OREANDA-NEWS. S&P Global Ratings today assigned ratings to the class A-1-R, A-2-R, B-R, C-R, and D-R replacement notes from Carlyle Global Market Strategies CLO 2012-3 Ltd., a U. S. collateralized loan obligation (CLO) transaction managed by Carlyle Investment Management LLC. We withdrew our ratings on the transaction's original class A-1, A-2, B, C, D, and combination securities after they were fully redeemed. The combination securities were not part of this refinancing and were redeemed in full in line with their underlying components (see list).

On the Sept. 8, 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.