Varuous Rating Actions Taken On Five Classes From LCM XVIII L.P.

We reviewed our ratings on LCM XVIII L.P., a U.S. broadly syndicated CLO transaction. We raised our ratings on the class B-R and C-R debt and removed them from CreditWatch positive. At the same time, we lowered our rating on the class E-R debt from the same transaction and removed it from CreditWatch negative. We also affirmed our ratings on the class A-1-R and D-R debt. The upgrades reflect improved overcollateralization ratios because of senior note paydowns since our Aug. 14, 2020, rating actions, while the downgrade reflects insufficient credit support at the prior rating level. The affirmed ratings reflect our view that the credit support available is commensurate with the current rating level. Toronto (S&P Global Ratings) May 7,

...- We reviewed our ratings on LCM XVIII L.P., a U.S. broadly syndicated CLO transaction. - We raised our ratings on the class B-R and C-R debt and removed them from CreditWatch positive. - At the same time, we lowered our rating on the class E-R debt from the same transaction and removed it from CreditWatch negative. We also affirmed our ratings on the class A-1-R and D-R debt. - The upgrades reflect improved overcollateralization ratios because of senior note paydowns since our Aug. 14, 2020, rating actions, while the downgrade reflects insufficient credit support at the prior rating level. The affirmed ratings reflect our view that the credit support available is commensurate with the current rating level. Toronto (S&P Global Ratings) May 7, 2025--S&P Global Ratings today raised its ratings on the class B-R and C-R debt from LCM XVIII L.P., a US broadly syndicated CLO managed by LCM Asset Management LLC, and removed them from CreditWatch, where we had placed them with positive implications...

Ratings Action