KBRA Affirms the Ratings for Monroe Capital Income Plus ABS Funding, LLC
21 Feb 2025 | New York
KBRA affirms ratings for the Class A, B and C Notes issued by Monroe Capital Income Plus ABS Funding, LLC. Since the transaction closed, the rated notes have received timely distributions of interest payments.
Monroe Capital Income Plus ABS Funding, LLC is originally a $425.0 million securitization managed by Monroe BDC Advisors, LLC (“Monroe” or the “Collateral Manager”), an affiliate of Monroe Capital LLC. The transaction closed in April 2022 and the reinvestment period ended in April 2024. The ratings reflect current credit enhancement levels, excess spread, and structural features.
As of the January 2025 trustee report, the portfolio comprises 275 assets from 56 obligors. The pool balance is $394.6 million and there is $0 principal proceeds reflecting the distributions made on the January 24, 2025 payment date. 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 except for the largest obligor and five largest obligors concentration limitations.
KBRA’s ratings on the Class A and 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.
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.
The ratings are based on information known to KBRA at the time of this publication.
To access ratings and relevant documents, click here.
Click here to view the report.