Press Release|Structured Credit
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KBRA Affirms the Ratings for OHA Shield PC CLO 2, LLC

4 Jun 2026   |   New York

Contacts

KBRA affirms the ratings for six classes of notes issued by OHA Shield PC CLO 2, LLC (“OHA PC CLO 2”). All notes have received timely interest distributions since closing.

OHA PC CLO 2 is a $300.0 million revolving middle market collateralized loan obligation (“CLO”) managed by Oak Hill Advisors, L.P. (“OHA” or “the collateral manager”). The facility closed on June 18, 2025 and the reinvestment period ends in June 2030.

As of the April 2026 trustee report, the reported aggregate principal balance of the collateral obligations, excluding the undrawn commitments of revolving and delayed drawn collateral obligations, is $164.6 million, with approximately $11.3 million in the principal collection account. There are no defaulted assets in the portfolio. The transaction is passing all Collateral Quality Tests and Coverage Tests. The current portfolio K-WARF is 2905, which represents a weighted average portfolio assessment of around B-.

KBRA's ratings on the Class A and B Notes consider the timely payment of interest and ultimate payment of principal by the applicable stated maturity date, while the ratings on the Class C, D, E, and F Notes consider the 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.

Doc ID: 1015384