Elmwood CLO IV Ltd. Notes Assigned Preliminary Ratings

  • Elmwood CLO IV Ltd.'s issuance is a CLO transaction backed by primarily 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, B, C, D, and E notes.
  • The preliminary ratings reflect our view of the transaction's credit enhancement and legal structure, among other factors.
 
CENTENNIAL (S&P Global Ratings) March 23, 2020--S&P Global Ratings today 
assigned its preliminary ratings to Elmwood CLO IV Ltd.'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 preliminary ratings are based on information as of March 23, 2020. 
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.
  • The transaction's legal structure, which is expected to be bankruptcy remote.
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