KBRA has published updated research examining the resilience of its ratings for subscription facilities, a fund finance product introduced in the 1990s that has grown to an estimated $850 billion globally.
Since assigning its first rating in 2018, KBRA-rated subscription facilities have expanded at an accelerated pace. As of year-end 2024, KBRA has assigned ratings or provided credit assessments on 181 subscription facilities, with total issuance volume reaching $132 billion and rated/assessed debt exposure totaling $46 billion. Compared to KBRA’s last report in April 2023, both the number and dollar volume of rated/assessed facilities have increased more than fourfold.
