KBRA Affirms Seven Ratings and Upgrades One Rating for Maranon Loan Funding 2021-1, Ltd.
18 Apr 2024 | New York
KBRA affirms the ratings on Class A-R-1, Class A-R-L, Class A-R-2, Class B-R-1, Class B-R-2, Class C-R, and Class E-R, and upgrades the rating on Class D-R issued by Maranon Loan Funding 2021-1, Ltd., a cash flow collateralized loan obligation (CLO) backed by a diversified portfolio of middle market corporate loans. Since the transaction closed, the rated notes have received timely distributions of interest payments.
Maranon Loan Funding 2021-1, Ltd. is a $409.6 million cash flow CLO managed by Maranon Capital, L.P. The notes were collateralized by a $400.0 million portfolio of middle market secured term loans to corporate borrowers at closing.
The deal closed in May 2021 and has approximately one year remaining in the reinvestment period. The ratings reflect current credit enhancement levels, excess spread, and coverage tests.
As of the March 2024 trustee report, the aggregate principal balance of the collateral obligations is $375.4 million, and there is a principal proceeds balance of $15.0 million. There are six defaulted issuers and, per the March trustee report, the transaction is in compliance with all portfolio profile tests. The transaction has a K-WARF of 3254, which represents a weighted average portfolio credit assessment of around B-.
To access rating and relevant documents, click here.
Click here to view the report.