...- We have assigned preliminary ratings to Toro European CLO 2 DAC's cash flow CLO notes. - The transaction securitizes a portfolio of primarily senior-secured leveraged loans and bonds and is a reset of an existing transaction not rated by S&P. PARIS (S&P Global Ratings) July 26, 2021--S&P Global Ratings today assigned preliminary credit ratings to Toro European CLO 2 DAC's class X, A, B-1, B-2, C, D, E, and F notes. At closing, the issuer will also issue additional subordinated notes to bring the total issuance to 52.25 million (see list above). The preliminary ratings reflect our assessment of: - The diversified collateral pool, which consists primarily of broadly syndicated speculative-grade senior-secured term loans and bonds that are governed by collateral quality tests. - The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization....
