ABPCI Direct Lending Fund CLO 23 LLC's debt issuance is a CLO securitization governed by investment criteria and backed primarily by middle market speculative-grade senior secured term loans. We assigned our preliminary ratings to the class A-1, A-2, B, C-1, C-2, D-1, D-2, and E debt and A-1 loans. The preliminary ratings reflect our view of the transaction's pool characteristics, credit enhancement, and legal structure, among other factors. NEW YORK (S&P Global Ratings) Nov. 4, 2026--S&P Global Ratings today assigned its preliminary ratings to ABPCI Direct Lending Fund CLO 23 LLC's floating-rate debt (see list). The debt issuance is a CLO securitization governed by investment criteria and backed primarily by middle market speculative-grade (rated'BB+'or lower) senior secured
