S&P Global Ratings is publishing a list of the top 250 companies with loan issuances that are held by U.S. broadly syndicated collateralized loan obligations (BSL CLOs) in the fourth quarter of 2020. The companies are ranked on a dollar-weighted basis, based on the issuances held by U.S. BSL CLOs. The information is based on the trustee reports issued in fourth-quarter 2020.
SPWARF For The Top 250
The S&P Global Ratings weighted average rating factor (SPWARF) is one of the six portfolio benchmarks. The SPWARF benchmark provides information on the credit quality of a given CLO portfolio, with lower-rated portfolios producing a higher SPWARF and vice versa (see table 5). The new benchmark is intended to increase transparency and make it easier to compare the average ratings in CLO portfolios.
If the top 250 obligors within U.S. BSL CLOs are treated as a hypothetical portfolio of the most widely held issuers, the SPWARF for the loans issued by the top 250 obligors (weighted by their exposures within rated U.S. BSL CLOs) is 2,542 as of the end of fourth-quarter 2020, down from 2,617 as of the prior quarter, indicating that there has been a positive shift in the rating distribution within the top 250 issuers as of the fourth quarter.
Chart 1
Diversification
Table 2 shows the portfolio diversification of the top 250 obligors over the past few quarters.
Table 2
U.S. BSL CLO Diversification | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Obligors ranked | Fourth-quarter 2020 (%) | Third-quarter 2020 (%) | Second-quarter 2020 (%) | First-quarter 2020 (%) | Fourth-quarter 2019 (%) | Third-quarter 2019 (%) | Second-quarter 2019 (%) | |||||||||
Top 10 | 6.88 | 6.59 | 6.30 | 6.04 | 6.13 | 6.28 | 5.52 | |||||||||
Top 50 | 20.41 | 20.28 | 20.03 | 19.62 | 19.90 | 20.22 | 18.54 | |||||||||
Top 250 | 53.98 | 53.61 | 53.08 | 52.25 | 52.53 | 52.66 | 51.00 | |||||||||
BSL CLO--Broadly syndicated collateralized loan obligation. |
Table 3 shows the breakdown and SPWARF across the portfolio exposures of S&P Global Ratings' rated U.S. BSL CLOs.
Table 3
Top 250 Cohort Fourth-Quarter 2020 Breakdown | ||||||
---|---|---|---|---|---|---|
250 cohort | % of AUM across S&P Global Ratings' rated U.S. BSL CLO portfolio exposures | SPWARF as of end of fourth-quarter 2020 | ||||
Top 250 | 53.98 | 2,542 | ||||
251 to 500 | 21.28 | 2,963 | ||||
501 to 750 | 12.70 | 3,220 | ||||
751 to 1,000 | 7.57 | 3,366 | ||||
1001 to 1,250 | 3.75 | 3,614 | ||||
1,251 to 1,500 | 0.72 | 4,345 | ||||
AUM--Assets under management. BSL CLO--Broadly syndicated collateralized loan obligation. SPWARF--S&P Global Ratings weighted average rating factor. |
The Top 250 CLO Obligors
Table 4 shows the top 250 obligors for U.S. BSL CLO transactions in fourth-quarter 2020.
Table 4
Top 250 Obligors Held In U.S. BSL CLOs (Fourth-Quarter 2020) | ||||||
---|---|---|---|---|---|---|
Rank | Top 250 obligors held in U.S. BSL CLOs (fourth-quarter 2020) | GICS Code | ||||
1 | Liberty Global PLC | Diversified telecommunication services | ||||
2 | Altice Europe N.V. | Diversified telecommunication services | ||||
3 | NEWAsurion Corp. | Insurance | ||||
4 | TransDigm Inc. | Aerospace and defense | ||||
5 | CenturyLink Inc. | Diversified telecommunication services | ||||
6 | Altice USA Inc. | Media | ||||
7 | Sinclair Broadcast Group Inc. | Media | ||||
8 | Brookfield Asset Management Inc. | Capital markets | ||||
9 | Endeavor Operating Co. LLC | Entertainment | ||||
10 | Volt Parent L.P. | Independent power and renewable electricity producers | ||||
11 | American Airlines Group Inc. | Airlines | ||||
12 | Berry Global Group Inc. | Containers and packaging | ||||
13 | Caesars Entertainment Inc. | Hotels, restaurants, and leisure | ||||
14 | Univision Communications Inc. | Media | ||||
15 | Nouryon Cooperatief U.A. | Chemicals | ||||
16 | Scientific Games Corp. | Hotels, restaurants, and leisure | ||||
17 | Bausch Health Cos. Inc. | Pharmaceuticals | ||||
18 | Dell Technologies Inc | Electronic equipment, instruments, and components | ||||
19 | Clarios Global L.P. | Trading companies and distributors | ||||
20 | Front Range Bidco Inc. | Diversified telecommunication services | ||||
21 | Sedgwick L.P. | Insurance | ||||
22 | Charter Communications Inc. | Media | ||||
23 | Inspire Brands Inc. | Hotels, restaurants, and leisure | ||||
24 | Brookfield WEC Holdings Inc. | Electrical equipment | ||||
25 | Bass Pro Group LLC | Specialty retail | ||||
26 | Pactiv Evergreen Inc | Metals and mining | ||||
27 | Endo International PLC | Pharmaceuticals | ||||
28 | Micro Focus International PLC | Software | ||||
29 | EG Group Ltd. | Specialty retail | ||||
30 | Ultimate Software Group Inc. (The) | Software | ||||
31 | Change Healthcare Holdings Inc. | Health care technology | ||||
32 | LifePoint Health Inc. | Health care providers and services | ||||
33 | Micro Holding Corp. | Software | ||||
34 | United Airlines Holdings Inc. | Airlines | ||||
35 | Envision Healthcare Holdings Inc. | Health care providers and services | ||||
36 | SS&C Technologies Holdings Inc. | Software | ||||
37 | Froneri International Ltd. | Food products | ||||
38 | Acrisure Holdings Inc. | Insurance | ||||
39 | athenahealth Intermediate Holdings LLC | Health care technology | ||||
40 | Radiate Holdco LLC | Diversified telecommunication services | ||||
41 | Ingersoll Rand Inc. | Building products | ||||
42 | Vodafone Group PLC | Diversified telecommunication services | ||||
43 | CommScope Holding Co Inc. | Communications equipment | ||||
44 | Delta Air Lines Inc. | Airlines | ||||
45 | Restaurant Brands International Inc. | Hotels, restaurants, and leisure | ||||
46 | WideOpenWest Finance LLC | Media | ||||
47 | Formula One | Entertainment | ||||
48 | McAfee Corp. | Software | ||||
49 | Air Medical Holdings LLC | Health care providers and services | ||||
50 | Red Ventures Holdco L.P. | Media | ||||
51 | Nexstar Media Group Inc. | Media | ||||
52 | Verscend Holding II Corp. | Health care technology | ||||
53 | Cushman & Wakefield | Real estate management and development | ||||
54 | Amneal Pharmaceuticals Inc. | Pharmaceuticals | ||||
55 | HUB International Ltd. | Insurance | ||||
56 | Flex Acquisition Holdings Inc. | Containers and packaging | ||||
57 | Alight Solutions LLC | Commercial services and supplies | ||||
58 | Intrado Corp. | IT services | ||||
59 | Liberty Latin America Ltd. | Diversified telecommunication services | ||||
60 | Vistra Corp. | Electric utilities | ||||
61 | Blackstone CQP Holdco L.P. | Gas utilities | ||||
62 | Brand Industrial Services Inc. | Construction and engineering | ||||
63 | Cornerstone Building Brands Inc. | Building products | ||||
64 | ADT Inc. | Commercial services and supplies | ||||
65 | Greeneden U.S. Holdings II LLC | Software | ||||
66 | PG&E Corp. | Electric utilities | ||||
67 | Vertiv Holdings LLC | Machinery | ||||
68 | Phoenix Guarantor Inc. | Health care providers and services | ||||
69 | Camelot UK Holdco Ltd. | Interactive media and services | ||||
70 | Alterra Mountain Co. | Hotels, restaurants, and leisure | ||||
71 | Rackspace Technology Global Inc. | IT services | ||||
72 | Gentiva Health Services Inc. | Health care providers and services | ||||
73 | Elanco Animal Health Inc. | Pharmaceuticals | ||||
74 | Alliant Holdings L.P. | Insurance | ||||
75 | AssuredPartners Inc. | Insurance | ||||
76 | Wand NewCo 3 Inc. | Diversified consumer services | ||||
77 | Quikrete Holdings Inc. | Construction materials | ||||
78 | Mitchell Topco Holdings Inc. | Software | ||||
79 | Staples Inc. | Specialty retail | ||||
80 | Refinitiv Parent Ltd. | Capital markets | ||||
81 | Balboa Intermediate Holdings LLC | Software | ||||
82 | DaVita Inc. | Health care providers and services | ||||
83 | Uber Technologies Inc. | Road and rail | ||||
84 | Harbor Freight Tools USA Inc. | Specialty retail | ||||
85 | Vertex HoldCo Inc. | Electronic equipment, instruments, and components | ||||
86 | HSI Holdings I Inc. | Software | ||||
87 | Husky III Holding Ltd. | Machinery | ||||
88 | Team Health Holdings Inc. | Health care providers and services | ||||
89 | Avolon Holdings Ltd. | Trading companies and distributors | ||||
90 | Dun & Bradstreet Holdings Inc. | Professional services | ||||
91 | Select Medical Holdings Corp. | Health care providers and services | ||||
92 | Vertical Topco III GmbH | Machinery | ||||
93 | Tronox Ltd. | Chemicals | ||||
94 | SolarWinds Holdings Inc. | Technology hardware, storage, and peripherals | ||||
95 | Allied Universal Topco LLC | Commercial services and supplies | ||||
96 | Messer Industries GmbH | Chemicals | ||||
97 | Dynasty Acquisition Co. Inc. | Aerospace and defense | ||||
98 | Golden Nugget Inc. | Hotels, restaurants, and leisure | ||||
99 | Banff Parent Inc. | Software | ||||
100 | Ortho-Clinical Diagnostics Bermuda Co. Ltd. | Health care equipment and supplies | ||||
101 | Cineworld Group PLC | Entertainment | ||||
102 | Paysafe Group Holdings II Ltd. | IT services | ||||
103 | Citadel Securities L.P. | Capital markets | ||||
104 | PPD Inc. | Life sciences tools and services | ||||
105 | Belron Group S.A. | Diversified consumer services | ||||
106 | Terrier Media Holdings Inc. | Media | ||||
107 | USI Inc. | Insurance | ||||
108 | iHeartMedia Inc. | Media | ||||
109 | Authentic Brands Group LLC | Media | ||||
110 | Edelman Financial Engines Center LLC (The) | Capital markets | ||||
111 | Aristocrat Leisure Ltd. | Household durables | ||||
112 | Howden Group Holdings Ltd. | Insurance | ||||
113 | GTT Communications Inc. | IT services | ||||
114 | Buckeye Partners L.P. | Oil, gas, and consumable fuels | ||||
115 | Granite Acquisition Inc. | Electric utilities | ||||
116 | Ineos Group Holdings S.A. | Chemicals | ||||
117 | ION Trading Technologies Ltd. | Software | ||||
118 | Jane Street Group LLC | Capital markets | ||||
119 | US Foods Inc. | Food and staples retailing | ||||
120 | White Cap Supply Holdings LLC | Distributors | ||||
121 | Finastra Ltd. | Software | ||||
122 | NFP Corp. | Insurance | ||||
123 | Avaya Holdings Corp. | Software | ||||
124 | Amentum Holdings LLC | Construction and engineering | ||||
125 | FEH Inc. | Capital markets | ||||
126 | VICI Properties Inc. | Real estate management and development | ||||
127 | SeaWorld Parks & Entertainment Inc. | Hotels, restaurants, and leisure | ||||
128 | Milano Holding Corp. | IT services | ||||
129 | Lightstone HoldCo LLC | Project finance: power | ||||
130 | Michaels Cos. Inc. (The) | Specialty retail | ||||
131 | Station Casinos LLC | Hotels, restaurants, and leisure | ||||
132 | Gates Global LLC | Machinery | ||||
133 | U.S. Anesthesia Partners Holdings Inc. | Health care providers and services | ||||
134 | Delek US Holdings Inc. | Oil, gas, and consumable fuels | ||||
135 | Pugnacious Endeavors Inc. | Internet and direct marketing retail | ||||
136 | SK Blue Holdings L.P. | Chemicals | ||||
137 | Oryx Midstream Holdings LLC | Oil, gas, and consumable fuels | ||||
138 | AmWINS Group Inc. | Insurance | ||||
139 | WestJet Airlines Ltd. | Airlines | ||||
140 | Solera Parent Holding LLC | Software | ||||
141 | Project Boost Purchaser LLC | Software | ||||
142 | Telesat Holdings Inc. | Diversified telecommunication services | ||||
143 | Reynolds Consumer Products Inc. | Containers and packaging | ||||
144 | Epicor Holdings Corp. | Software | ||||
145 | GFL Environmental Inc. | Commercial services and supplies | ||||
146 | Wilsonart LLC | Building products | ||||
147 | VFH Parent LLC | Capital markets | ||||
148 | Rocket Software Inc. | Software | ||||
149 | Seahawk Holdings Ltd. | Software | ||||
150 | GrafTech International Ltd. | Electrical equipment | ||||
151 | Whatabrands LLC | Hotels, restaurants, and leisure | ||||
152 | H-Food Holdings LLC | Food products | ||||
153 | West Street Holdings III Ltd. | Life sciences tools and services | ||||
154 | Solenis UK International Ltd. | Chemicals | ||||
155 | MultiPlan Corp. | Health care providers and services | ||||
156 | Tenneco Inc. | Auto components | ||||
157 | Connect Bidco Ltd. | Wireless telecommunication services | ||||
158 | Grifols S.A. | Biotechnology | ||||
159 | BCP Renaissance Parent L.L.C. | Capital markets | ||||
160 | Alphabet Holding Co. Inc. | Personal products | ||||
161 | Aramark | Commercial services and supplies | ||||
162 | Duff & Phelps Holdings Corp. | Professional services | ||||
163 | BroadStreet Partners Inc. | Insurance | ||||
164 | CAA Holdings LLC | Entertainment | ||||
165 | Ryan Specialty Group LLC | Insurance | ||||
166 | Ithacalux Srl | IT services | ||||
167 | J&F Investimentos S.A. | Food products | ||||
168 | Playtika Holding Corp. | Entertainment | ||||
169 | Project Alpha Intermediate Holding Inc. | Software | ||||
170 | Meredith Corp. | Media | ||||
171 | Hudson River Trading LLC | Software | ||||
172 | LS Group OpCo Acquisition LLC | Specialty retail | ||||
173 | Motion Midco Ltd. | Hotels, restaurants, and leisure | ||||
174 | Auris Luxembourg II Srl | Health care equipment and supplies | ||||
175 | Sunshine Luxembourg VII Srl | Personal products | ||||
176 | Iridium Communications Inc. | Diversified telecommunication services | ||||
177 | MTN Infrastructure TopCo Inc. | Diversified telecommunication services | ||||
178 | NASCAR Holdings LLC | Entertainment | ||||
179 | ProAmpac PG Intermediate LLC | Containers and packaging | ||||
180 | Traverse Midstream Partners LLC | Construction and engineering | ||||
181 | Filtration Group Corp. | Machinery | ||||
182 | Blackstone Mortgage Trust Inc. | Mortgage real estate investment trusts (REITs) | ||||
183 | Navicure Inc. | Health care technology | ||||
184 | Charter NEX US Inc. | Containers and packaging | ||||
185 | IG Investments Holdings LLC | IT services | ||||
186 | DCert Buyer Inc. | IT services | ||||
187 | Flexera Software LLC | Software | ||||
188 | Gray Television Inc. | Media | ||||
189 | CHG Healthcare Services Inc. | Health care providers and services | ||||
190 | Lucid Energy Group II LLC | Oil, gas, and consumable fuels | ||||
191 | XPO Logistics Inc. | Air freight and logistics | ||||
192 | AI Aqua Srl | Machinery | ||||
193 | Realogy Group LLC | Real estate management and development | ||||
194 | Edgewater Generation LLC | Project finance: Power | ||||
195 | Sabre Corp. | Software | ||||
196 | Blackhawk Network Holdings Inc. | IT services | ||||
197 | Penn National Gaming Inc. | Hotels, restaurants, and leisure | ||||
198 | Pro Mach Group Inc. | Machinery | ||||
199 | Sotera Health Topco Inc. | Life sciences tools and services | ||||
200 | Surf Intermediate I Ltd. | Software | ||||
201 | Agiliti Inc. | Health care providers and services | ||||
202 | Endurance International Group Inc. | IT services | ||||
203 | Maxar Technologies Inc. | Aerospace and defense | ||||
204 | Castle Intermediate Holding V Ltd. | Software | ||||
205 | Go Daddy Operating Co. LLC | IT services | ||||
206 | PQ Corp. | Chemicals | ||||
207 | USS Ultimate Holdings Inc. | Commercial services and supplies | ||||
208 | Toro Private Holdings I Ltd. | IT services | ||||
209 | Sophia Holding Finance L.P. | Software | ||||
210 | Mavis Tire Express Services Corp. | Specialty retail | ||||
211 | Radiology Partners Holdings LLC | Health care providers and services | ||||
212 | AppLovin Corp. | Software | ||||
213 | Ivanti Software Inc. | Software | ||||
214 | SRS Distribution Inc. | Trading companies and distributors | ||||
215 | SBA Communications Corp. | Wireless Telecommunication Services | ||||
216 | Spin Holdco Inc. d/b/a CSC ServiceWorks | Trading companies and distributors | ||||
217 | LTI Holdings Inc. | Auto components | ||||
218 | Romulus Intermediate Holdings 2 Inc. | Health care providers and services | ||||
219 | Achilles HoldCo LLC | Insurance | ||||
220 | Advisor Group Holdings Inc. | Capital markets | ||||
221 | Outdoor Home Services Holdings LLC | Commercial services and supplies | ||||
222 | BCP Raptor HoldCo | Oil, gas, and consumable fuels | ||||
223 | Univar Solutions Inc. | Trading companies and distributors | ||||
224 | AlixPartners LLP | Professional services | ||||
225 | Navistar International Corp. | Machinery | ||||
226 | LogMeIn Inc. | Software | ||||
227 | Clear Channel Outdoor Holdings Inc. | Media | ||||
228 | Macquarie Infrastructure Corp. | Transportation Infrastructure | ||||
229 | Civitas Solutions Inc. | Health care providers and services | ||||
230 | Azalea TopCo Inc. | Capital markets | ||||
231 | CityCenter Holdings LLC | Real estate management and development | ||||
232 | Explorer Holdings Inc. | Health care technology | ||||
233 | AqGen Ascensus Inc. | Capital markets | ||||
234 | Air Methods Corp. | Health care providers and services | ||||
235 | VS Holding I Inc. | Software | ||||
236 | Consolidated Communications Holdings Inc. | Diversified telecommunication services | ||||
237 | Allnex (Luxembourg) & Cy SCA | Chemicals | ||||
238 | PCI Gaming Authority | Hotels, restaurants, and leisure | ||||
239 | ExamWorks Group Inc. | Health care providers and services | ||||
240 | AI Convoy (Luxembourg) Srl | Aerospace and defense | ||||
241 | Dealer Tire LLC | Distributors | ||||
242 | Syniverse Holdings Inc. | IT services | ||||
243 | Alera Group Intermediate Holdings Inc. | Insurance | ||||
244 | TKC Holdings Inc. | Food and staples retailing | ||||
245 | Guidehouse LLP | Professional services | ||||
246 | Web.com | IT services | ||||
247 | Zelis Healthcare Corp. | IT services | ||||
248 | Nexus Buyer LLC | Capital markets | ||||
249 | Eastern Power LLC | Project finance: power | ||||
250 | KUEHG Corp. | Diversified consumer services | ||||
BSL CLO--Broadly syndicated collateralized loan obligation. GICS--Global Industry Classification Standard. |
Appendix: SPWARF
The SPWARF of a CLO portfolio provides an indication of the portfolio's overall credit rating distribution weighted by each asset's par balance. The rating factor for each of the portfolio assets is determined by S&P Global Ratings' credit rating (or implied rating) and the rating factor table. The SPWARF is the sum of the product of each collateral obligation's par balance and S&P Global Ratings' rating factor (given derived S&P Global Ratings' rating), divided by the aggregate principal balance of all of the collateral obligations included in the calculation for the portfolio. The S&P Global Ratings rating factor of an individual asset is the five-year default rate given its S&P Global Ratings' credit rating and the default table in the corporate CDO criteria, multiplied by 10,000.
Table 5
S&P Global Ratings' Rating Factor Scale | |
---|---|
Rating | S&P Global Ratings' rating factor |
AAA | 14 |
AA+ | 27 |
AA | 46 |
AA- | 64 |
A+ | 99 |
A | 146 |
A- | 200 |
BBB+ | 271 |
BBB | 361 |
BBB- | 540 |
BB+ | 785 |
BB | 1,234 |
BB- | 1,565 |
B+ | 1,982 |
B | 2,860 |
B- | 3,610 |
CCC+ | 4,641 |
CCC | 5,293 |
CCC- | 5,751 |
CC | 10,000 |
SD | 10,000 |
D | 10,000 |
Related Research
- Credit Trends: The Expansion Of The 'B-' Segment Is Feeding Growing Vulnerabilities, Sept. 25, 2019
This report does not constitute a rating action.
Primary Credit Analyst: | Daniel Hu, FRM, New York + 1 (212) 438 2206; daniel.hu@spglobal.com |
Secondary Contact: | Jimmy N Kobylinski, New York + 1 (212) 438 6314; jimmy.kobylinski@spglobal.com |
CLO Sector Lead: | Stephen A Anderberg, New York + (212) 438-8991; stephen.anderberg@spglobal.com |
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