Ballyrock CLO 23 Ltd.'s note issuance is a CLO securitization governed by investment criteria and backed primarily by broadly syndicated speculative-grade senior secured term loans. We assigned our preliminary ratings to the class A-1, A-2, B, C, and D notes. The preliminary ratings reflect our view of the transaction's diversified collateral pool, credit enhancement, and legal structure, among other factors. ENGLEWOOD (S&P Global Ratings) Feb. 8, 2023--S&P Global Ratings today assigned its preliminary ratings to Ballyrock CLO 23 Ltd./Ballyrock CLO 23 LLC's floating-rate notes (see list). The note issuance is a CLO securitization governed by investment criteria and backed primarily by broadly syndicated speculative-grade (rated 'BB+' or lower) senior secured term loans. The transaction is managed by Ballyrock Investment Advisors
