Press Release|Structured Credit

KBRA Affirms the Rating for Golub Capital Partners ABS Funding 2019-1, L.P.

20 May 2024   |   New York


KBRA affirms the rating for the Class A-R Note issued by Golub Capital Partners ABS Funding 2019-1, L.P. (GCPAF 2019-1). Since the transaction closed the rated note has received timely distributions of interest payments.

Golub Capital Partners ABS Funding 2019-1, L.P. $550.0 million securitization managed by GC Investment Management LLC (“GCIM” or the “Collateral Manager”), an investment adviser and affiliate of GC Advisors LLC (collectively, with these affiliates and other funds managed by them and their affiliates “Golub Capital”). The transaction reset in June 2021. The rating reflects current credit enhancement levels, excess spread, and structural features.

As of the April 2024 trustee report, the portfolio comprises 66 assets from 54 obligors, the pool balance of the collateral obligations is $557.7 million and the current cash balances are $2.5 million, bringing the adjusted pool balance to $560.3 million. There are no defaulted, credit risk, or delinquent obligations in the portfolio. Since the last surveillance, the Class A-R par subordination has increased to 38.2% from 38.0%. The transaction is in compliance with the borrowing base condition and all portfolio profile tests. The transaction has a K-WARF of 3555 which reflects a weighted average credit assessment of B-/CCC+.

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.

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: 1004391

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