Press Release|Structured Credit
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KBRA Affirms Ratings for Guggenheim MM CLO 2021-3, Ltd.

29 Oct 2025   |   New York

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KBRA affirms ratings for five classes of notes issued Guggenheim MM CLO 2021-3, Ltd. (Guggenheim 2021-3), a cashflow collateralized loan obligation (CLO) backed by a portfolio of middle market and broadly syndicated corporate loans.

Guggenheim 2021-3 is managed by Guggenheim Corporate Funding, LLC (“GCF” or the “collateral manager”). The CLO originally closed in December 2021 and has approximately 0.25 years remaining in its reinvestment period. The ratings reflect current credit enhancement levels, excess spread, coverage tests including par value and interest coverage tests.

The collateral in Guggenheim 2021-3 mainly consists of middle market and broadly syndicated leveraged loans issued by corporate obligors diversified across sectors. The adjusted principal balance is $387.7 million, which is below the target par of $400 million. The current portfolio K-WARF is 3219, which represents a weighted average portfolio assessment of B-. As of the September 2025 trustee report, the Class D Notes have amortized by $38.2 million, or 56.1% of the original Class D Note balance, from excess interest proceeds.

The rating on the Class A and B Notes considers the timely payment of interest and ultimate payment of principal by the applicable stated maturity date, while the ratings on the Class C, D, and E Notes consider the ultimate payment of interest and principal by the applicable stated maturity date. 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.

Doc ID: 1011991