Madison Park Funding XLIX Ltd.'s issuance is a CLO securitization backed by primarily broadly syndicated speculative-grade senior secured term loans. We assigned our preliminary ratings to the class A, B-1, B-2, C, D, and E notes. The preliminary ratings reflect our view of the transaction's credit enhancement and payment and legal structures, among other factors. NEW YORK (S&P Global Ratings) Nov. 4, 2021--S&P Global Ratings today assigned its preliminary ratings to Madison Park Funding XLIX Ltd.'s fixed- and floating-rate notes (see list). The note issuance is a CLO securitization backed by primarily broadly syndicated speculative-grade (rated 'BB+' and lower) senior secured term loans. The preliminary ratings are based on information as of Nov. 4, 2021. Subsequent information may result in
