Moody's Affirms Baa2 Ratings for Golub Capital BDC and Blackstone Secured Lending Fund, Revises Outlooks to Negative
Moody's Ratings kept the Baa2 long-term issuer and senior unsecured ratings for both funds but changed their outlooks from stable to negative, citing rising leverage and weaker asset coverage.
BenzingaMoody's Ratings affirmed the Baa2 long-term issuer and senior unsecured ratings of Golub Capital BDC, Inc. and Blackstone Secured Lending Fund while revising the outlook on each from stable to negative. Moody's cited rising leverage, weaker asset coverage buffers and deteriorating asset quality across both business development companies.
For Golub Capital BDC, Moody's pointed to elevated leverage and a thinner-than-peer asset coverage ratio cushion. 27x and an asset coverage ratio cushion of 19%, both weaker than BDC peer medians. 's ratings to Baa2 in January 2025.
25x, the top end of the company's target range. Benzinga reported the rating actions on both funds.
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