Carlyle Global Market Strategies CLO 2014-2 Ltd. Assigned Preliminary Ratings In Connection With Proposed Refinancing

Stocks and Financial Services Press Releases Friday January 20, 2017 09:05
CENTENNIAL--20 Jan--S&P Global Ratings

CENTENNIAL (S&P Global Ratings) Jan. 19, 2017--S&P Global Ratings today assigned its preliminary ratings to the class A-R, B-R, and C-R replacement notes from Carlyle Global Market Strategies CLO 2014-2 Ltd., a U.S. collateralized loan obligation (CLO) transaction that closed in June 2014 and is managed by Carlyle Investment Management LLC (see list). The replacement notes will be issued via a proposed supplemental indenture. We do not expect the refinancing to have any impact on the outstanding ratings on the class D, E, and F notes.

The preliminary ratings reflect our opinion that the credit support available is commensurate with the associated rating levels. The replacement notes are expected to be issued at a lower spread over LIBOR than the original notes they replace.

On the Feb. 15, 2017, refinancing date, the proceeds from the issuance of the replacement notes are expected to redeem the original notes. At that time, we anticipate withdrawing the ratings on the original notes and assigning ratings to the replacement notes. However, if the refinancing doesn't occur, we may affirm the ratings on the original notes and withdraw our preliminary ratings on the replacement notes.

Our review of this transaction included a cash flow analysis, based on the portfolio and transaction as reflected in the trustee report, to estimate future performance (see table). In line with our criteria, our cash flow scenarios applied forward-looking assumptions on the expected timing and pattern of defaults, and recoveries upon default, under various interest rate and macroeconomic scenarios. In addition, our analysis considered the transaction's ability to pay timely interest or ultimate principal, or both, to each of the rated tranches.

We will continue to review whether, in our view, the ratings assigned to the notes remain consistent with the credit enhancement available to support them and will take rating actions as we deem necessary.

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