Preliminary Ratings Assigned To Five Classes From Flagship CLO VIII Ltd. In Connection With Proposed Refinancing

Stocks and Financial Services Press Releases Friday June 8, 2018 09:38
CENTENNIAL--8 Jun--S&P Global Ratings

CENTENNIAL (S&P Global Ratings) June 7, 2018--S&P Global Ratings today assigned its preliminary ratings to the class A-RR, B-RR, C-RR, D-R, and E-R replacement notes from Flagship CLO VIII Ltd., a collateralized loan obligation (CLO) originally issued in 2014 that is managed by Deutsche Investment Management Americas Inc. The replacement notes will be issued via a proposed supplemental indenture. We do not expect the refinancing to have any impact on the current rating on the class F notes.

The preliminary ratings reflect our opinion that the credit support available is commensurate with the associated rating levels.
The preliminary ratings are based on information as of June 7, 2018. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings.

On the June 26, 2018, refinancing date, the proceeds from the replacement notes issuance 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. 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 we will take further rating actions as we deem necessary.


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