OREANDA-NEWS. S&P Global Ratings today assigned its preliminary ratings to the class A-1L-R, A-2L-R, A-3L-R, and B-1L-R notes from Atlas Senior Loan Fund Ltd., a collateralized loan obligation managed by Crescent Capital Group LP (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 $25 million floating-rate class A-3L-R refinancing note will replace both the $10 million fixed-rate class A-3F note and the $15 million floating-rate class A-3L note.

This transaction experienced rating upgrades to various tranches in January 2016. The cash flow analysis demonstrates, in our view, that the replacement notes have adequate credit enhancement available at the current rating levels of the notes they are to replace.

On the Aug. 15, 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 final ratings to the replacement notes. However, if any of the proposed note refinancings don't occur, we may affirm the ratings on the original notes and withdraw the respective preliminary ratings.