Golub Capital Private Credit Fund (GCRED) has been navigating challenging operating conditions well, given the limited asset quality weakening and a still healthy asset coverage ratio, despite leverage staying at higher end of the 0.9x-1.25 range (about 1.17x as of Sept. 30, 2026). In the third quarter of 2026, gross redemption requests declined to 4.8% from 8.5% in the prior quarter. Despite facing elevated redemption requests, GCRED has maintained good liquidity by keeping availability on secured credit facilities and Level 2 assets that it could liquidate, if necessary. We affirmed our'BBB-'issuer credit and issue level ratings on GCRED. The outlook remains stable and reflects our expectation that the company will maintain sufficient liquidity to meet its unfunded commitments
