KBRA assigns BBB to Blue Owl notes

KBRA said it assigned a BBB rating to Blue Owl Credit Income Corp.'s (OCIC) $150 million of 7.95% senior unsecured notes due June 13, 2028. The company changed its name from Owl Rock Core Income Corp. on July 6.

“The rating reflects the company’s ties to the sizeable $71.6 billion Blue Owl direct lending platform, the derived benefits from OCIC’s SEC exemptive relief to co-invest with other funds managed by the advisor and its affiliates, and its diversified $11.6 billion investment portfolio to 220 companies with a focus on upper middle market companies in non-cyclical sectors with the majority of investments comprised of senior secured first-lien loans (79%) as of March 31, 2023,” KBRA said in a statement.

The proceeds will be used for general corporate purposes, including the repayment of debt.

The outlook is stable.

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