Press Release|Structured Credit
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KBRA Affirms Ratings for Golub Capital Partners ABS Funding 2021-2

12 Aug 2026   |   New York

Contacts

KBRA affirms the ratings for two classes of notes issued by Golub Capital Partners ABS Funding 2021-2 (GCPAF 2021-2), a securitization backed by a portfolio of recurring revenue and middle market corporate loans.

GCPAF 2021-2 is a 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 closed in November 2021 and exited the reinvestment period since October 2023.

As of the July 2026 trustee report, the portfolio comprises of 42 obligors, the pool balance of the collateral obligations is $450.9 million and there is an excess concentration amount of $28.1 million from failing the top obligor tests, which brings the adjusted pool balance to $422.8 million. There are no defaulted, delinquent or restructured obligations in the portfolio. The transaction is in compliance with the borrowing base conditions. The par subornation of both class A and B notes have increased mainly due to the amortization of the notes. The overall K-WARF of the portfolio is 3499, which represents a weighted average portfolio assessment between B- and CCC+.

KBRA’s ratings on the Class A and Class B Notes consider timely payment of interest and ultimate payment of principal by the applicable stated maturity date. The rated notes have received timely interest distributions since the transaction has 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.

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