NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to the Class A Notes, Class B Notes and Class C Notes (together, the “Secured Notes”) issued by Alp CFO 2024, L.P (the “Issuer”). The total issuance amount is $1 billion, resulting in initial Loan-to-Value ratios of 50%, 65% and 75% for the Class A Notes, Class B Notes, and Class C Notes, respectively.
The net proceeds of the transaction will be initially invested in an asset portfolio consisting of (1) limited partnership interests (“LP Interests”) in several funds detailed in the accompanying report (“Private Assets”) and (2) eligible investments in Liquid Assets. The Liquid Assets and the distributions from the Private Assets are intended to fund capital calls and other fund obligations with respect to the Private Assets, expenses and interest on the Secured Notes and the Liquidity Facility as well as repayment of the Secured Notes and the Liquidity Facility. The Secured Notes and the Liquidity Facility will be secured by the mix of Private Assets and Liquid Assets (the “Assets”), certain contractual rights, securities accounts of the Issuer and distributions received by the Issuer with respect to the Assets.
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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.
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Information on the meaning of each rating category can be located here.
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There are certain issuers, entities or transactions rated by KBRA Europe or KBRA UK that may be or have relationships with Shareholders and/or Shareholder-Related Companies, as that term is defined in KBRA’s Shareholder and Shareholder Related Companies for KBRA Europe and KBRA UK Policy and Procedure. Relevant disclosure information may be found here.
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Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency 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 by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.
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