...OVERVIEW + ICG US CLO 2020-1 Ltd./ICG US CLO 2020-1 LLC's issuance is a CLO securitization backed by broadly syndicated, speculative-grade, senior, secured term loans that are governed by collateral quality tests. + We assigned our preliminary ratings to the class A-1, A-2a, A-2b, B, C, and D notes. + The preliminary ratings reflect our view of the transaction's legal structure and credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization, among other factors. NEW YORK (S&P Global Ratings) Oct. 29, 2020--S&P Global Ratings today assigned its preliminary ratings to ICG US CLO 2020-1 Ltd./ICG US CLO 2020-1 LLC's floating- and fixed-rate notes (see list). The note issuance is a CLO securitization backed by broadly syndicated, speculative-grade (rated '##+' and lower), senior, secured term loans that are governed by collateral quality tests. The preliminary ratings are based on information as of Oct. 29, 2020. Subsequent information may result...
