OVERVIEW -- NewStar Commercial Loan Funding 2012-2 LLC's issuance is a CLO securitization backed by a revolving pool consisting primarily of middle market senior secured loans. -- We assigned our 'AAA (sf)' rating to the class A notes. -- The 'AAA (sf)' rating reflects our view of the transaction's credit enhancement, its legal structure, and its overcollateralization and interest coverage tests, among other factors. CHICAGO (Standard & Poor's) Dec. 18, 2012--Standard & Poor's Ratings Services today assigned its 'AAA (sf)' rating to NewStar Commercial Loan Funding 2012-2 LLC's $190.70 million floating-rate notes (see list). The note issuance is a collateralized loan obligation securitization backed by a revolving pool consisting primarily of middle market senior secured loans. The rating reflects our view of: -- The credit enhancement provided to the rated notes through the subordination of cash flows that are payable to the subordinated notes. -- The transaction's credit enhancement, which is sufficient to withstand the defaults applicable for the supplemental tests (not counting excess spread), and cash flow structure, which can withstand the default rate projected by Standard & Poor's CDO Evaluator model, as assessed by Standard & Poor's using the assumptions and methods outlined in its corporate collateralized debt obligation (CDO) criteria (see "Update To Global Methodologies And AssumptionsRELATED CRITERIA AND RESEARCH Related Criteria -- Counterparty Risk Framework Methodology And Assumptions, Nov. 29, 2012 -- Global CDOs Of Pooled Structured Finance Assets: Methodology And Assumptions, Feb. 21, 2012 -- Methodology For Analyzing Rating Confirmation Requests To Establish Subsidiary Special-Purpose Entities in CDOs, Dec. 9, 2009 -- Update To Global Methodologies And Assumptions For Corporate Cash Flow And Synthetic CDOs, Sept. 17, 2009 -- Surveillance Methodology For Global Cash Flow And Hybrid CDOs Subject To Acceleration Or Liquidation After An EOD, Sept. 2, 2009 -- The Use Of Rating-Based Haircuts In Event Of Default Overcollateralization Tests For CDOs, March 19, 2008 -- Qualification And Treatment Of Current-Pay Obligations In Global Cash Flow CLOs, July 11, 2007 -- Structured Finance Criteria Introduced For Cayman Islands Special-Purpose Entities, July 18, 2002 Related Research -- Presale: NewStar Commercial Loan Funding 2012-2 LLC, Dec. 6, 2012 -- CDO Spotlight: The Relationship Between Long-Dated Assets And Market Value Risk In U.S. Cash Flow CLOs, April 26, 2012 -- Global Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic Factors, Nov. 4, 2011 -- CDO Spotlight: Standard & Poor's Surveillance Process For Monitoring U.S. Cash Flow CLO Transactions, April 14, 2011 -- Global Cash Flow And Synthetic CDO Criteria: The CDO Product, March 21, 2002 RATING ASSIGNED NewStar Commercial Loan Funding 2012-2 LLC Class Rating Amount (mil. $) A AAA (sf) 190.70 B NR 26.00 C (deferrable) NR 35.20 D (deferrable) NR 11.40 E (deferrable) NR 16.30 F (deferrable) NR 24.10 Subordinated notes NR 22.18 NR--Not rated.