KBRA Affirms Two Ratings and Upgrades One Rating for Carlyle US CLO 2021-3S, Ltd.
4 Feb 2025 | New York
KBRA affirms the ratings on the Class A-1 Notes and Class D Notes, and upgrades the rating on the Class C Notes issued by Carlyle US CLO 2021-3S, Ltd., a cash flow collateralized loan obligation (“CLO”) backed by a diversified portfolio of broadly syndicated senior secured leveraged loans. Since the transaction closed, the rated notes have received timely distributions of interest payments.
Carlyle US CLO 2021-3S Ltd. (“Carlyle 2021-3S”) is a $492.4 million cash flow collateralized loan obligation CLO managed by Carlyle CLO Management LLC (“Carlyle” or the “collateral manager”). The notes were collateralized by a $500.0 million portfolio of broadly syndicated senior secured term loans and bonds to corporate borrowers at closing in March 2021. The transaction has approximately 1.2 years remaining in the reinvestment period.
As of the January 2025 trustee report, the aggregate principal balance of the collateral obligations is $489.2 million, and there is a principal proceeds balance of $5.3 million. There are two defaulted obligors in the portfolio. The transaction is in compliance with all portfolio profile tests. The portfolio has a K-WARF of 2419, which reflects a weighted average portfolio assessment of approximately B.
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