We have assigned preliminary ratings to Dunedin Park CLO's European cash flow CLO notes. The transaction securitizes a portfolio of primarily senior-secured leveraged loans and bonds. LONDON (S&P Global Ratings) Aug. 1, 2019--S&P Global Ratings today assigned preliminary credit ratings to Dunedin Park CLO DAC's class X to D European cash flow collateralized loan obligation (CLO) notes. At closing the issuer will issue unrated subordinated notes (see list above). The preliminary ratings reflect our assessment of: The diversified collateral pool, which consists primarily of broadly syndicated speculative-grade senior-secured term loans and bonds that are governed by collateral quality tests. The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. The collateral manager's experienced team, which can
