Wilton Park CLO DAC is a European cash flow CLO transaction, securitizing a portfolio of primarily senior secured leveraged loans and bonds. The transaction will be managed by Blackstone Ireland Ltd. The preliminary ratings assigned to Wilton Park CLO DAC's notes reflect our assessment of: The diversified collateral pool, which primarily comprises syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. The experience of the collateral manager's team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. The transaction's legal structure, which we expect to be bankruptcy remote. The transaction's counterparty risks,
