Ratings Assigned To Seven Classes From Golub Capital Partners CLO 34(M)-R Ltd. In Connection With Refinancing


  • Golub Capital Partners CLO 34(M)-R Ltd. refinanced its class A-1 notes on March 14, 2019, through an optional redemption and replacement note issuance.
  • We withdrew our ratings on the original A-1 notes following payment in full on the March 14, 2019, refinancing date.
  • After analyzing the changes to the transaction, we assigned our ratings to the replacement A-R notes, A-R loans, A-R-F notes, B-1-R, B-2-R-F, C-R, and D-R notes.
  • The assigned ratings reflect our opinion that the credit support available is commensurate with the associated rating levels.
NEW YORK (S&P Global Ratings) March 14, 2019--S&P Global Ratings today 
assigned its ratings to the class A-R notes, A-R loans, A-R-F notes, B-1-R, 
B-2-R-F, C-R, and D-R replacement notes from Golub Capital Partners CLO 
34(M)-R Ltd., a collateralized loan obligation (CLO) originally issued in 2017 
that is managed by GC Investment Management LLC, a subsidiary of Golub 
Capital. We withdrew our ratings on the original class A-1 notes following 
payment in full on the March 14, 2019 refinancing date (see list). 

On the March 14, 2019, refinancing date, the proceeds from the class A-R 
notes, A-R loans, A-R-F notes, B-1-R, B-2-R-F, C-R, and D-R replacement note 
issuances were used to redeem the original class A-1 notes as outlined in the 
transaction document provisions. Therefore, we withdrew our ratings on the 
original notes in line with their full redemption, and we are assigning 
ratings to the replacement notes. 

Our review of this transaction included a cashflow analysis, based on the 
portfolio and transaction as reflected in the trustee report, to estimate 
future performance. In line with our criteria, our cashflow scenarios applied 
forward-looking assumptions on the expected timing and pattern of defaults, 
and recoveries upon default, under various interest rate and macroeconomic 
scenarios. In addition, our analysis considered the transaction's ability to 
pay timely interest or ultimate principal, or both, to each of the rated 
tranches. 

The assigned ratings reflect our opinion that the credit support available is 
commensurate with the associated rating levels.

We will continue to review whether, in our view, the ratings assigned to the 
notes remain consistent with the credit enhancement available to support them, 
and we will take rating actions as we deem necessary.
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