...OVERVIEW + Ares LIV CLO Ltd./Ares LIV CLO LLC's note issuance is a CLO transaction backed primarily by broadly syndicated, speculative-grade senior secured term loans. + We assigned our ratings to the class X, A, B, C, D, and E notes. + The ratings reflect our view of the transaction's credit enhancement, pool characteristics, and legal structure, among other factors. CENTENNIAL (S&P Global Ratings) Nov. 15, 2019--S&P Global Ratings today assigned its ratings to Ares LIV CLO Ltd./Ares LIV CLO LLC's floating-rate notes (see list). The note issuance is a CLO transaction backed by broadly syndicated, speculative-grade (rated '##+' and lower) senior secured term loans managed by Ares CLO Management LLC, a subsidiary of Ares Management L.P. (Ares). This is Ares' fourth new CLO issuance this year, which will bring its total U.S. CLO assets to approximately $20 billion. The ratings reflect: + The diversification of the collateral pool; + The credit enhancement provided through the subordination...
