KBRA Affirms Ratings for Falcon 2019-1, LLC
2 Aug 2024 | New York
KBRA affirms the ratings for five classes of notes issued by Falcon 2019-1, LLC (Falcon 2019-1), a delayed draw collateralized loan obligation (CLO), backed by a portfolio of middle market loans.
Falcon 2019-1 is currently a $443 million cash flow CLO managed by Crescent Capital Group LP. The notes were reset in September 2021 and the total commitments were upsized to $450 million. The ratings reflect current credit enhancement levels, excess spread, and coverage test levels.
As of the June 2024 trustee report, the aggregate principal balance of the collateral obligations, including unfunded delay draw and revolving obligations, is $453.3 million and has a balance of $12.7 million in principal proceeds. Based on the trustee report, the portfolio comprises 252 assets from 91 obligors. There are no defaulted obligations and no discount obligations in the portfolio. Per the most recent trustee report, the transaction is in compliance with all portfolio profile tests. The K-WARF of the portfolio is 3227 which reflects a weighted average credit assesment of B-.
The ratings on the Class A-1-R2 and A-2-R2 Notes consider the timely payment of interest and ultimate payment of principal by the applicable stated maturity date, while the ratings on the Class B-R2, C-R2 and D-R2 notes consider the ultimat payment of interest and principal. All Notes have received timely interest distributions since the transaction has closed.
To access rating and relevant documents, click here.
Click here to view the report.