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"We had this enormous increase in water vapor in the stratosphere with modest increases in sulfate that set off a series of events that led to significant changes in temperature and circulation, ClO, HNO3, HCl, O3, and other gases," Wilmouth said.

Asked about CLO, Hatley said, “DOC is unfamiliar with this organization.”

Loans to mid-sized borrowers maturing in 2024 made up just under 9% of the CLO books examined by Moody's, due in part to the rolling nature of Moody's credit estimates.

CLO managers have also actively assessed the loans in their tranches for potential loans that pose the greatest risk of default, switching them out for safer loans as needed.

U.S. companies with speculative credit ratings, who dominate global CLO loan pools, need to refinance around $354 billion of debts by end-2024, then a further $813 billion in 2025 to 2026, S&P estimates.