Various Rating Actions Taken On Five Classes From LCM 26 Ltd.

We reviewed LCM 26 Ltd., a broadly syndicated CLO managed by LCM Asset Management LLC. We raised two ratings, lowered one rating, and affirmed two ratings from the transaction. The upgrades reflect the transaction's improved overcollateralization ratios due to senior debt paydowns since our August 2023 rating actions. The downgrade reflects the insufficient support at the prior rating level, and the affirmations reflect our view that the credit support available is commensurate with the current rating levels. ENGLEWOOD (S&P Global Ratings) March 14, 2025--S&P Global Ratings today took various ratings actions on five classes from LCM 26 Ltd., a broadly syndicated CLO managed by LCM Asset Management LLC (see list). Today's rating actions follow our review of the transaction's performance

...- We reviewed LCM 26 Ltd., a broadly syndicated CLO managed by LCM Asset Management LLC. - We raised two ratings, lowered one rating, and affirmed two ratings from the transaction. - The upgrades reflect the transaction's improved overcollateralization ratios due to senior debt paydowns since our August 2023 rating actions. The downgrade reflects the insufficient support at the prior rating level, and the affirmations reflect our view that the credit support available is commensurate with the current rating levels. ENGLEWOOD (S&P Global Ratings) March 14, 2025--S&P Global Ratings today took various ratings actions on five classes from LCM 26 Ltd., a broadly syndicated CLO managed by LCM Asset Management LLC (see list). Today's rating actions follow our review of the transaction's performance using data from the January 2025 trustee report. Although the same portfolio backs all of the notes, there can be circumstances such as this one, where the ratings on the notes move in opposite directions...

Ratings Action