We reviewed our ratings on five classes of debt from Battalion CLO X Ltd., a U.S. CLO transaction. We lowered our rating on the class D-R2 debt. At the same time, we affirmed our ratings on the class A-1-R2, A-2-R2, B-R2, and C-R2 debt. The downgrade reflects our opinion that there is was insufficient support at the prior rating level. The affirmations reflect our view that the existing credit support is commensurate with current rating level. TORONTO (S&P Global Ratings) May 16, 2025--S&P Global Ratings today we lowered our rating on the class D-R2 debt from Battalion CLO X Ltd. At the same time, we affirmed our ratings on the class A-1-R2, A-2-R2, B-R2, and C-R2 debt from the same
