Elmwood CLO XII Ltd. refinanced its class A-L-R, A-R, B-R, and C-R debt on Nov. 6, 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-LRR, A-RR, B-RR, and C-RR debt. At the same time, we withdrew our ratings on the previous class A-L-R, A-R, B-R, and C-R debt following payment in full. We also affirmed our ratings on the class D-1-R, D-2-R, E-R, and F-R debt, which were not refinanced. The ratings reflect our view of the credit support available to the refinanced debt after examining the transaction's new capital structure and payment mechanics. NEW YORK (S&P Global Ratings) Nov. 6, 2026--S&P Global Ratings
