...OVERVIEW + Eaton Vance CLO 2020-1 Ltd.'s issuance is a CLO transaction backed by primarily 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 credit enhancement and legal structure, among other factors. NEW YORK (S&P Global Ratings) Aug. 25, 2020--S&P Global Ratings today assigned its ratings to Eaton Vance CLO 2020-1 Ltd./Eaton Vance CLO 2020-1 LLC's floating rate notes (see list). The note issuance is a CLO transaction backed by primarily 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 team, which can affect the performance...
