Ratings Assigned To Six Classes From Carlyle Global Market Strategies CLO 2014-1 Ltd. In Connection With Refinancing

OVERVIEW Carlyle Global Market Strategies CLO 2014-1 Ltd. refinanced its class A-R, B-R, C-R, D, and E notes on April 6, 2018, through an optional redemption and replacement note issuance. This is the transaction's second refinancing. We withdrew our ratings on the original class A-R, B-R, C-R, D, and E notes following payment in full on the April 6, 2018, refinancing date. After analyzing the changes to the transaction, we assigned our ratings to the replacement class A-1-R-2, B-R-2, C-R-2, D-R, and E-R notes, as well as to the new class X-R notes. We did not rate the class A-2-R-2 replacement notes. The assigned ratings reflect our opinion that the credit support available is commensurate with the associated rating levels.

...OVERVIEW + Carlyle Global Market Strategies CLO 2014-1 Ltd. refinanced its class A-R, B-R, C-R, D, and E notes on April 6, 2018, through an optional redemption and replacement note issuance. This is the transaction's second refinancing. + We withdrew our ratings on the original class A-R, B-R, C-R, D, and E notes following payment in full on the April 6, 2018, refinancing date. + After analyzing the changes to the transaction, we assigned our ratings to the replacement class A-1-R-2, B-R-2, C-R-2, D-R, and E-R notes, as well as to the new class X-R notes. We did not rate the class A-2-R-2 replacement notes. + The assigned ratings reflect our opinion that the credit support available is commensurate with the associated rating levels. NEW YORK (S&P Global Ratings) April 6, 2018--S&P Global Ratings today assigned its ratings to the class A-1-R-2, B-R-2, C-R-2, D-R, and E-R replacement notes, as well as to the new class X-R notes, from Carlyle Global Market Strategies CLO 2014-1 Ltd., a collateralized...

Ratings Action