KBRA Affirms the Ratings for Golub Capital Partners ABS Funding 2024-1
28 Feb 2025 | New York
KBRA affirms ratings for the Class A-1, A-2 and B Notes issued by Golub Capital Partners ABS Funding 2024-1 (GCPAF 2024-1), a securitization backed by a portfolio of recurring revenue and middle market corporate loans. Since the transaction closed, the rated notes have received timely distributions of interest payments.
GCPAF 2024-1 is a $457.0 million securitization managed by Monroe BDC Advisors, LLC (“Monroe” or the “Collateral Manager”), an affiliate of Monroe Capital LLC. The transaction closed in March 2024 and the reinvestment period ends in March 2026. The ratings reflect current credit enhancement levels, excess spread, and structural features.
As of the January 2025 trustee report, the portfolio comprises 45 obligors. The pool balance of the collateral obligations is $440.0 million and there is a principal proceeds balance of $12.0 million, bringing the adjusted pool balance to $ 452.0 million. There are no defaulted, credit risk, or delinquent obligations in the portfolio. The transaction is in compliance with the borrowing base condition and all portfolio tests. The overall K-WARF of the portfolio is 3487, which represents a weighted average portfolio assessment between B- and CCC+.
KBRA’s ratings on the Class A and Class B Notes considers timely payment of interest and ultimate payment of principal by the applicable stated maturity date.
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.
The ratings are based on information known to KBRA at the time of this publication.
To access ratings and relevant documents, click here.
Click here to view the report.