Navesink CLO 1 Ltd.'s note issuance is a CLO securitization governed by investment criteria and backed primarily by broadly syndicated speculative-grade senior secured term loans. We assigned our ratings to the class A-1, A-J, B-1, B-F, C-1, C-F, D-1, D-J, and E notes. The ratings reflect our view of the transaction's credit enhancement, pool characteristics, and legal structure, among other factors. TORONTO (S&P Global Ratings) July 25, 2023--S&P Global Ratings today assigned its ratings to Navesink CLO 1 Ltd./Navesink CLO 1 LLC's fixed- and floating-rate notes (see list). The transaction is managed by ZAIS Leveraged Loan Master Manager LLC. Since we released our preliminary ratings on June 16, 2023, the transaction has been renamed Navesink CLO 1 Ltd./Navesink CLO 1
