Press Release|Structured Credit
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KBRA Affirms the Ratings for Barings Loan Partners CLO Ltd. 2

4 Feb 2026   |   New York

Contacts

KBRA affirms the ratings for four classes of notes issued by Barings Loan Partners CLO Ltd. 2, 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.

Barings Loan Partners CLO Ltd. 2 (Barings CLO 2) is a $479.6 million cash flow CLO managed by Barings LLC (“Barings” or the “collateral manager”). The CLO closed on December 21st, 2021, and the transaction has exited its reinvestment period. The notes were collateralized by a $500.00 million portfolio of broadly syndicated senior secured term loans to corporate borrowers at closing.

As of the January 2026 trustee report, the aggregate principal balance of the collateral obligations is $450.8 million and there is a principal proceeds balance of $10.8 million. There are two defaulted obligors in the portfolio with assets totaling $3.3 million. There are no discount obligations in the portfolio and the transaction is in compliance with coverage tests and collateral quality tests except minimum floating spread tests, minimum weighted average coupon test, and KBRA WAS condition tests.

The current portfolio K-WARF is 2258, 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.

This credit rating is endorsed by Kroll Bond Rating Agency Europe Limited for use in the European Union and by Kroll Bond Rating Agency UK Limited for use in the UK. Information on a credit rating’s endorsement status is available on its rating page at KBRA.com.

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: 1013337