KBRA Affirms Ratings for Golub Capital Partners ABS Funding 2021-1, L.P.
12 Apr 2024 | New York
KBRA affirms the ratings of the Class A-1, Class A-2, and Class B Notes issued by Golub Capital Partners ABS Funding 2021-1, L.P. (GCPAF 21-1), a portfolio of middle market loans (“MMLs”) and recurring revenue loans (“RRLs”). Since the transaction closed, the rated notes have received timely distributions of interest payments.
GCPAF 21-1 is a $518.6 million securitization managed by GC Investment Management LLC, an investment adviser and affiliate of GC Advisors LLC. The CLO closed in April 2021 and reinvestment period ended in April 2023.
The current portfolio comprises assets from 49 obligors, the pool balance of the collateral obligations is $450.9 million. There are no defaulted, credit risk, or delinquent obligations in the portfolio. Since last surveillance, the par subordinations have decreased for both Class A and Class B notes. The transaction is in compliance with the borrowing base condition and all portfolio tests. The current K-WARF of the transaction is 3711 which represents a weighted average credit assessment of B-/CCC+.
KBRA’s ratings on the Class A-1, Class A-2, and Class B Notes consider timely payment of interest and ultimate payment of principal by the applicable stated maturity date.
In performing the rating review, KBRA utilized its Structured Credit Global Rating Methodology, the Global Structured Finance Counterparty Methodology and the ESG Global Rating Methodology.
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