KBRA Assigns Preliminary Ratings to RRE 28 Loan Management DAC CLO
Updated: Tuesday, February 10, 2026, 8:02 pm
Kroll Bond Rating Agency UK (KBRA) has assigned preliminary ratings to five classes of notes and one loan issued by RRE 28 Loan Management DAC, a cash flow collateralized loan obligation (CLO). The CLO is backed by a diversified portfolio of Euro-denominated corporate loans, signaling continued activity in the European structured credit market.
RRE 28 Loan Management DAC is managed by Redding Ridge Asset Management (UK) LLP (“RRAM UK” or the “collateral manager”). The CLO boasts a 4.6-year reinvestment period and a 15.1-year legal final maturity, providing a substantial timeframe for performance and value realization. According to a company release, the ratings assigned reflect robust initial credit enhancement levels, comprehensive coverage tests – including par value and interest coverage – excess spread, and a reinvestment overcollateralization test.
The underlying collateral consists primarily of broadly syndicated leveraged loans and bonds issued by a diverse range of corporate obligors across multiple sectors. The target portfolio par amount is €400.0 million, encompassing exposures to 158 different obligors. A key metric, the K-WARF, stands at 2465, representing a weighted average portfolio assessment of approximately B, indicating a moderate level of credit risk.
RRAM UK operates as a UK-based subsidiary of Redding Ridge Asset Management LLC, an independent asset management firm established in 2016 and seeded by Apollo Global Credit Management, LLC (Apollo). The firm currently manages over €8.2 billion in assets across eighteen European CLOs, demonstrating significant experience and scale in the CLO market.
The ratings methodology differentiates between note classes. The Class A-1 Notes, Class A-1 Loan, and A-2 Notes are rated based on the timely payment of interest and ultimate principal repayment by their stated maturity date. Conversely, ratings for the Class B, C, and D Notes focus on the ultimate payment of both interest and principal by their respective maturity dates.
Further details regarding the ratings and supporting documentation can be accessed here. The full rating report is also available here.
Methodologies and disclosures related to the ratings process are publicly available. Information on key credit considerations, sensitivity analyses – outlining factors that could lead to rating upgrades or downgrades – and Environmental, Social, and Governance (ESG) factors are detailed in the full rating report. A comprehensive description of the sources and methodologies used in determining the credit rating is available in the Information Disclosure Form(s) here.
Information clarifying the meaning of each rating category can be found here. This credit rating is endorsed by Kroll Bond Rating Agency Europe Limited for use within the European Union, with endorsement status details available at KBRA.com.
KBRA emphasizes transparency, with further disclosures regarding this rating action available in the Information Disclosure Form(s) referenced above. Additional information on KBRA’s policies, methodologies, rating scales, and disclosures can be found at www.kbra.com. The agency also acknowledges potential relationships between rated entities and its shareholders, with relevant disclosure information available here.
About KBRA UK
Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). Kroll Bond Rating Agency Europe Limited is registered with the European Securities and Markets Authority, and Kroll Bond Rating Agency UK Limited is registered with the UK Financial Conduct Authority. KBRA also holds designations as a Designated Rating Organization (DRO) by the Ontario Securities Commission and as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission, as well as recognition from the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. KBRA UK is located at 1 Connaught Place, 2nd Floor London, England.
Contact Information:
Gabriele Gramazio, Senior Director (Lead Analyst)
+44 20 8148 1001
[email protected]
George Voyias, Analyst
+1 646-731-1322
[email protected]
HyunKyeong Kim, Associate Director
+1 646-731-2459
[email protected]
Eric Hudson, Senior Managing Director, Co-Head of Global Structured Credit (Rating Committee Chair)
+1 646-731-3320
[email protected]
Mauricio Noé, Co-Head of Europe
+44 20 8148 1010
[email protected]
Miten Amin, Managing Director
+44 20 8148 1002
[email protected]
Doc ID: 1013346
