KBRA assigned BBB- ratings with a Stable Outlook to Monroe Capital Income Plus Corporation's (MCIP) $42 million, 6.20% senior unsecured notes due July 10, 2028, and its $161 million, 6.57% senior unsecured notes due July 10, 2030. The proceeds from these notes will be used to repay secured debt.
The ratings are supported by MCIP’s ties to the $20.7 billion Monroe Capital private credit platform and its management team's 33 years of average experience. The Monroe Capital platform has a 21-year history of strong credit performance through economic cycles.
MCIP's investment portfolio is well-diversified, primarily consisting of senior secured first lien loans, approximately 89% including unitranche, across 26 sectors. The company's gross leverage was 0.92x as of March 31, 2025, within its target range of 0.9x-1.0x, and its asset coverage was 209%.
The ratio of unsecured debt to total debt is expected to improve to approximately 27% pro forma from 18% at Q1 2025, enhancing financial flexibility. Non-accruals remained relatively low at 1.7% of the investment portfolio at cost and 1.0% at fair value.
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