Moody's Investors Service has completed reviewing its ratings on U.S. CLOs, downgrading almost 65% of the CLOs reviewed.

Moody's said it downgraded 2,909 tranches from 530 cash flow CLO transactions totaling about $180 billion. It reviewed 3,366 tranches worth $238 billion in total. Moody’s downgraded 634 tranches that had a triple-A rating by an average of 2.8 notches. There were 996 triple-A-rated tranches that were reviewed.

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