As of March 31, 2025, European CLOs holdings of BSL rated 'B-' were worth a total of about €40.65 billion, or about 25.8% of CLO portfolios in Europe. The 30 largest 'B-' rated credits, based on their debt volume, make up 52% of the total principal of 'B-' rated European CLO holdings which is predominantly led by healthcare, leisure, and software sectors. Tariffs minimally affect the top 30 'B-' European CLO holdings directly, but these credits are vulnerable to secondary impacts like economic slowdowns, fiscal changes, and consumer confidence. Top 30 'B-' rated companies have taken measures like optimized operations and cost-cutting to maintain ratings, but their leveraged structures depend on revenue recovery in 2025.