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S&P cuts, withdraws Goldman Sachs BDC
S&P said it lowered its issuer credit rating on Goldman Sachs BDC Inc. to BB+ from BBB-.
The agency also lowered the rating on the company's unsecured convertible notes to BB from BBB-.
S&P subsequently withdrew the ratings at the issuer's request.
The outlook was stable at the time of withdrawal.
Goldman Sachs BDC's shareholders approved the application of the modified asset coverage requirement allowed by the Small Business Credit Availability Act. The approval will immediately lower the company's required asset coverage to 150% from 200%.
S&P said its anchor for Goldman Sachs BDC is now bb+, which is the starting point for its ratings of BDCs that adopt the lower asset coverage requirement.
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