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US Credit Research
Russia/Ukraine HY Exposure

Industry Overview

Russia/Ukraine HY Exposure 04 March 2022

In this report, our US High Yield team evaluated each of our sectors and subsectors for Credit
themes and drivers related to the Russia/Ukraine war. We highlight sectors and United States
companies that are directly impacted with manufacturing facilities in the area or Cross-Industry
significant revenue exposure in the territory. Additionally, we attempt to review the Larry Bland
scores of companies that are indirectly affected due to supply chain disruptions or price Research Analyst
BofAS
changes of broad based commodities such as oil, natural gas, or wheat, as well as more +1 646 855 6502
exotic inputs like titanium or neon gas. [email protected]
US High Yield Research
Sector Exposure Breakdown
High Exposure: Energy, Metals & Mining, Aerospace & Defense, Transportation, Aircraft
Lessors, Power Producers

Modest Exposure: Industrials, Chemicals, Paper and Packaging, Autos, Homebuilding &
Building Products, Cruise Lines, Rentals, Services, Retail & Consumer, Food & Beverage

Little to no Exposure: Healthcare, Cable & Media, U.S. Telecommunications,

Technology, Gaming & Lodging, Regulated Utilities & YieldCos, Financials and REITs

Exhibit 1: ICE BofA US HY Sector Performance

Energy outperforms week to date for period ended March 3rd
$ Price STW YTW Weight % Tot Rtn WTD
Energy $100.7 392 5.6% 13.5% 2.1%
Real Estate $97.9 363 5.3% 4.3% 1.4%
Services $97.9 432 5.9% 6.2% 1.4%
Utility $97.6 366 5.4% 2.8% 1.4%
Technology & Electronics $97.8 362 5.3% 4.2% 1.2%
Media $94.9 434 6.1% 8.3% 1.2%
Unauthorized redistribution of this report is prohibited. This report is intended for [email protected]

Healthcare $97.4 378 5.4% 9.8% 1.2%

Automotive $101.1 300 4.7% 4.4% 1.2%
Leisure $100.1 378 5.4% 6.8% 1.1%
Transportation $102.2 376 5.4% 1.8% 1.1%
Insurance $98.3 439 6.1% 1.4% 1.1%
Financial Services $97.8 407 5.8% 4.7% 1.1%
Retail $97.1 400 5.7% 5.1% 1.0%
Telecommunications $97.5 500 6.7% 7.3% 1.0%
Capital Goods $99.4 402 5.6% 6.0% 0.9%
Consumer Goods $100.1 345 5.2% 4.6% 0.6%
Basic Industry $97.7 413 5.8% 7.3% 0.6%
Banking $102.9 264 4.4% 1.3% 0.6%
Grand Total $98.5 396 5.6% 100% 1.2%
Source: ICE Data Indices, LLC
BofA GLOBAL RESEARCH

BofA Securities does and seeks to do business with issuers covered in its research
reports. As a result, investors should be aware that the firm may have a conflict of
interest that could affect the objectivity of this report. Investors should consider this
report as only a single factor in making their investment decision.
Refer to important disclosures on page 11 to 12. 12391099

Timestamp: 04 March 2022 07:51PM EST

Aerospace/Defense – Doug Karson
Aerospace companies that supply commercial airlines are under pressure because of the
potential for lower aircraft demand from airlines due to the disruption around the war.
Additionally, Russia accounts for 7% of the world’s aluminum exports and 13% of global
titanium production, rising costs could therefore squeeze margins for aerospace
suppliers who use large amounts of aluminum and titanium for production. Conversely,
Defense companies could benefit from increased US defense spending as well as
increased procurement from NATO partners.

• Spirit AeroSystems (SPR) and Triumph (TGI) have high exposure to commercial
aerospace which could be impacted by the conflict. Additionally, there potentially
could be supply chain impacts with the sourcing/pricing of aluminum and titanium
which are used in aircraft manufacturing.

• Maxar (MAXR): approximately 72% of Maxar’s revenue is government related, with

a material amount levered to U.S. defense. Maxar is one of the leaders in Electro-
optical, high-resolution satellite imagery used in reconnaissance.

Autos/Automotive Parts – Doug Karson

Russia and Ukraine account for a small portion of global auto production. IHS reports
1.46mn units were produced in Russia in 2021 or 1.9% of total global production;
Ukraine makes up an even smaller portion at 0.01%. Raw materials stemming from
Russia and Ukraine do not have a high content in automotive production. However, the
industry could see additional stoppages due to semiconductor supply chain issues since
Ukraine is home to half the world’s neon gas which is critical to manufacturing
semiconductor chips. Furthermore, auto companies that have larger European footprints
may have modestly more risks due to production issues as more of their raw materials
are domestically sourced.

• Ford (F) has limited exposure to Russia. Ford only produces 0.6% of its global
production in Russia. However, chip shortages remain a concern.

• Goodyear Tire (GT) production inputs are highly levered to natural and synthetic
rubber which is exposed to higher oil prices.

• Adient (ADNT) has significant European exposure with about 41% of revenues
coming from EMEA. Aluminum is also an input for Adient’s products and higher
aluminum prices could have an impact.

• Gates Global (GATGLO) earns 24% of its revenues in EMEA.

• Cooper Standard (CPS) earns about 24% of its automotive revenues in Europe.
The company is also impacted by higher oil prices.

• ZF Friedrichshafen (ZFFNGR) earns about 8% of its revenues from Eastern Europe

and 46% of revenues from Europe for Full Year 2020.

Cable & Media – Marlane Pereiro

Cable and media sectors have limited exposure from the ongoing Russian/Ukraine
conflict given a largely domestic focus. Still, there are expectations within the coverage
universe with more diverse reach.

• Playtika (PLTK): Some operations in Ukraine, Belarus. On 3/1/22 earnings call said
have implemented business continuity plan, “has not affected business ops to this
point”. Recall on 2/24/22 PLTK announced a strategic review including a sale.
Revenue 70% US, 15% EMEA, 8% APAC, 7% Other.

• Clear Channel Outdoor (CCO): 52% Americas, 45% Europe, 3% other. In

December, announced a strategic review for the European business, including a
possible sale.

2 US Credit Research | 04 March 2022

Chemicals – Roger Spitz
Few of the high yield chemical credits in our coverage universe have direct exposure to
Russia, Ukraine and/or Belarus. In addition, the impact on global chemical supply and/or
demand from this military conflict will generally be relatively light, though the Ukraine is
a small, but important source of TiO2 feedstocks. However, the impact on crude prices
could have a much larger indirect impact on global chemical margins. Historically,
commodity petrochemicals tend to benefit from spread expansion, and specialty
petrochemicals tend to experience spread compression on rising crude oil prices, and
vice versa, in our experience. Here are some of the more exposed HY chemical credits to
this region:

• Koppers (KOP): European business gets a substantial amount of coal tar

requirements from Russia and Ukraine

• Solenis (SOLEIN): One Russian plant, 2% of sales and 3% of EBITDA; Ukraine sales
0.1% of sales

• SNF Floerger (SNFF): One plant under construction in Russia; Russia is 1% of sales;
Ukraine – no sales

Consumer & Food – William Reuter

Wheat: According to data from the Food and Agriculture Organization of the UN, Russia
comprised 11% of 2020 global wheat production and Ukraine comprised 3%. Russia
accounted for 18% of 2020 global wheat exports and Ukraine accounted for 8%. In
2020, the US accounted for 7% of global wheat production and 14% of exports. Russia
primarily exports wheat to Turkey, Egypt and Bangladesh. In the 2021-2022 crop year,
Turkey was the largest buyer of Russian wheat. Ukraine primarily exports wheat to
Egypt, Turkey and Indonesia. HY food companies import very little wheat from these
regions. However, if wheat prices increase globally, it may increase input costs for
certain food companies.

• Pilgrim’s Pride (PPC): Approximately 26% of FY22 revenue comes from UK/Europe.
In the UK, both chickens and pigs are fed meal that is high in wheat. As a result,
input costs are likely to increase.

• Post Holdings (POST): Post will primarily be impacted in its Weetabix and
Consumer Brands segments. Weetabix produces branded and private label cereal
products largely in the UK and Weetabix comprised 10% of FY21 sales. In addition,
the Consumer Brands segment is primarily ready-to-eat cereal sold in the US and it
comprised 38% of FY21 revenue. We estimate that grains represent approximately
20% of COGS for Post.

Resin: Resin is a derivative of oil and is an input in many consumer products. Therefore,
as global oil prices rise, resin costs are likely to increase as well.

• Edgewell (EPC): We estimate that raw materials comprise just over 50% of
Edgewell’s COGS. Resin represents approximately 20% of the company’s raw
materials.

• Mattel (MAT): We estimate that raw materials comprise 50% of COGS for Mattel.
Resin is the largest component of the company’s raw materials.

• Newell (NWL): We estimate that raw materials comprise 50% of COGS for Newell.
Resin is the largest component of the company’s raw materials and represents a
high-single digit percentage of COGS.

Foam: Foam represents one of the two largest input costs to bedding products with
steel being the other largest component.

US Credit Research | 04 March 2022 3

• Tempur Sealy (TPX): We estimate that raw materials comprise 60% of Tempur’s
COGS. The two largest chemical components of foam are toluene diisocyanate (TDI)
and methylene diphenyl disocyanate (MDI).

Urea: Russia represents 14% of global urea supply

• Scotts Miracle-Gro (SMG): We estimate that raw materials comprise almost 60%
of Scott’s COGS. Urea is the largest single component of the company’s COGS and
represents greater than 10% of COGS.

• Central Garden & Pet (CENT): Central Garden provides little segment data with
specific category sales. However, the company notes that key inputs in fertilizer and
control products include: (1) urea; (2) potash; and (3) phosphates.

• Spectrum Brands (SPB): Urea is a key input in the company’s lawn and garden
segment.

Financials & REITS – Shanna Qiu

Aircraft lessors are directly affected by US and EU sanctions that prohibit providing
aircraft, parts or technology to Russia, including leasing activity with Russian airlines.
While lessors are seeking to repossess aircraft from Russia, the ability to fly the aircraft
out of Russia is difficult. Lessors are likely to see losses if they cannot seize assets and
place the aircraft on new leases. Aviation insurance payouts and security deposits likely
will only partially mitigate these losses. REITS should have little to no impact given that
most operate in the US.

• Fortress Transportation and Infrastructure (FTAI): FTAI has eight planes (6% of
total portfolio) leased to Russian operators.

Energy – Gregg Brody

The Energy sector is positively impacted by the risk that Russia the #1 global exporter of
natural gas and #2 global exporter of crude oil will reduce exports due to involuntary or
voluntarily supply disruption. The risk of potential sanctions and the difficulty of
transporting Russian exports has pushed crude oil and global natural gas prices
materially higher, which primarily benefits companies that sell crude oil and export
natural gas to global markets. A reduction in Russian crude oil or natural gas production
or sanctions against Russian energy companies would negatively impact oilfield service
providers that have exposure to Russia. Oilfield Services & Equipment providers is the
one Energy subsector that has a few companies that have modest direct exposure to
Russian-driven oilfield services demand. In addition, although refining margins remain
robust, higher crude oil costs could eventually hurt refining margins. Ultimately, higher
commodity prices could eventually lead to demand destruction, which would hurt the
entire energy sector as prices likely would decline to balance the market. However at
current prices we do not believe that will be the case. In addition, to the extent there is a
call on non-Russian oil supply growth due to a permanent decline in Russian drilling
activity, numerous oilfield service and midstream providers with operations outside of
Russia would potentially benefit.

• Apache Corp (APA) is one of the largest oil weighed issuer in the high yield index,
while Laredo Petroleum (LPI) and Surge Energy (MSSCRK) are the highest
yielding companies that are oil weighted issuers

• Cheniere Energy (LNG) is one of the largest companies that exports natural gas
from the US to global markets

• Weatherford International PLC (WFRD) is one of the few oilfield service

companies that has exposure to Russia with ~5% of sales coming from Russia.

4 US Credit Research | 04 March 2022

Gaming, Lodging and Leisure – James Kayler
Gaming & Lodging are largely insulated from the Russian/Ukraine conflict as the vast
majority of earnings for these companies in the high yield market are generated in the
United States. Variable costs are primarily driven by domestic labor. In Leisure, theme
parks and ski resorts are also domestically focused and have cost structures levered to
labor. The cruise industry has limited direct exposure to the conflict from an itinerary
perspective (5% or less), but is modestly exposed through higher oil prices and
passengers sourced from Europe (25% from Europe in 2019).

• Royal Caribbean (RCL) Prior to Covid, 2020 fuel consumption was expected to be
1.5 million metric tons. 54% of anticipated 2022 fuel consumption is hedged at
$490 per metric ton. We estimate a 10% change in fuel prices would impact
consensus ’23 EBITDA by a low-single digit percentage.

• Norwegian Cruise Lines (NCLH) The company expects fuel consumption in 2022
to be 900,000 metric tons, with 42% of that consumption hedged. NCLH expects a
fuel price per metric ton of $675 net of hedges in 2022. NCLH estimates a 10%
change in the price of fuel would impact profit by ~$27 million, which equates to a
low-single digit percentage of consensus ’23 EBITDA.
• Carnival Cruise Lines (CCL) The company expects fuel consumption in 2022 to be
2.9 million metric tons and on 12/20/21 Carnival noted a blended spot fuel price of
$563 per metric ton. Carnival does not hedge its fuel costs.

Healthcare – Larry Bland

Modest impact tied to pharma companies with sales into Russia/Ukraine.

• Teva Pharmaceuticals Industries Ltd. (TEVA): Russia is a component of Teva’s

International segment, which represents approximately 12% of Teva’s overall sales
(International Operating Income at $55mm is a small fraction of overall 2021 OI. 35
countries are included in the International segment, but Teva notes Russia as a
“major” market. The company has no manufacturing plants in either Russia or
Ukraine, having sold its last remaining Russian manufacturing facility in 2H20.
Teva’s sales to Russia/Ukraine are less than 5% of overall sales.

• Bausch Health Companies Inc. (BHC): Russia and Ukraine represent less than 2%
of Bausch’s sales. Thrombo ASS, a leading brand in Russia, represents less than 1%
of sales. 3% of Bausch’s workforce is located in Russia.

• Organon & Co. (OGN): Russia, Latin America, Middle East and Africa represent
13% of the company’s sales. Organon planned to launch NASONEX OTC in Russia
during 1H22.

• Perrigo Company plc (PRGO): Perrigo does not operate in either Russia or Ukraine,
with no sales and manufacturing in the region.

• Jazz Pharmaceuticals plc (JAZZ): Jazz does not break out operating performance
for either Russia or Ukraine.

Homebuilding, Building Products & Rentals – James Kayler

Homebuilding & Building Products have modest exposure to the Russian/Ukraine conflict
as the majority of earnings for these companies in the high yield market are generated
in the United States. For most of the industry, higher oil/energy prices will be a
moderate headwind due to input costs or freight. A few industry participants have
greater exposure to oil or its derivatives driven by energy and metals prices (discussed
further below). Equipment Rental companies have the potential to benefit from the
current conflict persistently higher oil prices result in an increase in domestic oil and gas
production.

US Credit Research | 04 March 2022 5

• Cornerstone Building Brands (CNR) Is a leading producer of vinyl siding. The
company has noted it uses “considerable” amounts of electricity and natural gas in
its manufacturing plants as well as PVC resin.

• Griffon (GFF) Is a leading manufacturer of long-handled tools (i.e. rakes and

shovels) and of rolling steel doors. The company is exposed to higher resin prices
which are derived from oil as well as higher steel prices.

• James Hardie (JHXAU) Exposed to natural gas and energy in production and
distribution and through commodity input costs. The company estimates that a 10%
change in the cost of its key commodity inputs (pulp, cement and silica) would
impact EBITDA by a $33 million or a low-single digit percentage of consensus ’23
EBITDA.

• H&E Equipment (HEES) Has the potential to benefit from sustained higher oil
prices. The company derives 4% of its revenue from upstream, downstream and
midstream energy companies.

• Herc Rentals (HRI) Has the potential to benefit from sustained higher oil prices.
The company derives 9% of its revenue from upstream, downstream and midstream
energy companies.

• United Rentals (URI) Has the potential to benefit from sustained higher oil prices.
The company derives 9% of its revenue from upstream, downstream and midstream
energy companies.

Industrials – Matthew Fields

The impact on the High Yield Industrial sector is mainly a reflection of commodity price
impacts, as very few companies have material operations in Russia or Ukraine.

• Titan International (TWI): 5% of total 2021 sales (6% in 2020) generated in Russia
as the company has a manufacturing plant in the country.

• GFL Environmental (GFLCN), Great Lakes Dredge & Dock (GLDD), Harsco
(HSC), Stericycle (SRCL): Environmental service companies and other route-based
service providers potentially hurt by higher fuel costs.

• Manitowoc (MTW), Mueller Water (MWA), RBC Bearings (ROLL), Terex (TEX),
Vertiv Holdings (VRT), Zurn Water Solutions (ZWS): steel, aluminum and other
metals represent significant raw materials.

• Altra Industrial Motion (AIMC), EnerSys (ENS), Husky Injection Molding

(HUSKYI), Matthews International (MATW), Welbilt (WBT): each of these
companies have mentioned sales in Russia, though either not material enough to
call out individually, or unable to separate from “EMEA” categorization.

Metals & Mining – Matthew Fields

The conflict in Russia and Ukraine is generally positive for metals as sanctions and
supply disruptions due to the conflict tightens the market for a variety of commodities.
Russia is a significant producer of a number of mined commodities and for some
(Palladium, Platinum, Nickel, Aluminum, Titanium etc.) exports most of its production.

• Alcoa (AA), Century Aluminum (CENX): Upstream aluminum benefits due to rising
power prices and the absence of Russian aluminum exports. Russia represents 6%
of global Aluminum supply.

• Coeur Mining (CDE), Eldorado Gold (ELDCN), IAMGOLD (IMGCN), Hecla Mining
(HL), New Gold (NGDCN): Gold benefits due to investor fears, inflation hedging and
central banks buying to insulate from dollar exposure.

• Arch Resources (ARCH), Alliance Resource Partners (ARLP), Peabody Energy

(BTU), CONSOL Energy (CEIX), Warrior Met Coal (HCC), SunCoke Energy (SXC)

6 US Credit Research | 04 March 2022

 (participates via export terminal): Coal benefits due to rising European energy costs
and Russian supply disruption (including thermal and met). Russia represents roughly
50% of European thermal coal imports and 20% of European met coal imports.

• Big River Steel (BIGBRS), Cleveland Cliffs (CLF), Commercial Metals (CMC),
Ryerson (RYI), US Steel (X): Steel benefits due to Russian and Ukrainian supply
disruptions. Russian and Ukraine together account for roughly 10% of global steel
exports.

• ERO Copper (EROCN), First Quantum (FMCN), Hudbay Minerals (HBMCN),

Taseko Mines (TKOCN): Copper benefits due to Russian/Eastern Europe supply
disruption. Russia produces 4% of global copper, and satellites (Kazakhstan etc.)
produce more.

• Fortescue Metals Group (FMGAU): Iron ore benefits as Ukraine produces 3% of

global seaborne iron ore and 10-15% of pellet (higher quality) market. Russia
produces ~1-2% of global seaborne iron ore.

• Allegheny Technologies (ATI), Carpenter Technology (CRS), Howmet

Aerospace (HWM): Specialty metal producers benefit as Russia produces roughly
15% of global Titanium sponge, a key upstream source of aerospace and jet engine
parts

Paper & Packaging – Roger Spitz

With a handful of notable exceptions, few high yield paper & packaging credits in our
coverage universe have meaningful exposures to Russia, Ukraine and/or Belarus. Several
HY paper & packaging credits do have manufacturing operations, mainly in Russia, but
for most of these companies, with a notable exception, these number of these plants
tend to be relatively minor to the overall manufacturing portfolio of each company. The
overall impact of these countries on overall global supply and/or demand tends to be
relatively minor. Here are some of the more exposed HY Paper & Packaging credits to
this region:

• Canpack (CANPCK): In 2020, mgmt. announced its was increasing its Russian
beverage can capacity by 34% to 2.55 bn cans/year, represented nearly 10% of its
27 bn global bevcan capacity, with its manufacturing facilities in Volokolamsk, and
Novocherkassk, Russia. CANPACK also has a beverage can manufacturing facility in
Vyshhorod, Ukraine, and a metal closures facility in Yavoriv, Ukraine.

• Glatfelter (GLT): 9% of sales case from Russian & Ukraine

• Ball (BLL): Three plants in Russia (4% of 5 bevcan plants) – likely <5% of sales

• Greif (GEF): Nine plants (5% of 184 plants)

• Sealed Air (SEE): Facilities in Russia (2% of sales) and Ukraine (1% of sales)

• Berry (BERY): One small facility in Russia

• Graphic Packaging (GPK): Two Russian plants – of many plants

• Mauser Packaging (BWY): Likely small Russian sales

• Ardagh Group (ARGID): Apparently some sales in Russia – likely minimal

Services – Ryan Fenske

General Business Services have limited exposure to Russia and Ukraine. Travel Services
with operations in Europe face limited direct disruption at this stage of the Russia-
Ukraine conflict, but a broader European conflict could be highly disruptive to European
operations and international travel. Government Services with exposure to the military,
Department of Defense (DoD) and intelligence agencies will likely see increased demand

US Credit Research | 04 March 2022 7

as defense budgets rise. Several European nations have already announced increases in
defense spending, including Germany, France and Romania.

• Booz Allen Hamilton (BAH): In fiscal 2021, BAH generated approximately 49.6%
and 20.0% of revenue from defense clients and intelligence clients, respectively.
Revenue generated from defense clients also includes foreign military sales to non-
U.S. government clients.

• KBR, Inc. (KBR): In 2021, KBR generated 70% of revenues from the U.S.
government and 7% of revenues from the U.K. government.

• Science Applications International Corp (SAIC): In fiscal 2021, SAIC generated

17% of revenues from the U.S. Army, 11% from the U.S. Navy, 19% from other DoD,
and 51% from other U.S. federal government departments (98% of revenue from
the U.S. government).

• Sabre Corp (SABHLD): In 2021, 20% of revenues were derived from Europe, and
16% of Direct Billable Bookings in the Travel Solutions business were generated in
EMEA. On March 3rd, Sabre terminated its distribution agreement with Aeroflot, the
largest government-majority owned carrier in Russia.

Technology – Ana Goshko

Limited exposure to Russia or Ukraine, especially for software and services, which make
up a large proportion of the High Yield Technology constituents. Prolonged elevation in
prices for commodities such as oil and aluminum could put some pressure on the
margins of manufacturers; will likely have limited impact on semiconductor production
as neon consumption is a fraction of what it used to be and foundries have adequate
supply elsewhere; most companies in the sector do not break out their revenue exposure
to Russia and Ukraine.

• CommScope (COMM): exposed to higher commodity prices, such as for aluminum,

but could reprice contracts going forward to pass through costs

• Diebold Nixdorf (DBD): significant presence in Europe, estimate sales to Russia

and Ukraine at a very low-single digit percentage of company total

• Sensata (ST): 26% of 2021 revenue in Europe, use a broad range of raw materials,
incl. resin and metals, enter into commodity forward contracts in order to limit
exposure to price variability

• CrowdStrike (CRWD): potential to benefit from increased demand for enterprise

cybersecurity services

Transportation – Doug Karson

Airlines: Airlines are impacted due to rising jet fuel costs associated with a wartime
spike in oil prices. For most airlines, fuel represents approximately 20% of their
operating expenses. Most major airlines do not hedge or minimally hedge oil prices. It is
also possible that an escalating conflict could affect demand for travel.

U.S. Telecommunications – Ana Goshko

Little to no material exposure to Russia or Ukraine.

• Cogent Communications (CCOI): said it has network in Ukraine, but it is a very

small market for it; sells netcentric service to Russian carriers, but said it is a very
small percent of its total traffic, reported to be terminating all services to Russia.

Utilities – Antoine Aurimond

The most notably impact for HY Utilities is the increase in commodity prices. This is a
positive for independent power producers, although more for 2023 and on given most of
2022’s generation is already hedged. Regulated utilities see limited impact as fuel cost
is a direct pass-through to customers and does not impact companies’ bottom line.

8 US Credit Research | 04 March 2022

Higher commodity prices will put some pressure on customer bills, which could indirectly
force utilities to pare back CapEx plans. YieldCos also see limited impact as the free cash
flow generation is essentially fully contracted under long-term PPAs with no commodity
exposure.

• Calpine Corp (CPN) generates ~90 TWh of electricity annually, mainly from natural
gas-fired generation.

• NRG Energy (NRG) generates ~40 TWh of electricity annually, mainly from coal-
fired, natural gas-fired, and nuclear generation. Nuclear accounts for ~25% of
generation; uranium prices/supply could potentially be impacted by the conflict.

• Vistra Energy (VST) generates ~170 TWh of electricity annually, mainly from coal-
fired and natural gas-fired generation. Nuclear accounts for ~10% of generation;
uranium prices/supply could potentially be impacted by the conflict.

• Talen Energy (TLN) generates ~35-40 TWh of electricity annually, mainly from
nuclear and coal-fired generation. Nuclear accounts for ~50% of generation;
uranium prices/supply could potentially be impacted by the conflict.

US Credit Research | 04 March 2022 9

Research Analysts
Larry Bland
Research Analyst
BofAS
+1 646 855 6502
[email protected]
Antoine Aurimond, CFA
Research Analyst
BofAS
+1 646 855 8284
[email protected]

Gregg Brody
Research Analyst
BofAS
+1 646 855 6410
[email protected]

Ryan Fenske, CFA

Research Analyst
BofAS
+1 646 855 8471
[email protected]

Matthew W. Fields, CFA

Research Analyst
BofAS
+1 646 855 6199
[email protected]

Ana Goshko
Research Analyst
BofAS
+1 646 855 9936
[email protected]
Douglas Karson
Research Analyst
BofAS
+1 646 855 7405
[email protected]

James Kayler, CFA

Research Analyst
BofAS
+1 646 855 9223
[email protected]
Marlane Pereiro
Research Analyst
BofAS
+1 646 855 6362
[email protected]
Shanna Qiu, CFA
Research Analyst
BofAS
+1 646 855 7237
[email protected]

William M. Reuter
Research Analyst
BofAS
+1 646 855 6363
[email protected]

Roger Spitz
Research Analyst
BofAS
+1 646 855 6946
[email protected]

10 US Credit Research | 04 March 2022

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