Preliminary Ratings Assigned To Six Classes From LCM XVIII L.P. In Connection With Proposed Refinancing

OVERVIEW We reviewed LCM XVIII L.P., which, based on its proposed supplemental indenture, is expected to refinance its class A-1, A-2, B-1, B-2, C-1, C-2, D, and E notes on May 1, 2018, through an optional redemption and replacement note issuance. After analyzing the changes to the transaction, we assigned our preliminary ratings to the replacement class A-1-R, B-R, C-R, D-R, and E-R notes, as well as to the new class X-R notes. The class A-2-R replacement notes are not rated by S&P Global Ratings. The original class A-1, A-2, B-1, B-2, C-1, C-2, D, and E notes are expected to be fully redeemed with the proceeds from the replacement note issuance on the May 1, 2018, refinancing date. NEW

...OVERVIEW + We reviewed LCM XVIII L.P., which, based on its proposed supplemental indenture, is expected to refinance its class A-1, A-2, B-1, B-2, C-1, C-2, D, and E notes on May 1, 2018, through an optional redemption and replacement note issuance. + After analyzing the changes to the transaction, we assigned our preliminary ratings to the replacement class A-1-R, B-R, C-R, D-R, and E-R notes, as well as to the new class X-R notes. The class A-2-R replacement notes are not rated by S&P Global Ratings. + The original class A-1, A-2, B-1, B-2, C-1, C-2, D, and E notes are expected to be fully redeemed with the proceeds from the replacement note issuance on the May 1, 2018, refinancing date. NEW YORK (S&P Global Ratings) April 27, 2018--S&P Global Ratings today assigned its preliminary ratings to the class A-1-R, B-R, C-R, D-R, and E-R notes replacement notes, as well as to the new class X-R notes, from LCM XVIII L.P., a collateralized loan obligation (CLO) originally issued on March 31,...

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