HPS Loan Management 14-2019 Ltd./HPS Loan Management 14-2019 LLC Notes Assigned Preliminary Ratings

  • HPS Loan Management 14-2019 Ltd./HPS Loan Management 14-2019 LLC's issuance is a CLO transaction backed by a diversified collateral pool, which consists primarily of broadly syndicated speculative-grade senior secured term loans that are governed by collateral quality tests.
  • We assigned our preliminary ratings to the class X, A-1, B, C, D, E, and F notes.
  • The preliminary ratings reflect our view of the transaction's diversified collateral pool, credit enhancement, and legal structure, among other factors.
 
NEW YORK (S&P Global Ratings) May 24, 2019--S&P Global Ratings today assigned 
its preliminary ratings to HPS Loan Management 14-2019 Ltd./HPS Loan 
Management 14-2019 LLC's floating-rate notes (see list).

The note issuance is a collateralized loan obligation (CLO) transaction backed 
by a 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 preliminary ratings are based on information as of May 24, 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;
  • 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; and
  • The transaction's legal structure, which is expected to be bankruptcy remote.
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