Press Release|Structured Credit
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KBRA Affirms the Ratings for Two Classes of Notes Issued by TCW Direct Lending Structured Solutions 2022 LLC

26 Dec 2025   |   New York

Contacts

KBRA affirms the ratings for TCW Direct Lending Structured Solutions 2022 LLC ("TCW DLSS 2022"), which is a $1.1 billion middle market credit facility managed by TCW Asset Management Company LLC. The transaction originally closed October 27, 2022 and is being upsized by $409.8 million pro-rata across the Class A Notes, Class B Notes, and the Subordinated Notes. The notes are collateralized by a portfolio of primarily middle market loans to corporate borrowers and has an allowance for second lien and first lien/last out loans.

The portfolio includes loans from another TCW managed transaction and comprises 90 assets from 39 obligors. The aggregate principal balance of the collateral obligations is $691.2 million and the drawn amount of the Notes is $677.1 million. The transaction has approximately 2 years remaining in its reinvestment period, during which the portfolio may experience turnover through trading and substitution. The transaction is in compliance with all coverage tests although it is failing one collateral quality test and one concentration limitation.

The rated notes benefit from internal credit enhancement through subordination, overcollateralization, and excess spread and have received timely interest distributions since the transaction originally closed.

KBRA’s rating on the Class A Notes consider timely payment of interest and ultimate payment of principal by the applicable stated maturity date. KBRA’s rating on the Class B Notes consider ultimate payment of interest and principal by the applicable stated maturity date.

To access ratings and relevant documents, click here.

Click here to view the report.

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.

Doc ID: 1012877