Neuberger Berman Loan Advisers Euro CLO 6 DAC is a European cash flow CLO transaction, securitizing a portfolio of primarily senior secured leveraged loans and bonds. Neuberger Berman Europe Ltd. will manage the transaction. The preliminary ratings assigned to Neuberger Berman Loan Advisers Euro CLO 6 DAC's notes reflect our assessment of: The diversified collateral pool, which primarily comprises syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. The transaction's legal structure, which we expect to be bankruptcy