Structured Finance
Our structured finance research page offers in-depth insights into market trends across traditional sectors, including ABS, RMBS, CMBS, CLOs, and other structured credit, together with coverage of complex, non-traditional transactions that draw on multidisciplinary expertise.
Scenario Analysis: First Look At How AI Disruption Could Affect U.S. CLO Ratings
AI concerns have emerged as a potential refinancing risk for speculative-grade software companies, which comprise the largest sector within both BSL and MM CLOs. We ran stress scenarios for our BSL and MM CLO ratings to see how they could react to scenarios involving companies whose operations might be impacted by AI. Our scenario analysis continues to show the CLO structure working to protect senior noteholders as no 'AAA' or 'AA' note is downgraded more than five notches in either scenario for both BSL and MM CLOs.
ABS Frontiers: India's Securitization And Private Credit Markets Primed To Expand
India's securitization issuance and private credit commitments have been fast expanding, due to strong economic fundamentals, regulatory reforms, capital requirements, and investor interest. Since March 2020, securitization issuance jumped nearly a quarter while gross commitments in category II alternative investment funds--largely used for private credit--surged fourfold. While S&P Global Ratings expects these sectors will continue to grow, potential risks warrant strong and clear transaction documentation, local expertise, and due diligence, in our view.
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