KBRA Affirms the Ratings for RR 17 Ltd
10 Apr 2024 | New York
KBRA affirms the rating of the Class A-1A, Class B, and Class C Notes issued by RR 17 Ltd, a cash flow collateralized loan obligation (“CLO”) backed by a diversified portfolio of broadly syndicated senior secured leveraged loans. Since the transaction closed, the rated notes have received timely distributions of interest payments.
RR 17 Ltd is a $706.5 million cash flow CLO managed by Redding Ridge Asset Management LLC (“RRAM”). The notes were collateralized by a $700.0 million portfolio of broadly syndicated senior secured term loans to corporate borrowers at closing.
As of the March 2024 trustee report, the aggregate principal balance of the collateral obligations is $692.3 million and has a cash balance of $4.3 million in principal proceeds There are 6 defaulted obligations totaling $3.6 million and no discount obligations in the portfolio. The adjusted collateral principal amount is $694.5 million. Per the most recent trustee report, the transaction is in compliance with all portfolio profile tests.
The K-WARF of the performing portfolio is 2460, which represents a weighted average portfolio credit assessment of around B.
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Click here to view the report.