...- Allegro CLO XVI Ltd.'s debt issuance is a CLO securitization governed by investment criteria and backed primarily by broadly syndicated speculative-grade senior secured term loans. - We assigned our ratings to the class B-1, B-2, C, D-1, D-2, and E debt. - The ratings reflect our view of the transaction's credit enhancement, pool characteristics, and legal structure, among other factors. TORONTO (S&P Global Ratings) April 11, 2024--S&P Global Ratings today assigned its ratings to Allegro CLO XVI Ltd./Allegro CLO XVI LLC's fixed- and floating-rate debt (see list). The debt issuance is a CLO securitization governed by investment criteria and backed primarily by broadly syndicated speculative-grade (rated '##+' or lower) senior secured term loans. The transaction is managed by AXA Investment Managers US Inc., a subsidiary of AXA Group. The ratings reflect our view of: - The diversification of the collateral pool; - The credit enhancement provided through subordination, excess spread, and...
