We assigned ratings to Adagio V-S EUR CLO DAC's cash flow CLO notes. The transaction securitizes a portfolio of primarily senior secured leveraged loans and bonds, and is managed by AXA Investment Managers US Inc. DUBLIN (S&P Global Ratings) May 2, 2025--S&P Global Ratings today assigned its credit ratings to Adagio V-S EUR CLO DAC's class X, A-1, A-2, B-1, B-2, C, D, E, and F notes. At closing, the issuer also issued unrated class S-1 and S-2 subordinated notes (see list). The ratings reflect our assessment of: The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. The credit enhancement provided through the subordination of cash
