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Exposure to assets with Fitch IDRs or credit opinions of ‘CCC+’ or below, excluding non-rated assets, has slightly decreased since last quarter and the same period last year, now standing at 18.5%, down from 19.3% last quarter and 18.9% last year. This slight reduction is primarily driven by the redemption of six Fitch-rated MM CLOs in the last quarter, which had a high ‘CCC’ exposure averaging 31.6%. Notably, all MM CLOs in reinvestment are currently passing the Fitch ‘CCC’ concentration limit test.
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