MCF CLO IX Ltd./MCF CLO IX LLC Assigned Preliminary Ratings

OVERVIEW MCF CLO IX Ltd./MCF CLO IX LLC's issuance is a CLO securitization backed by primarily middle market speculative-grade (rated 'BB+' and lower) senior secured term loans that are governed by collateral quality tests. We assigned our preliminary ratings to the class A-1 loans and the class A-1, A-2, B, C, D, and E notes. The preliminary ratings reflect our view of the transaction's diversified collateral pool, credit enhancement, and legal structure, among other factors. NEW YORK (S&P Global Ratings) May 30, 2019--S&P Global Ratings today assigned its preliminary ratings to MCF CLO IX Ltd./MCF CLO IX LLC's floating-rate notes and loans (see list). The note and loan issuance is collateralized loan obligation (CLO) securitization backed by primarily middle market

...(Editor's Note: S&P Global Ratings announced on April 10, 2019, that it is requesting comments on proposed revisions to its criteria for rating CLOs and corporate CDOs (see "Request For Comment: Global Methodology And Assumptions For CLOs And Corporate CDOs "). The comment period for the proposed changes ended on May 13, 2019. Any potential rating changes will depend on the final criteria adopted, as well as our assessment of the given transaction. We note that the methodology used to analyze the transaction(s) in this report comes from our currently active criteria (see the Related Criteria section).) OVERVIEW + MCF CLO IX Ltd./MCF CLO IX LLC's issuance is a CLO securitization backed by primarily middle market speculative-grade (rated '##+' and lower) senior secured term loans that are governed by collateral quality tests. + We assigned our preliminary ratings to the class A-1 loans and the class A-1, A-2, B, C, D, and E notes. + The preliminary ratings reflect our view of the transaction's...

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