...- 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 ratings to the class A-1, A-2a, A-2b, B, C, and D notes. - The 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) Nov. 2, 2020--S&P Global Ratings today assigned its 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 '##+' or lower) senior secured term loans that are governed by collateral quality tests. The ratings reflect our view of: - The diversification of the collateral pool; - The experience of the collateral manager's team, which can affect the performance...
