Press Release|Structured Credit
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KBRA Assigns Ratings to Shawnee 2022-2 LLC

4 Mar 2026   |   New York

Contacts

KBRA assigns ratings to five classes of notes issued by Shawnee 2022-2 LLC (Shawnee 2022-2), a static, cash flow collateralized loan obligation (CLO) backed by a diversified portfolio of broadly syndicated and middle market corporate loans.

Shawnee 2022-2 is a cash flow CLO serviced by Eldridge Structured Asset Management, LLC (“Eldridge” or the “servicer”), that originally closed in December 2023. The transaction is being amended to refinance the existing notes.

The collateral in Shawnee 2022-2 primarily consists of both middle market and broadly syndicated leveraged loans issued by corporate obligors diversified across sectors. The total portfolio par amount is approximately $800.4 million with exposure to 65 obligors. The obligors in the portfolio have a K-WARF of 3171, which represents a weighted average portfolio credit assessment of approximately B-/CCC+. The CLO is static with no reinvestment permitted, subject to a brief two-month drawdown period during which the refinancing notes will be drawn, pro rata, to facilitate the settlement of portfolio acquisitions that were entered into by the closing date.

The ratings on the existing Class A, Class B, Class C, Class D, and Class E Notes are being withdrawn in connection with the execution of the reset and redemption. There were no principal losses or interest shortfalls reported during the life of the withdrawn securities.

The legal final maturity is on April 23, 2038. The ratings reflect initial credit enhancement levels, excess spread, and coverage tests including overcollateralization ratio and interest coverage tests.

The ratings on the Class A-R and B-R Notes consider the timely payment of interest and ultimate payment of principal by the applicable stated maturity date. KBRA’s ratings on the Class C-R, D-R, and E-R notes 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: 1013785