Sixth Street CLO 28 Ltd.'s debt issuance is a CLO securitization governed by investment criteria and backed primarily by broadly syndicated speculative-grade senior secured term loans. We assigned our preliminary ratings to the class A loans and the class A, B-1, B-2, C, D-1, D-2, and E notes. The preliminary ratings reflect our view of the transaction's pool characteristics, credit enhancement, and legal structure, among other factors. TORONTO (S&P Global Ratings) May 14, 2025--S&P Global Ratings today assigned its preliminary ratings to Sixth Street CLO 28 Ltd./Sixth Street CLO 28 LLC's fixed- and floating-rate debt (see list). The debt issuance is a CLO securitization governed by investment criteria and backed primarily by broadly syndicated speculative-grade (rated 'BB+' or lower) senior
