KBRA Affirms the Rating for Golub Capital Partners ABS Funding 2019-1, L.P.
16 May 2025 | New York
KBRA affirms the rating for the Class A-R Note issued by Golub Capital Partners ABS Funding 2019-1, L.P. (GCPAF2019-1). Since the transaction closed the rated note has received timely distributions of interest payments.
Golub Capital Partners ABS Funding 2019-1, L.P. $550.0 million 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 transaction reset in June 2021 and ended the reinvestment period in July 2024. The rating reflects current credit enhancement levels, excess spread, and structural features.
As of the April 2025 trustee report, the portfolio comprises 43 obligors. The pool balance of the collateral obligations is $464.5 million and there is an excess concentration amount of $1.4 million, bringing the adjusted pool balance to $463.1 million. There are no defaulted, credit risk, or delinquent obligations in the portfolio. The transaction is in compliance with the borrowing base condition. It has a K-WARF of 3347 which reflects a weighted average credit assessment of B-/CCC+.
KBRA’s rating on the Class A-R considers timely payment of interest and ultimate payment of principal by the applicable stated maturity date.
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