Particula Rating Report: Kairos ($KAI18-1), March 2026

Particula assigns a pre-issuance B+ rating to the Kairos Credit-Enhanced High-Yield Digital Loan Note Token ($KAI18-1) as of March 20, 2026.
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The $KAI18-1 token represents a foreign-currency senior debt obligation of Kairos Litigation Limited, with underlying cash flows generated from a portfolio of U.K.litigation-finance receivables.
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The rating favorably reflects the offering’s bankruptcy-remote structure, a robust onchain compliance and governance framework, and the inclusion of credit enhancement features, namely principal protection via a performance bond and After-the-Event (ATE) insurance coverage. At the same time, the rating incorporates material constraints, including risks associated with the sponsor’s leverage and overall indebtedness, limited ecosystem maturity and adoption-related complexity of the Canton network, exposure to the credit risk of unrated borrowers, and execution risk related to uncertainty regarding the Financial Conduct Authority (FCA) Motor Finance Consumer Redress Scheme.

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The information and analyses related to crypto values, crypto tokens, and other digital assets (“Digital Assets“) provided by Particula GmbH (“Particula“) are exclusively made available to entrepreneurs within the meaning of § 14 BGB and are intended solely for informational purposes. The provided information and analyses do not constitute a rating as defined in Art. 3 para. 1 lit. a) of Regulation EG/1060/2009 (“Rating Regulation“). A creditworthiness assessment as defined in Art. 3 para. 1 lit. a) of the Rating Regulation, evaluating the issuer’s creditworthiness, is expressly not part of the analysis.

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