Press Release|Structured Credit

KBRA Affirms Golub Capital Partners ABS Funding 2023-1

15 May 2024   |   New York


KBRA affirms the rating of the Class A and Class B Notes issued by Golub Capital Partners ABS Funding 2023-1 (GCPAF 2023-1), a portfolio of middle market loans (“MMLs”) and recurring revenue loans (“RRLs”). Since the transaction closed, the rated notes have received timely distributions of interest payments.

GCPAF 2023-1 is an approximately $350.0 million securitization managed by GC Investment Management LLC (“GCIM” or the “Collateral Manager”), an investment adviser and affiliate of GC Advisors LLC (collectively, with these affiliates and other funds managed by them and their affiliates “Golub Capital”). The CLO closed in July 2023 and reinvestment period ends in July 2025.

The current portfolio comprises assets from 44 obligors, the adjusted pool balance of the collateral obligations is $350.3 million. There are no defaulted, credit risk, or delinquent obligations in the portfolio. Since closing, the transaction is in compliance with the borrowing base condition and all portfolio tests. The current K-WARF of the transaction is 3409 which represents a weighted average credit assessment of B-/CCC+.

KBRA’s ratings on the Class A and Class B Notes consider timely payment of interest and ultimate payment of principal by the applicable stated maturity date.

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: 1004321

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