One CFIP CLO 2017-1 Ltd. Rating Lowered; Four Others Affirmed

We lowered our rating on one class from CFIP CLO 2017-1 Ltd. and removed it from CreditWatch with negative implications. We affirmed our ratings on four classes from the same transaction. The lowered rating reflects the decline in credit support available to the junior notes since our September 2021 rating action. DALLAS (S&P Global Ratings) April 11, 2025--S&P Global Ratings today lowered its rating on the class E-R debt from CFIP CLO 2017-1 Ltd., a U.S. CLO managed by CFI Partners LLC, and removed it from CreditWatch with negative implications. At the same time, we affirmed our ratings on the class A-R, B-R, C-R, and D-R debt from the same transaction (see list). The CLO is in its reinvestment phase,

...- We lowered our rating on one class from CFIP CLO 2017-1 Ltd. and removed it from CreditWatch with negative implications. - We affirmed our ratings on four classes from the same transaction. - The lowered rating reflects the decline in credit support available to the junior notes since our September 2021 rating action. DALLAS (S&P Global Ratings) April 11, 2025--S&P Global Ratings today lowered its rating on the class E-R debt from CFIP CLO 2017-1 Ltd., a U.S. CLO managed by CFI Partners LLC, and removed it from CreditWatch with negative implications. At the same time, we affirmed our ratings on the class A-R, B-R, C-R, and D-R debt from the same transaction (see list). The CLO is in its reinvestment phase, which is expected to end in October 2026. Today's rating actions follow our review of the transaction's performance using data from the Feb. 28, 2025, trustee report. Though the trustee-reported overcollateralization (O/C) ratios of all tranches are currently passing, they have declined...

Ratings Action