Press Release|Structured Credit

KBRA Affirms Ratings for VCP RRL ABS II, LLC

26 Mar 2024   |   New York


KBRA affirms the ratings of the Class A-1, Class A-2, Class A-2-A, Class B, and Class B-A Notes issued by VCP RRL ABS II, LLC (“VCP II”). VCP II is a $575.8 million securitization originated by Vista Credit Partners, LLC, an affiliate of Vista Equity Partners Management LLC. The transaction originally closed in July 2022 and later issued $112 million of additional notes across the A-2, Class B, and Class C Notes in March 2023. The maximum advance rate is 56% for the Class A Notes and 67% for the Class B Notes in aggregate.

The collateral in VCP II currently consists of recurring revenue loans and middle market leveraged loans issued by corporate obligors diversified across sectors. As of the January 31, 2024 trustee report, the current portfolio has exposure to 39 obligors, the pool balance of the collateral obligations is $564.8 million and there is a principal proceeds balance of $10.9 million, bringing the adjusted pool balance to $575.8 million. The obligors in the portfolio have a K-WARF of 3875, which represents a weighted average assessment of approximately B-/CCC+. There are no defaulted, discount, credit risk, or delinquent obligations in the portfolio. Since closing, the par subordinations have increased for the Class A-2A, Class B, and Class C Notes. The transaction is in compliance with the borrowing base condition and all portfolio tests. There is approximately 0.30 years remaining in the reinvestment period.

The surveillance analysis used information from the trustee report through the January 2024 trustee report date. All Notes have received timely interest distributions since the transaction has closed.

To access rating and relevant documents, click here.

Click here to view the report.



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.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

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

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency 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 by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1003705

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