KBRA Assigns Ratings to Sagard Credit Partners III-U RN (US) LP
KBRA assigns an A rating to the Class A Notes, a BBB rating to the Class B Notes, a BBB- rating to the Class C Notes, and a BB+ rating to the Class D Notes (together, the “Notes”) issued by Sagard Credit Partners III-U RN (US) LP (the Issuer, Borrower, or Partnership). This published rating report summarizes KBRA's analysis of the Notes and KBRA’s ratings address the Issuer’s ability to fulfill its obligations on the ultimate interest payment and ultimate repayment of the Notes’ principal by their legal final maturity.
Key Credit Considerations
Asset Coverage: The Class A Notes, Class B Notes, Class C Notes and Class D Notes have advance rates and maximum LTVs of 45.0%, 67.5%, 74.5%, and 80.0%, respectively.
Transaction Structure: The transaction benefits from structural credit protections that support the assigned ratings, including initial overcollateralization and subordination across the capital structure, projected excess spread available to absorb losses and performance triggers.
