OREANDA-NEWS. S&P Global Ratings today assigned its preliminary 'AAA (sf)' rating to Neuberger Berman CLO XXII Ltd./Neuberger Berman CLO XXII LLC's $248 million floating-rate notes (see list).

The note issuance is a collateralized loan obligation transaction backed by broadly syndicated speculative-grade senior secured term loans.

The preliminary 'AAA (sf)' rating is based on information as of Aug. 17, 2016. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings.

The preliminary rating relects:The diversified collateral pool, which consists primarily of broadly syndicated speculative-grade senior secured term loans that are governed by collateral quality tests. The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. The transaction's legal structure, which is expected to be bankruptcy remote.