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Madison Park Funding XXXV Ltd. Notes Assigned Preliminary Ratings

  • Madison Park Funding XXXV Ltd./Madison Park Funding XXXV LLC's issuance is a CLO transaction backed by primarily broadly syndicated speculative-grade 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 collateral pool, credit enhancement, and legal structure, among other factors.
NEW YORK (S&P Global Ratings) April 15, 2019--S&P Global Ratings today 
assigned its preliminary ratings to Madison Park Funding XXXV Ltd./Madison 
Park Funding XXXV LLC's floating-rate notes (see list).

The note issuance is a collateralized loan obligation (CLO) transaction backed 
by primarily 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 15, 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 (rated 'BB+' and lower) 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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