Press Release|Structured Credit
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KBRA Affirms Ratings for Insurance Private Credit I LLC

11 May 2026   |   New York

Contacts

KBRA affirms the ratings on two classes of notes issued by Insurance Private Credit I LLC (“IPC I LLC”).

IPC I LLC is a maximum $400.0 million delayed-draw middle market direct lending facility managed by Goldman Sachs Asset Management, L.P. The facility closed on June 8, 2021, and exited its commitment period/reinvestment period on June 8, 2024.

As of the April 2026 trustee report, the aggregate principal balance of the collateral obligations, excluding the undrawn commitments of revolving and delayed draw collateral obligations, is $226.8 million, with approximately $11.7 million in the principal collection account and $2.1 million in the revolver funding account. The trustee reports four defaulted obligations with a collective principal balance of $4.2 million, one discount obligation with a principal balance of $1.5 million, and one long-dated obligation with a principal balance of $4.4 million.

Based on the April 2026 trustee report, the portfolio comprises assets from 31 obligors. The Class A Note balance is currently $92.2 million, or 41.6% of the maximum drawn amount. The Class A and Class B Overcollateralization Ratio Test cushions currently stand at 101.0% and 24.0%, respectively. The K-WARF of the transaction is 3906, which represents a weighted average credit assessment of B- / CCC+.

KBRA’s 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 rating on the Class B Notes considers the ultimate payment of interest and principal by the applicable stated maturity date. All Notes have received timely interest distributions since the transaction closed.

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publication

Methodologies

Disclosures

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 www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA 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 (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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