KBRA Assigns Preliminary Ratings to CBAM 2020-12, Ltd.
Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by CBAM 2020-12, Ltd. (CBAM 2020-12), a cash flow collateralized loan obligation (CLO) backed by a diversified portfolio of broadly syndicated corporate loans.
- Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by CBAM 2020-12, Ltd. (CBAM 2020-12), a cash flow collateralized loan obligation (CLO) backed by a diversified portfolio of broadly syndicated corporate loans.
- CBAM 2020-12 is managed by CBAM Partners, LLC (CBAM or the collateral manager) which initially closed in August 2020.
- The ratings reflect initial credit enhancement levels, excess spread, and coverage tests including overcollateralization ratio and interest coverage tests.
- The collateral in CBAM 2020-12 will mainly consist of broadly syndicated leveraged loans issued by corporate obligors diversified across sectors.