We reviewed Neuberger Berman Loan Advisers CLO 35 Ltd., a broadly syndicated U.S. CLO transaction managed by Neuberger Berman Loan Advisers 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-L, A-RR, B-I, B-P, C-RR, and D-R debt from the same transaction. The downgrade reflects the decline in credit support available to the class E-R debt since our March 2025 rating affirmations, when the transaction went through a refinancing as well as non-passing cash flow results at the current rating level. NEW YORK (S&P Global Ratings) Nov. 6, 2026--S&P Global Ratings today lowered its rating on the class E-R debt from Neuberger
