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Fitch rates Oaktree Specialty BBB-
Fitch Ratings has assigned a first-time long-term issuer default rating of BBB- to Oaktree Specialty Lending Corp. In addition, Fitch also assigned a senior secured debt rating of BBB- and a senior unsecured debt rating of BBB- to Oaktree’s debt.
“The ratings reflect OCSL’s low leverage compared to peer business development companies (BDCs); solid asset coverage cushion relative to the regulatory and covenant requirements; and affiliation with Oaktree Capital Group, LLC (Oaktree; rated A/Stable), which has a strong and established track record in credit, and provides the BDC with access to deal flow, investment resources and risk management and monitoring capabilities,” said Fitch in a press release.
The ratings also reflect the company’s focus on senior debt investments, declining exposure to legacy non-core investments, solid liquidity and the agency’s expectation for improved funding flexibility via selling added unsecured debt over time.
The outlook is stable.
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