KBRA Assigns Preliminary Ratings to VCP RRL ABS III, LLC
KBRA assigns preliminary ratings to four classes of notes issued by VCP RRL ABS III, LLC (VCP III), a securitization backed by a portfolio of recurring revenue and middle market corporate loans.
- KBRA assigns preliminary ratings to four classes of notes issued by VCP RRL ABS III, LLC (VCP III), a securitization backed by a portfolio of recurring revenue and middle market corporate loans.
- The ratings reflect initial credit enhancement levels, excess spread, and structural features.
- The RRL strategy focuses on first-lien senior loans to technology and software companies that have a minimum level of recurring revenue and low loan-to-value (LTV) ratios.
- The portfolio presented to KBRA contains exposures to 38 obligors with approximately 75.2% of the par exposed to RRLs.