Eaton Vance CLO 2020-1 Ltd. refinanced its class A-RR and B-RR debt on Nov. 3, 2026, through an optional redemption and replacement debt issuance. After analyzing the changes to the transaction, we assigned our ratings to the replacement class A-1R3, A-2, and B-R3 debt. At the same time, we withdrew our ratings on the previous class A-RR and B-RR debt following payment in full. We also affirmed our ratings on the existing class C-RR, D-1RR, D-2, and E-RR debt, which were not refinanced. As of the Nov. 3, 2026, refinancing date, the class D-2 and E-RR debt remain on CreditWatch with negative implications, following their initial placement on Aug. 11, 2026. The ratings reflect our view of the credit support
