KBRA Affirms the Ratings for ABPCI Direct Lending Fund ABS II LLC
6 Feb 2025 | New York
KBRA affirms ratings on the Class A-1, A-2 (collectively the Class A notes), Class B, and Class C Notes issued by ABPCI Direct Lending Fund ABS II LLC (“ABDLF II”). Since the transaction closed, the rated notes have received timely distributions of interest payments.
ABDLF II is a $454.6 million securitization managed by AB Private Credit Investors LLC (“AB-PCI” or the “Collateral Manager”), an investment adviser and a subsidiary of Alliance Bernstein L.P. The transaction closed in March 2022 and the reinvestment period ended in March 2024.
As of the January 2025 trustee report, the portfolio comprises 66 assets from 55 obligors, the pool balance of the collateral obligations is $433.0 million and there is principal proceeds balance of $0.4 million, bringing the adjusted pool balance to $433.4 million. There are no defaulted, credit risk, or delinquent obligations in the portfolio. The transaction is in compliance with the borrowing base condition and all portfolio tests. The K-WARF of the transaction is 3669 which represents a weighted average credit assessment of B-.
KBRA’s ratings on the Class A notes and Class B Notes consider timely payment of interest and ultimate payment of principal by the applicable stated maturity date. KBRA’s rating on the Class C Notes considers ultimate payment of interest and principal by the applicable stated maturity date.
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