...- Elmwood CLO XII Ltd.'s note issuance is a CLO transaction backed by broadly syndicated speculative-grade senior secured term loans. - We assigned ratings to the A-L loans and the class A, B, C, D, E, and F notes. - The ratings reflect our view of the transaction's credit enhancement and legal structure, among other factors. NEW YORK (S&P Global Ratings) Dec. 1, 2021--S&P Global Ratings today assigned ratings to Elmwood CLO XII Ltd./Elmwood CLO XII LLC's floating-rate notes (see list). The note issuance is a CLO securitization governed by investment criteria and backed primarily by broadly syndicated speculative-grade (rated '##+' or lower) senior secured term loans. The transaction is managed by Elmwood Asset Management LLC. The ratings reflect: - The diversification of the collateral pool, which consists primarily of broadly syndicated speculative-grade (rated '##+' and lower) senior secured term loans. - The credit enhancement provided through subordination, excess spread, and overcollateralization....
