KBRA Affirms Ratings for Anchorage Credit Funding 15, Ltd.
11 Apr 2024 | New York
KBRA affirms the ratings on four classes of Notes issued by Anchorage Credit Funding 15, Ltd. Since the transaction closed the notes have received timely distributions of interest payments.
Anchorage Credit Funding 15, Ltd. (“Anchorage 15”) is a $291.6 million cash flow collateralized debt obligation managed by Anchorage Capital Group, L.L.C. (“Anchorage” or the “collateral manager”). The notes were collateralized by a $300.0 million portfolio of broadly syndicated senior secured term loans and high yield bonds to corporate borrowers at closing.
Based on the March 2024 trustee report, the portfolio comprises 255 assets from 303 obligors. Since closing, the par subordination for the Class D Notes has increased to 26.04% from 23.6% mainly due to the amortization of the Class D Notes. There are two defaulted assets in the portfolio and there are 25 discount obligations in the portfolio. The transaction is in compliance with all portfolio profile tests. The K-WARF of the transaction is 2947 which represents a weighted average credit assessment of B-.
The rating on the Class A Notes considers the timely payment of interest and ultimate payment of principal by the applicable stated maturity date, while the ratings on the Class D, E and F Notes consider the ultimate payment of interest and principal.
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.
To access rating and relevant documents, click here.
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