We reviewed Trinitas CLO XXVI Ltd., which, based on its proposed supplemental indenture, is expected to refinance its class A-1, A-2, B, C, D, and E debt on June 3, 2025, through an optional redemption and replacement note issuance. After analyzing the changes to the transaction, we assigned our preliminary ratings to the replacement class A-R, B-R, C-1-R, C-2-R, D-R, and E-R debt and proposed new class F-R debt. The original debt is expected to be fully redeemed with the proceeds from the replacement debt on the refinancing date. The preliminary ratings reflect our view of the credit support available to the refinanced debt after examining the new capital structure and payment mechanics. TORONTO (S&P Global Ratings) May 16, 2025--S&P
