KBRA Releases the Business Development Company (BDC) Ratings Compendium for Second-Quarter 2019

NEW YORK--()--Kroll Bond Rating Agency (KBRA) releases its inaugural Business Development Company (BDC) Ratings Compendium, which analyzes the 2Q results of BDCs within the KBRA universe.

Themes discussed in the Compendium include:

  • Potential headwinds for the sector, including further reduction in interest rates and a potential near-term recession.
  • Higher leverage is beginning to take hold as BDCs adopt the new leverage guidelines under the SBCAA.
  • While BDCs are underwriting more first lien secured loans, results have yet to show up on balance sheets.

The Compendium includes second-quarter 2019 updates in KBRA’s rated universe, focusing on key performance and credit metrics, along with medians of key ratios.

To access the report, click here.

Related Publications: (available at www.kbra.com)

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About KBRA and KBRA Europe

KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. 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 and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.

Contacts

Analytical:
Teri Seelig, Director
(646) 731-2386
tseelig@kbra.com

Boris Alishayev, Director
(646) 731-2484
balishayev@kbra.com

Thomas Moore, Senior Analyst
(646) 731-3375
tmoore@kbra.com

Marjan Riggi, Senior Managing Director
(646) 731-2354
mriggi@kbra.com

Contacts

Analytical:
Teri Seelig, Director
(646) 731-2386
tseelig@kbra.com

Boris Alishayev, Director
(646) 731-2484
balishayev@kbra.com

Thomas Moore, Senior Analyst
(646) 731-3375
tmoore@kbra.com

Marjan Riggi, Senior Managing Director
(646) 731-2354
mriggi@kbra.com