Dryden 78 CLO Ltd./Dryden 78 CLO LLC Notes Assigned Ratings

  • Dryden 78 CLO Ltd.'s issuance is a CLO transaction backed by primarily broadly syndicated speculative-grade (rated 'BB+' and lower) senior secured term loans that are governed by collateral quality tests.
  • We assigned our ratings to the class A, B, C, D, and E notes.
  • The ratings reflect our view of the transaction's collateral pool, credit enhancement, and legal structure, among other factors.
CENTENNIAL (S&P Global Ratings) March 27, 2020--S&P Global Ratings today 
assigned its ratings to Dryden 78 CLO Ltd./Dryden 78 CLO LLC's floating-rate 
notes (see list).

The note issuance is a CLO transaction backed by primarily broadly syndicated 
speculative-grade (rated 'BB+' and lower) senior secured term loans that are 
governed by collateral quality tests.


The 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 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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