Press Release|Structured Credit
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KBRA Assigns Ratings to the Refinancing Debt of Guggenheim MM CLO 2021-3, Ltd.

21 Apr 2026   |   New York

Contacts

KBRA assigns ratings to six classes of refinancing debt issued by Guggenheim MM CLO 2021-3, Ltd., a $476.5 million cash flow collateralized loan obligation ("CLO") backed by a diversified portfolio of senior secured middle-market and broadly syndicated term loans to corporate borrowers. The CLO is managed by Guggenheim Corporate Funding, LLC.

The rated debt is collateralized by a $450.0 million portfolio primarily consisting of senior secured middle-market and broadly syndicated term loans to corporate borrowers. The transaction is a refinancing and extension of Guggenheim MM CLO 2021-3, which originally closed in December 2021. The refinanced transaction will have a four-year reinvestment period and a two-year non-call period. The stated maturity will also be extended by 4.25 years, maturing in April 2038.

The transaction size is increasing by $50 million, with the new target asset par balance set at $450 million. On the refinancing date, the Issuer has ramped approximately 78% of the target asset par balance.

On the refinancing date, the original notes were repaid with proceeds from the refinancing debt. KBRA has withdrawn its ratings on the original classes of notes following their redemption.

KBRA’s ratings on the Class A-LR Loans, A-R Notes, 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: 1014562