[SPSF] Repackaged CLO Series KK-4 Ltd.#s Notes Assigned #AAA# Rating

Stocks and Financial Services Press Releases Tuesday September 19, 2017 09:03
TOKYO--19 Sep--S&P Global Ratings

This information is published by S&P Global SF Japan Inc. S&P Global SF JapanInc. is a registered credit rating agency under Japan's Financial Instrumentsand Exchange Act (FIEA) but is not registered as a Nationally RecognizedStatistical Rating Organization (NRSRO) under U.S. laws. Therefore the creditratings assigned by S&P Global SF Japan Inc. are Registered Credit Ratings

under FIEA but are not Credit Ratings issued by an NRSRO under U.S. laws.

TOKYO (S&P Global Ratings) Sept. 19, 2017--S&P Global SF Japan Inc. (SPSF)today said it has assigned its 'AAA' rating to the ¥27.89892 billionfloating-rate class A notes due 2029 issued by Repackaged CLO Series KK-4 Ltd.(the "Issuer"), a special-purpose company established in the Cayman Islands(see list below).

This is a repackaging of KKR CLO 10 Ltd./ KKR CLO 10 LLC's class A-Rcollateralized loan obligation (CLO) senior notes, which have been assigned a'AAA (sf)' rating. The Issuer issued Japanese yen-denominated repackaged notesand purchased the U.S. dollar-denominated CLO notes. The Issuer simultaneouslyentered into a balance guaranteed currency swap with Mitsubishi UFJ MorganStanley Securities Co. Ltd. The rating on the repackaged notes is linked tothe rating on the underlying CLO notes.

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