Press Release|Structured Credit
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KBRA Affirms the Ratings for Maranon Loan Funding 2021-1, Ltd.

10 Apr 2025   |   New York

Contacts

KBRA affirms the ratings of the notes issued by Maranon Loan Funding 2021-1, 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 2021-1, Ltd. is a $394.1 million cash flow CLO managed by Maranon Capital, L.P. The notes were collateralized by a $400.0 million portfolio of middle market secured term loans to corporate borrowers at closing.

The CLO closed in May 2021 and has approximately 0.25 years remaining in the reinvestment period. The ratings reflect current credit enhancement levels, excess spread, and coverage tests.

As of the March 2025 trustee report, the aggregate principal balance of the collateral obligations is $360.8 million, and there is a principal proceeds balance of $24.7 million. There are three defaulted assets and per the March trustee report, the transaction is in compliance with all portfolio profile tests. The transaction has a K-WARF of 3211, which represents a weighted average portfolio credit assessment of around B-.

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: 1008999

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