...July 1, 2020 NEW YORK (S&P Global Ratings) July 1, 2020--S&P Global Ratings today lowered its fund credit quality rating (FCQR) on iShares J.P. Morgan EM High Yield Bond ETF (EMHY), managed by BlackRock Fund Advisors (BFA), to 'Bf' from 'B+f'. At the same time, we lowered our fund volatility rating (FVR) to '##' from '##'. The 'Bf' FCQR signifies that the credit quality of the fund's portfolio exposure is very weak. During our 2019 annual review, we had affirmed the 'B+f' rating on the fund, based in part on an assessment of the credit quality of the fund throughout 2019. We are now lowering the FCQR because the credit quality of the fund's underlying portfolio of investments has declined on a monthly basis. In our view, it now exhibits risk equivalent to the 'Bf' rating level following a change in the fund's underlying index from the Morningstar« Emerging Markets High Yield Bond Index to the J.P. Morgan USD Emerging Markets High Yield Bond Index. We understand the components of the underlying...
