Press Release|Structured Credit
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KBRA Affirms Ratings for Shawnee 2022-2 LLC

11 Dec 2025   |   New York

Contacts

KBRA affirms ratings on five classes of notes issued by Shawnee 2022-2 LLC (“Shawnee 2022-2”), currently a $398.1 million cash flow collateralized loan obligation (“CLO”) serviced by Eldridge Structured Credit Advisers, LLC (fka Panagram Structured Asset Management, LLC). The notes are collateralized by a static portfolio of middle market and broadly syndicated senior secured term loans to corporate borrowers. The CLO originally closed in December 2023. The ratings reflect current credit enhancement levels, excess spread, coverage tests including overcollateralization ratio and interest coverage tests.

As of the October 2025 trustee report, the aggregate principal balance of the collateral obligations is $387.8 million. The K-WARF of the transaction is 3277 which represents a weighted average credit assessment of B-. Since the deal closed in December 2023, the Class A Notes have repaid $401.5 million, or 77.4% of the original note balance, from sale and prepayment proceeds.

KBRA’s ratings on the Class A and Class 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 by the applicable stated maturity date. All notes have received timely interest distributions since the transaction closed.

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: 1012715