The U.S. Leveraged Finance and Recovery team is producing a monthly podcast series entitled "The Upgrade." This series focuses on leveraged finance issuers that have upward rating potential, providing listeners with concise insights from the primary analyst along with relevant CLO market implications. In the time of Covid-19, other timely topics are also being discussed.

In episode 3 of "The Upgrade", we discuss why retailer BJ's Wholesale Club Holdings was upgraded in the midst of the sharp downturn from COVID-10 containment measures and prospects for further improvement. Also discussed is CLO investor exposure to BJ's before and after the upgrade.