KBRA Affirms Five Ratings and Upgrades One Rating for Maranon Loan Funding 2021-2, Ltd.
16 May 2024 | New York
KBRA affirms the ratings on Class A-1R, Class A-2R, Class B-R, Class C-R and Class E-R, and upgrades the rating on Class D-R issued by Maranon Loan Funding 2021-2, Ltd., a cash flow collateralized loan obligation (CLO) backed by a diversified portfolio of middle market corporate loans. Since the transaction closed, the rated notes have received timely distributions of interest payments.
Maranon Loan Funding 2021-2, Ltd. is currently a $604.4 million cash flow CLO managed by Maranon Capital, L.P. The notes were collateralized by a $625.7 million portfolio of middle market secured term loans to corporate borrowers at closing. The deal closed in June 2021 and has approximately 1.25 years remaining in the reinvestment period.
As of the April 2024 trustee report, the aggregate principal balance of the collateral obligations is $589.9 million and there is a principal proceeds balance of $15.5 million. There are six defaulted assets from four obligors and no discount obligations in the portfolio. Per the April 2024 trustee report, the transaction is in compliance with all portfolio profile tests. The current portfolio K-WARF is 3249, which represents a portfolio weighted average credit assessment of B-.
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