...- 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 ratings to the class A, B-1, B-2, C, D, and E notes. - The 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. 22, 2021--S&P Global Ratings today assigned its 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 '##+' and lower) senior secured term loans. The ratings reflect our view of: - The diversification of the collateral pool. - The credit enhancement provided through subordination, excess spread, and overcollateralization. - The experience of the collateral manager's team, which can affect the performance of the rated notes through portfolio identification and ongoing management....
