KBRA Affirms Ratings for Anchorage Credit Funding 15, Ltd.
9 Apr 2025 | New York
KBRA affirms 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 currently a $289.1 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 February 2025 trustee report, the portfolio comprises 337 assets from 251 obligors. Since closing, the par subordination for the Class D Notes has increased to 27.0% from 23.6% mainly due to the amortization of the Class D Notes. There are no defaulted assets and there are 9 discount obligations in the portfolio. The transaction is in compliance with all portfolio profile tests. The K-WARF of the transaction is 2372 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 ratings and relevant documents, click here.
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