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Ratings Assigned To Five Classes From Palmer Square CLO 2014-1 Ltd. In Connection With Second Refinancing

          NEW YORK (S&P Global Ratings) Jan. 17, 2018--S&P Global Ratings today assigned its ratings to the class A-1-R2, A-2-R2, B-R2, C-R2, and D-R2 replacement notes from Palmer Square CLO 2014-1 Ltd., a collateralized loan obligation (CLO) originally issued in June 2014 and first refinanced in January 2017. We withdrew our ratings on the class A-1-R, A-2-R, B-R, C-R, and D-R notes following payment in full on the Jan. 17, 2018, second refinancing date (see list). 
          On the Jan. 17, 2018, second refinancing date, the proceeds from the issuance of the class A-1-R2, A-2-R2, B-R2, C-R2, and D-R2 replacement notes were used to redeem the class A-1-R, A-2-R, B-R, C-R, and D-R notes as outlined in the transaction document provisions. Therefore, we withdrew our ratings on the class A-1-R, A-2-R, B-R, C-R, and D-R notes in line with their full redemption, and we are assigning ratings to the replacement notes. 
          This is the second refinancing date of the transaction. The original class A-1, A-2, B, C, and D notes were redeemed in full on the Jan. 17, 2017, refinancing date. 

          The replacement notes are being issued via a supplemental indenture, which, in addition to outlining the terms of the replacement notes, will also: 
          - Change the rated par amount and target initial par amount to $370.40 million and $402.50 million, respectively, from $368.15 million and $400.00 million, respectively. 
          - Extend the reinvestment period to Jan. 17, 2023, from Jan. 17, 2019.
          - Extend the non-call period to Jan. 17, 2020, from Jan. 17, 2018.
          - Extend the weighted average life test to Jan. 17, 2027, from Jan. 17, 2023.
          - Extend the legal final maturity date on the rated, contribution, and subordinated notes to Jan. 17, 2031, from Jan. 17, 2027. 
          - Change the required minimum thresholds for the coverage tests.
          - Make the transaction U.S. risk retention compliant.
          Our analysis also took into account a change to the collateral management agreement, which increased the subordinated collateral management fee percentage to 0.20% per annum from 0.15% per annum.