Barings Middle Market CLO 2017-I LLC Notes Assigned Ratings In Connection With Refinancing

We reviewed Barings Middle Market CLO 2017-I LLC, which refinanced its class A-1, A-2, B, C, and D notes on Nov. 30, 2021, through an optional redemption and replacement note issuance. We assigned our ratings to the replacement class X-R, A-1-R, A-2-R, B-R, C-R, and D-R notes. The original notes were fully redeemed with the proceeds from the replacement notes on the refinancing date. The 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. 30, 2021--S&P Global Ratings today assigned its 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

...- We reviewed Barings Middle Market CLO 2017-I LLC, which refinanced its class A-1, A-2, B, C, and D notes on Nov. 30, 2021, through an optional redemption and replacement note issuance. - We assigned our ratings to the replacement class X-R, A-1-R, A-2-R, B-R, C-R, and D-R notes. The original notes were fully redeemed with the proceeds from the replacement notes on the refinancing date. - The 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. 30, 2021--S&P Global Ratings today assigned its 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). Our review of this transaction included a cash flow analysis, based on the portfolio and transaction data in the trustee report,...

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