Press Release|Structured Credit
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KBRA Assigns Ratings to Shawnee 2025-1 LLC

9 Dec 2025   |   New York

Contacts

KBRA assigns ratings to five classes of notes issued by Shawnee 2025-1 LLC ("Shawnee 2025-1"), a $507.2 million cash flow collateralized loan obligation ("CLO") backed by a diversified portfolio of middle market and broadly syndicated corporate loans.

Shawnee 2025-1 is serviced by Eldridge Structured Credit Advisers, LLC (“Eldridge” or the “Servicer”), formerly known as Panagram Structured Asset Management LLC. The transaction has a 6-month reinvestment period and the stated maturity is December 9, 2037. The ratings reflect initial credit enhancement levels, excess spread, and coverage tests including overcollateralization ratio and interest coverage.

The current portfolio has exposure to 53 obligors comprising approximately 88% of the $500.0 million target par amount. The obligors in the portfolio have a K-WARF of 3325, which represents a weighted average portfolio credit assessment of approximately B- / CCC+.

Eldridge is a wholly owned subsidiary of Eldridge Industries, LLC, a diversified holdings company established in 2015. Eldridge currently has approximately $13 billion of structured credit assets under management (as of June 30, 2025).

The ratings on the Class A and B Notes considers the timely payment of interest and ultimate payment of principal by the applicable stated maturity date, while the ratings on the Class C, D, and E Notes consider the ultimate payment of interest and principal.

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publication

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: 1012601