DBRS boosts Blackstone Private Credit

DBRS said it raised the long-term issuer long-term senior debt ratings of Blackstone Private Credit Fund (Bcred) to BBB from BBB (low). The agency revised the trend to stable from positive.

“The ratings upgrade reflects Bcred’s tremendous growth over the past year, which has been in line with expectations, with the company now being one of the largest business development companies (BDCs). As of 3Q21, Bcred had an investment portfolio of $17.7 billion and equity of $8.5 billion. This was further increased in November to $10.9 billion of equity.

“This growth is substantial when compared with the company’s $5.4 billion investment portfolio and $2.1 billion of equity at 1Q21, supported by the strength of Blackstone’s credit platform which contributes to Bcred’s strong ability to raise capital and source investment opportunities,” DBRS said in a press release.

The revised trend incorporates the fund’s successful launch and ramp up over the past year while balancing its limited operating history, the agency noted.

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