This report does not constitute a rating action. U.S. broadly syndicated collateralized loan obligations (CLOs) are backed primarily by broadly syndicated loans (BSLs) issued by U.S. companies. The CLO group within S&P Global Ratings' U.S. Structured Finance department believes that a review of recent rating action reports published by U.S. Corporate Ratings can provide insights on developing sector trends. To this end, we are providing a list of rating actions on issuers with loans held in U.S. BSL CLOs since the start of 2025, as well as a monthly summary of the upgrade and downgrade counts (see the table and chart below). (For a list of rating actions in 2024, see " Full-Year 2024 U.S. Corporate Rating Actions Tracker ,"
