Overview We reviewed Barings Middle Market CLO 2017-I LLC, a U.S. middle market CLO transaction. We raised our ratings on the class A-2-R and B-R debt from the transaction and removed them from CreditWatch positive. We also lowered our rating on class D-R debt and removed it from CreditWatch negative. At the same time, we affirmed our ratings on the class A-1-R and C-R debt from the same transaction and removed the class C-R debt from CreditWatch positive. The upgrades reflect improved overcollateralization ratios and credit enhancement levels because of senior note paydowns since our March 2025 rating actions. The affirmed ratings reflect our belief that the credit support available is commensurate with the current rating levels. The downgrade reflects
