KBRA Assigns Preliminary Ratings to Sona Aclai CLO I DAC

LONDON--(BUSINESS WIRE)--KBRA UK (KBRA) assigns preliminary ratings to six classes of Notes issued by Sona Aclai CLO I DAC, a multicurrency European cash flow collateralized loan obligation (CLO) backed by a diversified portfolio of both broadly syndicated loans (BSLs) and private credit middle market (MM) loans.

Sona Aclai CLO I DAC is managed by Sona Asset Management (UK) LLP ("Sona” or the “collateral manager”) and will have a 5-year reinvestment period. The ratings reflect initial credit enhancement levels, excess spread, and coverage tests including overcollateralisation ratio and interest coverage tests.

The collateral will primarily comprise Euro- and Sterling-denominated BSLs and MM loans issued by corporate obligors diversified across a range of sectors. The portfolio has a total par amount of €400 million and exposure to 97 obligors. At closing, the collateral portfolio is expected to consist of approximately 69.6% senior secured BSLs and 30.4% MM loans, diversified across industries and obligors. The initial K-WARF is 2,518, corresponding to a weighted-average portfolio credit assessment of approximately B.

Sona Asset Management (UK) LLP ("Sona"), together with its affiliate Sona Asset Management (US) LLC, is a global alternative credit manager founded in 2016. As of November 2025, the firm managed over USD 15 billion of assets across CLOs, credit opportunities funds, private credit strategies and managed accounts.

Class A-1, B, C, D, and E Notes are denominated in Euro while Class A-2 Notes are denominated in GBP sterling. The preliminary ratings on the Class A-1, A-2 and B Notes consider the timely payment of interest and the ultimate payment of principal by the applicable legal final maturity date, while the preliminary ratings on the Class C, D and E Notes consider the ultimate payment of interest and principal by the applicable legal final maturity date.

To access ratings and relevant documents, click here.

Click here to view the report.

Methodologies

• Structured Credit: Structured Credit Global Rating Methodology
• Structured Finance: Global Structured Finance Counterparty Methodology

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. 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.

There are certain issuers, entities or transactions rated by KBRA Europe or KBRA UK that may be or have relationships with Shareholders and/or Shareholder-Related Companies, as that term is defined in KBRA’s Shareholder and Shareholder Related Companies for KBRA Europe and KBRA UK Policy and Procedure. Relevant disclosure information may be found here.

About KBRA UK

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. Kroll Bond Rating Agency UK is located at 1st Floor, Marble Arch House, 66 Seymour Street, London W1H 5BT, England.

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