We reviewed OCP CLO 2014-5 Ltd., a broadly syndicated U.S. CLO transaction managed by Onex Credit Partners LLC. We raised our rating on the class C-R debt and removed it from CreditWatch positive. At the same time, we lowered our ratings on the class D-R and E-R debt and removed them from CreditWatch negative. We also withdrew our rating on the class B-R debt following repayment in full. The upgrade reflects improved credit support due to senior note paydowns since our November 2025 rating actions, while the downgrades reflect insufficient support at prior rating levels. NEW YORK (S&P Global Ratings) Nov. 4, 2026--S&P Global Ratings today raised its rating on the class C-R debt from OCP CLO 2014-5 Ltd. ,
