Maranon Loan Funding 2019-1 Ltd. Notes And Loans Assigned Ratings

  • Maranon Loan Funding 2019-1 Ltd./Maranon Loan Funding 2019-1 LLC's issuance is a CLO transaction backed by middle-market speculative-grade senior secured term loans.
  • We assigned our ratings to the class A-1L loans and the class A-1a, A-1b, A-2a1, A-2a2, A-2b, B, C, D, and E notes.
  • The ratings reflect our view of the transaction's diversified collateral pool, credit enhancement, pool characteristics, and legal structure, among other factors.
NEW YORK (S&P Global Ratings) April 15, 2019--S&P Global Ratings today 
assigned its ratings to Maranon Loan Funding 2019-1 Ltd./Maranon Loan Funding 
2019-1 LLC's fixed- and floating-rate notes (see list).

The note issuance is a collateralized loan obligation (CLO) transaction backed 
by middle-market speculative-grade (rated 'BB+' and lower) senior secured term 
loans managed by Maranon Capital L.P. The transaction is a reissue of the 
Maranon Loan Funding 2016-1 Ltd., which S&P Global Ratings did not rate.

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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