KBRA Affirms the Ratings for ABPCI Direct Lending Fund ABS IV LP
23 Apr 2025 | New York
KBRA affirms ratings on the Class A-1, A-2 (collectively the "Class A Notes"), Class B, and Class C Notes issued by ABPCI Direct Lending Fund ABS IV LP (“ABPCI IV”). Since the transaction closed, the rated notes have received timely distributions of interest payments. ABPCI IV is a $300.0 million securitization managed by AB Private Credit Investors LLC (“ABPCI” or the “Collateral Manager”), an investment adviser and a subsidiary of Alliance Bernstein L.P. The transaction closed in April 2024 and the reinvestment period will end in April 2026.
As of the January 2025 trustee report, the portfolio comprises 75 unique assets from 60 obligors, the pool balance of the collateral obligations is $299.3 million and there is principal proceeds balance of $0.9 million, bringing the adjusted pool balance to $300.2 million. There are no defaulted or delinquent obligations in the portfolio. The transaction is in compliance with the borrowing base condition and all portfolio tests. The K-WARF of the transaction is 3557 which represents a weighted average credit assessment of B-.
KBRA’s ratings on the Class A Notes and Class B Notes consider timely payment of interest and ultimate payment of principal by the stated maturity date. KBRA’s rating on the Class C Notes considers ultimate payment of interest and principal by the stated maturity date.
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