KBRA Affirms the Ratings for VCP RRL ABS I, LTD.
8 Aug 2024 | New York
KBRA affirms the ratings of the notes issued by VCP RRL ABS I, LTD. (“VCP ABS I”), a securitization backed by a diversified portfolio of recurring revenue and middle market loans from corporate borrowers.
VCP ABS I is a $260.3 million static securitization managed by Vista Credit Partners, L.P. The notes are currently collateralized by a $230.0 million portfolio of recurring revenue and middle market loans to corporate borrowers. The transaction closed in August 2021 and has no reinvestment period. The ratings reflect current credit enhancement levels, excess spread and coverage levels. Since the transaction closed, the rated notes have received timely distributions of interest payments.
As of the June 2024 trustee report, the portfolio is comprised of 22 assets from 21 obligors, the pool balance of the collateral obligations is $230.0 million and the cash balance is $36.1 million, bringing the adjusted pool balance to $261.1 million. There are no defaulted, credit risk, or delinquent obligations in the portfolio. The transaction is in compliance with the borrowing base condition. The portfolio K-WARF is 3950, which represents a weighted average portfolio credit assessment of around B-/CCC+. The surveillance used information from the June 30, 2024 trustee report and the July 19, 2024 note valuation report, which reflects distributions through the July 22, 2024 payment date.
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