Press Release|Structured Credit
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KBRA Affirms the Ratings for VCP RRL ABS I, LTD.

25 Jul 2025   |   New York

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KBRA affirms the ratings of the notes issued by VCP RRL ABS I, LTD. (“VCP ABS I”), a securitization backed by a diversified portfolio of recurring revenue and middle market loans from corporate borrowers.

VCP ABS I is a $201.0 million static securitization managed by Vista Credit Partners, L.P. The notes are currently collateralized by a $156.2 million portfolio of recurring revenue and middle market loans to corporate borrowers. The transaction closed in August 2021 and has no reinvestment period. The ratings reflect current credit enhancement levels, excess spread and coverage levels. Since the transaction closed, the rated notes have received timely distributions of interest payments.

As of the May 2025 trustee report, the portfolio is comprised of 15 assets from 15 obligors, the pool balance of the collateral obligations is $156.2 million and the cash balance is $5.3 million, bringing the adjusted pool balance to $161.5 million. There are no defaulted, delinquent or restructured obligations in the portfolio. The transaction is in compliance with the borrowing base condition. The portfolio K-WARF is 3474, which represents a weighted average portfolio credit assessment of around B-/CCC+. The surveillance used information from the May 31, 2025 trustee report and the April 20, 2025 note valuation report, which reflects distributions through the April 21, 2025 payment date.

To access ratings and relevant documents, click here.

Click here to view the report.

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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: 1010535