Press Release|Structured Credit

KBRA Affirms the Ratings for Cedar Crest 2021-1 LLC

18 Sep 2024   |   New York

Contacts

KBRA affirms the ratings of the notes issued by Cedar Crest 2021-1 LLC, a cash flow collateralized loan obligation (CLO) backed by a diversified portfolio of middle market and broadly syndicated senior secured leveraged loans and bonds. Since the transaction closed, the rated notes have received timely distributions of interest payments.

Cedar Crest 2021-1 LLC is a $643.6 million cash flow collateralized loan obligation (“CLO”) serviced by Panagram Structured Asset Management, LLC (“Panagram” or the “servicer”). The notes are collateralized by a $636.88 million portfolio of middle market and broadly syndicated senior secured term loans and bonds to corporate borrowers.

The CLO closed on September 17, 2021 and ended its reinvestment period on October 15, 2023. The current portfolio has a weighted average time to maturity of 3.8 years.

As of the August 2024 trustee report, the aggregate principal balance of the collateral obligations is $588.2 million with a principal proceeds balance of $55.4 million. There are two defaulted assets in the portfolio and there is one discount obligation in the portfolio. The transaction is in compliance with all portfolio profile tests. The current portfolio K-WARF is 3307, 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.

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) is a full-service credit rating agency 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 by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1005989

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