BlueMountain CLO XXIV Ltd./BlueMountain CLO XXIV LLC Notes Assigned Preliminary Ratings

  • BlueMountain CLO XXIV Ltd./BlueMountain CLO XXIV 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 preliminary ratings to the class A-1, B, C, D, and E notes.
  • The preliminary ratings reflect our view of the transaction's diversified collateral pool, credit enhancement, and legal structure, among other factors.
CENTENNIAL (S&P Global Ratings) Feb. 5, 2019--S&P Global Ratings today 
assigned its preliminary ratings to BlueMountain CLO XXIV Ltd./BlueMountain 
CLO XXIV 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 preliminary ratings are based on information as of Feb. 5, 2019. 
Subsequent information may result in the assignment of final ratings that 
differ from the preliminary ratings.

The preliminary 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.