Moody's Ratings assigns provisional ratings to one class of notes to be issued, one class of loans to be incurred by CIFC

Moody's Ratings assigns provisional ratings to one class of notes to be issued, one class of loans to be incurred by CIFC

Moody's Investors Service has assigned a provisional (P)Aaa (sf) rating to the U.S. $244,000,000 Class A Senior Secured Floating Rate Notes due 2035 issued by CIFC Funding 2022-VI, Ltd. The rating reflects the structure and collateral quality of the transaction, which is backed primarily by broadly syndicated senior secured corporate loans. At least 90% of the portfolio must consist of senior secured loans and eligible investments, with the remaining 10% allowing for non-senior secured assets. The issuer, managed by CIFC Asset Management LLC, will reinvest proceeds during a five-year reinvestment period, after which unscheduled payments and sales proceeds may be reinvested under specified restrictions.

Moody's utilized a cash flow model based on the Binomial Expansion Technique, incorporating assumptions such as a $400,000,000 par amount, a diversity score of 60, a weighted average rating factor (WARF) of 3300, and a weighted average life of 8.1 years. The rating is subject to risks tied to economic conditions, credit performance of the underlying portfolio, and management decisions. The transaction includes interest and par coverage tests that prioritize seniority in principal repayments.

This provisional rating is preliminary and may be adjusted before final issuance. Regulatory disclosures and methodology details are available via Moody's platforms. Investors are advised to review the pre-sale report for further analysis. The rating does not constitute investment advice and is intended for wholesale clients, excluding retail investors.

According to Yahoo Finance: "CIFC Funding 2022-VI, Ltd. -- Moody's assigns a provisional rating to one class of notes," September 6, 2022.