Late-cycle credit pressures are building, as are questions about what’s next for US leveraged finance and CLOs, or collateralized loan obligations. CLOs raise money from institutional investors to purchase leveraged loans, thus funding corporate borrowers while offering investors a range of risk and return options. But CLO managers are assuming a defensive position as risks grow, while also preparing for opportunities. In this episode, we’re looking into what’s driving these decisions and how the data can help decipher the credit impacts. Host: Paloma San Valentin, Managing Director, North America Corporate Finance, Moody’s Ratings Guests: - Lyuba Petrova, Managing Director, Global Head of Leveraged Finance, Moody’s Ratings - Al Remeza, Executive Director, Head of the US Corporate Structured Finance Surveillance rating team, Moody’s Ratings Related Research: - Leveraged Finance – US - Late-cycle signals point to rising leveraged finance risk (https://www.moodys.com/research/Leveraged-Finance-US-Late-cycle-signals-point-to-rising-leveraged-finance-Sector-In-Depth--PBC_1490928) 21 September 2026 - Corporate Defaults and Recoveries — US, EMEA – Recovery challenges intensify as credit cycle matures (https://www.moodys.com/research/Corporate-Defaults-and-Recoveries-US-EMEA-Recovery-challenges-intensify-as-Sector-In-Depth--PBC_1488389) 22 September 2026 - CLOs – US – Asset quality improves at expense of par amid low spreads, economic uncertainty (https://www.moodys.com/research/CLOs-US-Asset-quality-improves-at-expense-of-par-amid-Sector-In-Depth--PBC_1491871) 23 September 2026 Listen: - Apple Podcasts: https://podcasts.apple.com/us/podcast/moodys-talks-the-big-picture/id1586209242 - Spotify: https://open.spotify.com/show/7cSbfWT3V7uEDRGb5MTOcy © 2026 Moody’s Corporation and/or its licensors and affiliates. All rights reserved. Go to www.moodys.com/pages/globaldisclaimer.aspx for complete legal terms and conditions governing use of Moody’s information made available in this video.

 781      8