Press Release|Structured Credit
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KBRA Affirms Six Ratings, Upgrades One Rating, and Withdraws One Rating for Maranon Loan Funding 2021-1, Ltd.

10 Apr 2026   |   New York

Contacts

KBRA affirms the ratings of six classes of notes and upgrades the ratings of one class of notes issued by Maranon Loan Funding 2021-1, Ltd. The affirmations and upgrade follow a surveillance review of the transaction. The ratings on the Class D-R Notes are being withdrawn in connection with the Notes repayment in full on the January 2026 payment date.

Maranon Loan Funding 2021-1, Ltd. is a $282.9 million cash flow CLO managed by Eldridge Credit Advisers, LLC. The notes were collateralized by a $400.0 million portfolio of middle market secured term loans to corporate borrowers at closing. As of the March 2026 trustee report, the aggregate principal balance of the collateral obligations is $268.2 million, and there is a principal proceeds balance of $18.0 million. There are five defaulted assets and no discount obligations in the portfolio. The K-WARF of the transaction is 3423 which represents a weighted average rating of B-.

KBRA's ratings on the Class A-R-1 Notes, Class A-L-R Loans, Class A-R-2 Notes, Class B-R-1 Notes, and Class B-R-2 Notes consider timely payment of interest and ultimate payment of principal by the applicable stated maturity date, while the ratings on the Class C-R and E-R Notes consider ultimate payment of interest and principal by the applicable stated maturity date.

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: 1014394