Ballyrock CLO 23 Ltd. refinanced 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 ratings to the replacement class A1A loan and class A1A-R, A1B-R, A2-R, B-R, C1-R, C2-R, and D-R debt. At the same time, we withdrew our ratings on the original class A-1, A-2, B, C, and D debt following payment in full. The 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 9, 2025--S&P Global Ratings today assigned its ratings to the replacement class A1A loan
