KBRA assigns preliminary ratings to the Senior Notes issued by NPC SIP 2024-1 Ltd. (the “Issuer”), a long-dated, General Partner-led Collateralized Fund Obligation (GP CFO) transaction. The total issuance amount is $700 million, resulting in an initial Loan-to-Value ratio of approximately 85.7% for the Senior Notes. NPC SIP 2024-1 Ltd. will be managed by Churchill Asset Management, who will invest in private credit and private equity strategies. This transaction will have a legal maturity of 30 years with a 25-year investment period to allocate proceeds into various assets.

The net proceeds of the transaction will be initially invested in an asset portfolio consisting of (1) separately managed accounts in several funds detailed in the accompanying report (“Private Assets”), (2) eligible investments in Liquid Assets and (3) zero-coupon US Treasuries (“Principal Assets”). The Principal Assets are intended to accrue to a value that satisfies repayment of the Senior Notes at maturity. The Senior Notes and the unrated liquidity facility will be secured by the mix of Private Assets, Liquid Assets and Principal Assets (the “Assets”), certain contractual rights, securities accounts of the Issuer and distributions received by the Issuer with respect to the Assets.

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Methodologies

• Funds: Investment Fund Debt Global Rating Methodology
• ESG Global Rating 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.

This credit rating is endorsed by Kroll Bond Rating Agency Europe Limited for use in the European Union and by Kroll Bond Rating Agency UK Limited for use in the UK. Information on a credit rating’s endorsement status is available on its rating page at KBRA.com.

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.

There are certain issuers, entities or transactions rated by KBRA Europe or KBRA UK that may be or have relationships with Shareholders and/or Shareholder-Related Companies, as that term is defined in KBRA’s Shareholder and Shareholder Related Companies for KBRA Europe and KBRA UK Policy and Procedure. Relevant disclosure information may be found here.

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.

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