KBRA assigns a preliminary rating to one series of notes issued by MP 2023 LLC, Series 2026-1, an inland marine vessel lease ABS transaction. MP 2023 LLC, Series 2026-1 is Maritime Partners’ third ABS securitization comprised entirely of inland marine vessels. The transaction structure is a master trust, and as such, the indenture permits the issuance of additional classes and series of notes. The Series 2026-1 Notes represents the Issuer’s third issuance from MP 2023 LLC following the issuance of the Series 2023-1 Notes which closed on May 19, 2023 and the Series 2025-1 Notes which closed on November 25, 2025.

Maritime Partners, founded in 2015, is a maritime leasing company primarily focusing on vessels operating on inland waterways under the Jones Act, in addition to experience across other sectors including coastal marine and great lakes, as well as international shipping and shipbuilding.

Proceeds from the Series 2023-1 Notes facilitated the acquisition of 316 vessels at the time of closing and proceeds from the Series 2025-1 Notes facilitated the acquisition of 281 vessels at the time of closing. The Series 2026-1 Notes will be used to refinance the Series 2023-1 Notes and acquire a portfolio of an additional 69 inland marine vessels, comprised of 66 barges (82.0% by value) and 3 towboats (18.0% by value). The cumulative acquisitions are hereafter referred to as the Portfolio and will include 662 inland marine vessels, comprised of 602 barges (65.7% by value) and 60 towboats (34.3% by value). The source of payment for the notes will initially be the monthly payments that end-user lessees (the “Charterers”) make under the Issuer’s bareboat charters (the “Bareboat Charters”) and proceeds from sales or dispositions, of the vessels. The Portfolio vessels are on charter to 28 Charterers in the United States. As of September 2026, the weighted average age of the Portfolio is approximately 9.6 years, and the weighted average remaining term of the initial charters is approximately 2.5 years.

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Related Publication

• MP 2023 LLC, Series 2025-1 New Issue Report

Methodologies

• ABS: General Global Rating Methodology for Asset Backed Securities
• 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.

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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.

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