Mariner CLO 2017-4 Ltd./Mariner CLO 2017-4 LLC's issuance is a CLO securitization backed by primarily of broadly syndicated speculative-grade senior secured term loans


  • Mariner CLO 2017-4 Ltd./Mariner CLO 2017-4 LLC's issuance is a CLO securitization backed by primarily of broadly syndicated speculative-grade senior secured term loans that are governed by collateral quality tests.
  • We assigned our preliminary ratings to the class A, B, C, D, E, and F notes.
  • The preliminary ratings reflect our view of the transaction's diversified collateral pool, credit enhancement, and legal structure, among other factors.

The note issuance is collateralized loan obligation securitization backed by 
primarily of broadly syndicated speculative-grade senior secured term loans 
that are governed by collateral quality tests.

The preliminary ratings are based on information as of Oct. 3, 2017. 
Subsequent information may result in the assignment of final ratings that 
differ from the preliminary ratings.

The preliminary ratings reflect our view of: 
  • The diversified collateral pool, which consists primarily of broadly syndicated speculative-grade senior secured term loans that are governed by collateral quality tests.
  • The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization.
  • The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading.
  • The transaction's legal structure, which is expected to be bankruptcy remote.