Owl Rock CLO III Ltd. Notes Assigned Ratings

  • Owl Rock CLO III Ltd.'s issuance is a CLO transaction backed by primarily middle market speculative-grade senior secured term loans that are governed by collateral quality tests.
  • We assigned our ratings to the class A-1L, A-1F, A-2, and B notes.
  • The ratings reflect our view of the transaction's credit enhancement and legal structure, among other factors.
 
NEW YORK (S&P Global Ratings) March 26, 2020--S&P Global Ratings today 
assigned its ratings to Owl Rock CLO III Ltd.'s fixed- and floating-rate notes 
(see list).

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

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; and
  • The transaction's legal structure, which is expected to be bankruptcy remote.
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