...- Symphony CLO 38 Ltd./Symphony CLO 38 LLC'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, B-1, B-2, C-1, C-2, D, and E notes and A-1-L and A-2-L loans. - The preliminary ratings reflect our view of the transaction's credit enhancement, pool characteristics, and legal structure, among other factors. NEW YORK (S&P Global Ratings) Feb. 23, 2023--S&P Global Ratings today assigned its preliminary ratings to Symphony CLO 38 Ltd./Symphony CLO 38 LLC's floating- and fixed-rate debt (see list). The transaction is managed by Symphony Alternative Asset Management LLC. The debt issuance is a CLO securitization governed by investment criteria and backed primarily by broadly syndicated speculative-grade (rated '##+' or lower) senior secured term loans. The preliminary ratings are based on information as of Feb. 23, 2023. Subsequent information...
