Press Release|Structured Credit
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KBRA Assigns Preliminary Ratings to Ares European Direct Lending CLO 2 Sarl

19 Feb 2026   |   London

Contacts

KBRA UK (KBRA) assigns preliminary ratings to six classes of Notes issued by Ares European Direct Lending CLO 2 Sarl, a cash flow collateralized loan obligation (CLO) backed by a diversified portfolio of middle market corporate loans. This transaction is a multicurrency European middle market CLO.

Ares European Direct Lending CLO 2 Sarl is managed by Ares Management Limited (“Ares” or the “collateral manager”) and will have a 4.5-year reinvestment period. The ratings reflect initial credit enhancement levels, excess spread, and coverage tests including overcollateralisation ratio and interest coverage tests.

The collateral in Ares European Direct Lending CLO 2 Sarl will mainly consist of middle market loans issued by corporate obligors diversified across sectors. The total portfolio par amount is €300 million with exposure to 71 obligors. The obligors in the portfolio have a K-WARF of 3026, which represents a weighted average portfolio credit assessment of approximately B-.

Ares Management Corporation (“Ares Corp”) is a publicly traded, global alternative investment manager with approximately $527 billion of assets under management (“AUM”) as of December 31, 2024. Ares has over 4,000 employees as of December 31, 2024 in over 50 global offices across North America, Europe, Asia Pacific and the Middle East. Ares offers clients complementary primary and secondary investment solutions across credit, real estate, private equity, and infrastructure asset classes.

Class X, A-1, B, C and D Notes are denominated in Euro while Class A-2 Notes are dominated in GBP sterling. The preliminary ratings on the Class X, A-1, A-2, and B Notes consider the timely payment of interest and the ultimate payment of principal by the applicable legal final maturity date, while the preliminary ratings on the Class C, and D Notes consider the ultimate payment of interest and principal by the applicable legal final 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.

This credit rating is endorsed by Kroll Bond Rating Agency Europe Limited for use in the European Union. Information on a credit rating’s endorsement status is available on its rating page at KBRA.com.

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.

There are certain issuers, entities or transactions rated by KBRA Europe or KBRA UK that may be or have relationships with Shareholders and/or Shareholder-Related Companies, as that term is defined in KBRA’s Shareholder and Shareholder Related Companies for KBRA Europe and KBRA UK Policy and Procedure. Relevant disclosure information may be found here.

About KBRA UK

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. Kroll Bond Rating Agency UK is located at 1 Connaught Place, 2nd Floor London, England.

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