Various Rating Action Taken On Six Classes From OCP CLO 2014-5 Ltd.

We reviewed our ratings on six classes of debt from OCP CLO 2014-5 Ltd., a CLO that was issued in March 2014 and reset in February 2018. We simultaneously raised our ratings on the class A-2-R and B-R debt and removed class A-2-R from CreditWatch positive, lowered our rating on the class E-R debt and removed it from CreditWatch negative, and affirmed our ratings on the class A-1-R, C-R, and D-R debt. The upgrades reflect the increase in credit support available to these classes as a result of senior class paydowns, while the downgrade reflects the decline in credit support available to the junior debt since our November 2021 review. The affirmations reflect our view that the credit support available

...- We reviewed our ratings on six classes of debt from OCP CLO 2014-5 Ltd., a CLO that was issued in March 2014 and reset in February 2018. - We simultaneously raised our ratings on the class A-2-R and B-R debt and removed class A-2-R from CreditWatch positive, lowered our rating on the class E-R debt and removed it from CreditWatch negative, and affirmed our ratings on the class A-1-R, C-R, and D-R debt. - The upgrades reflect the increase in credit support available to these classes as a result of senior class paydowns, while the downgrade reflects the decline in credit support available to the junior debt since our November 2021 review. The affirmations reflect our view that the credit support available to those classes is commensurate with the assigned ratings. Englewood (S&P Global Ratings) Dec. 19,2024--S&P Global Ratings today reviewed its ratings on OCP CLO 2014-5 Ltd., a U.S. collateralized loan obligation (CLO) managed by Onex Credit Partners LLC. During the review, we raised our...

Ratings Action