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Various Rating Actions Taken In European Cash Flow CLO Transaction North Westerly CLO IV 2013

          LONDON (S&P Global Ratings) July 20, 2018--S&P Global Ratings today took various credit rating actions in North Westerly CLO IV 2013 B.V. (see list below). 
          Today's rating actions follow our credit and cash flow analysis of the transaction and the application of our relevant criteria (see "Related Criteria"). 
          Since our previous review, the transaction benefited from the following positive developments (see "Ratings Assigned To European Cash Flow CLO Transaction North Westerly CLO IV 2013 Following Refinancing," published on July 17, 2017): 
          - The issuer recovered at least 46% of its investment in the term loan B of Schneider - Creatrade Holding GMBH, well above the loan's market value reported by the trustee in July 2017 (25%). As a result, and taking into account asset sales and purchases, our estimate of the aggregate collateral balance increased to EUR299.31 million from EUR296.97 million at our previous review. 
          - As the transaction's reinvestment period ended in January 2018, we expect the rated notes to start amortizing. Our estimate of the portfolio's weighted-average life decreased to 5.10 years from 5.19 years at our previous review.
          Following the application of our corporate cash flow and synthetic collateralized debt obligations criteria, our credit and cash flow analysis indicates that the class B-1-R, B-2-R, C-R, and D-R notes can achieve higher ratings than those currently assigned (see "Global Methodologies And Assumptions For Corporate Cash Flow And Synthetic CDOs," published on Aug. 8, 2016). We have therefore raised our ratings on these classes of notes. 
          Our analysis also indicates that the class A-1-R, A-2-R, and E-R notes can withstand the stresses we apply at the currently assigned ratings. We have therefore affirmed our ratings on these classes of notes.
          North Westerly CLO IV 2013 is a cash flow collateralized loan obligation (CLO) transaction that securitizes loans granted to primarily speculative-grade corporate firms. The transaction is managed by NIBC Bank N.V.