We reviewed Madison Park Funding XLIX Ltd., a U.S. broadly syndicated CLO managed by UBS Asset Management (Americas) LLC. We lowered our rating on the class E-R debt and removed it from CreditWatch negative. At the same time, we affirmed our ratings on the class A-R, B-1-R, B-2, C-R and D-R debt. The downgrade reflects the decline in credit support available to the junior debt since our last rating actions as well as the non-passing cash flow results at the previous rating levels. The affirmations reflect our view that the credit support available is commensurate with the current rating levels. NEW YORK (S&P Global Ratings) Oct. 29, 2026--S&P Global Ratings today lowered its rating on the class E-R debt from
