...- We reviewed ISG US CLO 2020-1 Ltd., which, based on its proposed supplemental indenture, is expected to refinance its class A-1, A-2a, A-2b, B, C, and D notes on Dec. 7, 2021, through an optional redemption and replacement note issuance. - After analyzing the changes to the transaction, we assigned our preliminary ratings to the replacement class A-R, B-R, C-R, D-R, and E-R notes. The original notes are expected to be fully redeemed with the proceeds from the replacement notes on the refinancing date. - The preliminary ratings reflect our view of the credit support available to the refinanced notes after examining the new capital structure and payment mechanics. SAN FRANCISCO (S&P Global Ratings) Dec. 1, 2021--S&P Global Ratings today assigned its preliminary ratings to the class A-R, B-R, C-R, D-R, and E-R notes from ICG US CLO 2020-1 Ltd./ICG US CLO 2020-1 LLC (see list). ICG US CLO 2020-1 Ltd. is a CLO previously issued in October 2020 and is managed by ICG Debt Advisors LLC. The preliminary...
