Magnetite XXII Ltd. Notes Assigned Ratings

  • Magnetite XXII Ltd./Magnetite XXII LLC's note issuance is a CLO transaction backed by broadly syndicated speculative-grade senior secured term loans.
  • We assigned our ratings to the class A-1, 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) May 17, 2019--S&P Global Ratings today assigned 
its ratings to Magnetite XXII Ltd./Magnetite XXII LLC 's floating-rate notes 
(see list).

The note issuance is a collateralized loan obligation (CLO) transaction backed 
by broadly syndicated speculative-grade (rated 'BB+' and lower) senior secured 
term loans managed by BlackRock Financial Management Inc., a subsidiary of 
BlackRock Inc. This is BlackRock Financial Management Inc.'s first CLO in 
2019, which will bring its total CLO assets under management (AUM) to $7.25 
billion.

The ratings reflect: 
  • The diversification of the collateral pool.
  • The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization.
  • The experience of the collateral manager's 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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