Press Release|Structured Credit
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KBRA Affirms Ratings for Shawnee 1892 LLC

20 Jan 2026   |   New York

Contacts

KBRA affirms ratings for five classes of notes issued by Shawnee 1892 LLC, a cash flow collateralized loan obligation (CLO) backed by diversified portfolios of broadly syndicated and middle market corporate loans and bonds. KBRA’s analysis indicated that the amortization of Class A-RR Notes and the improved credit enhancement for the notes is sufficient to support the affirmed ratings. All notes have received timely interest distributions since the transaction closed.

This review is based on the information reported by the trustee as of December 2025 and reflects the distributions that have occurred though the December 19, 2025. Following the Watch Placement in November 2025, coverage test cushions have widened.

Shawnee 1892 LLC is a collateralized loan obligation managed and serviced by Eldridge Structured Credit Advisors, LLC (“Eldridge” or the “servicer”), formerly known as Panagram Structured Asset Management LLC. The transaction closed in September 2020. KBRA rated the reset notes in December 2022, and the transaction reset for the second time in November 2024. The transaction is static with no active management and no reinvestment period. All principal proceeds are used to repay the rated notes sequentially. The transaction has amortized 51.63% of its Class A-RR Notes since 2024 reset.

To access ratings and relevant documents, click here.

Click here to view the report.

Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1013099