S&P: Ratings Assigned To Seven Classes From Voya CLO 2013-2 Ltd. In Connection With Refinancing

S&P Global Ratings today assigned its ratings to the class A-1-R, A-2a-R, A-2b-R, B-R, C-R, D-R, and E-R replacement notes from Voya CLO 2013-2 Ltd., a collateralized loan obligation (CLO) originally issued on April 25, 2013, that is managed by Voya Alternative Asset Management LLC. We withdrew our ratings on the original class A-1, A-2a, A-2b, B, C, D, and E notes following payment in full on the March 29, 2018, refinancing date (see list).

On the March 29, 2018, refinancing date, the proceeds from the issuance of the replacement notes were used to redeem the original class A-1, A-2a, A-2b, B, C, D, and E notes as outlined in the transaction document provisions. Therefore, we withdrew our ratings on the original notes in line with their full redemption, and we are assigning ratings to the replacement notes.

The replacement notes are being issued via a supplemental indenture, which, in addition to outlining the terms of the replacement notes, will also: Change the rated par and aggregate ramp-up par amounts to $420.25 million and $447.00 million from $427.45 million and $450.00 million, respectively. The transaction will have an additional ramp-up period and subsequent effective date, expected to be July 12, 2018. The first payment date following the March 29, 2018, refinancing date is expected to be July 25, 2018. Extend the reinvestment period to April 25, 2023, from April 25, 2017.Extend the non-call period to April 25, 2020, from April 25, 2015.Extend the weighted average life test to nine years from the refinancing date from April 25, 2021.Extend the legal final maturity date on the rated and subordinated notes (and preferred shares) to April 25, 2031, from April 25, 2025.Adopt the use of the non-model version of CDO Monitor for this transaction. During the reinvestment period, the non-model version of CDO Monitor may be used to indicate whether changes to the collateral portfolio are generally consistent with the transaction parameters we assumed when initially assigning ratings to the notes. Change the required minimum thresholds for the coverage tests. Incorporate the recovery rate methodology and updated industry classifications outlined in our August 2016 CLO criteria update (see "Global Methodologies And Assumptions For Corporate Cash Flow And Synthetic CDOs," published Aug. 8, 2016).
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