...- We reviewed Canyon CLO 2019-2 Ltd., which, based on its proposed supplemental indenture, is expected to refinance its class A, B, C, D, and E notes on Nov. 12, 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-R, B-R, C-R, D-R, and E-R notes. The original notes are expected to be fully redeemed with the proceeds from the replacement notes on the refinancing date. - The preliminary ratings reflect our view of the credit support available to the refinanced notes after examining the new capital structure and payment mechanics. CENTENNIAL (S&P Global Ratings) Nov. 10, 2021--S&P Global Ratings today assigned its preliminary ratings to the class A-R, B-R, C-R, D-R, and E-R replacement notes from Canyon CLO 2019-2 Ltd., a CLO originally issued in September 2019 that is managed by Canyon CLO Advisors LLC (see list). The preliminary ratings are based on information...
