Press Release|Structured Credit

KBRA Affirms Two Ratings for Insurance Private Credit I LLC

23 May 2024   |   New York


KBRA affirms the ratings for two classes of notes of Insurance Private Credit I LLC (“IPC I LLC”).

IPC I LLC is a $400.0 million delayed-draw middle market direct lending facility managed by Goldman Sachs Asset Management, L.P. The facility closed on June 8, 2021, and will exit its commitment period/reinvestment period on June 8, 2024. The delayed-draw notes have been drawn to originate a portfolio of primarily middle market senior secured term loans to corporate borrowers.

As of the April 2024 trustee report, the aggregate principal balance of the collateral obligations, excluding the undrawn commitments of revolving and delayed draw collateral obligations, is $332.3 million, with $24.0 in the principal collection account and $3.6 million revolver funding account. The resulting aggregate principal balance amount is $359.9 million. One asset in the portfolio has a defaulted KBRA Credit Assessment with a principal balance of $6.6 million. Based on the April 2024 trustee report, the portfolio comprises 337 assets from 45 obligors. The Class A and B O/C cushion currently stand at 28.1% and 8.3%, respectively, as the notes were drawn to purchase and/or originate assets.

KBRA’s ratings on the Class A considers the timely payment of interest and ultimate payment of principal by the applicable stated maturity date, while the ratings on the Class B Notes consider the ultimate payment of interest and principal by the applicable stated maturity date. All notes have received timely interest distributions since the transaction closed.

The surveillance analysis used information from the trustee report dated as of April 3, 2024, and reflects the distributions that occurred through the April 2024 payment date. All Notes have received timely interest distributions since the transaction closed.

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.

To access rating and relevant documents, click here.

Click here to view the report.

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Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1004452

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