NGC Euro CLO 5 DAC Cash Flow Notes Assigned Ratings

We assigned ratings to NGC Euro CLO 5 DAC's European cash flow CLO notes. The transaction securitizes a portfolio of primarily senior secured leveraged loans and bonds. Nassau Global Credit (UK) LLP manages the transaction. The ratings reflect our view of the transaction's diversified collateral pool, credit enhancement, and legal structure, among other factors. LONDON (S&P Global Ratings) May 2, 2025--S&P Global Ratings today assigned its credit ratings to NGC Euro CLO 5 DAC's class A to F European cash flow CLO notes. The issuer has unrated subordinated notes outstanding from the existing transaction (see list). Under the transaction documents, the rated notes will pay quarterly interest unless a frequency switch event occurs. Following this, the notes will permanently switch

...- We assigned ratings to NGC Euro CLO 5 DAC's European cash flow CLO notes. - The transaction securitizes a portfolio of primarily senior secured leveraged loans and bonds. - Nassau Global Credit (UK) LLP manages the transaction. - The ratings reflect our view of the transaction's diversified collateral pool, credit enhancement, and legal structure, among other factors. LONDON (S&P Global Ratings) May 2, 2025--S&P Global Ratings today assigned its credit ratings to NGC Euro CLO 5 DAC's class A to F European cash flow CLO notes. The issuer has unrated subordinated notes outstanding from the existing transaction (see list). Under the transaction documents, the rated notes will pay quarterly interest unless a frequency switch event occurs. Following this, the notes will permanently switch to semiannual payments. The portfolio's reinvestment period will end 4.5 years after closing, while the non-call period will end 1.7 years after closing. The ratings reflect our assessment of:...

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