Kennedy Lewis CLO 2 Ltd. (formerly Generate CLO 2 Ltd.) refinanced its class AR2, BR2, CR2 and D1R2 debt on November 6, 2026, through an optional redemption and replacement debt issuance. After analyzing the changes to the transaction, we assigned our ratings to the replacement class BR3, CR3 and D1R3 debt (we did not rate the AR3 debt). At the same time, we withdrew our ratings on the class BR2, CR2, and D1R2 debt following payment in full (we did not rate the class AR2 debt). We also affirmed our ratings on the class X, D2R2, and ER2 debt, which were not refinanced. The ratings reflect our view of the credit support available to the refinanced debt after examining the
