...OVERVIEW + Canyon CLO 2019-2 Ltd./Canyon CLO 2019-2 LLC's issuance is a CLO transaction backed primarily by broadly syndicated speculative-grade senior secured term loans that are governed by collateral quality tests. + We assigned our ratings to the class A, B, C, D, and E notes. + The ratings reflect our view of the transaction's diversified collateral pool, credit enhancement, and legal structure, among other factors. CENTENNIAL (S&P Global Ratings) Sept. 27, 2019--S&P Global Ratings today assigned its ratings to Canyon CLO 2019-2 Ltd./Canyon CLO 2019-2 LLC's floating-rate notes (see list). The note issuance is a CLO transaction backed primarily by broadly syndicated speculative-grade (rated '##+' and lower) senior secured term loans that are governed by collateral quality tests. The ratings reflect: + The diversified collateral pool. + The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. + The collateral manager's experienced...
