...- Brightwood Capital MM CLO 2025-1 Ltd.'s debt issuance is a CLO securitization governed by investment criteria and backed primarily by middle market speculative-grade senior secured term loans. - We assigned our preliminary ratings to the class A-1, A-1LA, A-1LB, A-2, A-2L, B, C-1, C-2, and D debt. - The preliminary ratings reflect our view of the transaction's pool characteristics, credit enhancement, and legal structure, among other factors. ENGLEWOOD (S&P Global Ratings) April 21, 2025--S&P Global Ratings today assigned its preliminary ratings to Brightwood Capital MM CLO 2025-1 Ltd./Brightwood Capital MM CLO 2025-1 LLC's fixed- and floating-rate debt (see list). The debt issuance is a CLO securitization governed by investment criteria and backed primarily by middle market speculative-grade (rated '##+' or lower) senior secured term loans. The transaction is managed by Brightwood SPV Advisors LLC. The preliminary ratings are based on information as of April 21, 2025. Subsequent information...
