Home collateral KBRA assigns preliminary ratings to ICG Rhinebeck CLO 2021-4, Ltd.

KBRA assigns preliminary ratings to ICG Rhinebeck CLO 2021-4, Ltd.

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NEW YORK–(COMMERCIAL THREAD) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three categories of tickets issued by ICG Rhinebeck CLO 2021-4, Ltd. (ICG Rhinebeck CLO 2021-4), a cash flow secured loan bond (CLO) backed by a diversified portfolio of broadly syndicated corporate loans. ICG Rhinebeck CLO 2021-4 is a reissue of ICG US CLO 2019-1, Ltd. which initially closed in September 2019. The original tickets are expected to be fully refunded through the proceeds of the issuance of the new tickets.

ICG Rhinebeck CLO 2021-4 is managed by ICG Debt Advisors LLC (“ICG” or the “Collateral Manager”). The agreement will have a five-year reinvestment period. The legal final maturity is October 26, 2034. Ratings reflect initial credit enhancement levels, credit spreads and hedge tests, including overcollateralisation ratio and interest coverage tests.

The collateral in ICG Rhinebeck CLO 2021-4 will consist primarily of heavily syndicated leveraged loans issued by diversified debtor companies across all industries. The total nominal amount of the portfolio is $ 400.0 million with exposure to over 260 debtors. The debtors in the portfolio have a K-WARF of 2247, which represents a weighted average portfolio credit rating of approximately B. KBRA has also taken into account the potential for negative deterioration of the portfolio’s credit in the short to medium term and the sensitivity of transactions to macroeconomic shocks such as that observed. during the COVID-19 pandemic.

ICG is a CLO manager within the liquid credit platform of Intermediate Capital Group plc, which currently manages $ 18.4 billion in global credit assets, of which approximately $ 6 billion is spread across 15 US CLOs. .

The preliminary rating for the Class A-1 notes takes into account the one-time payment of interest and the final payment of principal on the applicable stated maturity date, while the preliminary ratings for the Class D and E notes take into account the final payment of the principal. interest and principal.

KBRA analyzed the transaction using the Global structured credit rating methodology, the Global structured finance counterpart methodology, as good as Overall ESG rating methodology.

Click on here to view the report. To access the assessments and relevant documents, click on here.

Disclosures

Further information on key credit considerations, sensitivity analyzes that examine the factors that may affect these credit ratings and how they might lead to an upgrade or downgrade, and ESG factors (where they are a key factor in changing the credit rating or rating outlook) can be viewed in the full rating report mentioned above.

A description of all substantially significant sources that were used to prepare the credit rating and information about the method (s) (including significant models and sensitivity analyzes of the relevant key rating assumptions, if any) used to determine the credit rating is available in the information disclosure form (s) located here.

Information about the meaning of each rating category can be located here.

Further information relating to this rating measure is available in the information disclosure form (s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures can be found at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the United States Securities and Exchange Commission as NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a credit rating agency with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a credit rating agency with the UK Financial Conduct Authority under the temporary registration regime. In addition, KBRA is appointed as the designated rating agency by the Ontario Securities Commission for issuers of asset-backed securities to file a simplified prospectus or a shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a credit rating provider.


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