KBRA Affirms the Ratings for ABPCI Direct Lending Fund ABS I Ltd.
3 Dec 2024 | New York
KBRA affirms the ratings on the Class A and B Notes issued by ABPCI Direct Lending Fund ABS I, Ltd. Since the transaction closed, the rated notes have received timely distributions of interest payments.
ABPCI Direct Lending Fund ABS I Ltd. ("ABDLF I") is a $300.0 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 December 2020. The reinvestment period ended in December 2022.
As of the October 2024 trustee report, the portfolio comprises 61 assets from 57 obligors, the pool balance of the collateral obligations is $244.0 million and there is principal proceeds balance of $9.1 million, bringing the adjusted pool balance to $253.1 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 3761 which represents a weighted average credit assessment of B-.
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.
To access ratings and relevant documents, click here.
Click here to view the report.