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 ratings to the class A-1, A-1LA, A-1LB, A-2, A-2L, B, C-1, C-2, and D debt. The ratings reflect our view of the transaction's pool characteristics, credit enhancement, and legal structure, among other factors. ENGLEWOOD (S&P Global Ratings) May 6, 2025--S&P Global Ratings today assigned its 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 'BB+' or lower) senior secured term loans.
