We reviewed our ratings on 11 classes from Octagon Investment Partners 45 Ltd. and Octagon Investment Partners 46 Ltd., two broadly syndicated U.S. CLO transactions managed by Octagon Credit Investors LLC. We lowered our ratings on the junior class E-R debt from Octagon Investment Partners 45 Ltd. and the class D-R and E-R debt from Octagon Investment Partners 46 Ltd. and removed them from CreditWatch, where we had placed them with negative implications on March 14, 2025. At the same time, we affirmed our ratings on eight other classes from the two transactions. The downgrades reflect the decline in credit support at the previous rating levels. The affirmations reflect our belief that the credit support available is commensurate with the
