OREANDA-NEWS. Fitch Ratings expects to assign the following ratings and Rating Outlooks to Voya CLO 2015-2, Ltd./LLC (Voya 2015-2):

-- \$3,000,000 class X senior secured floating rate notes, 'AAAsf'; Outlook Stable;
-- \$335,500,000 class A senior secured floating rate notes, 'AAAsf'; Outlook Stable.

Fitch does not expect to rate the class B, C, D, E or subordinated notes.

TRANSACTION SUMMARY
Voya CLO 2015-2, Ltd. (the issuer) and Voya CLO 2015-2, LLC (the co-issuer) together comprise an arbitrage cash flow collateralized loan obligation (CLO) that will be managed by Voya Alternative Asset Management LLC (VAAM). Net proceeds from the issuance of notes will be used to purchase a portfolio of approximately \$550 million of primarily senior secured leveraged loans. The CLO will have a five-year reinvestment period and a two-year non-call period.

KEY RATING DRIVERS
Sufficient Credit Enhancement: Credit enhancement (CE) of 39% for class A notes, in addition to excess spread, is sufficient to protect against portfolio default and recovery rate projections in the 'AAAsf' stress scenario. The degree of CE available to the class A notes is above the average CE of recent CLO issuances. Class X notes are ultimately expected to be paid in full from the application of interest proceeds via the interest waterfall.

'B+/B' Asset Quality: The average credit quality of the indicative portfolio is 'B+/B', which is slightly better than that of recent CLOs. Issuers rated in the 'B' rating category denote relatively weak credit quality; however, in Fitch's opinion, class X and A notes are unlikely to be affected by the foreseeable level of defaults. Class X and A notes are robust against default rates of up to 100.0% and 63.6%, respectively.

Strong Recovery Expectations: The indicative portfolio consists of 96.9% first-lien senior-secured loans. Approximately 86.5% of the indicative portfolio has either strong recovery prospects or a Fitch-assigned recovery rating of 'RR2' or higher, resulting in a base case recovery assumption of 75.9%. In determining the class X and A notes' ratings, Fitch stressed the indicative portfolio by assuming a higher portfolio concentration of assets with lower recovery prospects and further reduced recovery assumptions for higher rating stress assumptions. The analysis of the Voya 2015-2 class X and A notes assumed a 35.4% recovery rate in Fitch's 'AAAsf' scenario.

RATING SENSITIVITIES
Fitch evaluated the structure's sensitivity to the potential variability of key model assumptions including decreases in weighted average spread or recovery rates and increases in default rates or correlation. Fitch expects the class X and A notes to remain investment grade even under the most extreme sensitivity scenarios. Results under these sensitivity scenarios indicate the class X notes pass the 'AAAsf' rating stress in all sensitivity scenarios. For the class A notes, the results ranged between 'A+sf' and 'AAAsf'.

Key Rating Drivers and Rating Sensitivities are further described in the accompanying new issue report, which is available to investors on Fitch's website at 'www.fitchratings.com'.

DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation to this rating action.