Madison Park Funding XXXII Ltd./Madison Park Funding XXXII LLC Notes Assigned Ratings

OVERVIEW
  • Madison Park Funding XXXII Ltd./Madison Park Funding XXXII LLC's issuance is a CLO transaction backed primarily by broadly syndicated speculative-grade (rated 'BB+' and lower) senior secured term loans that are governed by collateral quality tests.
  • We assigned our ratings to the class A-1, B, C, D, and E notes.
  • The ratings reflect our view of the transaction's diversified collateral pool, credit enhancement, and legal structure, among other factors.
 
NEW YORK (S&P Global Ratings) Jan. 31, 2019--S&P Global Ratings today assigned 
its ratings to Madison Park Funding XXXII, Ltd./Madison Park Funding XXXII 
LLC's floating-rate notes (see list).

The note issuance is a collateralized loan obligation transaction backed 
primarily by broadly syndicated speculative-grade (rated 'BB+' and lower) 
senior secured term loans that are governed by collateral quality tests.

The ratings reflect:
  • The diversified collateral pool.
  • 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.
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