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.
Default, Transition, and Recovery: A Deeper Dive Into U.S. Consumer ABS Ratings Performance Through Market Cycles
Each year, S&P Global Ratings publishes global and regional structured finance default and rating transition studies that provide a broad overview of ratings performance by region and major asset class. Market participants have frequently asked for greater subsector-level detail beyond the ABS-level results presented in our studies.
Warehouse Shopping: How S&P Global Ratings Analyzes Middle Market CLO Warehouse Lines
Middle market collateralized loan obligations (MM CLOs) have seen remarkable growth in recent years, and middle market warehouse lines have expanded alongside them. At the start of 2020, just before the arrival of the COVID-19 pandemic, S&P Global Ratings had ratings on 86 MM CLO transactions and five warehouse line transactions. By mid-2026, those figures had increased sharply: we now rate more than 330 U.S. MM CLOs and 47 U.S. middle market warehouse transactions. These warehouses come from 12 managers and represent about $41.9 billion in assets.
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