...- We reviewed Barings Middle Market CLO 2017-I LLC, which, based on its proposed supplemental indenture, is expected to refinance its original class X, A-1, A-2, B, C, and D notes on Nov. 30, 2021, through an optional redemption and replacement note issuance. - We assigned our preliminary ratings to the replacement class X-R, A-1-R, A-2-R, B-R, C-R, and D-R notes. The original notes are expected to be fully redeemed with the proceeds from the replacement notes on the refinancing date. - The preliminary ratings reflect our view of the credit support available to the refinanced notes after examining the new capital structure and payment mechanics. TORONTO (S&P Global Ratings) Nov. 23, 2021--S&P Global Ratings today assigned its preliminary ratings to the class X-R, A-1-R, A-2-R, B-R, C-R, and D-R replacement notes from Barings Middle Market CLO 2017-I LLC, a CLO originally issued in November 2017 that is managed by Barings LLC and was not rated by S&P Global Ratings. (See ratings list.) The...
