Ratings Assigned To Five Classes From BlueMountain CLO 2013-4 Ltd. In Connection With Refinancing

Stocks and Financial Services Press Releases Tuesday April 18, 2017 09:09
CENTENNIAL--18 Apr--S&P Global Ratings

CENTENNIAL (S&P Global Ratings) April 17, 2017--S&P Global Ratings today assigned its ratings to the class A-R, B-1-R, B-2-R, C-R, and D-R replacement notes from BlueMountain CLO 2013-4 Ltd., a U.S. collateralized loan obligation (CLO) originally issued in January 2014 that is managed by BlueMountain Capital Management LLC. We withdrew our ratings on the transaction's original class A, B-1, B-2, C, and D notes following payment in full on the April 17, 2017, refinancing date. At the same time, we affirmed our ratings on the class E and F notes, which were not part of the refinancing. (See list.)

On the April 17, 2017, refinancing date, the proceeds from the class A-R, B-1-R, B-2-R, C-R, and D-R replacement note issuances were used to redeem the original class A, B-1, B-2, C, and D notes as outlined in the transaction document provisions. Therefore, we withdrew the ratings on the transaction's original notes in line with their full redemption, and we are assigning ratings to the transaction's 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. 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.

The assigned ratings reflect our opinion that the credit support available is commensurate with the associated rating levels.

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


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