...(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 in this press release comes from our currently active criteria (see the Related Criteria section).) OVERVIEW + Magnetite XXII Ltd./Magnetite XXII LLC's note issuance is a CLO transaction backed by broadly syndicated speculative-grade senior secured term loans. + We assigned our ratings to the class A-1, B, C, D, and E notes. + The ratings reflect our view of the transaction's diversified collateral pool, credit enhancement, pool characteristics, and legal structure, among other factors....
