Press Release|Structured Credit
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KBRA Upgrades Two Ratings and Affirms One Rating for Shawnee 2024-1 LLC

20 Aug 2026   |   New York

Contacts

KBRA upgrades the ratings of two classes of notes and affirms the ratings of one class of notes issued by Shawnee 2024-1 LLC. The upgrades and affirmation follow a surveillance review of the transaction.

Shawnee 2024-1 LLC is currently a $72.2 million cash flow collateralized loan obligation (“CLO”) serviced by Eldridge Structured Credit Advisers, LLC (“Eldridge” or the “Servicer”). The notes are collateralized by a portfolio of middle market and broadly syndicated senior secured term loans to corporate borrowers.

As of the July 2026 trustee report, the aggregate principal balance of the collateral obligations is $67.1 million. Based on the trustee report, the portfolio comprises 26 assets from 15 obligors. There is one defaulted asset in the portfolio. The K-WARF of the transaction is 3619 which represents a weighted average rating of B- / CCC+. Per the July 2026 trustee report, the transaction is in compliance with all coverage tests. The Class A and B Notes were paid in full on the April and July 2026 payment dates, respectively.

The ratings on the Class C, D and E Notes consider 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.

Related Publication

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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