Press Release|Structured Credit
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KBRA Affirms Ratings for Insurance Private Credit II LLC

25 Nov 2025   |   New York

Contacts

KBRA affirms the ratings for two classes of notes issued by Insurance Private Credit II LLC (“IPC II LLC”), a max $375.0 million delayed-draw middle market direct lending facility managed by Goldman Sachs Asset Management, L.P. (“GSAM” or “the collateral manager”). The facility closed on December 28, 2022.

Based on the October 2025 trustee report, the portfolio comprises assets from 49 obligors. The transaction exited the reinvestment period in May 2025 and has begun to amortize. The Class A Notes and Class B Notes par subordinations are 41.9% and 26.7 which increased over the past year due primarily to the amortization of the Notes. The transaction is in compliance with the coverage tests and all collateral quality tests except Minimum Weighted Average Spread Test. The current portfolio K-WARF is 3202, which represents a weighted average portfolio credit assessment of B-.

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

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publications

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.

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