KBRA Affirms the Ratings for ICG Rhinebeck CLO 2021-4, Ltd.
15 Aug 2024 | New York
KBRA affirms the ratings to three classes of notes issued by ICG Rhinebeck CLO 2021-4, Ltd., a cash flow collateralized loan obligation (CLO) backed by a diversified portfolio of broadly syndicated loans from corporate borrowers.
ICG Rhinebeck 2021-4, Ltd. is a $407.4 million cash flow CLO managed by ICG Debt Advisors LLC (or “collateral manager”). The CLO originally closed in November 2021 and has approximately 2.21 years remaining in the reinvestment period.. The ratings reflect current credit enhancement levels, excess spread, coverage tests including overcollateralization ratio and interest coverage tests.
As of July 2024, the aggregate principal balance of the collateral obligations is $390.4 million which includes a negative principal proceeds balance of $1.4 million. There are two defaulted obligors in the portfolio. The current portfolio K-WARF is 2420, which represents a weighted average portfolio credit assessment of around B.
The rating on the Class A-1 Notes considers the timely payment of interest and ultimate payment of principal by the applicable stated maturity date, while the ratings on the Class D and E Notes consider the ultimate payment of interest and principal. All Notes have received timely interest distributions since the transaction has closed.
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