Press Release|Structured Credit

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-.

To access rating and relevant documents, click here.

Click here to view the report.

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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

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency 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 by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1004316

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