Press Release|Structured Credit
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KBRA Affirms Ratings for VCP RRL ABS III, LLC

17 Mar 2026   |   New York

Contacts

KBRA affirms the ratings of the Class A, Class B, Class C, and Class D Notes issued by VCP RRL ABS III, LLC (“VCP III”). VCP III is an amortizing $321.2 million securitization originated by Vista Credit Partners, L.P., an affiliate of Vista Equity Partners Management LLC. The transaction originally closed in March 2024 and the reinvestment period ended in December 2024. The maximum advance rate is 55%, 65%, 75% and 80% for the Class A, B, C Notes, and for the Class D Notes in aggregate respectively.

The collateral in VCP III currently consists of recurring revenue loans and middle market leveraged loans issued by corporate obligors. As of the January 31, 2026 trustee report, the current portfolio has exposure to 27 obligors, the pool balance of the collateral obligations is $300.1 million and there is a principal cash balance of $26.1 million. The adjusted pool balance to $296.2 million, which reflects amounts in excess of concentration limitations of $30.0 million. The obligors in the portfolio have a K-WARF of 3835, which represents a weighted average assessment of approximately B-/CCC+. There are no defaulted, discount, credit risk, or delinquent obligations in the portfolio. Since closing, the par subordinations have increased for the rated Notes. The transaction is in compliance with the borrowing base condition and the Level 1 Portfolio Tests.

The surveillance analysis used information from the trustee report through the January 2026 trustee report date. All Notes have received timely interest distributions since the transaction has closed.

To access ratings and relevant documents, click here.

Click here to view the report.

Methodologies

Disclosures

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 www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA 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 (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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