Bain Capital Credit CLO 2020-1 Ltd. Notes Assigned Ratings

  • Bain Capital Credit CLO 2020-1 Ltd.'s note issuance is a CLO transaction backed by broadly syndicated speculative-grade senior secured term loans that are governed by collateral quality tests.
  • We assigned our ratings to the class A-1, A-2F, 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.
CENTENNIAL (S&P Global Ratings) March 27, 2020--S&P Global Ratings today 
assigned its ratings to Bain Capital Credit CLO 2020-1 Ltd.'s fixed- and 
floating-rate notes (see list).

The note issuance is a CLO transaction backed by broadly syndicated 
speculative-grade (rated 'BB+' and lower) senior secured term loans that are 
governed by collateral quality tests. The notes are managed by Bain Capital 
Credit U.S. CLO Manager LLC, a subsidiary of Bain Capital Credit.


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 management 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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