Antares CLO 2019-1 Ltd./Antares CLO 2019-1 LLC Notes Assigned Preliminary Ratings

(Editor's Note: S&P Global Ratings announced on April 10, 2019, that it is 
requesting comments on proposed revisions to its criteria for rating CLOs and 
corporate CDOs (see "Request For Comment: Global Methodology And Assumptions 
For CLOs And Corporate CDOs "). The comment period for the proposed changes 
ends on May 13, 2019. Any potential rating changes will depend on the final 
criteria adopted, as well as our assessment of the given transaction. We note 
that the methodology used to analyze the transaction in this press release 
comes from our currently active criteria (see the Related Criteria section).)

OVERVIEW
  • Antares CLO 2019-1 Ltd./Antares CLO 2019-1 LLC's issuance is a CLO transaction backed by primarily middle market 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 the diversified collateral pool, the collateral manager's experienced team, and the transaction's legal structure, among other factors.
 
NEW YORK (S&P Global Ratings) April 12, 2019--S&P Global Ratings today 
assigned its preliminary ratings to Antares CLO 2019-1 Ltd./Antares CLO 2019-1 
LLC's middle market collateralized loan obligation (CLO) managed by Antares 
Capital Advisers LLC, a subsidiary of Antares Capital L.P. (see list).

The note issuance is a CLO transaction backed by primarily middle market 
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 April 12, 2019. 
Subsequent information may result in the assignment of final ratings that 
differ from the preliminary ratings.

The preliminary ratings reflect our assessment of:
  • 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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