Press Release|Structured Credit
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KBRA Affirms Ratings for Falcon 2019-1, LLC

4 Aug 2025   |   New York

Contacts

KBRA affirms the ratings for five classes of notes issued by Falcon 2019-1, LLC (Falcon 2019-1), a delayed draw collateralized loan obligation (CLO), backed by a portfolio of middle market loans.

Falcon 2019-1 is currently a $443 million cash flow CLO managed by Crescent Capital Group LP. The ratings reflect current enhancement levels, excess spread, and coverage tests.

As of the June 2025 trustee report, the principal balance of the collateral obligations is $442.9 million and there is a principal proceeds balance of $11.7 million. There is one defaulted obligation as of August 4, 2025. The portfolio comprises assets from 88 obligors. Since the 2024 surveillance date, the Class A Overcollateralization Test has decreased to 147.9% from 150.5%. The K-WARF of the portfolio is 3298 which represents a weighted average credit assessment of B-.

The ratings on the Class A-1-R2 and A-2-R2 Notes consider the timely payment of interest and ultimate payment of principal by the stated maturity date, while the ratings on the Class B-R2, C-R2, and D-R2 Notes consider the ultimate payment of interest and principal. All Notes have received timely interest distributions since the transaction 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: 1010656