NEW YORK--(BUSINESS WIRE)--On February 8, 2018 Kroll Bond Rating Agency (KBRA) assigned issuer and senior unsecured debt ratings of BBB with a Stable Outlook to Owl Rock Capital Corporation (“ORCC” or “the Company”).
The BBB ratings of Owl Rock reflect the Company’s strong capital base with appropriate leverage metrics, which are restricted by business development company (BDC) requirements, a solid investment team with decades of experience in leverage finance, and strong investment risk management practices. These strengths are counterbalanced by the Company’s limited operating history, illiquid investments, and its largely secured funding profile.
Owl Rock Capital Corporation is a BDC, based in New York, NY, that specializes in providing capital in the form of senior secured first lien, unitranche and second lien debt to private middle-market companies. The Company raised roughly $5.5 billion of equity commitments over the past two years. ORCC’s first investment was made in April 2016 and its investment portfolio stood at roughly $2.4 billion at December 31, 2017. ORCC is externally managed by Owl Rock Capital Advisors, LLC and was founded in 2016 by Douglas Ostrover, Marc Lipschultz, and Craig Packer, all veterans of the industry.
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