Greywolf CLO IV Ltd. Notes Assigned Preliminary Ratings In Connection With Proposed Reissue

  • Greywolf CLO IV Ltd./Greywolf CLO IV LLC's issuance is a CLO transaction backed primarily by broadly syndicated senior secured term loans.
  • We assigned our preliminary ratings to the class A-1, A-2, B, C, and D 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) April 2, 2019--S&P Global Ratings today 
assigned its preliminary ratings to Greywolf CLO IV Ltd./Greywolf CLO IV LLC's 
floating-rate notes (see list). This is a proposed reissue of Greywolf CLO IV 
Ltd., which was refinanced in July 2017.

The note issuance is a collateralized loan obligation (CLO) transaction backed 
by broadly syndicated speculative-grade senior secured term loans that are 
governed by collateral quality tests.

The preliminary ratings are based on information as of April 2, 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, 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.
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