KBRA rates Sixth Street notes BBB+

KBRA said it rated Sixth Street Specialty Lending, Inc.’s $300 million of five-year 6.95% senior unsecured notes BBB+.

The outlook is stable.

“The rating and stable outlook reflect the company’s ties to Sixth Street, a global investment firm with over $65+ billion of assets under management, a $3.1 billion diversified investment portfolio comprised almost entirely of first lien senior secured investments (91%) with a non-cyclical sector focus, appropriate leverage of 1.16x with regulatory asset coverage of 186.1% (150% regulatory minimum), and a diversified funding structure that includes senior unsecured notes and secured bank lines,” the agency said in a press release.

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