...- We reviewed Magnetite XXII Ltd./Magnetite XXII LLC, which, based on its proposed supplemental indenture, is expected to refinance its A-1, B, C, D, and E notes on May 7, 2021, through an optional redemption and replacement note issuance. - After analyzing the changes to the transaction, we assigned our preliminary ratings to the replacement class A-R, B-R, C-R, D-R, and E-R notes. The original notes are expected to be fully redeemed with the proceeds from the replacement notes on the refinancing date. - The preliminary ratings reflect our view of the credit support available to the refinanced notes after examining the new and lower spreads, which reduce the transaction's overall cost of funding. NEW YORK (S&P Global Ratings) April 29, 2021--S&P Global Ratings today assigned its preliminary ratings to the class A-R, B-R, C-R, D-R, and E-R replacement notes from Magnetite XXII Ltd./Magnetite XXII LLC, a CLO originally issued in May 2019 that is managed by BlackRock Financial Management...