having filed for Chapter 11 bankruptcy to restructure its debt. On Oct. 20, 2020, S&P Global Ratings raised its issuer credit ratings to 'B-' from 'D' after the issuer announced it had completed a debt restructuring transaction, resulting in US$400 million of debt reduction. For additional details on the 2020 defaulters, see Appendix III. Moody's Corporation reported revenue of $1.5 billion for the three months ended March 31, 2022, down 5% from the prior-year period. That is, when default pressure is high, economic conditions are such that the likelihood of companies from across the rating spectrum suffering a more rapid deterioration of credit quality is higher. This transactions increased available liquidity and reduced cash interest for the short term. Despite a rising default rate in 2020 (see chart 21), risk tolerance among lenders has remained near the post-financial crisis high. On Nov. 18, 2020, S&P Global Ratings withdrew the issuer credit rating at the issuer's request. On May 5, 2020, S&P Global Ratings lowered its long-term issuer credit rating on Luxembourg-based e-learning/training content software provider Evergreen Skills Lux S.ar.l. On June 24, 2020, S&P Global Ratings withdrew its issuer credit rating at the company's request. In connection with the filing, the company entered into a restructuring support agreement with the holders of approximately 92% of the principal amount of its tranche B-2 term loan and approximately 87% of the principal amount of its asset-based lending FILO term loan. *This table compares the net change in ratings from the first to the last day of each year. Broadly consistent with 2019, almost 54% of defaults in 2020 came from two sectors: consumer services and energy and natural resources (with 122 defaults combined). As an example, if 'CCC'/'C' rated entities made up 10% of the total population of issuers at the start of the time frame examined (x-axis) and 50% of the defaulters (y-axis), then the coordinate (10, 50) would be the first point on the curve. On Feb. 12, 2020, S&P Global Ratings lowered its long-term issuer credit rating on RentPath LLC to 'D' after the issuer defaulted and filed for Chapter 11 bankruptcy. Moody's expects the overall default rate for commodity companies to fall sharply this year, to 3.4% from 12.6% in 2016. The only exceptions to the correspondence between lower ratings and higher default rates occur when the number of defaults is low or when the underlying number of issuers is very small--such as at the rating modifier level among the higher rating categories (see table 26). *U.S., Bermuda, and Cayman Islands. Includes investment-grade and speculative-grade entities. On Sept. 17, 2020, S&P Global Ratings withdrew its ratings at the issuer's request. FORM 8-K. CURRENT REPORT Pursuant To Section 13 or 15 (d) of The Securities Exchange Act of 1934. On Aug. 6, 2020, S&P Global Ratings lowered its long-term issuer credit rating on Switzerland-based offshore drilling contractor Transocean Ltd. to 'SD' from 'CCC' after the issuer opted for an exchange of US$356 million due in 2023 for US$ 213 million new debt at a higher interest rate. That was below the . On March 26, 2020, we withdrew our issuer ratings at the company's request. On Feb. 13, 2020, S&P Global Ratings lowered its long-term issuer credit rating on California-based newspaper publisher The McClatchy Co. to 'D' from 'CC' after the issuer filed for bankruptcy under Chapter 11. This does not necessarily indicate a default event, but during the period of regulatory supervision, the regulators may have the power to favor one class of obligations over others or pay some obligations and not others. For example, 10 companies rated 'A' at any point in their lifetimes (excluding initial ratings) defaulted within one year of receiving this rating. On Dec. 23, 2020, we raised the issuer credit ratings to 'B-' from 'D'. The majority of the company's revenue comes from airports, depending on airline passenger travel, which has declined sharply because of the pandemic. US$110 million floating rate first-lien bank loan due Dec. 17, 2020, US$872 million floating rate first-lien TL B2 bank loan due April 21, 2024, US$75 million floating rate revolver bank loan due April 21, 2022, US$215 million floating rate second-lien term bank loan due April 21, 2025, US$306.5 million floating rate term bank loan due Nov. 2, 2020, US$740 million floating rate first-lien term loan B bank loan due Dec. 5, 2023, 225 million floating rate notes due Aug. 1, 2022, 375 million 6.50% notes due Aug. 1, 2023, 65 million floating rate first-lien guaranteed bank loan due July 27, 2022, US$300 million 7.25% bonds due Feb. 22, 2020, US$300 million 6.40% bonds due July 10, 2021, US$250 million 7.875% bonds due March 22, 2021, CNY1 billion 7.20% bonds due Dec. 20, 2022, CNY600 million 7.08% bonds due Oct. 8, 2022, US$95 million variable rate bank loan due Aug. 4, 2020, US$350 million 8.25% notes due Jan. 25, 2020, US$112.308 million 8.00% notes due Jan. 20, 2022, 85 million variable-rate revolving credit facility bank loan due June 13, 2020, 55 million variable-rate second-lien bank loan due June 13, 2022, 460 million variable-rate bank loan due July 13, 2021, 160 million variable-rate bank loan due April 9, 2020, US$750 million variable-rate bank loan due April 9, 2020, US$290 million variable-rate (outstanding amount US$160 million) bank loan due Oct. 9, 2020, US$300 million 9.00% senior secured second-lien notes due Nov. 15, 2020, US$336 million floating rate first-lien term bank loan due Nov. 15, 2021, US$210 million 9.00% notes due May 15, 2023, US$1.15 billion floating rate term B bank loan due Nov. 12, 2020, US$640 million first-lien guaranteed senior secured asset-based revolver, US$100 million 7.15% debenture due Nov. 1, 2027, US$300 million 6.875% debenture due March 15, 2029, US$310 million 9.00% notes due July 15, 2026, US$268 million 6.875% debenture due July 15, 2031, US$157 million 7.795% second-lien guaranteed secured due July 15, 2030, 300 million 7.75% notes due Feb. 15, 2023, 200 million floating rate bank loan due Feb. 11, 2021, 60 million floating rate bank loan due Feb. 11, 2021, US$655 million floating rate first-lien term bank loan due April 19, 2024, US$100 million floating rate revolver bank loan due April 20, 2022, US$160 million floating rate second-lien term bank loan due April 18, 2025, US$35 million super-priority term bank loan due Jan. 21, 2021, US$200 million floating rate term B bank loan due April 30, 2021, US$440 million 7.00% guaranteed notes due June 12, 2020, CNY2 billion 6.2% debenture due July 30, 2020, CNY1 billion 7.00% notes due Sept. 28, 2020, CNY2 billion 7.5% debenture due Nov. 13, 2020, CNY1 billion 7.5% debenture due Jan. 18, 2021, CNY1 billion 7.85% notes due March 23, 2021, CNY1.5 billion 7.5% notes due June 13, 2021, CNY3.5 billion 7.8% debenture due July 25, 2021, CNY2.6 billion 8.18% debenture due Sept. 4, 2021, CNY900 million 8.18% debenture due Oct. 25, 2021, CNY500 million 6.8% debenture due March 13, 2022, CNY2.5 billion 6.55% debenture due March 13, 2022, US$165 million floating rate first-lien term bank loan due March 1, 2023, US$45 million floating rate second-lien term bank loan due March 1, 2024, US$20 million floating rate revolver bank loan due March 1, 2022, US$650 million 8.50% notes due June 15, 2026, US$120 million second-lien 10.875% notes due March 15, 2026, C$335 million first-lien senior secured revolver due June 1, 2022, US$280 million floating rate first-lien term bank loan due Jan. 31, 2021, US$110 million floating rate second-lien term bank loan due Jan. 31, 2022, US$250 million 6.125% senior notes due March 15, 2022, US$175 million floating rate term B bank loan due Nov. 8, 2022, US$200 million first-lien senior secured asset-based revolver due July 10, 2020, US$579 million first-lien guaranteed senior secured term B due Nov. 7, 2020, US$1.8 billion floating rate term loan bank loan due Aug. 21, 2022, US$225 million 8.625% notes due June 1, 2021, US$50 million 8.40% debenture due Oct. 15, 2029, US$100 million 7.68% debenture due Oct. 1, 2034, US$125 million 7.45% debenture due July 1, 2035, US$150 million 7.00% debenture due Nov. 1, 2025, US$100 million 6.80% debenture due Aug. 15, 2026, US$200 million 7.05% debenture due Oct. 1, 2046, US$1.095 billion 9.00% senior notes due Aug. 15, 2031, US$400 million 7.875% senior notes due Jan. 15, 2027, US$1.1 billion 8.50% senior notes due April 15, 2020, US$500 million 8.75% notes due April 15, 2022, US$500 million 9.25% senior unsecured notes due July 1, 2021, US$800 million 7.125% senior unsecured notes due Jan. 15, 2023, US$750 million 7.625% senior unsecured notes due April 15, 2024, US$775 million 6.25% senior notes due Sept. 15, 2021, US$775 million 6.875% senior notes due Jan. 15, 2025, US$1.5 billion floating rate delayed draw term A bank loan due March 31, 2021, US$1 billion 8.875% notes due Sept. 15, 2020, US$3.6 billion 11.00% notes due Sept. 15, 2025, US$2 billion 10.50% notes due Sept. 15, 2022, US$315 million floating rate term bank loan due Oct. 12, 2021, US$850 million floating rate revolver bank loan due Feb. 27, 2024, US$1.74 billion floating rate Term B-1 bank loan due June 15, 2024, US$1.6 billion second-lien notes due April 1, 2026, US$1.65 billion 8.00% first-lien notes due April 1, 2027, US$200 million 6.75% debenture series F due May 15, 2027, US$93.45 million 6.75% debenture series F due May 15, 2027, US$300 million 6.86% debenture series E due Feb. 1, 2028, US$24 million 6.86% debenture series E due Feb. 1,2028, US$200 million 6.73% debenture series G due Feb. 15, 2028, US$10 million 6.73% debenture series G due Feb. 15, 2028, US$100 million 8.50% first mortgage bond due Nov. 15, 2031, US$435 million floating rate first-lien term bank loan due April 6, 2022, US$35 million revolver bank loan due Oct. 6, 2021, US$300 million 8.00% notes due Oct. 4, 2022, US$800 million floating rate first-lien term bank loan due Feb. 1, 2024, US$230 million floating rate second-lien term bank loan due Jan. 31, 2025, US$300 million 6.95% notes due April 19, 2020, US$224 million 10% step-up notes due March 27, 2022, US$175 million second-lien term bank loan due Sept. 29, 2021, US$100 million first-lien senior secured term bank loan due Sept. 29, 2020, US$380 million floating rate term B bank loan due Sept. 29, 2020, US$220 million floating rate term bank loan due March 19, 2021, US$2.4 billion bank loan due April 12, 2023, US$1.2 billion 5.75% notes due March 15, 2021, US$750 million 6.25% notes due April 1, 2023, US$1 billion convertible due April 1, 2020, US$173.914 million 5.75% convertible notes due 2021, US$162.962 million 6.25% convertible notes due 2023, US$750 million 6.625% senior notes due Jan. 15, 2026, US$375 million floating rate term loan B bank loan due Feb. 28, 2023, US$215 million first-lien guaranteed senior secured revolver bank loan due March 31, 2022, US$375 million 7.25% notes due May 15, 2021, US$535 million 9.875% notes due April 1, 2022, US$400 million 9.625% notes due April 1, 2023, US$815 million floating rate first-lien term bank loan due July 8, 2022, US$150 million floating rate second-lien term bank loan due July 10, 2023, US$120 million floating rate revolver bank loan due June 30, 2022, US$600 million floating rate term bank loan due Dec. 21, 2020, US$80 million floating rate revolver bank loan due May 15, 2023, US$195 million floating rate second-lien term bank loan due May 15, 2026, US$660 million floating rate first-lien term bank loan due May 15, 2025, US$450 million floating rate second-lien bank loan due March 1, 2024, US$350 million first-lien senior secured revolver bank loan due March 1, 2022, US$25.5 million floating rate revolver bank loan due Dec. 31, 2020, US$310 million floating rate first-lien term bank loan due June 30, 2021, US$110 million floating rate second-lien term bank loan due June 30, 2022, US$62.5 million floating rate revolver bank loan due April 29, 2021, US$880 million floating rate term B bank loan due April 29, 2022, US$600 million floating rate bank loan due May 15, 2025, US$100 million first-lien guaranteed senior secured revolver bank loan due May 15, 2023, US$30 million floating rate revolving bank loan due Aug. 27, 2020, US$185 million floating rate second-lien term bank loan due Nov. 29, 2021, US$470 million floating rate first-lien term bank loan due Nov. 27, 2020, US$650 million 7.125% senior unsecured notes due Nov. 1, 2020, US$600 million 7.375% senior unsecured notes due Nov. 1, 2021, US$707.6 million 12.00% notes due Oct. 1, 2024, US$300 million floating rate revolver bank loan due Sept. 30, 2021, US$450 million 8.75% senior notes due Oct. 15, 2023, US$312.5 million floating rate term B bank loan due Sept. 30, 2022, US$400 million 5.95% sukuk due Nov. 21, 2023, US$2 billion 7.75% senior unsecured notes due June 1, 2021, US$1 billion 8.125% senior notes due June 1, 2023, US$750 million 12.50% senior notes due April 1, 2022, US$1 billion senior notes due Feb. 28, 2023, US$2.2 billion 7.25% guaranteed notes due Oct. 15, 2020, US$1.15 billion 7.50% guaranteed senior notes due April 1, 2021, US$2 billion 5.50% senior guaranteed notes due Aug. 1, 2023, US$490 million 9.50% senior notes due 2022, US$1.8 billion 9.75% senior notes due July 15, 2025, US$2 billion floating rate term B-3 bank loan due Nov. 27, 2023, US$395 million floating rate B-4 bank loan due Jan. 2, 2024, US$700 million 6.625% B-5 bank loan due Jan. 2, 2024, US$403 million 12.5% senior unsecured notes due Nov. 15, 2024, RUB15 billion 13.00% notes due Oct. 2, 2020, US$350 million 8.25% notes due Sept. 27, 2021, US$355 million 7.00% notes due Jan. 29, 2021, US$150 million 6.00% notes due May 18, 2021, US$275 million 7.125% debenture due Nov. 15, 2023, US$500 million 7.625% debenture due March 1, 2097, US$400 million 7.40% debenture due April 1, 2037, US$700 million 6.375% senior notes due Oct. 15, 2036, US$400 million 5.65% senior notes due June 1, 2020, US$1.2 billion unsecured credit facility bank loan due April 7, 2010, US$1.688 billion floating rate term bank loan due June 23, 2023, US$500 million 5.875% senior notes due July 1, 2023, US$400 million 8.625% second-lien notes due March 15, 2025, US$2.35 billion asset-based revolver due June 20, 2022, US$800 million floating rate first-lien term bank loan due May 14, 2026, US$75 million floating rate revolver bank loan due May 14, 2024, US$225 second-lien secured bank loan due April 14, 2027, US$700 million 6.875% senior notes due 2022, US$500 million 7.125% senior notes due 2025, US$975 million floating rate RBL term bank loan due April 12, 2024, US$400 million floating rate revolver bank loan due Jan. 12, 2022, US$572 million 9.00% cash/2.00% pay-in-kind second-lien notes due July 12, 2024, US$174 million floating rate first-lien term loan bank loan due Sept. 15, 2022, US$35 million floating rate revolver bank loan due Sept. 15, 2022, US$50 million floating rate second-lien term loan bank loan due Sept. 15, 2023, US$125 million 7.125% senior debenture due June 1, 2028, US$550 million 8.00% second-lien notes due April 25, 2024, US$730.534 million 8.00% third-lien notes due Oct. 25, 2024, US$497.849 million 8.75% third-lien notes due Oct. 25, 2024, US$2.775 billion floating rate extended bank loan due Oct. 25, 2023, US$12.697 million floating rate term bank loan due Oct. 25, 2020, US$960 million 8.00% cash pay notes due Oct. 15, 2021, US$600 million 8.75% pay-in-kind toggle notes due Oct. 15, 2021, US$200 million floating rate revolver bank loan due Nov. 1, 2021, US$550 million 7.125% second-lien notes due Nov. 1, 2022, US$500 million 5.70% senior notes due Oct. 15, 2039, US$750 million 4.875% senior unsecured notes due Nov. 1, 2043, US$250 million 3.45% senior unsecured notes due Nov. 1, 2023, US$1.4 billion unsecured revolver bank loan due Oct. 22, 2020, US$500 million 7.875% senior notes due Aug. 15, 2025, US$950 million floating rate revolver bank loan due Oct. 2, 2023, US$300 million 10.50% notes due May 16, 2022, US$5.45 billion floating rate first-lien term bank loan due Oct. 10, 2025, US$300 million floating rate revolving bank loan due Oct. 11, 2023, US$1.225 billion 8.75% notes due Oct. 15, 2026, US$525 million senior unsecured term bank loan due Oct. 11, 2026, US$550 million asset-based revolver due Oct. 11, 2023, US$210 million floating rate second-lien term bank loan due July 3, 2021, US$850 million floating rate first-lien term bank loan due July 3, 2020, US$125 million asset-based revolver bank loan due July 3, 2020, US$350 million 7.875% notes due Oct. 15, 2021, A$150 million 8.25% medium-term notes due May 30, 2023, A$250 million 8.075% medium-term notes senior second due March 5, 2024, US$425 million 8.125% callable notes due Nov. 15, 2024, A$325 million 8.00% senior unsecured notes due Nov. 26, 2024, US$250 million 13.00% senior notes due Sept. 15, 2021, US$1.567 billion floating rate term loan B bank loan due March 5, 2021, US$375 asset based revolver first-lien guaranteed senior secured due Nov. 17, 2021, US$1.365 billion floating rate first-lien term bank loan due April 28, 2021, US$80 million floating rate revolving bank loan due Oct. 28, 2020, US$670 million floating rate second-lien term bank loan due April 28, 2022, US$500 million 7.375% senior notes due Jan. 15, 2021, US$500 million 6.25% senior notes due Oct. 15, 2022, US$700 million 5.875% senior notes due Oct. 15, 2020, US$700 million floating rate term loan B due June 30, 2023, US$1.7 billion floating rate revolver bank loan due June 30, 2021, US$500 million 5.50% senior notes due 2024, US$1.25 billion 7.625% second-lien notes due June 1, 2022, US$500 million 7.125% notes due Aug. 1, 2026, US$900 million 6.00% notes due Jan. 15, 2028, 225 million 4.125% senior notes due Oct. 15, 2021, US$250 million 7.00% senior unsecured notes due Jan. 15, 2028, US$200 million first-lien senior secured revolver due June 30, 2021, US$650 million 7.25% second-lien notes due May 1, 2022, ZAR500 unsecured revolver bank loan due Nov. 13, 2020, US$550 million 8.375% notes due May 10, 2020, US$550 million 9.00% notes due May 10, 2023, US$495 million floating rate first-lien bank loan due Aug. 18, 2022, US$517.5 million floating rate second-lien term bank loan due April 11, 2023, US$1.143 billion floating rate first-lien term bank loan due April 11, 2022, US$500 million 5.75% senior unsecured notes due Feb. 15, 2021, US$1.8 billion floating rate term B bank loan due Sept. 7, 2023, US$200 million first-lien guaranteed senior secured term loan due Aug. 6, 2023, US$400 million first-lien guaranteed senior secured term loan due Sept. 7, 2021, US$155 million floating rate first-lien term bank loan due July 28, 2021, US$100 million floating rate revolver bank loan due March 29, 2024, US$600 million 5.625% senior notes due Feb. 01, 2026, US$950 million reserve-based revolver first-lien guaranteed senior secured due Aug. 16, 2022, US$400 million 6.25% notes due Oct. 1, 2021, US$300 reserve-based revolver first-lien guaranteed senior secured due July 1, 2021, US$400 million 6.875% bonds due Feb. 1, 2027, US$350 million variable-rate notes due 2027, 225 million floating rate notes due Nov. 15, 2023, 285 million 5.375% notes due Nov. 15, 2023, US$270 million 10.50% notes due Feb. 15, 2023, US$285 million senior secured notes due Oct. 15, 2025, US$1.011 billion floating rate first-lien bank loan due March 8, 2024, US$200 million floating rate second-lien bank loan due Sept. 6, 2024, US$150 million floating rate revolver bank loan due March 8, 2022, US$1.045 billion floating rate term B bank lien due April 16, 2021, US$400 million 5.375% senior notes due Jan. 15, 2026, US$500 million 6.875% senior notes due 2027, US$127.073 million 8.00% second-lien notes due Jan. 6, 2025, US$700 million RBL first-lien guaranteed senior secured due April 5, 2023, US$635 million 9.50% notes due Oct. 21, 2021, US$318 million 5.00% payment-in-kind notes due April 15, 2022, US$35 million 10.00% first-lien notes due May 15, 2022, 360 million 8.00% callable notes due May 15, 2022, US$650 million 6.625% senior unsecured notes due May 15, 2021, US$425 million first-lien guaranteed senior secured revolver due Oct. 18, 2023, US$500 million 7.25% senior notes due June 9, 2020, US$700 million 6.875% notes due April 11,2024, US$600 million 7.00% notes due March 1, 2026, US$275 million first-lien senior secured delayed draw term loan due June 29, 2021, US$80.922 million 9.75% notes due Dec. 15, 2024, US$250 million 7.25% notes due June 1, 2020, MXN1000 unsecured term loan due June 21, 2025, US$400 million 6.20% senior notes due Aug. 1, 2040, US$500 million senior notes due Aug. 1, 2020, US$400 million 4.625% senior hybrid due March 1, 2021, US$400 million 6.05% senior hybrid due March 1, 2041, US$400 million 3.95% notes due March 15, 2022, US$500 million 5.25% notes due March 15, 2042, US$450 million 5.95% senior notes due April 1, 2025, US$400 million 6.95% senior notes due April 1, 2045, US$1 billion 7.75% senior notes due Jan. 15, 2024, US$750 million 7.875% senior notes due Feb. 1, 2026, US$150 million 7.20% debt due Nov. 15, 2027, US$750 million 3.00% exchangeable senior notes due Jan. 31, 2024, US$500 million 4.875% senior notes due June 1, 2022, US$400 million 5.40% notes due Dec. 1, 2042, US$400 million 4.75% senior notes due Jan. 15, 2024, US$400 million 5.85% senior notes due Jan. 15, 2044, US$1.5 billion floating rate revolver bank ln due Jan. 23, 2021, US$1.5 billion 4.70% notes due March 15, 2021, US$625 million senior notes due Oct. 1, 2024, US$1.025 billion 5.75% senior notes due Oct. 1, 2044, US$700 million 5.20% senior notes due March 15, 2025, US$500 million 8.00% senior notes due Jan. 31, 2024, US$1 billion 7.75% senior notes due Feb. 1, 2026, US$290 million floating rate first-lien term bank loan due Aug. 23, 2022, US$75 million floating rate second-lien term bank loan due Aug. 23, 2023, US$30 million floating rate revolver bank loan due Aug. 23, 2021, US$500 million 8.00% senior notes due 2022, US$850 million floating rate term bank loan due May 30, 2025, US$120 million floating rate revolver bank loan due May 31, 2023, US$155 million A-2 term bank loan due May 9, 2025, US$25 million A-3 term bank loan due May 9, 2025, US$142.913 million floating rate B term bank loan due May 10, 2024, US$25 million floating rate A-1 term bank loan due May 9, 2025, US$35 million floating rate revolver bank loan due 2022, US$460 million floating rate first-lien bank loan due March 31, 2023, US$735 million 9.875% notes due July 15, 2021, US$275 million 8.50% first-lien notes due April 15, 2021, US$60 million floating rate ABL revolver bank loan due Jan. 14, 2021, US$500 million 6.75% senior unsecured notes due 2026, US$500 million 6.625% senior notes due Jan. 15, 2027, US$447 million 10.00% notes due Jan. 15, 2025, US$500 million 5.00% senior unsecured notes due Jan. 15, 2024, US$172.5 million 1.5% senior unsecured notes due July 1, 2021, US$1.1 billion first-lien senior secured reserve-based revolver due Sept. 28, 2023, C$158 million 10.50% first-lien senior notes due Dec. 15, 2021, US$225 million 6.875% senior notes due Dec. 15, 2020, US$350 million 7.25% senior notes due Aug. 15, 2022, US$400 million 7.50% notes due April 1, 2025, US$155.529 million 10.00% second-lien notes due April 1, 2026, US$35 million first-lien guaranteed senior secured asset-based revolver due June 19, 2023, US$500 million 6.50% notes due May 1, 2021, US$475 million 6.75% senior unsecured notes due Jan. 15, 2022, US$500 million 6.75% senior notes due 2023, US$700 million 10.00% first-lien notes due April 15, 2025, US$357 million 8.625% senior notes due June 15, 2020, US$35 million floating rate revolver bank loan due May 18, 2022, US$455 million floating rate term bank loan due May 20, 2024, US$905 million floating rate first-lien term B bank loan due Oct. 20, 2023, US$225 million floating rate second-lien term bank loan due May 21, 2024, US$500 million 6.875% senior notes due Nov. 15, 2020, US$1.4 billion 6.625% senior notes due Aug. 15, 2020, US$1 billion 6.125% senior notes due Feb. 15, 2021, US$700 million 5.375% unsecured notes due June 15, 2021, US$1.1 billion 5.75% unsecured notes due March 15, 2023, US$1.5 billion 4.875% senior notes due April 15, 2022, US$1.25 billion 5.50% senior convertible due Sept. 15, 2026, US$1.05 billion 8.00% senior notes due Jan. 15, 2025, US$1.3 billion 8.00% notes due June 15, 2027, US$400 million 7.50% callable notes due Jan. 10, 2026, US$850 million 7.00% callable notes due Jan. 10, 2024, US$918.514 million 8.00% a/o US$45.685 ($873MM exchanged for notes due to 2025) notes due March 15, 2026, US$2.21 billion 11.50% second lien notes due Jan. 1, 2025, US$1.5 billion floating rate first-lien last out term A bank loan due June 23, 2024, US$3.0 billion first-lien guaranteed senior secured reserve based revolver due Sept, 12, 2023, US$175 million floating rate first-lien bank loan due Jan. 20, 2021, US$50 million floating rate second-lien bank loan due Jan. 20, 2022, US$20 million floating rate revolver bank loan due Dec. 30, 2020, US$88 million 7.00% senior notes due Dec. 31, 2022, US$200 million 10.00% senior secured notes due Dec. 31, 2022, US$92 million sub notes due Dec. 31, 2022, US$105 million second-lien guaranteed secured payment-in-kind term B due Dec. 31, 2022, US$1.95 billion floating rate first-lien term bank loan due Nov. 8, 2023, US$450 million floating rate second-lien term bank loan due Nov. 8, 2024, US$300 million 5.50% senior notes due Aug. 15, 2022, US$500 million 5.75% senior notes due April 15, 2025, US$300 million floating rate bank loan due May 13, 2022, US$1.25 billion first-lien guaranteed senior secured bank loan due May 13, 2022, US$28 million first-lien guaranteed senior secured bank loan due March 31, 2021, US$100 million floating rate revolver bank loan due Aug. 28, 2022, US$979.33 million floating rate term loan B-2 bank loan due March 31, 2021, US$275 million floating rate FILO bank loan due Dec. 31, 2022, US$287 million 1.5% senior unsecured notes due Aug. 15, 2020, US$255 million 8.00% senior notes due Feb. 15, 2022, US$760 million floating rate first-lien term B bank loan due Aug. 30, 2026, US$114 million floating rate revolver bank loan due Aug. 30, 2024, US$625 million 9.75% second-lien notes due Nov. 1, 2023, US$1.65 billion floating rate term bank loan due June 1, 2025, US$1.75 billion 5.50% senior notes due Sept. 15, 2021, US$1 billion revolver bank loan due June 30, 2021, US$1 billion term bank loan due June 30, 2021, US$2.25 billion 6.00% senior notes due Nov. 15, 2024, US$2.25 billion 8.00% second-lien bank note due Dec. 15, 2022, US$1.3 billion floating rate first-lien second-out term bank loan due Dec. 31, 2021, US$1.3 billion floating rate term B bank loan due 2022, US$400 million 7.00% notes due Feb. 5, 2025, US$400 million 7.875% notes due June 30, 2022, US$400 million 6.375% senior notes due Aug. 15, 2021, US$1.2 billion 4.625% senior sub notes due July 15, 2023, US$1.25 billion 5.50% senior notes due May 1, 2022, US$3.5 billion revolving bank loan due Dec. 9, 2021, US$615.1 million 9.00% second-lien notes due May 15, 2021, US$455.7 million 9.25% second-lien notes due 2022, US$400 million second-lien notes due 2024, US$528.026 million 7.75% second-lien notes due Feb. 15, 2024, US$245 million senior unsecured notes due Dec. 31, 2024, US$250 million 11.25% senior notes due Jan. 1, 2023, US$500 million reserve-based revolver due Nov. 15, 2023, US$600 million 7.00% senior notes due July 1, 2022, US$900 million floating rate term B-2 bank loan due April 9, 2025, US$150 million 10.75% notes due Aug. 30, 2021, US$240 million 6.95% notes due April 13, 2024, US$600 million 4.75% senior unsecured notes due June 1, 2021, US$600 million senior secured revolver due March 29, 2024, US$300 million 8.75% senior notes due July 15, 2023, US$750 million reserve-based revolver exit due Dec. 21, 2022, US$300 million second-lien second term loan due March 7, 2023, US$2.9 billion term loan B bank loan due Feb. 21, 2021, US$209.9 million floating rate term B bank loan due March 31, 2021, US$20.2 million floating rate priming term bank loan due Feb. 12, 2021, US$85 million floating rate revolver bank loan due Jan. 6, 2022, US$500 million floating rate term bank loan due Jan. 6, 2023, US$82.5 million 2.75% senior unsecured convertible notes due Feb. 15, 2023, US$60 million floating rate revolver bank loan due Dec. 15, 2022, US$35 million floating rate delayed draw term B bank loan due Dec. 15, 2024, US$560 million floating rate term B bank loan due Dec. 15, 2024, US$88 million floating rate ABL revolver bank loan due Aug. 16, 2021, US$175 million floating rate second-lien term bank loan due Feb. 16, 2024, US$654.039 million floating rate first-lien term bank loan due Aug. 16, 2023, US$25 million floating rate revolver bank loan due April 27, 2024, US$258 million floating rate first-lien term bank loan due April 27, 2024, 130 million 9.50% notes due Jan. 31, 2024, 350 million 6.75% first-lien callable notes due Jan. 31, 2023, 25 million 16.50% notes due July 25, 2022, US$725 million 8.00% notes due July 25, 2022, US$400 million 7.00% bonds due Feb. 16, 2025, US$560 million 9.50% notes due June 25, 2033, US$400 million 9.50% notes due Jan. 14, 2033, US$600 million 5.75% senior sub notes due June 15, 2025, 500 million 6.375% senior notes due Nov. 15, 2024, US$595 million 5.875% senior notes due 2026, US$475 million 6.125% notes due May 15, 2027, US$225 million floating rate revolving facility bank loan due April 22, 2024, US$2 billion floating rate initial B-1 term bank loan due April 22, 2026, US$500 million 10.50% first-lien notes due April 15, 2025, US$1.46 billion 12.00% second-lien notes due June 15, 2026, US$200 million 10.50% first-lien notes due April 24, 2026, US$600 million 2.95% senior unsecured notes due Sept. 15, 2024, US$100 million first lien senior secured revolver due Feb. 14, 2022, 200 million 8.625% notes due Aug. 1, 2022, 465 million 6.625% notes due Aug. 1, 2021, US$100 million 7.45% notes due April 15, 2027, US$200 million 8.00% debt due April 15, 2027, US$600 million 7.50% senior notes due April 15, 2031, US$0 million 6.80% senior notes due March 15, 2038, US$900 million 6.50% senior notes due Nov. 15, 2020, US$1.2 billion 6.375% senior notes due 2021, US$300 million 7.35% senior notes due 2041, US$750 million variable/fixed rate senior unsecured notes due Oct. 15, 2022, US$1.25 billion 9.00% senior notes due 2023, US$1.36 billion floating rate revolving bank ln due June 22, 2023, US$750 million 7.25% senior notes due Dec. 31, 2025, US$300 million 7.00% notes due June 1, 2028, US$600 million 7.75% senior secured notes due Oct. 15, 2024, US$625 million 6.25% senior notes due Dec. 1, 2024, US$750 million 5.875% notes due Jan. 15, 2024, US$600 million 6.125% notes due Aug. 1, 2025, US$550 million 6.875% notes due Feb. 1, 2027, US$500 million 5.375% notes due May 15, 2023, US$863.179 million senior unsecured convertible notes due Jan. 30, 2023, US$237.993 million senior unsecured convertible notes due Jan. 30, 2027, US$542 million floating rate first-lien term bank loan due May 24, 2021, US$200 million second-lien term bank loan due May 23, 2022, US$400 million 7.25% notes due Feb. 15, 2021, US$291.97 million 11.50% second-lien notes due Feb. 28, 2025, US$53.75 million 10.00% first-lien notes due Feb. 29, 2024, US$127.5 million guaranteed senior unsecured PIK term loan due Feb. 28, 2021, US$435 million 7.50% senior secured notes due Aug. 1, 2021, US$395 million floating rate first-lien term B bank loan due June 1, 2024, US$140 million floating rate second-lien term bank loan due June 1, 2025, US$65 million floating rate first-lien revolving bank loan due June 1, 2022, US$325 million floating rate term B bank loan due Nov. 15, 2020, US$15 million floating rate revolver bank loan due 2020, US$60 million 6.00% secured notes due Sept. 26, 2023, US$450 million floating rate first-lien term bank loan due April 8, 2024, US$286 million term B-2 bank loan due April 23, 2024, US$45 million term A bank loan due Oct. 23, 2023, US$80 million term B-1 bank loan due April 23, 2024, US$325 million floating rate first-lien term bank loan due March 20, 2024, US$135 million 9.50% notes due June 1, 2023, 250 million 9.00% notes due Feb. 15, 2025, 410 million 5.25% notes due Aug. 15, 2024, 900 million floating rate term bank loan due Aug. 14, 2024, 290 million 9.75% callable notes due Dec. 15, 2022, 400 million 6.75% callable notes due Dec. 15, 2021, US$610 million floating rate first-lien term B bank loan due April 1, 2021, US$170 million floating rate second-lien term bank loan due April 1, 2022, US$40 million floating rate term A-1 bank loan due April 1, 2021, 300 million 1.00% medium-term notes due April 28, 2021, 300 million 0.875% medium-term notes serial 3 due April 6, 2023, 200 million first-lien super senior secured term bank loan due June 25, 2022, US$400 million 6.50% senior notes due Nov. 1, 2021, US$400 million 6.875% senior notes due Jan. 15, 2023, US$1 billion 6.875% senior notes due March 15, 2022, US$275 million convertible senior notes due Sept. 15, 2023, US$400 million 6.25% notes due May 1, 2026, US$550 million floating rate term bank loan due April 16, 2021, US$500 million 6.25% secured notes due May 1, 2022, US$300 million bank loan due Dec. 6, 2023, US$119.779 million term loan bank loan due June 30, 2024, 430 million floating rate revolving credit facility bank loan due Sept. 27, 2023, 330 million floating rate term A bank loan due Sept. 27, 2023, 350 million 5.125% notes due Oct. 15, 2026, US$425 million floating rate term B bank loan due Sept. 27, 2025, 375 million floating rate term B bank loan due Sept. 27, 2025, 90 million floating rate revolving credit facility bank loan due March 8, 2025, 568 million facility B bank loan due March 28, 2026, US$290 million floating rate term bank loan due May 9, 2022, US$40 million first-lien guaranteed senior secured asset-based revolver due May 8, 2023, US$500 million floating rate second-lien term bank loan due May 28, 2027, US$2.8 billion floating rate first-lien term bank loan due May 29, 2026, US$150 million floating rate revolver bank loan due May 30, 2024, US$1.63 billion bank loan due Feb. 28, 2025, US$235 million floating rate second-lien bank loan due Aug. 28, 2025, US$585 million floating rate first-lien term bank loan due Aug. 28, 2024, US$1.5 billion 10.00% senior notes due April 1, 2022, US$538 million second-lien guaranteed secured bank loan due Nov. 1, 2025, US$2 billion first-lien guaranteed senior secured bank loan due April 1, 2024, US$650 million floating rate first-lien bank loan due 2023, US$150 million floating rate second-lien term bank loan due Dec. 7, 2024, US$120 million first-lien senior secured asset-based revolver due Dec. 7, 2021, BRL4.168 billion senior unsecured Notes due Feb. 25, 2035, US$128 million term A capex due March 15, 2023, US$128 million term B capex due March 15, 2024, US$397.36 million term capex due Nov. 30, 2023, US$900 million floating rate revolving facility bank loan due March 19, 2022, US$900 million 5.75% unsecured notes due Aug. 1, 2022, US$700 million 5.50% senior notes due April 15, 2025, US$1.862 billion floating rate term B bank loan due Sept. 24, 2024, US$600 million floating rate term bank loan due Feb. 24, 2025, US$600 million 4.75% senior unsecured notes due April 15, 2023, US$350 million 9.75% notes due Nov. 30, 2020, US$78.336 million 9.75% senior unsecured notes due Oct. 14, 2025, ARS6.3 billion senior unsecured notes due Nov. 7, 2022, ARS3.75 billion senior unsecured notes due Feb. 15, 2021, ARS2.9 billion senior unsecured notes due Feb. 11, 2022, ARS390.5 million senior unsecured notes due Aug. 11, 2021, 500 million 6.75% notes due Nov. 1, 2021, US$300 million 7.625% notes due Nov. 1, 2021, 85 million 12.75% notes due Sept. 30, 2023, 165 million 10.75% notes due Sept. 30, 2023, US$500 million 6.75% notes due March 15, 2023, US$350 million 6.625% senior notes due May 1, 2023, US$650 million 6.00% senior notes due Oct. 15, 2024, US$600 million 6.375% senior notes due May 15, 2025, US$700 million first-lien guaranteed senior secured reserve-based revolver due Dec. 31, 2021, US$120 million floating rate second-lien term bank loan due April 24, 2024, US$125 million floating rate revolver bank loan due Oct. 24, 2022, US$405 million floating rate first-lien term bank loan due Oct. 24, 2023, US$357 million floating rate first-lien term bank loan due Oct. 6, 2021, US$50 million floating rate revolver bank loan due Oct. 6, 2020, US$50 million floating rate second-lien term bank loan due Oct. 6, 2022, US$370 million 6.625% notes due April 24, 2022, US$175 million 11.50% callable notes due April 22, 2021, US$171 million 6.00% first-lien notes due May 2, 2024, US$251 million 6.25% first-lien notes due Nov. 2, 2025, 150 million floating rate super senior revolving credit facility bank loan due Aug. 2, 2023, 765 million 5.875% notes due Feb. 1, 2024, 325 million callable notes due Feb. 1, 2024, CHF250 million 5.875% callable notes due Feb. 1, 2024, 100 million floating rate super senior revolving credit facility bank loan due Jan. 10, 2022, 600 million floating rate notes due July 15, 2022, 150 million 8.50% notes due Jan. 15, 2023, US$700 million 4.625% senior notes due Sept. 15, 2021, US$350 million 5.10% senior unsecured notes due Sept. 15, 2023, US$600 million 5.50% senior notes due Jan. 15, 2023, US$575 million 0.75% exchangeable senior notes due Jan. 15, 2024, US$800 million 5.75% senior notes due Feb. 1, 2025, US$1.267 billion floating rate revolving bank loan due Oct. 11, 2023, US$475 million 7.50% notes due Jan. 15, 2028, US$600 million 7.25% notes due Jan. 15, 2026, US$400 million 8.75% notes due Nov. 1, 2023, US$545 million floating rate first-lien term bank loan due July 1, 2021, US$100 million floating rate revolver bank loan due July 1, 2021, US$250 million floating rate second-lien term bank loan due July 1, 2022, 300 million floating rate notes due Nov. 15, 2024, US$360 million 8.75% notes due March 23, 2023, US$1.5 billion floating rate bank loan due July 13, 2022, US$600 million 7.25% senior unsecured notes due Oct. 15, 2025, US$694.279 million second-lien notes due May 15, 2023, US$1.5 billion first-lien senior secured revolver due Nov. 22, 2024, US$450 million bank loan due May 23, 2024, US$110.8 million bank loan due May 23, 2024, US$3.325 billion floating rate dollar term bank loan due Feb. 28, 2025, US$462.5 million floating rate revolving credit facility bank loan due Feb. 28, 2023, 607.643 million floating rate euro term bank loan due Feb. 28, 2025, US$650 million floating rate term bank loan due Sept. 30, 2026, US$250 million term loan B due June 22, 2023, 250 million 5.25% notes due Nov. 15, 2022, 225 million floating rate notes due Nov. 15, 2022, US$650 million 6.25% senior notes due April 15, 2023, US$600 million 6.125% senior unsecured notes due Oct. 1, 2024, US$250 million 8.25% senior notes due July 15, 2025, US$400 million 6.375% notes due July 1, 2026, US$516 million 9.00% second-lien notes due April 1, 2025, US$1.6 billion reserve-based revolver due Dec. 20, 2024, 500 million floating rate multicurrency revolving credit facility bank loan due June 9, 2022, 600 million 4.125% notes due Nov. 15, 2024, 450 million 4.00% notes due April 30, 2026, 500 million 2.375% callable notes due Nov. 15, 2022, 220 million guaranteed unsecured term loan due May 03, 2021, 260 million facility B bank loan due Dec. 5, 2024, 40 million revolver bank loan due Dec. 5, 2023, US$800 million 7.125% senior notes due Dec. 15, 2021, US$500 million 7.75% senior notes due Sept. 15, 2024, US$1 billion 5.125% senior secured notes due Aug. 1, 2021, US$3 billion 6.875% senior unsecured notes due Feb. 1, 2022, US$3.1 billion 6.25% senior notes due March 31, 2023, US$1.355 billion 8.125% junior-priority notes due June 30, 2024, US$1.77 billion junior-priority notes due June 30, 2023, US$2.08 billion 8.00% notes due Dec. 31, 2026, US$1.7 billion 6.875% senior notes due April 1, 2028, US$700 million 8.00% senior notes due Dec. 15, 2027, US$1.462 billion 6.625% senior notes due Feb. 15, 2025, US$1.6 billion 8.00% senior notes due March 15, 2026, US$1.032 billion 8.625% senior notes due Jan. 15, 2024, US$500 million senior notes due March 15, 2026, US$350 million 12.00% notes due Dec. 15, 2022, US$100 million floating rate term bank loan due Feb. 3, 2022, US$300 million floating rate term bank loan due Nov. 3, 2022.