Five of the 11 offshore drilling companies put under review for a ratings downgrade by Moody’s Investors Service this week have loans that are held in outstanding collateralized loan obligations, according to Wells Fargo.

In a report published Friday, the bank listed these drillers as Transocean (currently rated ‘Ba1’ by Moody’s), Seadrill Partners (Ba3), Ocean Rig UDW (B2), Paragon Offshore (B2), and Pacific Drillings (B3).

A total of 445 CLOs have exposure to at least one of the five companies under review. By volume, Ocean Rig is the largest CLO holding among the five under-review companies, at $961.4 million across 281 funds. CLO holdings of Pacific Drillings S.A. total $415.4 million across 173 funds.

Although many funds are exposed to these names, the average exposure among CLOs to any one of the potentially downgraded companies is limited at just 0.55%; the maximum exposure of any fund to all five is 4.37%, according to Wells Fargo.

Moody’s also downgraded two energy sector companies—Breitburn Energy Partners (B2) and Parker Drilling Co. —although CLOs have limited exposure to these two companies.

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