OREANDA-NEWS. S&P Global Ratings today assigned its preliminary ratings to the class A-R, B-R, and C-R notes from Atlas Senior Loan Fund V Ltd., a collateralized loan obligation managed by Crescent Capital Group L. P. (see list).

The replacement notes will be issued via a proposed supplemental indenture. The replacement notes are expected to be issued at a lower spread over LIBOR than the original notes they replace. The cash flow analysis demonstrates, in our view, that the replacement notes have adequate credit enhancement available at the current rating levels.

On the Oct. 17, 2016, refinancing date, the proceeds from the issuance of the replacement notes are expected to redeem the original notes, upon which we anticipate withdrawing the ratings on the original notes and assigning ratings to the replacement notes. However, if the refinancing doesn't occur, we may affirm the ratings on the original notes and withdraw our preliminary ratings on the replacement notes.

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 will take rating actions as we deem necessary.