Fitch rates Blue Owl, notes BBB

Fitch Ratings said it assigned a first-time long-term issuer default rating of BBB to Blue Owl Finance LLC, which is an indirect, wholly owned finance subsidiary of Blue Owl Capital Inc.

Concurrently, Fitch expects to give a BBB unsecured debt rating to the planned issuance by Blue Owl Finance.

Proceeds are expected to be used to refinance the outstanding $250 million secured term loan and for general corporate purposes.

Blue Owl Finance LLC’s rating is equalized with that of Blue Owl Capital, as debt issued from the entity benefits from joint and several guarantees from the primary legal entities within the overall Blue Owl group, Fitch said.

The expected rating on the planned notes is equalized with Blue Owl's long-term IDR and reflects the largely unsecured funding profile and expectations for average recovery prospects in a stress scenario, the agency said.

The outlook is stable.

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