Quality of Middle-Market Loans Packaged Into CLOs Has Worsened, Moody's Says [BNN Bloomberg (Canada)]
S&P Global Inc. (SPGI)
Last s&p global inc. earnings: 4/28 07:10 am
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Source: BNN Bloomberg
Between the second half of 2022 and 2023 Moody's Ratings downgraded about one quarter of the loans bundled into securities known as middle market collateralized loan obligations, according to a report on Wednesday by the ratings company. Moody's strengthened its estimates of credit quality on only around 5% of the loans over that period, leaving the rest unchanged, according to the report, which is based on CLOs the firm grades. So far, the bonds that are backed by these loans haven't experienced too much stress themselves, the report said. Even so, interest rates that remain elevated longer will likely pose a challenge, with more than one in five of the corporate borrowers potentially set to struggle to secure external financing when it comes time to refinance or raise new debt, Moody's said in the report. The report offers a window into a relatively opaque part of the credit market. Middle market firms – those with less than $200 million in earnings before interest, taxes, depr
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