KBRA Assigns Preliminary Ratings to Oxford Finance Credit Fund III 2024-A LP

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to three classes of notes issued by Oxford Finance Credit Fund III 2024-A LP (the Issuer or Oxford 2024-A). Oxford 2024-A is primarily secured by a pool of senior secured loans co-originated by Oxford Finance Credit Fund III LP (the Fund) alongside Oxford Finance LLC (Oxford or an Originator, and together with the Fund, the Originators), or originated by Oxford and acquired by the Fund from Oxford, to companies operating in the healthcare industry and adjacent markets and serviced by Oxford Finance Advisors, LLC (the Servicer or Oxford Finance Advisors), a subsidiary of Oxford. The Fund will be retaining the equity in Oxford 2024-A.

As of December 4, 2023, the composition of the Initial Loans (the Statistical Pool) will consist of 72 loans to 51 obligors with an aggregate outstanding loan balance of approximately $368.8 million (Statistical Pool Balance).The average Initial Loan balance is $5.1 million with a weighted average original term of 52 months, weighted average remaining term of 42 months and weighted average cash yield rate of 11.9%. The exposures to Healthcare Loans and Life Sciences Loans are 78.3% and 21.7% of the Statistical Pool Balance, respectively.

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Related Publications

• General Global Rating Methodology for Asset-Backed Securities
• ESG Global Rating Methodology
• Global Structured Finance Counterparty Methodology

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.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

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

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

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.