Trinitas CLO XXXIV Ltd.'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-L loans, and class A, B, C, D-1, D-2, and E notes. The preliminary ratings reflect our view of the transaction's pool characteristics, credit enhancement, and legal structure, among other factors. CHICAGO (S&P Global Ratings) May 1, 2025--S&P Global Ratings today assigned its preliminary ratings to Trinitas CLO XXXIV Ltd./Trinitas CLO XXXIV LLC's floating-rate debt (see list). The debt issuance is a CLO securitization governed by investment criteria and backed primarily by broadly syndicated speculative-grade (rated 'BB+' or lower) senior secured term loans. The transaction is managed
