S&P Global Ratings has updated its quarterly lists of the top companies with loan issuances held by U.S. broadly syndicated collateralized loan obligations (BSL CLOs) and the industry categories these companies operate within, both ranked on a dollar-weighted basis. The information is based on the most recent trustee reports available to us as of the end of fourth-quarter 2024.
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Significance Of The Top 250 CLO Obligors
For the past several years, the top 250 obligors have represented about half of the assets under management across U.S. BSL CLO exposures rated by S&P Global Ratings. Historically, the top 250 obligors have had stronger credit quality, as measured by ratings, relative to the remaining U.S. BSL CLO obligors (the less widely held issuers) we rate.
If the top 250 obligors within U.S. BSL CLOs are treated as a hypothetical portfolio, we can calculate the S&P Global Ratings weighted average rating factor (SPWARF) to indicate the average credit quality of these obligors and compare this to cohorts of lesser-held CLO obligors (i.e., obligors ranked 251 through 500, 501 through 750, etc.). The data show that the top 250 obligors within the CLOs consistently have higher credit quality than the less widely held obligors over time (see chart).
Chart 1
Obligor And Industry Diversification
Table 1 shows the various cohorts of U.S. BSL CLO exposures over recent quarters.
Table 1
| U.S. BSL CLO diversification (%) | ||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Parent obligors ranked | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | 04 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 | Q4 2020 | Q3 2020 | Q2 2020 | Q1 2020 | ||||||||||||||||||||||
| Top 10 | 5.51 | 5.86 | 5.88 | 6.10 | 6.29 | 6.32 | 6.39 | 6.27 | 6.39 | 6.44 | 6.45 | 6.57 | 6.43 | 6.52 | 6.78 | 6.89 | 6.88 | 6.59 | 6.30 | 6.04 | ||||||||||||||||||||||
| Top 50 | 18.08 | 18.66 | 18.77 | 19.03 | 19.02 | 18.95 | 19.19 | 18.74 | 19.28 | 19.15 | 19.09 | 19.23 | 19.19 | 19.21 | 19.73 | 19.96 | 20.41 | 20.28 | 20.03 | 19.62 | ||||||||||||||||||||||
| top 250 | 52.08 | 53.14 | 53.81 | 54.04 | 54.22 | 54.16 | 53.99 | 53.35 | 53.02 | 52.50 | 52.03 | 52.19 | 52.32 | 52.37 | 52.78 | 53.77 | 53.98 | 53.61 | 53.08 | 52.25 | ||||||||||||||||||||||
| 251 to 500 | 22.96 | 22.90 | 22.66 | 22.59 | 22.12 | 22.31 | 22.13 | 22.45 | 21.99 | 21.78 | 21.43 | 20.90 | 20.81 | 20.99 | 20.97 | 21.18 | 21.28 | 21.27 | 21.46 | 21.40 | ||||||||||||||||||||||
| 501 to 750 | 13.67 | 13.55 | 13.24 | 12.99 | 12.83 | 12.70 | 12.67 | 12.71 | 12.75 | 12.82 | 12.98 | 13.09 | 13.02 | 13.07 | 12.83 | 12.69 | 12.70 | 12.90 | 12.95 | 13.11 | ||||||||||||||||||||||
| 751 to 1000 | 7.80 | 7.36 | 7.25 | 7.31 | 7.47 | 7.41 | 7.54 | 7.58 | 7.82 | 7.97 | 8.13 | 8.07 | 8.04 | 7.98 | 8.02 | 7.70 | 7.57 | 7.72 | 7.78 | 7.98 | ||||||||||||||||||||||
| 1,001 to 1,250 | 2.83 | 2.48 | 2.50 | 2.58 | 2.82 | 2.87 | 3.08 | 3.27 | 3.65 | 4.00 | 4.34 | 4.31 | 4.33 | 4.17 | 4.14 | 3.66 | 3.75 | 3.72 | 3.92 | 4.23 | ||||||||||||||||||||||
| 1,251 to 1,500 | 0.53 | 0.47 | 0.45 | 0.44 | 0.49 | 0.51 | 0.54 | 0.60 | 0.72 | 0.87 | 1.03 | 1.15 | 1.25 | 1.21 | 1.09 | 0.87 | 0.72 | 0.77 | 0.81 | 1.01 | ||||||||||||||||||||||
| 1,500+ | 0.13 | 0.11 | 0.10 | 0.04 | 0.05 | 0.04 | 0.04 | 0.04 | 0.05 | 0.06 | 0.05 | 0.29 | 0.24 | 0.22 | 0.18 | 0.12 | 0.00 | 0.00 | 0.00 | 0.01 | ||||||||||||||||||||||
| BSL--Broadly syndicated loan. CLO--Collateralized loan obligation. | ||||||||||||||||||||||||||||||||||||||||||
Table 2 shows the Global Industry Classification Standard (GICS) industry breakdown of U.S. BSL CLO exposures.
Table 2
| GIC industry breakdown of U.S. BSL CLO exposures (fourth-quarter 2024) | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GIC industry | U.S. BSL CLO exposures (%) | SPWARF | WAP | WARR (%) | WAS (%) | Negative outlook (%) | CreditWatch negative (%) | |||||||||
| Software | 11.11 | 3136 | 96.64 | 56.71 | 3.60 | 9.94 | 0.28 | |||||||||
| Healthcare providers and services | 6.21 | 3124 | 96.91 | 53.11 | 3.90 | 9.99 | 2.78 | |||||||||
| Hotels, restaurants, and leisure | 5.86 | 2062 | 99.48 | 69.27 | 3.00 | 5.14 | 1.87 | |||||||||
| Capital markets | 4.96 | 2153 | 99.89 | 52.16 | 3.20 | 11.99 | 0.00 | |||||||||
| IT services | 4.81 | 2577 | 97.25 | 57.32 | 3.50 | 7.39 | 0.00 | |||||||||
| Machinery | 4.08 | 2668 | 99.07 | 55.50 | 3.50 | 5.05 | 0.78 | |||||||||
| Chemicals | 3.70 | 2876 | 96.58 | 61.34 | 3.80 | 23.43 | 0.00 | |||||||||
| Commercial services and supplies | 3.63 | 2717 | 97.88 | 63.18 | 3.60 | 9.40 | 0.00 | |||||||||
| Professional services | 3.63 | 2820 | 99.30 | 57.53 | 3.40 | 18.64 | 0.00 | |||||||||
| Diversified telecommunication services | 3.51 | 2883 | 94.74 | 61.93 | 3.10 | 32.61 | 0.00 | |||||||||
| Media | 3.48 | 2793 | 94.33 | 69.55 | 3.70 | 18.80 | 3.18 | |||||||||
| Specialty retail | 3.03 | 2571 | 97.23 | 59.08 | 3.60 | 16.60 | 0.00 | |||||||||
| Trading companies and distributors | 3.03 | 2557 | 98.62 | 50.61 | 3.20 | 4.33 | 0.00 | |||||||||
| Insurance | 2.90 | 2779 | 100.19 | 52.08 | 3.10 | 0.02 | 0.00 | |||||||||
| Aerospace and defense | 2.30 | 2275 | 98.18 | 55.29 | 3.20 | 6.23 | 3.36 | |||||||||
| Containers and packaging | 2.13 | 3051 | 98.29 | 54.74 | 3.60 | 18.41 | 6.04 | |||||||||
| Health care technology | 2.13 | 3493 | 96.97 | 59.53 | 3.60 | 16.51 | 0.00 | |||||||||
| Entertainment | 2.02 | 2356 | 98.41 | 63.83 | 3.50 | 7.03 | 18.68 | |||||||||
| Oil, gas, and consumable fuels | 1.57 | 1862 | 100.17 | 62.87 | 3.40 | 15.29 | 0.00 | |||||||||
| Building products | 1.55 | 2456 | 98.88 | 61.75 | 3.50 | 27.98 | 0.00 | |||||||||
| Food products | 1.54 | 2840 | 96.58 | 55.13 | 3.50 | 11.69 | 0.16 | |||||||||
| Automobile components | 1.49 | 2659 | 97.50 | 60.00 | 4.00 | 8.61 | 1.26 | |||||||||
| Construction and engineering | 1.44 | 2480 | 99.95 | 57.22 | 3.70 | 4.02 | 0.00 | |||||||||
| Diversified consumer services | 1.43 | 3123 | 97.24 | 54.68 | 3.90 | 3.84 | 0.00 | |||||||||
| Life sciences tools and services | 1.34 | 2723 | 99.60 | 55.18 | 3.30 | 14.96 | 0.00 | |||||||||
| Ground transportation | 0.96 | 2217 | 96.79 | 56.63 | 2.90 | 55.28 | 0.00 | |||||||||
| Electronic equipment, instruments, and components | 0.95 | 2894 | 98.83 | 58.51 | 3.60 | 38.96 | 0.00 | |||||||||
| Pharmaceuticals | 0.94 | 1863 | 99.70 | 59.89 | 3.40 | 14.31 | 4.06 | |||||||||
| Passenger airlines | 0.90 | 1819 | 100.47 | 86.08 | 3.10 | 4.88 | 0.00 | |||||||||
| Household durables | 0.89 | 2603 | 97.94 | 54.39 | 3.30 | 27.72 | 0.00 | |||||||||
| Project finance: power | 0.77 | 1982 | 100.46 | 77.70 | 4.00 | |||||||||||
| Electrical equipment | 0.72 | 2624 | 93.49 | 51.26 | 3.40 | 17.81 | 0.00 | |||||||||
| Healthcare equipment and supplies | 0.71 | 3377 | 97.04 | 56.90 | 3.90 | 14.14 | 0.00 | |||||||||
| Independent power and renewable electricity producers | 0.71 | 1823 | 99.81 | 87.59 | 2.70 | 5.69 | 0.00 | |||||||||
| Electric utilities | 0.69 | 1196 | 100.38 | 90.12 | 2.40 | |||||||||||
| Metals and mining | 0.67 | 2769 | 99.07 | 59.60 | 3.90 | 29.69 | 0.24 | |||||||||
| Interactive media and services | 0.63 | 2305 | 99.23 | 65.24 | 3.40 | 29.38 | 0.00 | |||||||||
| Leisure products | 0.61 | 2313 | 99.01 | 58.10 | 3.50 | 0.00 | 0.00 | |||||||||
| Air freight and logistics | 0.59 | 3290 | 86.74 | 43.91 | 4.40 | 35.71 | 0.00 | |||||||||
| Construction materials | 0.51 | 2018 | 100.07 | 62.71 | 3.20 | 10.48 | 66.73 | |||||||||
| Communications equipment | 0.48 | 3879 | 89.65 | 58.93 | 4.00 | 22.23 | 0.00 | |||||||||
| Semiconductors and semiconductor equipment | 0.46 | 1787 | 98.84 | 55.82 | 2.80 | 2.17 | 0.49 | |||||||||
| Wireless telecommunication services | 0.45 | 2607 | 97.71 | 62.05 | 3.90 | |||||||||||
| Beverages | 0.40 | 3202 | 82.78 | 53.82 | 3.60 | 44.23 | 0.00 | |||||||||
| Real estate management and development | 0.40 | 2035 | 99.26 | 58.34 | 3.30 | 13.03 | 0.00 | |||||||||
| Textiles, apparel, and luxury goods | 0.40 | 2706 | 99.49 | 67.20 | 3.80 | 3.89 | 0.00 | |||||||||
| Distributors | 0.36 | 3608 | 91.84 | 46.34 | 4.50 | 45.24 | 0.00 | |||||||||
| Mortgage real estate investment trusts (REITs) | 0.35 | 2160 | 99.35 | 7.75 | 3.20 | 79.69 | 0.00 | |||||||||
| Biotechnology | 0.27 | 2304 | 100.14 | 60.51 | 2.70 | 1.06 | 0.00 | |||||||||
| Broadline retail | 0.26 | 1214 | 100.45 | 59.99 | 3.10 | 0.18 | 0.00 | |||||||||
| Automobiles | 0.22 | 1792 | 99.00 | 62.54 | 3.20 | |||||||||||
| Consumer staples distribution and retail | 0.21 | 2359 | 96.51 | 64.18 | 4.20 | 28.61 | 0.00 | |||||||||
| Gas utilities | 0.21 | 1301 | 100.12 | 59.59 | 2.40 | 1.12 | 0.00 | |||||||||
| Energy equipment and services | 0.19 | 2484 | 100.33 | 60.34 | 3.40 | |||||||||||
| Household products | 0.17 | 3206 | 93.36 | 60.46 | 3.40 | 50.71 | 0.00 | |||||||||
| Personal care products | 0.17 | 3611 | 95.68 | 52.43 | 4.70 | 6.20 | 0.00 | |||||||||
| Paper and forest products | 0.14 | 2709 | 97.49 | 49.43 | 4.70 | 27.81 | 0.00 | |||||||||
| Residential reits | 0.13 | 1223 | 99.89 | 2.80 | ||||||||||||
| Project finance: oil and gas | 0.11 | 1257 | 99.80 | 69.13 | 3.20 | |||||||||||
| Consumer finance | 0.10 | 2383 | 95.64 | 56.55 | 4.80 | |||||||||||
| Technology hardware, storage and peripherals | 0.09 | 2799 | 95.50 | 71.41 | 4.90 | 50.13 | 9.41 | |||||||||
| Water utilities | 0.08 | 3610 | 99.46 | 55.00 | 4.80 | |||||||||||
| Specialized reits | 0.07 | 1757 | 100.23 | 76.81 | 3.50 | |||||||||||
| Banks | 0.05 | 504 | 1.30 | |||||||||||||
| Multi-utilities | 0.04 | 1943 | 100.20 | 50.00 | 2.50 | |||||||||||
| Hotel and resort REITs | 0.03 | 1883 | 99.91 | 85.00 | 2.80 | |||||||||||
| Marine transportation | 0.02 | 2913 | 100.13 | 70.00 | 5.30 | |||||||||||
| Transportation infrastructure | 0.02 | 3523 | 99.68 | 71.26 | 5.50 | |||||||||||
| Diversified REITs | 0.01 | 3295 | 92.59 | 93.46 | 2.80 | |||||||||||
| Health care REITs | 0.01 | 2203 | 67.64 | 42.80 | 0.00 | |||||||||||
| Office REITs | 0.01 | 540 | ||||||||||||||
| BSL--Broadly syndicated loan. CLO--Collateralized loan obligation. GIC--Global Industry Classification. SPWARF--S&P Global Ratings' weighted average rating factor. WAP--Weighted average price. WARR--Weighted average recovery rating. WAS--Weighted average spread. | ||||||||||||||||
The Top 50 CLO Obligors
Table 3 shows the top 50 obligors for U.S. BSL CLO transactions. Click this link to download the full ranked list of U.S. BSL CLO exposures.
Table 3
| Top 50 obligors held in U.S. BSL CLOs (fourth-quarter 2024) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Rank | Top 50 obligors held In U.S. BSL CLOs | Parent Obligor | GIC code | GIC sector | ||||||
| 1 | Asurion LLC | Asurion Group Inc. | IT services | Information technology | ||||||
| 2 | Trandigm Inc. | TransDigm Inc. | Aerospace and defense | Industrials | ||||||
| 3 | Medline Borrower L.P. | Medline Borrower L.P. | Healthcare providers and services | Health care | ||||||
| 4 | Peraton Corp. | Peraton Corp. | IT services | Information technology | ||||||
| 5 | Virgin Media Bristol LLC | Liberty Global Ltd | Diversified telecommunication services | Communication services | ||||||
| 6 | Caesars Entertainment Inc. | Caesars Entertainment Inc. | Hotels, restaurants, and leisure | Consumer discretionary | ||||||
| 7 | Cloud Software Group Inc. | Balboa Intermediate Holdings LLC | IT services | Information technology | ||||||
| 8 | Acrisure LLC | Acrisure Holdings Inc. | Insurance | Financials | ||||||
| 9 | Allied Universal Holdco LLC | Atlas Ontario LP | Commercial services and supplies | Industrials | ||||||
| 10 | Athenahealth Group Inc. | Athenahealth Group Inc. | Health care technology | Health care | ||||||
| 11 | American Airlines Inc. | American Airlines Group Inc. | Passenger airlines | Industrials | ||||||
| 12 | Boost Newco Borrower LLC | New Boost Holdco, LLC | Software | Information technology | ||||||
| 13 | AI Aqua Merger Sub Inc. | Osmosis Holdings L.P. | Machinery | Industrials | ||||||
| 14 | Sedgwick Claims Management Servies Inc. | Sedgwick L.P. | IT services | Information technology | ||||||
| 15 | Mcafee Corp. | McAfee Corp. | Software | Information technology | ||||||
| 16 | MH Sub I LLC | Micro Holding Corp. | Software | Information technology | ||||||
| 17 | Nouryon Finance B.V. | Nouryon Ltd. | Chemicals | Materials | ||||||
| 18 | 1011778 B.C. Unlimited Liability Co. | Restaurant Brands International Inc. | Hotels, restaurants, and leisure | Consumer discretionary | ||||||
| 19 | Assuredpartners Inc. | AssuredPartners Inc. | Insurance | Financials | ||||||
| 20 | Belron Finance 2019 LLC | Belron Group S.A. | Specialty retail | Consumer discretionary | ||||||
| 21 | Cotiviti Inc. | Verscend Holding II Corp. | Health care technology | Health care | ||||||
| 22 | Boxer Parent Co. Inc. | Banff Parent Inc. | Software | Information technology | ||||||
| 23 | Charter Communications Operating LLC | Charter Communications Inc. | Media | Communication services | ||||||
| 24 | Citadel Securities LP | Citadel Securities L.P. | Capital markets | Financials | ||||||
| 25 | Hyperion Refinance Sarl | Howden Group Holdings Ltd. | Insurance | Financials | ||||||
| 26 | Ukg Inc. | UKG Inc. | Software | Information technology | ||||||
| 27 | Applovin Corp. | AppLovin Corp. | Software | Information technology | ||||||
| 28 | Brown Group Holding LLC | Brown Bidco Ltd. | Aerospace and defense | Industrials | ||||||
| 29 | Flutter Financing B.V. | Flutter Entertainment PLC | Hotels, restaurants, and leisure | Consumer discretionary | ||||||
| 30 | Abg Intermediate Holdings 2 LLC | Authentic Brands Group LLC | Media | Communication services | ||||||
| 31 | Irb Holding Corp. | Inspire Brands Inc. | Hotels, restaurants, and leisure | Consumer discretionary | ||||||
| 32 | Entain Holdings (Gibraltar) Ltd. | Entain PLC | Hotels, restaurants, and leisure | Consumer discretionary | ||||||
| 33 | Wec Us Holdings Ltd. | WEC US Holdings Ltd. | Electrical equipment | Industrials | ||||||
| 34 | Zayo Group Holdings Inc. | Front Range Bidco, Inc. | Diversified telecommunication services | Communication services | ||||||
| 35 | Great Outdoors Group LLC | Great Outdoors Group LLC | Specialty retail | Consumer discretionary | ||||||
| 36 | Corelogic Inc. | CoreLogic Inc. | Professional services | Industrials | ||||||
| 37 | Jane Street Group LLC | Jane Street Group LLC | Capital markets | Financials | ||||||
| 38 | Quikrete Holdings Inc. | Quikrete Holdings Inc. | Construction materials | Materials | ||||||
| 39 | Calpine Corp. | Volt Parent LP | Independent power and renewable electricity producers | Utilities | ||||||
| 40 | Hunter Douglas Holding B.V. | Hunter Douglas Finance B.V. | Household durables | Consumer discretionary | ||||||
| 41 | Realpage Inc. | RealPage Inc. | Software | Information technology | ||||||
| 42 | Numericable U.S. LLC | Altice Europe N.V. | Media | Communication services | ||||||
| 43 | Cornerstone Building Brands Inc. | Cornerstone Building Brands Inc. | Building products | Industrials | ||||||
| 44 | White Cap Supply Holdings LLC | White Cap Parent LLC | Trading companies and distributors | Industrials | ||||||
| 45 | Amwins Group Inc. | Amwins Group Inc. | Insurance | Financials | ||||||
| 46 | Csc Holdings LLC | Altice USA Inc. | Diversified telecommunication services | Communication services | ||||||
| 47 | First Brands Group LLC | First Brands Group LLC | Automobile components | Consumer discretionary | ||||||
| 48 | Zelis Payments Buyer Inc. | Zelis Healthcare Corp. | IT services | Information technology | ||||||
| 49 | Ziggo Secured Finance Partnership | Liberty Global Ltd. | Diversified telecommunication services | Communication services | ||||||
| 50 | Maverick US 2 LLC | Amentum Holdings LLC | Aerospace and defense | Industrials | ||||||
| BSL--Broadly syndicated loan. CLO--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 asset's par balance. The rating factor for each portfolio asset is determined by S&P Global Rating's credit rating (or implied rating) and the rating factors shown in the table below. The SPWARF is the sum of the product of each collateral obligation's par balance and the S&P Global Ratings rating factor (given the derived S&P Global Ratings credit ratings, including the nonperforming 'CC', 'SD' [selective default], and 'D' ratings), divided by the aggregate principal balance 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 the Corporate CDO criteria, multiplied by 10,000.
Table 4
| 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 | 1,234 |
| BB- | 1,565 |
| B+ | 1,982 |
| B | 2,860 |
| B- | 3,610 |
| CCC+ | 4,641 |
| CCC | 5,293 |
| CCC- | 5,751 |
| CC | 10,000 |
| SD | 10,000 |
| D | 10,000 |
Weighted average recovery rate (WARR)
For a subset of U.S. BSL CLO exposures with an S&P Global Ratings recovery rating, the WARR is the sum product of each asset's recovery rate (the number within parenthesis to the right of the recovery rating) and the asset's par exposure as a percentage of the sum of the par of the subset of assets. For more details on S&P Global Ratings' recovery ratings, see "Recovery Rating Criteria For Speculative-Grade Corporate Issuers," published Dec. 7, 2016.
Weighted average price (WAP)
For a subset of U.S. BSL CLO exposures with loan prices, the WAP is the sum product of each asset's price at the end of the quarter and the asset's par exposure as a percentage of the sum of the par of the subset of assets.
Weighted average spread (WAS)
For a subset of floating-rate assets, the WAS is the sum product of each asset's nominal spread above the base rate and the asset's par exposure as a percentage of the sum of the par of the subset of assets.
Related Research
This report does not constitute a rating action.
| Primary Credit Analyst: | Daniel Hu, FRM, New York + 1 (212) 438 2206; daniel.hu@spglobal.com |
| Secondary Contact: | Jimmy N Kobylinski, New York + 1 (212) 438 6314; jimmy.kobylinski@spglobal.com |
| CLO Sector Lead: | Stephen A Anderberg, New York + (212) 438-8991; stephen.anderberg@spglobal.com |
| Research Contributors: | Vijesh MV, CRISIL Global Analytical Center, an S&P affiliate, Mumbai |
| Shivani Singh, CRISIL Global Analytical Center, an S&P affiliate, Mumbai |
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