OVERVIEW We reviewed Carlyle Global Market Strategies CLO 2014-1 Ltd., which based on its proposed supplemental indenture is expected to refinance its class A, B, and C notes on Dec. 9, 2016, through an optional redemption and issuance of replacement notes on its refinancing date. After analyzing the changes to the transaction, we assigned our preliminary ratings to the replacement class A-R, B-R, and C-R notes. The original class A, B, and C notes are expected to be fully redeemed with the proceeds from the issuance of the replacement notes on the Dec. 9, 2016, refinancing date. The original class D and E notes are not being refinanced. We do not expect the changes to affect these classes. CENTENNIAL (S&P
