We raised our ratings on the class B-R-2, C-R-2, and D-R debt from Carlyle Global Market Strategies CLO 2014-1 Ltd. and removed the class B-R-2 and C-R-2 debt from CreditWatch with positive implications. At the same time, we lowered our rating on the class E-R debt and removed it from CreditWatch with negative implications. We also affirmed our rating on the class A-1-R-2 debt. The upgrades reflect improved credit support following senior note paydowns since our October 2021 rating actions, while the downgrade reflects insufficient support at the prior rating level. The affirmed rating reflects our view that the credit support available is commensurate with the current rating level. NEW YORK (S&P Global Ratings) May 13, 2025--S&P Global Ratings today
