S&P: Preliminary Ratings Assigned To Two Classes From Ares XXXIIR CLO Ltd. In Connection With Proposed Refinancing

S&P Global Ratings today assigned its preliminary ratings to the class X and A-1A notes from Ares XXXIIR CLO Ltd., a collateralized loan obligation (CLO) managed by Ares CLO Management LLC (see list).

The preliminary ratings reflect our opinion that the credit support available is commensurate with the associated rating levels.

The preliminary ratings are based on information as of March 30, 2018. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings.

This is a reissue transaction and proposed refinancing of Ares XXXII CLO Ltd., which closed in December 2014. However, the new notes--which will have lower spreads and extended dates--will be issued by a newly created issuer, Ares XXXIIR CLO Ltd. There is no co-issuer.

On the April 26, 2018, refinancing date, the proceeds from the new note issuance from Ares XXXIIR CLO Ltd. are expected to redeem the original notes. At that time, we anticipate withdrawing the ratings on the original notes and assigning ratings to the new notes. However, if the refinancing doesn't occur, we may affirm the ratings on the original notes and withdraw our preliminary ratings on the new notes.

Our review of this transaction included a cash flow analysis, based on the portfolio and transaction as reflected in the trustee report, to estimate future performance. In line with our criteria, our cash flow scenarios applied forward-looking assumptions on the expected timing and pattern of defaults, and recoveries upon default, under various interest rate and macroeconomic scenarios. In addition, our analysis considered the transaction's ability to pay timely interest or ultimate principal, or both, to each of the rated tranches.

We will continue to review whether, in our view, the ratings assigned to the notes remain consistent with the credit enhancement available to support them, and we will take further rating actions as we deem necessary.
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