Symphony CLO 38 Ltd. refinanced 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 ratings to the replacement class A-1-R, A-2-R, B-R, C-R, D-1-R, D-2-R, and E-R debt, issuer loans, and the new class X-R debt. At the same time, we withdrew our ratings on the original class A, A-1-L, A-2-L, B-1, B-2, C-1, C-2, D, and E debt. The ratings reflect our view of the credit support available to the refinanced debt after examining the transaction's new capital structure and payment mechanics. MONTREAL (S&P Global Ratings) May 14, 2025--S&P Global Ratings today assigned
