KBRA Affirms the Rating for ABN AMRO Bank N.V.'s Participation in a Subscription Facility for Antin Infrastructure Partners IV
10 Dec 2025 | London
KBRA UK (KBRA) affirms the A+ rating assigned to a senior secured term loan facility (the “Facility”) to the partnerships comprising Antin Infrastructure Partners IV (“Antin IV” or the “Fund”) provided by a syndicate of lenders, including ABN AMRO Bank N.V. (“ABN AMRO” or the “Lender”). The Outlook is Stable. Antin IV is a 2019 vintage fund managed by Antin Infrastructure Partners S.A.S. (“Antin”, the “Manager” or the “Firm”). The rating was requested by ABN AMRO as a participating lender in the transaction.
The Facility is a multi-currency committed senior secured term loan facility with a current facility size of €400.0 million. The Facility is used for working capital and investment purposes including making investments. In July 2025, the Facility was downsized from €650.0 million to €400.0 million, with ABN AMRO’s commitment decreasing from €100.0 million to €50.0 million. As part of this amendment, the total number of available one-year extension options was increased from three to five. As a result, the Lenders approved the utilisation of a fourth one-year extension option, extending the Facility’s maturity from September 2025 to September 2026, subject to a one-year extension option at the Lenders’ discretion.
Antin Infrastructure Partners IV held its final close in July 2020, raising €6,500.0 million in commitments. Antin IV is the forth vintage in Antin’s flagship buyout strategy, focusing on brownfield infrastructure investments across the energy and environment, telecommunications, transport and social sectors predominantly in Europe and North America.
Founded in 2007, Antin is a private equity firm that focuses on infrastructure investments. As of September 2025, the Firm had approximately €33 billion of assets under management across its Flagship, Mid Cap and NextGen investment strategies. Antin employs more than 240 professionals across six offices in Paris, London, New York, Singapore, Seoul and Luxembourg.
Key Credit Considerations
Investment fund ratings are based on quantitative and qualitative factors. The five key quantitative determinants are as follows:
- In the Asset Quality determinant, KBRA generally measures the quality of the collateral based on a weighted average scoring. For Subscription Facilities (“Sublines”), this includes an assessment using a matrix-based approach that reflects the creditworthiness of the Fund’s Limited Partner (LP) base.
- The Asset Coverage determinant measures the relative sufficiency of the pledged collateral value to repay the principal amount of the rated debt. For Sublines, this includes an evaluation of the covenants included in the Facility linked to uncalled committed capital (UCC) and net asset value (NAV) of the Fund, and/or advance rates applied to the UCC.
- The Liquidity determinant reflects KBRA’s assessment of the relative price discount that the underlying collateral may incur if the assets are subject to conversion into cash in order to meet scheduled or accelerated debt service requirements. Under the Liquidity determinant, KBRA considers three factors (type, complexity and price discovery / transparency) and scores these factors individually on a scale of zero to two, with two being the most liquid.
- In the Duration determinant, KBRA examines the tenor profile of the pledged collateral relative to the rated debt, and the associated vulnerability to changes in price of collateral over time.
- When appropriate, KBRA will perform a cash flow analysis in order to test the transaction’s ability to meet its rated interest and principal payment obligations under various economic, financial, and market scenarios. This is not applicable to Subscription Facilities, as LP capital calls typically occur on a non-periodic basis and the primary source of repayment for Sublines is the Fund’s UCC so once a capital call is issued, the LP is typically required to meet the capital call within a short window. Therefore, repayment capacity is analysed in the context of the prior rating determinants.
The above quantitative determinants produce a quantitative rating outcome. In addition to the above quantitative determinants, KBRA’s analysis considers a variety of qualitative factors, which can lead to upward or downward adjustments in the final rating outcome and these are assessed in the context of: (i) Manager Review; (ii) Legal Review, and (iii) Other Factors including alignment of interests, incentives to fund future capital calls and diversification within the LP base.
Rating Sensitivities
It should be noted that many aspects, including but not limited to, the rating sensitivities listed below, macroeconomic factors, market conditions, competitive landscape, and a fund manager’s investment acumen can impact the performance of the fund and influence KBRA’s rating decisions. If performance of the transaction differs meaningfully from the expected levels, KBRA may consider making a rating change.
Decline in LP Credit Quality
A decline in the credit quality of the Fund’s LPs as a result of: (i) deterioration in the credit quality of underlying LPs; (ii) transfer of interests to LPs of lower credit quality characteristics; (iii) inclusion of LPs with weak credit quality characteristics; and (iv) weaker than expected LP diversification, may result in negative rating changes.
Improvement in LP Credit Quality
An overall higher credit quality of the Fund’s LPs as a result of: (i) improvement in the credit quality of underlying LPs; (ii) transfer of interests to LPs with better credit characteristics; (iii) inclusion of LPs with strong credit quality characteristics; and (iv) stronger than expected LP diversification, may result in positive rating changes.
Underperformance of Fund Assets or Investments
A decrease in the Fund’s NAV due to underperformance of the Fund’s underlying assets or investments may jeopardise debt repayment as the deterioration of the Fund may, for example, elicit hesitation of the Fund’s LPs to fund their respective capital calls regardless of their contractual obligations to do so and the underlying LPs’ security and protections to the Lender.
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