Press Release|Structured Credit
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KBRA Affirms Ratings for Guggenheim MM-C CLO 2023-5 LLC

2 Jul 2024   |   New York

Contacts

KBRA affirms ratings for five classes of notes and loans issued by Guggenheim MM-C CLO 2023-5 LLC (Guggenheim 2023-5), a cash flow collateralized loan obligation (CLO) backed by a diversified portfolio of middle market loans to corporate borrowers.

Guggenheim 2023-5 is managed by Guggenheim Corporate Funding, LLC ("GCF" or the "collateral manager"). The transaction originally closed in July 2023, and has approximately 3 years remaining in its reinvestment period. The ratings reflect current credit enhancement levels, excess spread, and coverage tests. As of the June 2024 trustee report, the aggregate principal balance of the collateral obligations, excluding defaulted obligations, is $390.0 million and the transaction has a principal proceeds balance of $20.4 million. There are no defaulted or discount obligations in the transactions. Per the June 2024 trustee report, the transaction is in compliance with all portfolio profile tests. The current portfolio K-WARF is 3075, which represents a weighted average portfolio assessment of B-.

The ratings on the Class A-1, A-2, A-3 and B Notes consider the timely payment of interest and ultimate payment of principal by the applicable stated maturity date, while the ratings on the Class C Notes consider the ultimate payment of interest and principal. KBRA analyzed the transaction using the Structured Credit Global Rating Methodology, the Global Structured Finance Counterparty Methodology, and the ESG Global Rating Methodology.

To access rating and relevant documents, click here.

Click here to view the report.

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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: 1004991

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