...- Battalion CLO X Ltd./Battalion CLO X LLC's issuance is a CLO securitization backed by primarily broadly syndicated speculative-grade senior secured term loans that are governed by collateral quality tests. - We reviewed Battalion CLO X Ltd./Battalion CLO X LLC, which, based on its proposed supplemental indenture, is expected to refinance its original notes on March 10, 2021, through an optional redemption and replacement note issuance. - After analyzing the changes to the transaction, we assigned our preliminary ratings to the replacement class A-1-R2, A-2-R2, B-R2, C-R2, and D-R2 notes. - The preliminary ratings reflect our view of the transaction's credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization, and legal structure, among other factors. CENTENNIAL (S&P Global Ratings) March 8, 2021--S&P Global Ratings today assigned its preliminary ratings to the class A-1-R2, A-2-R2, B-R2, C-R2, and D-R2 replacement notes from Battalion...
