We reviewed 26 U.S. CLO transactions and placed 35 ratings on CreditWatch with positive implications and 31 ratings on CreditWatch with negative implications. Most of the CLOs are backed by broadly syndicated loans. Seventeen of the CLOs are in their amortization phase, and nine are reinvesting. The tranches placed on CreditWatch positive have realized an increase in their credit support, driven primarily by the CLOs deleveraging during their amortization phases, whereas the CreditWatch negative placements broadly reflect the tranches' failing cash flow results and weakening overcollateralization levels. Most of the ratings placed on CreditWatch negative are in the junior portion of the capital structure (currently rated 'BB+' or below). DALLAS (S&P Global Ratings) Aug. 11, 2026--S&P Global Ratings today placed