Press Release|Structured Credit
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KBRA Affirms Six Ratings for CBAM 2020-13, Ltd.

4 Nov 2025   |   New York

Contacts

KBRA affirms the ratings for Class A, Class B-1, Class B-2, Class C, Class D-1, and Class D-2 Notes issued by CBAM 2020-13, Ltd. (CBAM 2020-13), a cash flow collateralized loan obligation (CLO) backed by a diversified portfolio of broadly syndicated corporate loans.

CBAM 2020-13 is currently a $423.8 million cash flow CLO managed by CBAM Partners, LLC (“CBAM” or the “collateral manager”), which initially closed in December 2020. The notes were collateralized by a $440.8 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 $430.6 million, and there is a principal proceeds balance of 10.3 million. There are one default obligation and no discount obligations reported by the trustee. The transaction is in compliance with all portfolio profile test and coverage tests except Weighted Average Life Test and Minimum Fixed Coupon Test. The current K-WARF of the portfolio is 2522 which represents a weighted average portfolio assessment of around B.

KBRA’s ratings on the Class A, B-1 and B-2 notes consider timely payment of interest and ultimate payment of principal by the applicable stated maturity date. KBRA’s ratings on the Class C and D-1 notes consider ultimate payment of interest and principal by the applicable stated maturity date. KBRA’s rating on the Class D-2 notes considers ultimate payment of principal by the applicable stated maturity date.

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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