Moody's assigns Owl Rock II Baa3

Moody's Investors Service said it assigned a first-time Baa3 long-term issuer rating to Owl Rock Capital Corp. II. ORCC II is a business development company externally managed by Owl Rock Capital Partners that also manages Owl Rock Capital Corp. and Owl Rock Technology Finance Corp.

“ORCC II's Baa3 long-term issuer rating reflects its strong capitalization and conservative investment portfolio with a high proportion of first-lien loans, which Moody's expects will exhibit lower fair value and earnings volatility compared to those of BDC peers with a more significant proportion of junior investments,” Moody’s said in a press release.

The agency also gave Owl Rock Capital Corp. II a stable outlook. The outlook indicates more favorable operating conditions for BDCs that will contribute to improved strength and stability of asset quality, profitability and leverage metrics over the next 12-18 months, Moody’s said.

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