We reviewed Ivy Hill Middle Market Credit Fund XX Ltd., which, based on its proposed supplemental indenture, is expected to refinance its class A, B, C, D, and E debt on June 5, 2025, through an optional redemption and replacement debt issuance. After analyzing the changes to the transaction, we assigned our preliminary ratings to the replacement class A-1-R, A-2-R, B-R, C-R, D-R, and E-R debt and proposed new class X-R debt. The original debt is expected to be fully redeemed with the proceeds from the replacement debt on the refinancing date. The preliminary ratings reflect our view of the credit support available to the refinanced debt after examining the transaction's new capital structure and payment mechanics. ENGLEWOOD (S&P Global
