...OVERVIEW + Neuberger Berman Loan Advisers CLO 35 Ltd.'s issuance is a CLO transaction backed by primarily broadly syndicated speculative-grade senior secured term loans that are governed by collateral quality tests. + We assigned our ratings to the class A-1, A-2, B-I, B-P, C, D, and E notes. + The ratings reflect our view of the transaction's credit enhancement and legal structure, among other factors. CENTENNIAL (S&P Global Ratings) Dec. 19, 2019--S&P Global Ratings today assigned its ratings to Neuberger Berman Loan Advisers CLO 35 Ltd.'s floating- and fixed-rate notes (see list). The note issuance is a collateralized loan obligation (CLO) transaction backed by primarily broadly syndicated speculative-grade (rated '##+' and lower) senior secured term loans that are governed by collateral quality tests. The ratings reflect: + The diversified collateral pool. + The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. + The collateral...
