Moody’s Investors Service may upgrade some $237 billion of CLOs as a result of a change in its ratings methodology.

The rating agency said today it has placed 4220 tranches from 782 CLOs that are currently rated 'Aa1' and below on review for a possible upgrade. The total current outstanding balance of the tranches is $237 billion, or approximately 80% of all outstanding cash flow CLO tranches.

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