(Editor's Note: We intend to update this article periodically as new corporate rating actions occur.)
U.S. broadly syndicated collateralized loan obligations (CLOs) are backed primarily by broadly syndicated loans (BSLs) issued by U.S. companies. The CLO group within S&P Global Ratings' U.S. Structured Finance department believes that a review of recent rating action reports published by U.S. Corporate Ratings can provide insights on developing sector trends. To this end, we are providing a list of rating actions on issuers with loans held in U.S. BSL CLOs since the start of 2025, as well as a monthly summary of the upgrade and downgrade counts (see the table and chart below). (For a list of rating actions in 2024, see "Full-Year 2024 U.S. Corporate Rating Actions Tracker," published Jan. 22, 2025.
For each issuer, we include its rank as of the most recent U.S. BSL CLO Top Obligors And Industries Report to give an indication of how widely held the issuer's loans are across U.S. BSL CLOs rated by S&P Global Ratings. These CLOs, collectively, have had exposure to over 1,500 parent issuers operating across several different global industry classification (GIC) industries. (For the list of the issuers held across U.S. BSL CLOs as of the end of fourth-quarter 2024, see "U.S. BSL CLO Top Obligors And Industries Report: Fourth-Quarter 2024," published Jan. 13, 2025.)
U.S. corporate rating actions | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
As of Feb. 24, 2025 | ||||||||||||
Rating | ||||||||||||
Action date | Issuer name | GIC sector | Current | Previous | Rank within U.S. BSL CLOs | |||||||
2/14/2025 | Screenvision LLC | Entertainment | CCC-/Negative | CCC+/Negative | 1,251 to 1,500 | |||||||
2/14/2025 | FLEX Intermediate HoldCo LLC | Oil, gas, and consumable fuels | BB/Stable | BB/Negative | 1,001 to 1,250 | |||||||
2/14/2025 | Freeport LNG Investments LLLP | Capital markets | B-/Stable | B-/Negative | Top 250 | |||||||
2/14/2025 | Griffon Corp. | Building products | BB-/Stable | B+/Positive | 751 to 1,000 | |||||||
2/14/2025 | GEO Group Inc. (The) | Commercial services and supplies | B+/Positive | B+/Stable | 1,001 to 1,250 | |||||||
2/14/2025 | KKR Real Estate Finance Trust Inc. | Mortgage real estate investment trusts (REITs) | B+/Stable | B+/Negative | 751 to 1,000 | |||||||
2/13/2025 | Allen Media LLC | Media | CCC+/Negative | CCC+/Watch Neg | 501 to 750 | |||||||
2/13/2025 | Columbus McKinnon Corp. | Machinery | B+/Watch Neg | B+/Stable | 751 to 1,000 | |||||||
2/13/2025 | Crosby US Acquisition Corp. | Machinery | B/Watch Pos | B/Stable | 251 to 500 | |||||||
2/13/2025 | Hanesbrands Inc. | Textiles, apparel, and luxury goods | B+/Positive | B+/Stable | 501 to 750 | |||||||
2/13/2025 | Newfold Digital Holdings Group Inc. | IT services | CCC+/Watch Neg | B-/Negative | Top 250 | |||||||
2/12/2025 | CommScope LLC | Communications equipment | CCC+/Stable | CCC/Watch Pos | 251 to 500 | |||||||
2/12/2025 | Kinder Morgan Inc. | Oil, gas, and consumable fuels | BBB/Positive | BBB/Stable | 1,501+ | |||||||
2/11/2025 | BCPE North Star Holdings L.P. | Food products | B-/Stable | CCC+/Negative | N/A | |||||||
2/10/2025 | Recycle and Resource Operations Pty Ltd. | Commercial services and supplies | CCC+/Negative | B-/Negative | 751 to 1,000 | |||||||
2/10/2025 | WCG Purchaser Corp. | Life sciences tools and services | B-/Positive | B-/Stable | Top 250 | |||||||
2/7/2025 | Plaskolite PPC Intermediate II LLC | Chemicals | CCC/Watch Dev | CCC+/Negative | 1,001 to 1,250 | |||||||
2/6/2025 | WW International Inc. | Diversified Consumer Services | CCC-/Negative | CCC/Negative | 501 to 750 | |||||||
2/6/2025 | New Fortress Energy Inc. | Oil, gas, and consumable fuels | B/Negative | B+/Negative | 501 to 750 | |||||||
2/6/2025 | Honeywell International Inc. | Industrial conglomerates | A/Watch Neg | A/Stable | 1,251 to 1,500 | |||||||
2/6/2025 | Ford Motor Co. | Automobiles | BBB-/Negative | BBB-/Stable | 1,001 to 1,250 | |||||||
2/6/2025 | Ford Motor Credit Co. LLC | Consumer finance | BBB-/Negative | BBB-/Stable | 1,001 to 1,250 | |||||||
2/5/2025 | Tecta America Corp. | Construction and engineering | B/Stable | B+/Stable | 251 to 500 | |||||||
2/5/2025 | Star Parent Inc. | Life sciences tools and services | B/Stable | B/Positive | Top 250 | |||||||
2/5/2025 | CDK Global II LLC | Software | B+/Negative | B+/Stable | Top 250 | |||||||
2/5/2025 | MPH Acquisition Holdings LLC | Health care providers and services | B-/Stable | SD/-- | 251 to 500 | |||||||
2/5/2025 | Dayforce Inc. | Professional services | BB-/Positive | BB-/Stable | 501 to 750 | |||||||
2/4/2025 | Royal Caribbean Cruises Ltd. | Hotels, restaurants, and leisure | BBB-/Stable | BB+/Positive | N/A | |||||||
2/4/2025 | Atlas CC Acquisition Corp. | Aerospace and defense | CCC+/Negative | B-/Negative | Top 250 | |||||||
2/3/2025 | Covia Holdings LLC | Construction mterials | B/Stable | B/Watch Neg | 501 to 750 | |||||||
1/31/2025 | MPH Acquisition Holdings LLC | Health care providers and services | SD | CC/Watch Neg | 251 to 500 | |||||||
1/31/2025 | Stonepeak Taurus Lower Holdings LLC | Transportation infrastructure | B/Negative | B/Stable | 1,251 to 1,500 | |||||||
1/31/2025 | RESIC Enterprises LLC | Food products | B-/Stable | CCC+/Watch Pos | 1,001 to 1,250 | |||||||
1/31/2025 | Premier Brands Group Holdings LLC | Textiles, apparel, and luxury goods | B-/Stable | CCC/Negative | 1,501+ | |||||||
1/30/2025 | Summer (BC) Bidco B LLC | Media | B-/Positive | B-/Stable | 501 to 750 | |||||||
1/29/2025 | Matador Bidco S.a.r.l. | Oil, gas, and consumable fuels | B+/Negative | B+/Stable | 1,001 to 1,250 | |||||||
1/29/2025 | Physician Partners LLC | Health care technology | CCC+/Negative | SD/-- | 501 to 750 | |||||||
1/29/2025 | Allen Media LLC | Media | CCC+/Watch Neg | CCC+/Negative | 501 to 750 | |||||||
1/28/2025 | Rayonier Advanced Materials Inc. | Chemicals | B/Stable | B-/Stable | N/A | |||||||
1/28/2025 | Triton Water Holdings Inc. | Beverages | BB-/Positive | B/Watch Pos | Top 250 | |||||||
1/28/2025 | Men's Wearhouse LLC (The) | Specialty retail | B+/Stable | B/Stable | 1,001 to 1,250 | |||||||
1/28/2025 | Camelot UK Holdco Ltd. | Interactive media and services | BB-/Negative | BB-/Stable | Top 250 | |||||||
1/28/2025 | ModivCare Inc. | Health care providers and services | CCC+/Negative | B-/Negative | 1,001 to 1,250 | |||||||
1/27/2025 | Trinseo Materials Operating S.C.A. | Chemicals | CCC+/Negative | SD/-- | 501 to 750 | |||||||
1/24/2025 | Cinemark USA Inc. | Entertainment | BB-/Stable | B+/Positive | 501 to 750 | |||||||
1/24/2025 | Quikrete Holdings Inc. | Construction materials | BB/Negative | BB/Watch Neg | N/A | |||||||
1/24/2025 | Packers Holdings LLC | Commercial services and supplies | CCC-/Watch Pos | SD/-- | 751 to 1,000 | |||||||
1/24/2025 | Form Technologies LLC | Machinery | B-/Stable | CCC/Watch Pos | 501 to 750 | |||||||
1/23/2025 | Hubbard Radio LLC | Media | CCC+/Negative | B-/Stable | 1,001 to 1,250 | |||||||
1/23/2025 | Physician Partners LLC | Health care technology | SD/-- | CCC+/Negative | 501 to 750 | |||||||
1/22/2025 | Focus Financial Partners LLC | Capital markets | B/Stable | B+/Stable | Top 250 | |||||||
1/21/2025 | AL GCX Holdings LLC | Oil, gas, and consumable fuels | BB/Stable | B+/Stable | 501 to 750 | |||||||
1/21/2025 | Costco Wholesale Corp. | Food and staples retailing | AA/Stable | A+/Stable | 1,501+ | |||||||
1/21/2025 | Castlelake Aviation One DAC | Trading companies and distributors | BBB-/Stable | BB-/Watch Pos | Top 250 | |||||||
1/21/2025 | Blue Ribbon LLC | Beverages | CCC+/Negative | SD/-- | 751 to 1,000 | |||||||
1/21/2025 | Match Group Holding II LLC | Interactive media and services | BB/Stable | BB/Positive | 751 to 1,000 | |||||||
1/17/2025 | Enstall Group B.V. | Semiconductors and semiconductor equipment | B-/Negative | B-/Stable | 751 to 1,000 | |||||||
1/17/2025 | PH Beauty Holdings III Inc. | Personal products | B-/Stable | CCC/Negative | 1,501+ | |||||||
1/17/2025 | MARS Investment Holdings Ltd. | Commercial services and supplies | B-/Negative | B/Negative | 1,251 to 1,500 | |||||||
1/17/2025 | Aimbridge Acquisition Co. Inc. | Hotels, restaurants, and leisure | D/ | CCC/Negative | N/A | |||||||
1/16/2025 | Blue Ribbon LLC | Beverages | SD/NM | CCC-/Negative | 751 to 1,000 | |||||||
1/16/2025 | Packers Holdings LLC | Commercial services and supplies | SD/-- | CCC-/Negative | 751 to 1,000 | |||||||
1/16/2025 | C&D Technologies Inc. | Electrical equipment | B-/Developing | B-/Watch Dev | 1,001 to 1,250 | |||||||
1/16/2025 | UFC Holdings LLC | Entertainment | B+/Stable | BB-/Watch Neg | Top 250 | |||||||
1/16/2025 | Aramsco Inc. | Trading companies and distributors | B-/Negative | B-/Stable | 751 to 1,000 | |||||||
1/16/2025 | Needle Holdings LLC | Specialty retail | D/NM | CCC/Negative | 1,001 to 1,250 | |||||||
1/15/2025 | H&E Equipment Services Inc. | Trading companies and distributors | BB-/Watch Pos | BB-/Stable | 1,001 to 1,250 | |||||||
1/15/2025 | Ahead DB Holdings LLC | Electronic equipment, instruments, and components | B/Stable | B/Negative | 251 to 500 | |||||||
1/13/2025 | Sophos Intermediate I Ltd. | Software | B-/Positive | B-/Stable | 1,501+ | |||||||
1/13/2025 | Alvogen Pharma US Inc. | Pharmaceuticals | CCC+/Watch Neg | B-/Watch Neg | 751 to 1,000 | |||||||
1/13/2025 | Broadcom Inc. | Semiconductors and semiconductor equipment | BBB+/Positive | BBB/Stable | 1,001 to 1,250 | |||||||
1/13/2025 | VMWARE LLC | Software | BBB+/Positive | BBB/Stable | 1,001 to 1,250 | |||||||
1/10/2025 | Calpine Corp. | Independent power and renewable electricity producers | BB-/Watch Pos | BB-/Stable | Top 250 | |||||||
1/9/2025 | Southern California Gas Co. | Gas utilities | A-/Stable | A/Negative | 1,501+ | |||||||
1/9/2025 | Southern California Gas Co. | Gas utilities | BBB+/Negative | BBB+/Stable | 1,501+ | |||||||
1/9/2025 | Naked Juice LLC | Beverages | CCC/Negative | CCC+/Negative | Top 250 | |||||||
1/9/2025 | Epic Y Grade Services L.P. | Oil, gas, and consumable fuels | B-/Watch Pos | B-/Stable | 751 to 1,000 | |||||||
1/8/2025 | Momentive Performance Materials Inc. | Chemicals | BB-/Positive | B+/Stable | 251 to 500 | |||||||
1/8/2025 | E.W. Scripps Co. (The) | Media | B-/Watch Neg | B-/Negative | 251 to 500 | |||||||
1/8/2025 | GFL Environmental Inc. | Commercial services and supplies | BB-/Watch Pos | BB-/Positive | N/A | |||||||
1/8/2025 | Brewco Borrower LLC | Beverages | SD/-- | B-/Negative | 751 to 1,000 | |||||||
1/8/2025 | City Brewing Co. LLC | Beverages | SD/-- | B-/Negative | 751 to 1,000 | |||||||
1/7/2025 | NCL Corp. Ltd. | Hotels, restaurants, and leisure | B+/Positive | B+/Stable | 1,501+ | |||||||
1/7/2025 | FR Flow Control CB LLC | Machinery | NR/-- | B-/Stable | 1,251 to 1,500 | |||||||
1/7/2025 | Wrench Group LLC | Specialty retail | B-/Negative | B-/Stable | 251 to 500 | |||||||
1/6/2025 | Gloves Buyer Inc. | Textiles, apparel, and luxury goods | B-/Positive | B-/Stable | 501 to 750 | |||||||
GIC--Global industry classification. BSL CLO--Broadly syndicated loan collateralized loan obligation. D--Default. SD--Selective default. NM--Not meaningful. N/A--Not applicable. |
This report does not constitute a rating action.
Primary Contacts: | Daniel Hu, FRM, New York + 1 (212) 438 2206; daniel.hu@spglobal.com |
Stephen A Anderberg, New York + (212) 438-8991; stephen.anderberg@spglobal.com | |
Rachel Miles, Dallas (1) 214-871-1476; rachel.miles@spglobal.com | |
Research Contributors: | Shivani Singh, CRISIL Global Analytical Center, an S&P affiliate, Mumbai |
Saraswati Tiwari, CRISIL Global Analytical Center, an S&P affiliate, Mumbai |
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