S&P: Finn Square CLO Ltd. Ratings Assigned After Refinancing
On the Sept. 26, 2016, refinancing date, the proceeds from the replacement note issuance were used to redeem the original notes, as outlined in the transaction document provisions. Therefore, we withdrew the ratings on the transaction's original notes in line with their full redemption and assigned ratings to the transaction's replacement notes. The ratings reflect our opinion that the credit support available is commensurate with the associated rating levels.
We will continue to review whether, in our view, the ratings assigned to the transaction remain consistent with the credit enhancement available to support them, and we will take rating actions as we deem necessary.