Vesey Park CLO DAC is a European cash flow CLO securitization of a revolving pool, comprising senior secured leveraged loans and bonds issued mainly by speculative-grade borrowers. Blackstone/GSO Debt Funds Management Europe Ltd. will manage the transaction. We have assigned our ratings to the class X, A1, A2-A, A2B, B, C, D, and E notes. The ratings reflect our view of the transaction's diversified collateral pool, credit enhancement, and legal structure, among other factors. LONDON (S&P Global Ratings) April 30, 2020--S&P Global Ratings today assigned its credit ratings to Vesey Park CLO DAC's class X, A1, A2-A, A2B, B, C, D, and E notes. At closing, the issuer also issued unrated subordinated notes (see list above). Under the transaction documents, the rated notes pay quarterly interest unless there is a frequency switch event. Following this, the notes will switch to semiannual payment. The portfolio's reinvestment period will end approximately 4.5 yea