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U.S. BSL CLO Obligors: Corporate Rating Actions Tracker 2025 (As Of March 14)

(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.)

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U.S. corporate rating actions
As of March 14, 2025
Rating
Action date Issuer name GIC sector Current Previous Rank within U.S. BSL CLOs
3/14/2025 Alvogen Pharma US Inc. Pharmaceuticals CCC+/Stable SD/-- 751 to 1,000
3/14/2025 EmployBridge Holding Co. Professional services SD/-- CC/Negative 751 to 1,000
3/14/2025 Astra Acquisition Corp. Software CCC/Negative SD/-- 751 to 1,000
3/14/2025 E.W. Scripps Co. (The) Media CC/Negative B-/Watch Neg 251 to 500
3/14/2025 Victoria's Secret & Co. Specialty retail BB-/Stable BB-/Negative 751 to 1,000
3/13/2025 Uber Technologies Inc. Road and rail BBB/Stable BBB-/Positive 1,251 to 1,500
3/13/2025 Bella Holding Co. LLC Health care providers and services B/Stable B-/Positive 251 to 500
3/13/2025 WIN Waste Innovations Holdings Inc. Independent power and renewable electricity producers B-/Stable CCC+/Watch Dev 751 to 1,000
3/12/2025 Blackstone Secured Lending Fund Capital markets BBB-/Positive BBB-/Stable 1,001 to 1,250
3/12/2025 ACCO Brands Corp. Commercial services and supplies B+/Stable BB-/Negative 1,251 to 1,500
3/12/2025 KAMC Holdings Inc. Software B-/Negative B-/Stable 1,001 to 1,250
3/11/2025 Runner Buyer Inc. Specialty retail D/-- CCC/Negative 1,001 to 1,250
3/10/2025 IGT Holding IV AB Software B/Stable B/Negative 501 to 750
3/10/2025 Fender Musical Instruments Corp. Leisure products B-/Negative B/Stable 751 to 1,000
3/10/2025 Dave & Buster's Inc. Hotels, restaurants, and leisure B/Negative B/Positive 251 to 500
3/7/2025 Walgreens Boots Alliance Inc. Food and staples retailing BB-/Watch Neg BB-/Stable 1,001 to 1,250
3/7/2025 Alvogen Pharma US Inc. Pharmaceuticals SD/-- CCC+/Watch Neg 751 to 1,000
3/6/2025 Star US Bidco LLC Machinery B-/Watch Pos B-/Stable 501 to 750
3/6/2025 Fortrea Holdings Inc. Life sciences tools and services B+/Watch Neg BB/Negative 1,001 to 1,250
3/6/2025 OT Merger Corp. Machinery CCC+/Negative SD/-- 501 to 750
3/6/2025 EmployBridge Holding Co. Professional services CC/Negative CCC+/Negative 751 to 1,000
3/5/2025 Kyndryl Holdings Inc. IT services BBB-/Positive BBB-/Stable 1,251 to 1,500
3/5/2025 Hyperion Materials & Technologies Inc. Machinery B-/Stable B/Negative 751 to 1,000
3/5/2025 Ivanti Software Inc. Software CCC+/Negative B-/Negative Top 250
3/5/2025 AT&T Inc. Diversified telecommunication services BBB/Positive BBB/Stable 1,001 to 1,250
3/5/2025 Ingenovis Health Inc. Health care providers and services CCC+/Negative B-/Stable 501 to 750
3/5/2025 Vialto US Opco Inc. Professional services CCC+/Positive SD/-- 501 to 750
3/5/2025 ZipRecruiter Inc. Interactive media and services B/Negative B+/Negative 1,501+
3/5/2025 Carrier Global Corp. Building products BBB+/Stable BBB/Positive 1,501+
3/4/2025 Tarkett Participation Building products B+/Positive B+/Stable 1,501+
3/4/2025 B&G Foods Inc. Food products B-/Stable B-/Positive N/A
3/4/2025 GFL Environmental Inc. Commercial services and supplies BB/Stable BB-/Watch Pos 501 to 750
3/3/2025 Bright Bidco B.V. Semiconductors and semiconductor equipment SD/-- CCC+/Watch Neg 1,251 to 1,500
3/3/2025 Arvos BidCo S.a.r.l. Machinery B-/Negative B-/Stable 1,501+
3/3/2025 Lumen Technologies Inc. Diversified telecommunication services B-/Stable CCC+/Watch Pos Top 250
3/3/2025 Cast & Crew LLC Software B-/Stable B/Negative Top 250
3/3/2025 Oncor Electric Delivery Co. LLC Electric utilities A/Negative A/Stable 1,251 to 1,500
3/3/2025 BANGL LLC Oil, gas, and consumable fuels BB-/Watch Pos BB-/Negative 751 to 1,000
3/3/2025 Kontoor Brands Inc. Textiles, apparel, and luxury goods BB/Negative BB/Stable N/A
2/28/2025 Marcel Bidco LLC Software B+/Negative B+/Stable 501 to 750
2/28/2025 Auxey Bidco Ltd. Capital markets B/Stable B+/Negative 1,251 to 1,500
2/28/2025 Altice France S.A. Diversified telecommunication services CC/Negative CCC/Developing Top 250
2/28/2025 Foley Products Co. LLC Construction materials B+/Stable B/Stable 751 to 1,000
2/28/2025 Latam Airlines Group S.A. Airlines BB/Stable BB-/Positive 1,501+
2/28/2025 Hilton Grand Vacations Inc. Hotels, restaurants, and leisure BB/Watch Neg BB/Stable 251 to 500
2/27/2025 Rithum Holdings Inc. Software B-/Stable B-/Negative 251 to 500
2/27/2025 Life Time Inc. Hotels, restaurants, and leisure B+/Positive B+/Stable 501 to 750
2/27/2025 Altisource Solutions S.a.r.l. Software CCC+/Stable SD/-- 1,001 to 1,250
2/27/2025 Mars Inc. Food products A/Stable A+/Watch Neg 1,251 to 1,500
2/27/2025 Global Net Lease Inc. Equity real estate investment trusts (REITs) BB/Watch Pos BB/Stable 1,501+
2/25/2025 Confluence Technologies Inc. Software CCC+/Negative SD/-- 751 to 1,000
2/24/2025 OT Merger Corp. Machinery SD/-- CCC+/Negative 501 to 750
2/21/2025 Stitch Acquisition Corp. Household durables SD/-- CCC/Negative 1,251 to 1,500
2/21/2025 Western Digital Corp. Technology hardware, storage, and peripherals BB+/Stable BB/Watch Neg 1,001 to 1,250
2/21/2025 Confluence Technologies Inc. Software SD/-- CCC+/Negative 751 to 1,000
2/21/2025 Claros Mortgage Trust Inc. Mortgage real estate investment trusts (REITs) CCC+/Negative B-/Negative 751 to 1,000
2/21/2025 Renaissance Holding Corp. Entertainment B-/Stable B-/Positive Top 250
2/20/2025 Altisource Portfolio Solutions S.A. Software SD/-- CC/Negative 1,001 to 1,250
2/19/2025 Leslie's Poolmart Inc. Specialty retail B/Stable B+/Negative 501 to 750
2/19/2025 Wok Holdings Inc. Hotels, restaurants, and leisure B-/Stable CCC+/Watch Pos 1,251 to 1,500
2/19/2025 EnergySolutions LLC Commercial services and supplies B+/Stable B/Stable 501 to 750
2/18/2025 Ascend Performance Materials Operations LLC Chemicals CCC+/Negative B/Negative 251 to 500
2/18/2025 WIN Waste Innovations Holdings Inc. Independent power and renewable electricity producers CCC+/Watch Dev CCC+/Negative 751 to 1,000
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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