KBRA Affirms Golub Capital Partners ABS Funding 2021-1, L.P.
2 Apr 2025 | New York
KBRA affirms the rating of the Class A-1, Class A-2, and Class B Notes issued by Golub Capital Partners ABS Funding 2021-1, L.P. (GCPAF 21-1), a portfolio of middle market loans (“MMLs”) and recurring revenue loans (“RRLs”). Since the transaction closed, the rated notes have received timely distributions of interest payments.
GCPAF 21-1 is a securitization managed by GC Investment Management LLC, an investment adviser and affiliate of GC Advisors LLC. The transaction closed in April 2021 and reinvestment period ended in April 2023.
As of the March 6, 2025 trustee report, the current portfolio comprises assets from 42 obligors, the pool balance of the collateral obligations is $386.2 million. There is an excess concentration amount of $23.2 million from failing the top obligor tests. There are no defaulted, credit risk, or delinquent obligations in the portfolio. Since last surveillance, the par subordinations have increased for both Class A and Class B notes. The transaction is in compliance with the borrowing base conditions. The current K-WARF of the transaction is 3714 which represents a weighted average credit assessment of B-/CCC+.
KBRA’s ratings on the Class A-1, Class A-2, and Class B Notes consider timely payment of interest and ultimate payment of principal by the applicable stated maturity date.
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.
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