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

OVERVIEW LCM XVIII L.P. refinanced 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. We withdrew our ratings on the original class A-1, A-2, B-1, B-2, C-1, C-2, D, and E notes following payment in full on the May 1, 2018, refinancing date. After analyzing the changes to the transaction, we assigned our 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 assigned ratings reflect our opinion that the credit support available is commensurate with the associated rating levels. NEW

...OVERVIEW + LCM XVIII L.P. refinanced 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. + We withdrew our ratings on the original class A-1, A-2, B-1, B-2, C-1, C-2, D, and E notes following payment in full on the May 1, 2018, refinancing date. + After analyzing the changes to the transaction, we assigned our 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 assigned ratings reflect our opinion that the credit support available is commensurate with the associated rating levels. NEW YORK (S&P Global Ratings) May 1, 2018--S&P Global Ratings today assigned its 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, from LCM XVIII L.P., a collateralized loan obligation (CLO) originally issued on March 31, 2015, that is managed...

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