Press Release|Funds

KBRA Assigns a Rating to BNP Paribas' Participation in a Secured Revolving Credit Facility to CVC Capital Partners Asia VI

22 Apr 2024   |   London


KBRA UK (KBRA) assigns an A+ rating and Stable outlook to BNP Paribas' participation in a capital call facility in the form of an uncommitted, secured revolving credit facility (the “Facility”) to the partnerships comprising CVC Capital Partners Asia VI (the “Fund” or “Asia VI”) provided by a consortium of Lenders including BNP Paribas (“BNPP” or “the Group”). The rating assigned was requested by BNPP as a participating lender in the transaction. Neither CVC Capital Partners Asia VI Limited nor CVC Capital Partners Asia VI GP S.à r.l. (the “GPs”) nor any of their respective associates have requested this report or the rating, and this report has not been prepared for or approved by any of them. As of March 2024, BNP Paribas had committed $125 million to the $1,885 million Facility.

The lenders have a first priority security interest in the uncalled capital commitments of the Fund, including the security over the right of the GPs to make capital calls under the Fund’s governing documents during an uncured Event of Default. Proceeds from the Facility are used to finance investments, the costs, fees and expenses incurred in connection with investments, as well as to finance any other expenses permitted within the Fund’s governing documents.

Established in 1981, CVC (the "Firm") is a global alternative investment manager in private equity, secondaries and credit. The Firm has approximately €186 billion of assets under management and operates from 29 offices across Europe, the Americas, and Asia-Pacific regions (as of 31 December 2023, and adjusted to reflect the agreed acquisition of DIF Capital Partners announced by CVC in September 2023, the closing of which is subject to regulatory approvals). Following the recent close of Asia VI, CVC Asia manages approximately €14 billion of assets. The Fund closed in February 2024 having secured approximately $6.8 billion in total commitments, provided by over 150 investors. The Fund targets control-oriented private equity investments in the Asia Pacific region.

To access rating and relevant documents, click here.

Click here to view the report.



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.

This credit rating is endorsed by Kroll Bond Rating Agency Europe Limited for use in the European Union. Information on a credit rating’s endorsement status is available on its rating page at

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

There are certain issuers, entities or transactions rated by KBRA Europe or KBRA UK that may be or have relationships with Shareholders and/or Shareholder-Related Companies, as that term is defined in KBRA’s Shareholder and Shareholder Related Companies for KBRA Europe and KBRA UK Policy and Procedure. Relevant disclosure information may be found here.


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. Kroll Bond Rating Agency UK is located at 1 Connaught Place, 2nd Floor London, England.

Doc ID: 1003714

805 Third Avenue
29th Floor
New York, NY 10022
+1 (212) 702-0707
Contact Us

© 2010-2024 Kroll Bond Rating Agency, LLC. All Rights Reserved. Kroll Bond Rating Agency, LLC is not affiliated with Kroll Inc., Kroll Associates Inc., KrollOnTrack Inc., or their affiliated businesses.