Press Release|Structured Credit
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KBRA Assigns Ratings to Stone Point Credit MM CLO 2025-2, LLC

14 Oct 2025   |   New York

Contacts

KBRA assigns ratings to four classes of loans issued by Stone Point Credit MM CLO 2025-2, LLC ("Stone Point CLO 2025-2"), a $425 million middle market collateralized loan obligation (“CLO”) managed by Stone Point Credit Adviser LLC (“Stone Point” or the “collateral manager”).

Stone Point CLO 2025-2 features a three-year reinvestment period, and the legal final maturity is on October 20, 2035. The ratings reflect expected credit enhancement levels, excess spread, and coverage tests including overcollateralization ratio and interest coverage tests.

At closing, the rated Loans will be fully funded, except for the revolving Class A-R Loans and a portion of the Subordinated Notes. The Class A-R Loans can be repaid and re-borrowed during the reinvestment period, subject to the satisfaction of the Class A advance rate test.

Stone Point Credit is the credit-investing platform of Stone Point Capital. As of September 2025, the Stone Point Credit team manages over $11.5 billion in assets across private and liquid credit strategies. Stone Point Credit has 55 dedicated employees, including 35 investment team members, with headquarters in Greenwich, CT, and New York, NY.

KBRA's ratings on the Class A-R and A-T Loans consider the timely payment of interest and ultimate payment of principal by the applicable stated maturity date, while the ratings on the Class B and C Loans consider the 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.

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: 1011762