Press Release|Structured Credit
View PDF

KBRA Affirms Ratings for Guggenheim MM-C CLO 2023-5 LLC

2 Jul 2025   |   New York

Contacts

KBRA affirms ratings for five classes of notes and loans issued by Guggenheim MM-C CLO 2023-5 LLC (Guggenheim2023-5), 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 2025 trustee report, the aggregate principal balance of the collateral obligations is $368.4 million and the transaction has a principal proceed balance of $43.2 million. There are no defaulted or discount obligations in the transactions. Per the June 2025 trustee report, the transaction is in compliance with all portfolio profile tests except the Maximum K-WARF Test. The current portfolio K-WARF is 3119, 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.

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publications

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: 1010230

CONNECT WITH KBRA
805 Third Avenue
29th Floor
New York, NY 10022
+1 (212) 702-0707
Contact Us

© 2010-2025 Kroll Bond Rating Agency, LLC. All Rights Reserved. Kroll Bond Rating Agency, LLC is not affiliated with Kroll Inc., Kroll Associates Inc., KrollOnTrack Inc., or their affiliated businesses.

Sitemap•Terms of Use•Privacy Notice•Cookie Policy••Regulatory