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.
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