Greywolf CLO IV Ltd. Notes Assigned Ratings In Connection With 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 ratings to the class A-1, A-2, B, C, and D notes.
  • The 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 17, 2019--S&P Global Ratings today 
assigned its ratings to Greywolf CLO IV Ltd./Greywolf CLO IV LLC's 
floating-rate notes (see list). This is a 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 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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