U.S. CLO ratings weathered the COVID-19 pandemic in 2020 with only modest damages. But with elevated corporate leverage ratios, a historically weak mix of corporate ratings, and declining recovery prospects, will the ratings of pre-pandemic CLOs come under pressure again? On Thursday, Oct. 7, a panel of S&P Global Ratings senior corporate and CLO analysts discussed the state of leveraged finance, the impact of the Delta variant, and the implications for CLO ratings. This slide deck is adapted from content presented during the session ("Live Webinar and Q&A: Will CLOs Be Singing the Delta Blues? Corporate Credit, COVID Variants & CLOs").