Press Release|Structured Credit

KBRA Affirms Ratings for Anchorage Credit Funding 15, Ltd.

11 Apr 2024   |   New York


KBRA affirms the ratings on four classes of Notes issued by Anchorage Credit Funding 15, Ltd. Since the transaction closed the notes have received timely distributions of interest payments.

Anchorage Credit Funding 15, Ltd. (“Anchorage 15”) is a $291.6 million cash flow collateralized debt obligation managed by Anchorage Capital Group, L.L.C. (“Anchorage” or the “collateral manager”). The notes were collateralized by a $300.0 million portfolio of broadly syndicated senior secured term loans and high yield bonds to corporate borrowers at closing.

Based on the March 2024 trustee report, the portfolio comprises 255 assets from 303 obligors. Since closing, the par subordination for the Class D Notes has increased to 26.04% from 23.6% mainly due to the amortization of the Class D Notes. There are two defaulted assets in the portfolio and there are 25 discount obligations in the portfolio. The transaction is in compliance with all portfolio profile tests. The K-WARF of the transaction is 2947 which represents a weighted average credit assessment of B-.

The rating on the Class A 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, E and F Notes consider the ultimate payment of interest and principal.

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: 1003829

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