Jim Bianco(@biancoresearch):I agree with @AlexMalitas that the CCC spread widening is a bunch of "problem children" and not a signal of wider credit problems. Too many are over-reading this. Confirming this, @AlexMalitas also noted that Ba spreads (blue repost) are not widening. ---- Which companies have people overreacting to CCC spread widening? * Acrisure LLC / Fin Inc: Insurance brokerage built through hundreds of agency acquisitions, expanding into fintech, payroll and cybersecurity services. * Affinity Interactive: Formerly Affinity Gaming. Operates regional casinos, mostly in Nevada, plus properties in Missouri and Iowa. * Altice Financing SA: Financing entity for Altice International, Patrick Drahi's telecom group outside the U.S. and France (Portugal, Israel, Dominican Republic). * Aston Martin Capital Hldgs: Financing arm of Aston Martin Lagonda, the UK luxury sports car maker. * Camelot Return Merger Sub: Acquisition vehicle Clayton, Dubilier & Rice used to take Cornerstone Building Brands private in 2022. * Cornerstone Building: North American maker of exterior building products, including vinyl windows, siding, metal roofing and metal buildings. * CSC Holdings LLC: Main operating and borrowing subsidiary of Altice USA, which sells cable, broadband and mobile service under the Optimum brand. * Hertz Corp: Car rental through Hertz, Dollar and Thrifty. * LBM Acquisition LLC: Issuer for US LBM, a Bain-backed distributor of lumber and building materials to homebuilders and contractors. * LCPR Sr Secured Fin DAC: Financing vehicle for Liberty Latin America's cable, broadband and mobile operations in Puerto Rico and the U.S. Virgin Islands. * PM General Purchaser LLC: Vehicle KPS Capital Partners used to buy AM General, maker of the Humvee military vehicle. * SC Games Holding / US Finco: Scientific Games, the Brookfield-owned lottery business that makes scratch-off tickets and runs state lottery systems. * Signal Parent Inc: Parent of Interior Logic Group, which designs and installs flooring, cabinets and countertops for homebuilders. * Tronox Inc: One of the world's largest producers of titanium dioxide, the white pigment used in paint, plastics, and paper.

2026.10.05 16:45

I agree with @AlexMalitas that the CCC spread widening is a bunch of "problem children" and not a signal of wider credit problems. Too many are over-reading this. Confirming this, @AlexMalitas also noted that Ba spreads (blue repost) are not widening. ---- Which companies have people overreacting to CCC spread widening? * Acrisure LLC / Fin Inc: Insurance brokerage built through hundreds of agency acquisitions, expanding into fintech, payroll and cybersecurity services. * Affinity Interactive: Formerly Affinity Gaming. Operates regional casinos, mostly in Nevada, plus properties in Missouri and Iowa. * Altice Financing SA: Financing entity for Altice International, Patrick Drahi's telecom group outside the U.S. and France (Portugal, Israel, Dominican Republic). * Aston Martin Capital Hldgs: Financing arm of Aston Martin Lagonda, the UK luxury sports car maker. * Camelot Return Merger Sub: Acquisition vehicle Clayton, Dubilier & Rice used to take Cornerstone Building Brands private in 2022. * Cornerstone Building: North American maker of exterior building products, including vinyl windows, siding, metal roofing and metal buildings. * CSC Holdings LLC: Main operating and borrowing subsidiary of Altice USA, which sells cable, broadband and mobile service under the Optimum brand. * Hertz Corp: Car rental through Hertz, Dollar and Thrifty. * LBM Acquisition LLC: Issuer for US LBM, a Bain-backed distributor of lumber and building materials to homebuilders and contractors. * LCPR Sr Secured Fin DAC: Financing vehicle for Liberty Latin America's cable, broadband and mobile operations in Puerto Rico and the U.S. Virgin Islands. * PM General Purchaser LLC: Vehicle KPS Capital Partners used to buy AM General, maker of the Humvee military vehicle. * SC Games Holding / US Finco: Scientific Games, the Brookfield-owned lottery business that makes scratch-off tickets and runs state lottery systems. * Signal Parent Inc: Parent of Interior Logic Group, which designs and installs flooring, cabinets and countertops for homebuilders. * Tronox Inc: One of the world's largest producers of titanium dioxide, the white pigment used in paint, plastics, and paper.

Alex Malitas, CFA@AlexMalitas

2026.10.05 14:25

Agree. CCC is only about 9% of the junk market and something like 6 issuers are driving most of the move in CCCs. Everything above it still isn't moving much.

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