Press Release|Structured Credit
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KBRA Affirms the Ratings for Golub Capital Partners ABS Funding 2022-1

5 Dec 2025   |   New York

Contacts

KBRA affirms ratings for the Class A-1-R, A-2A-R. A-2B-R and B-R Notes issued by Golub Capital Partners ABS Funding 2022-1(GCPAF 2022-1), a securitization backed by a portfolio of recurring revenue and middle market corporate loans.

GCPAF 2022-1 is a loan securitization managed by GC Investment Management LLC (“GCIM” or the “Collateral Manager”), an investment adviser and affiliate of GC Advisors LLC (collectively, with these affiliates and other funds managed by them and their affiliates “Golub Capital”). The CLO originally closed in September 2022. This transaction was reset in December 2024 and the reinvestment period ends in December 2026.

As of the October 7, 2025 trustee report, the current portfolio comprises 56 obligors. The pool balance of the collateral obligations is $442.97 million and there is a principal proceeds balance of $11.48 million, bringing the adjusted pool balance to $454.44 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 profile tests except Minimum Floating Spread Test for Level 1 Portfolio Test. The overall K-WARF of the portfolio is 3760, which represents a weighted average portfolio assessment between B- and CCC+. Since the transaction closed, the rated notes have received timely distributions of interest payments.

KBRA’s ratings on the Class A-1-R, Class A-2A-R, Class A-2B-R, and Class B-R Notes considers timely payment of interest and ultimate payment of principal by the applicable stated maturity date.

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: 1012581