We reviewed Symphony CLO 38 Ltd./Symphony CLO 38 LLC, which, based on its proposed supplemental indenture, is expected to refinance its class A, A-1-L, A-2-L, B-1, B-2, C-1, C-2, D, and E debt on May 14, 2025, through an optional redemption and replacement note issuance. After analyzing the changes to the transaction, we assigned our preliminary ratings to the issuer loans and replacement class X-R, A-1-R, A-2-R, B-R, C-R, D-1-R, D-2-R, and E-R notes. The original debt is expected to be fully redeemed with the proceeds from the replacement debt on the refinancing date. The preliminary ratings reflect our view of the credit support available to the refinanced debt after examining the new and lower spreads, which reduce the transaction's
