Ratings Assigned To Six Classes From Carlyle Global Market Strategies CLO 2013-3 Ltd. In Connection With Refinancing

Stocks and Financial Services Press Releases Thursday December 7, 2017 08:52
CENTENNIAL--7 Dec--S&P Global Ratings
OVERVIEW
  • Carlyle Global Market Strategies CLO 2013-3 Ltd. refinanced its class A-1A, A-1B, A-2A, A-2B, B, C, D, and E notes on Dec. 6, 2017, through an optional redemption and replacement note issuance.
  • We withdrew our ratings on the original class A-1A, A-1B, A-2A, A-2B, B, C, D, and E notes following payment in full on the Dec. 6, 2017, refinancing date.
  • After analyzing the changes to the transaction, we assigned our ratings to the replacement class A-1A-R, A-2-R, B-R, C-R, D-R, and E-R notes.
  • The assigned ratings reflect our opinion that the credit support available is commensurate with the associated rating levels.

CENTENNIAL (S&P Global Ratings) Dec. 6, 2017--S&P Global Ratings today assigned its ratings to the class A-1A-R, A-2-R, B-R, C-R, D-R, and E-R replacement notes from Carlyle Global Market Strategies CLO 2013-3 Ltd., a collateralized loan obligation (CLO) originally issued in 2013 that is managed by Carlyle CLO Management LLC. We withdrew our ratings on the original class A-1A, A-1B, A-2A, A-2B, B, C, D, and E notes following payment in full on the Dec. 6, 2017, refinancing date (see list).

On the Dec. 6, 2017, refinancing date, proceeds from the replacement note issuances were used to redeem the original notes as outlined in the transaction document provisions. Therefore, we withdrew our ratings on the original notes in line with their full redemption, and we assigned ratings to 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. 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 notes remain consistent with the credit enhancement available to support them, and we will take rating actions as we deem necessary.

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