Press Release|Structured Credit
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KBRA Affirms Three Ratings for CBAM 2019-11R, Ltd.

4 Nov 2025   |   New York

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KBRA affirms the ratings for Class A-1, Class D and Class E Notes issued by CBAM 2019-11R, Ltd. (CBAM 2019-11R), a cash flow collateralized loan obligation (CLO) backed by a diversified portfolio of broadly syndicated corporate loans.

CBAM 2019-11R is a $496.9 million cash flow CLO managed by CBAM Partners, LLC. The notes are collateralized by a $486.1 million portfolio of broadly syndicated senior secured term loans to corporate borrowers at closing.

As of the October 2025 trustee report, the aggregate principal balance of the collateral obligations is $485.6 million, there is a principal proceeds balance of $1.5 million. There is one defaulted asset in the portfolio and there are no discount obligations in the portfolio. The transaction is in compliance with all coverage tests as well as collateral quality tests except Minimum Fixed Coupon Test, Minimum Floating Spread Test, Moody’s Maximum Rating Factor Test and KBRA WAS Test. The current K-WARF of the portfolio is 2399 which represents a weighted average portfolio assessment of around B.

The rating on the Class A-1 Notes considers the timely payment of interest and ultimate payment of principal by the applicable stated maturity date, while the ratings on the Class D and E Notes consider the ultimate payment of interest and principal. All Notes have received timely interest distributions since the transaction has closed.

To access ratings and relevant documents, click here.

Click here to view the report.

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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.

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