OREANDA-NEWS. S&P Global Ratings today assigned ratings to the class A-R, B-R, C-R, D-R, and E-R replacement notes from Ares XXV CLO Ltd., a U. S. collateralized loan obligation (CLO) transaction managed by Ares Management LLC. We withdrew our ratings on the transaction's original class A, B-1, B-2, C, D, and E notes after they were fully redeemed (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.