Press Release|Structured Credit
View PDF

KBRA Affirms the Ratings for Golub Capital Partners ABS Funding 2020-1 L.P.

10 Oct 2025   |   New York

Contacts

KBRA affirms the ratings on Class A-1 Notes, Class A-2 Notes, and Class B Notes issued by Golub Capital Partners ABS Funding 2020-1 L.P., a $$202.6 million securitization managed by GC Investment Management LLC (“GCIM” or the“Collateral Manager”). The transaction closed in November 2020 and reinvestment period ended in November 2022.

The securitization consists of $12.7 million of Class A-1 floating-rate notes, $80.5 million Class A-2 fixed-rate notes, $12.2 million of Class B fixed-rate notes (collectively the “Notes”), and $141.8 million subordinated notes (collectively the“Subordinated Notes”), which receive payments from a portfolio of middle market loans (“MMLs”) and recurring revenue loans (“RRLs”). The current Advance Rate is 62.5% for the Class A Notes and 71% for the Class B Notes in aggregate.

As of the July 2025 trustee report, the portfolio comprises 22 obligors, the pool balance of the collateral obligations is $202.6 million. There are no defaulted, delinquent, or restructured obligations in the portfolio. The transaction is in compliance with the borrowing base condition and all portfolio tests. The current portfolio K-WARF is 3910, which represents a weighted average portfolio credit assessment of CCC+.

KBRA’s ratings on the Class A-1, Class A-2 and Class B Notes consider timely payment of interest and ultimate payment of principal by the applicable stated maturity date. The rated notes have received timely interest distributions since the transaction has closed.

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publication

Methodologies

Disclosures

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 www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA 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 (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1011755