Press Release|Structured Credit
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KBRA Affirms Ratings for VCP RRL ABS II, LLC

16 Apr 2026   |   New York

Contacts

KBRA affirms the ratings on four classes of debt issued by VCP RRL ABS II, LLC (“VCP II”). VCP II is currently a $417.7 million securitization originated by Vista Credit Partners, LLC, an affiliate of Vista Equity Partners Management LLC. The transaction originally closed in July 2022 and was subsequently reset in April 2025. The maximum advance rate is 67% for the Class A Debt, 78% for the Class B Notes, and 85% for the Class C Notes in aggregate.

The collateral in VCP II currently consists of recurring revenue loans (“RRLs”) and middle market leveraged loans (“MMLs”) issued by corporate obligors diversified across sectors. The transaction is static and generally does not permit reinvestment. The rated debt is repaid pro rata prior to the occurrence of a rapid amortization event. Since closing, the transaction has repaid 24.1% of each rated class of debt.

As of the February 2026 trustee report, the current portfolio has exposure to 27 obligors and the pool balance of the collateral obligations is $377.4 million. There is a principal cash balance of $40.4 million. The obligors in the portfolio have a K-WARF of 3906, which represents a weighted average assessment of approximately B-/CCC+. There are no defaulted, delinquent, or excess concentration obligations in the portfolio. The transaction is in compliance with the borrowing base conditions and all portfolio tests.

The surveillance analysis used information as of the February 2026 trustee report date. All rated debt has received timely interest distributions since the transaction has closed.

KBRA’s ratings on the Class A-L-R Loans, Class A-2-R Notes, and the Class B-R Notes consider the timely payment of interest and ultimate payment of principal by the applicable stated maturity date, while the ratings on the Class C-R Notes consider the ultimate payment of interest and principal by the applicable stated maturity date

To access ratings and relevant documents, click here.

Click here to view the report.

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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