S&P Global Ratings is publishing a list of the top 250 companies with loan issuances that are held by U.S. broadly syndicated collateralized loan obligations (BSL CLOs) in the third quarter of 2019. The companies are ranked on a dollar-weighted basis, based on the issuances held by U.S. BSL CLOs. The information is based on the trustee reports issued in third-quarter 2019.
SPWARF For The Top 250
The S&P Global Ratings weighted average rating factor, or SPWARF, is one of the six portfolio benchmarks (see the SPWARF section in the appendix for details). The SPWARF benchmark provides information on the credit quality of a given CLO portfolio, with lower-rated portfolios producing a higher SPWARF and vice versa. The new benchmark is intended to increase transparency and make it easier to compare the average ratings in CLO portfolios.
If we treat the top 250 obligors within U.S. BSL CLOs as a hypothetical portfolio of the most widely held issuers, the SPWARF for the loans issued by the top 250 obligors (weighted by their exposures within rated U.S. BSL CLOs) is 2451 as of the end of third-quarter 2019, up from 2332 as of the first-quarter 2018, indicating that there has been a slight negative shift in the rating distribution of the top 250 issuers.
Table 1
Top 250 BSL CLO SPWARF | ||||
---|---|---|---|---|
SPWARF | ||||
Q1 2018 | 2332 | |||
Q2 2018 | 2381 | |||
Q3 2018 | 2360 | |||
Q4 2018 | 2387 | |||
Q1 2019 | 2378 | |||
Q2 2019 | 2403 | |||
Q3 2019 | 2451 | |||
BSL CLO--Broadly syndicated collateralized loan obligation. SPWARF--S&P Global Ratings weigthed average rating factor. |
U.S. Speculative-Grade Downgrades To Nonperforming Ratings In Third-Quarter 2019
Table 2
Issuers With Loans Held In CLOs That Downgraded To a Nonperforming Rating In Q3 2019 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
Rating | ||||||||||
Date | Entity | GIC Sector | To | From | ||||||
7/1/2019 |
Monitronics International Inc. |
Commercial Services and Supplies | D | SD | ||||||
7/2/2019 |
Weatherford International Ltd. |
Energy Equipment and Services | D | CC/Negative | ||||||
7/3/2019 |
PES Holdings LLC |
Oil, Gas and Consumable Fuels | D | B-/Stable | ||||||
7/3/2019 |
IPC Corp. |
Software | CC/Watch Neg | CCC+/Negative | ||||||
7/23/2019 |
99 Cents Only Stores LLC |
Multiline Retail | SD/ | CC/Negative | ||||||
9/3/2019 |
Checkers Holdings Inc. |
Hotels, Restaurants and Leisure | SD/NM | CCC+/Negative | ||||||
9/10/2019 |
Deluxe Entertainment Services Group Inc. |
Entertainment | CC/Negative | CCC-/Negative | ||||||
9/17/2019 |
Sheridan Investment Partners II L.P. |
Capital Markets | D | SD | ||||||
9/17/2019 |
Sheridan Production Partners II-A LP |
Capital Markets | D | SD | ||||||
9/17/2019 |
Sheridan Production Partners II-M L.P. |
Capital Markets | D | SD | ||||||
9/23/2019 |
Medical Depot Holdings Inc. |
Health Care Equipment and Supplies | CC/Watch Neg | CCC/Negative | ||||||
9/27/2019 |
Premiere Global Services Inc. |
Diversified Telecommunication Services | SD | CCC-/Negative | ||||||
GIC--Global industry classification. SD--Selective default. |
Rating Changes Among Obligors That Are Widely Held In BSL CLOs
In the third-quarter 2019, U.S. speculative-grade corporate obligor downgrades outpaced upgrades 107 to 46.
Table 3
Rating Actions Among The Top 250 Obligors In U.S. BSL CLOs (Q3 2019) | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
Rating | ||||||||||
Action Date | Company | GIC Sector | To | From | ||||||
7/3/2019 |
Travelport Finance (Luxembourg) S.A.R.L |
Hotels, Restaurants and Leisure | B/Stable | B+/Watch Neg | ||||||
7/11/2019 |
Coty Inc. |
Personal Products | B+/Stable | BB-/Negative | ||||||
7/12/2019 |
Amneal Pharmaceuticals LLC |
Pharmaceuticals | B/Stable | BB-/Negative | ||||||
7/15/2019 |
Mallinckrodt International Finance S.A. |
Pharmaceuticals | B+/Negative | B+/Watch Neg | ||||||
7/16/2019 |
FEH, Inc. |
Capital Markets | BB+/Negative | BB+/Stable | ||||||
7/22/2019 |
DaVita Inc. |
Health Care Providers and Services | BB/Negative | BB/Stable | ||||||
8/6/2019 |
McDermott International Inc. |
Energy Equipment and Services | B-/Negative | B/Negative | ||||||
8/8/2019 |
CommScope Inc. |
Communications Equipment | B+/Watch Neg | B+/Stable | ||||||
8/15/2019 |
CommScope Inc. |
Communications Equipment | B/Stable | B+/Watch Neg | ||||||
8/23/2019 |
Riverbed Technology Inc. |
Software | CCC+/Negative | B-/Negative | ||||||
8/26/2019 |
Harland Clarke Holdings Corp. |
Commercial Services and Supplies | CCC+/Negative | B-/Stable | ||||||
9/6/2019 |
1011778 B.C. Unlimited Liability Co. |
Hotels, Restaurants and Leisure | BB/Stable | BB-/Positive | ||||||
9/6/2019 |
Bright Bidco B.V. |
Semiconductors and Semiconductor Equipment | CCC+/Negative | B/Negative | ||||||
9/11/2019 |
Mallinckrodt plc |
Pharmaceuticals | CCC/Negative | B+/Negative | ||||||
9/12/2019 |
Spin Holdco Inc. d/b/a CSC ServiceWorks |
Trading Companies and Distributors | B-/Stable | B/Stable | ||||||
9/16/2019 |
Form Technologies LLC |
Metals and Mining | B-/Stable | B/Stable | ||||||
9/25/2019 |
IRB Holding Corp. |
Hotels, Restaurants and Leisure | B/Watch Pos | B/Stable | ||||||
BSL CLO--Broadly syndicated collateralized loan obligation. GIC--Global industry classification. |
Diversification
Table 4 shows the portfolio diversification of the top 250 obligors over the past six quarters.
Table 4
U.S. BSL CLO Diversification | ||||||
---|---|---|---|---|---|---|
Obligors ranked | Third-quarter 2019 (%) | Second-quarter 2019 (%) | First-quarter 2019 (%) | Fourth-quarter 2018 (%) | Third-quarter 2018 (%) | Second-quarter 2018 (%) |
Top 10 | 6.28 | 5.52 | 6.69 | 6.66 | 6.83 | 6.64 |
Top 50 | 20.22 | 18.54 | 20.99 | 21.01 | 20.54 | 20.34 |
Top 250 | 52.66 | 51.00 | 53.02 | 52.71 | 52.10 | 52.51 |
The Top 250 CLO Obligors
Table 5 shows the top 250 obligors for U.S. BSL CLO transactions in the third-quarter 2019. In third-quarter 2019, U.S. BSL CLOs saw an increase in exposure to ADT Inc. (commercial services and supplies) and Sedgwick L.P. (insurance); both companies are now part of the top 250 list.
Table 5
Top 250 Obligors Held In U.S. BSL CLOs (Q3 2019) | ||||||
---|---|---|---|---|---|---|
Rank | Top 250 obligors | GIC code | ||||
1 |
Altice Europe N.V. |
Diversified Telecommunication Services | ||||
2 |
CenturyLink Inc. |
Diversified Telecommunication Services | ||||
3 |
NEWAsurion Corp. |
Insurance | ||||
4 |
TransDigm Inc. |
Aerospace and Defense | ||||
5 |
American Airlines Group Inc. |
Airlines | ||||
6 |
Brookfield Asset Management Inc. |
Equity Real Estate Investment Trusts (REITs) | ||||
7 |
Altice USA, Inc. |
Media | ||||
8 |
Berry Global Group Inc. |
Containers and Packaging | ||||
9 |
Endeavor Operating Company LLC |
Entertainment | ||||
10 |
Dell Technologies Inc |
Electronic Equipment, Instruments and Components | ||||
11 |
Bausch Health Companies Inc. |
Pharmaceuticals | ||||
12 |
Caesars Entertainment Corp. |
Hotels, Restaurants and Leisure | ||||
13 |
SoftBank Group Corp. |
Wireless Telecommunication Services | ||||
14 |
Calpine Corp. |
Electric Utilities | ||||
15 |
Scientific Games Corp. |
Hotels, Restaurants and Leisure | ||||
16 |
Univision Communications Inc. |
Media | ||||
17 |
Envision Healthcare Holdings Inc. |
Healthcare Providers and Services | ||||
18 |
Liberty Global PLC |
Diversified Telecommunication Services | ||||
19 |
Micro Focus International PLC |
Software | ||||
20 |
SS&C Technologies Holdings, Inc. |
Software | ||||
21 |
Nouryon Cooperatief U.A. |
Chemicals | ||||
22 |
Charter Communications Inc. |
Media | ||||
23 |
Sinclair Broadcast Group Inc. |
Media | ||||
24 |
Air Medical Holdings LLC |
Healthcare Providers and Services | ||||
25 |
Refinitiv Parent ltd |
Capital Markets | ||||
26 |
Vistra Energy Corp |
Electric Utilities | ||||
27 |
Bass Pro Group LLC |
Specialty Retail | ||||
28 |
Panther BF Aggregator 2 LP |
Trading Companies and Distributors | ||||
29 |
Change Healthcare Holdings Inc. |
Health Care Technology | ||||
30 |
Radiate Holdco LLC |
Diversified Telecommunication Services | ||||
31 |
Endo International PLC |
Pharmaceuticals | ||||
32 |
RPI Finance Trust dba Royalty Pharma |
Pharmaceuticals | ||||
33 |
Brookfield WEC Holdings Inc. |
Electrical Equipment | ||||
34 |
EG Group Ltd. |
Specialty Retail | ||||
35 |
ADT Inc. |
Commercial Services and Supplies | ||||
36 |
LifePoint Health, Inc. |
Healthcare Providers and Services | ||||
37 |
Nexstar Media Group Inc. |
Media | ||||
38 |
WideOpenWest Finance LLC |
Media | ||||
39 |
Sedgwick L.P. (Cayman Islands) |
Insurance | ||||
40 |
Finastra Ltd. |
Software | ||||
41 |
Banff Parent Inc. |
Software | ||||
42 |
Alight Solutions LLC |
Commercial Services and Supplies | ||||
43 |
West Corp. |
IT Services | ||||
44 |
Advantage Sales & Marketing Inc. |
Media | ||||
45 |
Virence Intermediate Holdings LLC |
Health Care Technology | ||||
46 |
Formula One |
Entertainment | ||||
47 |
Restaurant Brands International Inc. |
Hotels, Restaurants and Leisure | ||||
48 |
Liberty Latin America Ltd |
Diversified Telecommunication Services | ||||
49 |
Pharmaceutical Product Development LLC |
Life Sciences Tools and Services | ||||
50 |
Rackspace Hosting, Inc. |
IT Services | ||||
51 |
Flex Acquisition Holdings, Inc. |
Containers and Packaging | ||||
52 |
Micro Holding Corp. |
Media | ||||
53 |
Verscend Holding II Corp. |
Health Care Technology | ||||
54 |
Cushman & Wakefield |
Real Estate Management and Development | ||||
55 |
Albertsons Companies Inc. |
Food and Staples Retailing | ||||
56 |
CommScope Holding Co Inc. |
Communications Equipment | ||||
57 |
Team Health Holdings, Inc. |
Healthcare Providers and Services | ||||
58 |
Reynolds Group Holdings Ltd. |
Metals and Mining | ||||
59 |
McAfee, LLC |
Software | ||||
60 |
Amneal Pharmaceuticals Inc. |
Pharmaceuticals | ||||
61 |
Brand Industrial Services, Inc. |
Construction and Engineering | ||||
62 |
Vodafone Group PLC |
Diversified Telecommunication Services | ||||
63 |
Cornerstone Building Brands Inc |
Building Products | ||||
64 |
Acrisure Holdings, Inc. |
Insurance | ||||
65 |
Red Ventures Holdco, LP |
Media | ||||
66 |
GFL Environmental Inc. |
Commercial Services and Supplies | ||||
67 |
Avaya Holdings Corp. |
Software | ||||
68 |
The Stars Group Inc. |
Hotels, Restaurants and Leisure | ||||
69 |
Inspire Brands Inc. |
Hotels, Restaurants and Leisure | ||||
70 |
Avolon Holdings Ltd. |
Trading Companies and Distributors | ||||
71 |
Consolidated Communications Holdings Inc. |
Diversified Telecommunication Services | ||||
72 |
Tronox Ltd. |
Chemicals | ||||
73 |
Blackstone CQP Holdco LP |
Gas Utilities | ||||
74 |
Quikrete Holdings, Inc. |
Construction and Engineering | ||||
75 |
GTT Communications, Inc. |
IT Services | ||||
76 |
McDermott International Inc. |
Energy Equipment and Services | ||||
77 |
Allied Universal Topco LLC |
Commercial Services and Supplies | ||||
78 |
The Michaels Companies Inc. |
Specialty Retail | ||||
79 |
Ortho-Clinical Diagnostics Bermuda Co. Ltd. |
Healthcare Equipment and Supplies | ||||
80 |
Gentiva Health Services Inc. |
Healthcare Providers and Services | ||||
81 |
Cineworld Group PLC |
Entertainment | ||||
82 |
Staples Inc. |
Specialty Retail | ||||
83 |
Husky Injection Molding Systems Ltd. |
Machinery | ||||
84 |
Vertex HoldCo Inc. |
Electronic Equipment, Instruments and Components | ||||
85 |
Alliant Holdings, L.P. |
Insurance | ||||
86 |
Uber Technologies, Inc. |
Road and Rail | ||||
87 |
Station Casinos LLC |
Hotels, Restaurants and Leisure | ||||
88 |
Paysafe Group Holdings II Ltd. |
Technology Hardware, Storage and Peripherals | ||||
89 |
GrafTech International Ltd. |
Electrical Equipment | ||||
90 |
Granite Acquisition Inc. |
Electric Utilities | ||||
91 |
Ineos Group Holdings S.A. |
Chemicals | ||||
92 |
Messer Industries GmbH |
Chemicals | ||||
93 |
Western Digital Corp. |
Technology Hardware, Storage and Peripherals | ||||
94 |
Ancestry.com Holdings LLC |
Interactive Media and Services | ||||
95 |
Phoenix Guarantor Inc. |
Healthcare Providers and Services | ||||
96 |
Alterra Mountain Co. |
Hotels, Restaurants and Leisure | ||||
97 |
PetSmart Inc. |
Specialty Retail | ||||
98 |
Grifols S.A. |
Biotechnology | ||||
99 |
Travelport Worldwide Ltd. |
IT Services | ||||
100 |
SeaWorld Parks & Entertainment Inc. |
Hotels, Restaurants and Leisure | ||||
101 |
Telesat Holdings Inc. |
Diversified Telecommunication Services | ||||
102 |
Wand NewCo 3, Inc. |
Diversified Consumer Services | ||||
103 |
Golden Nugget Inc. |
Hotels, Restaurants and Leisure | ||||
104 |
SolarWinds Holdings Inc. |
Technology Hardware, Storage and Peripherals | ||||
105 |
Tribune Media Company |
Media | ||||
106 |
HSI Holdings I, Inc. |
Software | ||||
107 |
LTI Holdings Inc. |
Auto Components | ||||
108 |
AssuredPartners, Inc. |
Insurance | ||||
109 |
Traverse Midstream Partners LLC |
Construction and Engineering | ||||
110 |
Vertiv Holdings, LLC |
Machinery | ||||
111 |
Endurance International Group Inc. |
IT Services | ||||
112 |
Riverbed Parent, Inc. |
Software | ||||
113 |
Maxar Technologies Inc. |
Aerospace and Defense | ||||
114 |
ION Trading Technologies Ltd. |
Software | ||||
115 |
Surgery Partners, Inc. |
Healthcare Providers and Services | ||||
116 |
Jane Street Group, LLC |
Capital Markets | ||||
117 |
Duff & Phelps Holdings Corp. |
Capital Markets | ||||
118 |
Rocket Software Inc. |
Software | ||||
119 |
Lightstone HoldCo LLC |
Project finance: Power | ||||
120 |
Financial Engines Edelman Center, LLC (The) |
Capital Markets | ||||
121 |
United Natural Foods, Inc. |
Food and Staples Retailing | ||||
122 |
Harland Clarke Holdings Corp. |
Commercial Services and Supplies | ||||
123 |
McGraw-Hill Education, Inc. |
Media | ||||
124 |
Life Time Inc. |
Hotels, Restaurants and Leisure | ||||
125 |
Harbor Freight Tools USA Inc. |
Specialty Retail | ||||
126 |
SK Blue Holdings LP |
Chemicals | ||||
127 |
Petco Holdings Inc. |
Specialty Retail | ||||
128 |
Epicor Holdings Corp. |
Software | ||||
129 |
Mitchell Topco Holdings, Inc. |
Software | ||||
130 |
Veritas Holdings Ltd. |
Software | ||||
131 |
Mallinckrodt plc |
Pharmaceuticals | ||||
132 |
AVSC Holding Corp. |
Media | ||||
133 |
SCR-Sibelco NV |
Energy Equipment and Services | ||||
134 |
Syniverse Holdings Inc. |
IT Services | ||||
135 |
BCP Renaissance Parent L.L.C. |
Capital Markets | ||||
136 |
Dynasty Acquisition Co., Inc. |
Aerospace and Defense | ||||
137 |
Solera Parent Holding LLC |
Software | ||||
138 |
DaVita Inc. |
Healthcare Providers and Services | ||||
139 |
ProAmpac PG Intermediate LLC |
Trading Companies and Distributors | ||||
140 |
Gates Global LLC |
Machinery | ||||
141 |
U.S. Anesthesia Partners Holdings Inc |
Healthcare Providers and Services | ||||
142 |
Aristocrat Leisure Ltd. |
Hotels, Restaurants and Leisure | ||||
143 |
AMC Entertainment Holdings Inc. |
Entertainment | ||||
144 |
The Dun & Bradstreet Corp. |
Professional Services | ||||
145 |
Concentra Inc. |
Healthcare Providers and Services | ||||
146 |
The Ultimate Software Group, Inc. |
Software | ||||
147 |
XPO Logistics, Inc. |
Air Freight and Logistics | ||||
148 |
Greeneden U.S. Holdings II, LLC |
Software | ||||
149 |
Forterra, Inc. |
Building Products | ||||
150 |
KUEHG Corp. |
Diversified Consumer Services | ||||
151 |
Alphabet Holding Company Inc. |
Personal Products | ||||
152 |
Solenis International, LLC |
Chemicals | ||||
153 |
BCP Raptor HoldCo |
Oil, Gas and Consumable Fuels | ||||
154 |
HUB International Ltd. |
Insurance | ||||
155 |
West Street Holdings III Ltd. |
Life Sciences Tools and Services | ||||
156 |
American Builders & Contractors Supply Co. Inc. |
Trading Companies and Distributors | ||||
157 |
Seahawk Holdings Limited |
Software | ||||
158 |
Serta Simmons Bedding LLC |
Household Durables | ||||
159 |
Project Viking Holdings Inc. |
Software | ||||
160 |
BJ's Wholesale Club Holdings Inc. |
Food and Staples Retailing | ||||
161 |
Balboa Intermediate Holdings LLC |
Software | ||||
162 |
Lower Cadence Holdings, LLC |
Oil, Gas and Consumable Fuels | ||||
163 |
United Airlines Holdings, Inc |
Airlines | ||||
164 |
Hyperion Insurance Group Ltd. |
Insurance | ||||
165 |
Univar Solutions Inc. |
Trading Companies and Distributors | ||||
166 |
Wilsonart LLC |
Building Products | ||||
167 |
Gray Television Inc. |
Media | ||||
168 |
Mohegan Tribal Gaming Authority |
Hotels, Restaurants and Leisure | ||||
169 |
DCert Buyer, Inc. |
Software | ||||
170 |
Auris Luxembourg II S.a.r.l. |
Healthcare Equipment and Supplies | ||||
171 |
ClubCorp Holdings, Inc. |
Hotels, Restaurants and Leisure | ||||
172 |
Radiology Partners Holdings, LLC |
Healthcare Providers and Services | ||||
173 |
VFH Parent LLC |
Capital Markets | ||||
174 |
VICI Properties Inc. |
Real Estate Management and Development | ||||
175 |
Penn National Gaming Inc. |
Hotels, Restaurants and Leisure | ||||
176 |
Spin Holdco Inc. d/b/a CSC ServiceWorks |
Trading Companies and Distributors | ||||
177 |
Murray Energy Corp. |
Oil, Gas and Consumable Fuels | ||||
178 |
Lucid Energy Group II Borrower, LLC |
Oil, Gas and Consumable Fuels | ||||
179 |
Bright Bidco B.V. |
Semiconductors and Semiconductor Equipment | ||||
180 |
Authentic Brands Group LLC |
Media | ||||
181 |
Warner Music Group Corp. |
Entertainment | ||||
182 |
Air Methods Corporation |
Healthcare Providers and Services | ||||
183 |
USI, Inc. |
Insurance | ||||
184 |
Tenneco Inc. |
Auto Components | ||||
185 |
MGM Resorts International |
Hotels, Restaurants and Leisure | ||||
186 |
Sabre Corp. |
Software | ||||
187 |
Select Medical Holdings Corp. |
Healthcare Providers and Services | ||||
188 |
Polaris Intermediate Corp. (d/b/a Multiplan) |
Healthcare Providers and Services | ||||
189 |
TKC Holdings, Inc. |
Distributors | ||||
190 |
CHG Healthcare Services Inc. |
Healthcare Providers and Services | ||||
191 |
Flexential Intermediate Corporation |
IT Services | ||||
192 |
SBA Communications Corp. |
Wireless Telecommunication Services | ||||
193 |
IG Investments Holdings LLC |
IT Services | ||||
194 |
Acadia Healthcare Co. Inc. |
Healthcare Providers and Services | ||||
195 |
TransUnion |
Professional Services | ||||
196 |
IGS Holding LP |
Software | ||||
197 |
Cengage Learning Holdings II Inc. |
Diversified Consumer Services | ||||
198 |
WP CPP Holdings LLC |
Aerospace and Defense | ||||
199 |
RP Crown Parent LLC |
Software | ||||
200 |
Ithacalux S.à r.l. |
Software | ||||
201 |
Project Alpha Intermediate Holding, Inc. |
Software | ||||
202 |
Sophia Holding Finance L.P. |
Software | ||||
203 |
Equinox Holdings Inc. |
Hotels, Restaurants and Leisure | ||||
204 |
Idemia France SAS |
Software | ||||
205 |
Aerial Parent Corp. |
IT Services | ||||
206 |
FEH, Inc. |
Capital Markets | ||||
207 |
USS Ultimate Holdings Inc. |
Commercial Services and Supplies | ||||
208 |
Global Tel*Link Corp. |
Communications Equipment | ||||
209 |
Ascena Retail Group Inc. |
Specialty Retail | ||||
210 |
Realogy Group LLC |
Real Estate Management and Development | ||||
211 |
Revlon Inc. |
Personal Products | ||||
212 |
Allnex (Luxembourg) & Cy SCA |
Chemicals | ||||
213 |
ExamWorks Group Inc. |
Healthcare Providers and Services | ||||
214 |
DTI Holdco, Inc |
Professional Services | ||||
215 |
CityCenter Holdings LLC |
Real Estate Management and Development | ||||
216 |
LBM Borrower, LLC |
Trading Companies and Distributors | ||||
217 |
Form Technologies LLC |
Metals and Mining | ||||
218 |
SRS Distribution Inc. |
Trading Companies and Distributors | ||||
219 |
Edgewater Generation, LLC |
Project finance: Power | ||||
220 |
Eastern Power, LLC |
Project finance: Power | ||||
221 |
Coty Inc. |
Personal Products | ||||
222 |
Sotera Health Topco Inc |
Life Sciences Tools and Services | ||||
223 |
NEP/NCP Holdco Inc. |
Entertainment | ||||
224 |
J&F Investimentos S.A. |
Food Products | ||||
225 |
Fortress Investment Group LLC |
Capital Markets | ||||
226 |
Inovalon Holdings, Inc. |
Health Care Technology | ||||
227 |
Macquarie Infrastructure Corporation |
Transportation Infrastructure | ||||
228 |
Blackhawk Network Holdings, Inc. |
IT Services | ||||
229 |
U.S. Silica Co. |
Construction Materials | ||||
230 |
Hadrian Merger Sub Inc. |
Healthcare Providers and Services | ||||
231 | CITCO III Ltd. | Capital Markets | ||||
232 |
Cogeco Inc. |
Media | ||||
233 |
Learfield Communications, LLC |
Media | ||||
234 |
AerCap Holdings N.V. |
Trading Companies and Distributors | ||||
235 |
Belron Group S.A. |
Diversified Consumer Services | ||||
236 |
KBR Inc. |
IT Services | ||||
237 |
Explorer Holdings Inc |
Life Sciences Tools and Services | ||||
238 |
H-Food Holdings LLC |
Food Products | ||||
239 |
NFP CORP. |
Insurance | ||||
240 |
Dole Food Co. Inc. |
Food Products | ||||
241 |
Medforth Global Healthcare Education Group LP |
Diversified Consumer Services | ||||
242 |
HCA Healthcare Inc. |
Healthcare Providers and Services | ||||
243 |
Media Holdco, LP |
Media | ||||
244 |
Seminole Tribe of Florida |
Commercial Services and Supplies | ||||
245 |
ATI Holdings Acquisition, Inc. |
Healthcare Providers and Services | ||||
246 |
Varsity Brands Holding Co Inc. |
Entertainment | ||||
247 |
Flexera Software LLC |
Software | ||||
248 |
TI Fluid Systems plc |
Auto Components | ||||
249 |
US Foods Inc. |
Food and Staples Retailing | ||||
250 |
Petroleos de Venezuela S.A. |
Oil, Gas and Consumable Fuels | ||||
BSL CLO--Broadly syndicated collateralized loan obligation. GIC--Global industry classification. |
Appendix: SPWARF
The SPWARF of a CLO portfolio provides an indication of the portfolio's overall credit rating distribution weighted by each assets par balance. The rating factor for each of the portfolio assets is determined by S&P Global Ratings' credit rating (or implied rating) and the rating factor table. The SPWARF is the sum of the product of each collateral obligation's (with a rating from S&P Global Ratings of 'CCC-' or higher) par balance and S&P Global Ratings' rating factor, divided by the aggregate principal balance of all of the collateral obligations included in the calculation for the portfolio. The S&P Global Ratings rating factor of an individual asset is the five-year default rate given its S&P Global Ratings credit rating and the default table in our corporate CDO criteria, multiplied by 10,000.
Table 6
S&P Global Ratings' Rating Factor Scale | |
---|---|
Rating | S&P Global Ratings' rating factor |
AAA | 14 |
AA+ | 27 |
AA | 46 |
AA- | 64 |
A+ | 99 |
A | 146 |
A- | 200 |
BBB+ | 271 |
BBB | 361 |
BBB- | 540 |
BB+ | 785 |
BB | 1234 |
BB- | 1565 |
B+ | 1982 |
B | 2860 |
B- | 3610 |
CCC+ | 4641 |
CCC | 5293 |
CCC- | 5751 |
CC | 10000 |
SD | 10000 |
D | 10000 |
Related Research
- Distress Persists For The U.S. Telecom Sector, March 4, 2019
- Speculative-Grade Default Rates Over The Last Decade: U.S. CLO Portfolios Versus The Market, Feb. 21, 2017
This report does not constitute a rating action.
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