...OVERVIEW + Parliament Funding II Ltd./Parliament Funding II LLC's issuance is a CLO securitization backed primarily by upper middle-market, speculative-grade, senior secured loans. + We assigned our ratings to the class A and B notes. + The ratings reflect our view of the transaction's diversified collateral pool, credit enhancement, and legal structure, among other factors. CENTENNIAL (S&P Global Ratings) Aug. 12, 2020--S&P Global Ratings today assigned its ratings to Parliament Funding II Ltd./Parliament Funding II LLC's floating-rate notes (see list). The note issuance is a CLO securitization backed primarily by upper middle-market, speculative-grade (rated '##+' and lower), senior secured loans that are governed by collateral quality tests. The ratings reflect our view of: + The diversification of the collateral pool; + The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization; + The experience of the collateral manager's team,...
