Atlas Senior Loan Fund XXIII Ltd. is a $402.25 million broadly syndicated collateralized loan obligation (CLO) managed by Crescent Capital Group L.P. Based on provisions in the transaction documents and the portfolio characteristics: The transaction will be collateralized by at least 90% senior secured loans, cash, and eligible investments. Of the identified underlying collateral obligations, 100.0% have credit ratings (which may include confidential ratings, private ratings, and credit estimates) assigned by S&P Global Ratings. Of the identified underlying collateral obligations, 93.85% have recovery ratings (which may include confidential and private ratings) assigned by S&P Global Ratings. The preliminary ratings assigned to Atlas Senior Loan Fund XXIII Ltd./Atlas Senior Loan Fund XXIII LLC's floating- and fixed-rate debt reflect our assessment of:
