About the Event
Enhancing Transparency in KBRA’s Investment Fund Debt Rating Methodology
February 11, 2026 | 10:00 AM EST
Online
Join KBRA on February 11, as we walk through recent updates to our Investment Fund Debt Global Rating Methodology. Tune in to hear our sector experts discuss how these changes impact the rating of debt issued by investment funds or secured by investment fund assets.
The update includes the addition of two appendices to enhance transparency regarding the application of the methodology. Appendix A explains how KBRA uses guideline quantitative determinant weightings to facilitate ratings consistency across similar fund debt transactions. Appendix B illustrates how KBRA applies its rating methodology to a hypothetical feeder fund that issues debt and equity to invest in a direct lending master fund. The update also includes a proposed change to increase the weighting of the cash flow determinant typically used when rating notes issued by feeder funds into direct lending funds.
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KBRA Speakers
William Cox
Chief Rating Officer
KBRA
Eric Neglia
Global Head of Corporate Portfolio Finance and Direct Lending
KBRA
Thomas Speller
Co-Head Global Funds Debt Ratings
KBRA
Ryon Aguirre
Co-Head Global Funds Debt Ratings
KBRA
KBRA
KBRA Business Development
Enhancing Transparency in KBRA’s Investment Fund Debt Rating Methodology
February 11, 2026 | 10:00 AM EST | Online
KBRA is a global full-service rating agency with a mission to set a standard of excellence and integrity. Established in 2010, KBRA remains dedicated to the restoration of trust in credit ratings by creating new standards for assessing risk and by offering timely and transparent ratings. KBRA provides market participants with an alternative solution by delivering in-depth research across various sectors within the US, UK and European markets. We strive to provide the investment community with the products and tools needed to make informed investment decisions.
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