We reviewed Ballyrock CLO 23 Ltd., which, based on its proposed supplemental indenture, is expected to refinance its class A-1, A-2, B, C, and D debt on May 9, 2025, through an optional redemption and replacement debt issuance. After analyzing the changes to the transaction, we assigned our preliminary ratings to the replacement class A1A-R loan, and class A1A-R, A1B-R, A2-R, B-R, C1-R, C2-R, and D-R debt. The original debt is expected to be fully redeemed with the proceeds from the replacement debt on the refinancing date. The preliminary ratings reflect our view of the credit support available to the refinanced debt after examining the transaction's new capital structure and payment mechanics. ENGLEWOOD (S&P Global Ratings) May 6, 2025--S&P Global
