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KBRA Assigns an AA- Rating to BNP Paribas Fortis SA/NV Participation in the Uncommitted, Secured Revolving Credit Facility to CVC Capital Partners VII

·3-min read

DUBLIN, September 27, 2021--(BUSINESS WIRE)--Kroll Bond Rating Agency Europe Limited (KBRA) assigns a final rating to the uncommitted, secured Revolving Credit Facility (the "Facility") to CVC Capital Partners VII ("CVC VII" or the "Fund") provided by a consortium of Lenders agented by Lloyds Bank plc (the "Lenders"). The rating assigned was requested by BNP Paribas Fortis SA/NV ("BNPP" or the "Group") as a participating lender in the transaction. Neither CVC Capital Partners VII Limited nor any of its associates has requested this report or the rating, and this report has not been prepared for or approved by any of them. KBRA has assigned an AA- rating to BNPP’s EUR 200 million pari passu commitment of the EUR 5 billion Facility.

The Lenders have a first priority security interest in the uncalled capital commitments of the Fund, including the right to make capital calls under the Fund’s governing documents during an uncured Event of Default. Proceeds from the Facility are primarily used to bridge timing gaps between the acquisition of portfolio investments and the timing of capital calls issued by the Fund to its limited partner ("LP") investors.

CVC was established in 1981 and is a global leader in private equity and credit investing with $114.8 billion of assets under management, $162.7 billion of funds committed and a global network of 24 local offices. CVC manages capital for more than 300 investors globally, many of which have invested with CVC since the early 1990s. CVC VII closed in 2017 with a total of EUR 16.4 billion in capital commitments, provided by 627 investors. The Fund primarily makes control-oriented buyout equity and equity-related investments in middle market companies based in Europe and North America, with a focus on Western Europe.

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

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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

About KBRA Europe

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 pursuant to the Temporary Registration Regime. 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. Kroll Bond Rating Agency Europe is located at 6-8 College Green, Dublin 2, Ireland.

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Joanna (Asia) Drobnik, CFA, Senior Director (Lead Analyst)
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Rachel Notkin, Associate
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William Cox, Senior Managing Director (Rating Committee Chair)
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Mauricio Noé, Co-Head of Europe
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Miten Amin, Managing Director
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