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KBRA Releases Research – Private Credit Funds: KBRA-Rated Portfolio Displays Stable Credit Performance and Structural Evolution

KBRA releases updated research that examines the resilience of its ratings for fund finance structures and rated notes employed by middle market corporate lending funds.

The private credit market, in particular the direct lending and infrastructure segments, continues to grow at a rapid pace, as reflected in the number of KBRA-rated private credit transactions. As of June 30, 2024, KBRA has assigned ratings to 220 tranches of debt across 122 private credit transactions to middle market credit funds, infrastructure funds, and private credit fund-of-funds.

This report focuses on KBRA’s rated portfolio with direct exposure to middle market corporate credit—consisting of 138 tranches across 87 feeder funds and credit facilities, totaling $22.5 billion of rated debt. We examine the key inputs that drive rating outcomes at issuance, including but not limited to initial loan-to-value ratio, portfolio quality, and modeled cash flow outcomes. We also examine issuance volume and structural trends, as well as rating performance for the existing portfolio since inception.

Click here to view the report.

About KBRA

KBRA is a full-service credit rating agency registered in the U.S., the EU, and the UK, and is designated to provide structured finance ratings in Canada. KBRA’s ratings can be used by investors for regulatory capital purposes in multiple jurisdictions.

Doc ID: 1005922

Contacts

Min Xu, Managing Director

+1 646-731-1463

min.xu@kbra.com

Gopal Narsimhamurthy, Senior Managing Director, Global Head of Funds Ratings

+1 646-731-3392

gopal.narsimhamurthy@kbra.com

William Cox, SMD, Global Head of Corporate, Financial and Government Ratings

+1 646-731-2472

william.cox@kbra.com

Media Contact

Adam Tempkin, Director of Communications

+1 646-731-1347

adam.tempkin@kbra.com

Business Development Contact

Constantine Schidlovsky, Senior Director

+1 646-731-1338

constantine.schidlovsky@kbra.com

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