Ratings Assigned To Five Classes From Apidos CLO XV In Connection With Refinancing

Stocks and Financial Services Press Releases Wednesday March 8, 2017 09:29
CENTENNIAL--8 Mar--S&P Global Ratings

CENTENNIAL (S&P Global Ratings) March 7, 2017--S&P Global Ratings todayassigned its ratings to the class A-1R, A-2AR, A-2BR, B-1R, and B-2Rreplacement notes from Apidos CLO XV, a collateralized loan obligation (CLO)originally issued in 2013 that is managed by CVC Credit Partners. We withdrewour ratings on the original class A-1, A-2A, A-2B, B-1, and B-2 notesfollowing payment in full on the March 7, 2017, refinancing date. At the sametime, we affirmed our ratings on the class C, D, and E notes (see list).

On the March 7, 2017, refinancing date, the proceeds from the class A-1R,A-2AR, A-2BR, B-1R, and B-2R replacement note issuances were used to redeemthe original class A-1, A-2A, A-2B, B-1, and B-2 notes as outlined in thetransaction document provisions. Therefore, we withdrew our ratings on the

original notes in line with their full redemption, and we assigned ratings tothe replacement notes.

Our review of this transaction included a cash flow analysis, based on theportfolio and transaction as reflected in the trustee report, to estimatefuture performance. In line with our criteria, our cash flow scenarios appliedforward-looking assumptions on the expected timing and pattern of defaults,

and recoveries upon default, under various interest rate and macroeconomicscenarios. In addition, our analysis considered the transaction's ability topay timely interest or ultimate principal, or both, to each of the ratedtranches.

The assigned ratings reflect our opinion that the credit support available iscommensurate with the associated rating levels.
We will continue to review whether, in our view, the ratings assigned to thenotes remain consistent with the credit enhancement available to support them,and we will take rating actions as we deem necessary.

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