...- We have assigned 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) Aug. 6, 2021--S&P Global Ratings today assigned credit ratings to Toro European CLO 2 DAC's class X, A, B-1, B-2, C, D, E, and F notes. The issuer has also issued additional subordinated notes to bring the total issuance to 52.25 million (see list above). The 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 and excess spread. - The collateral manager's experienced team, which can affect the performance of the rated...
