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DBRS upgrades Blue Owl Credit Income
DBRS said it upgraded the long-term issuer rating and long-term senior debt rating of Blue Owl Credit Income Corp. (OCIC) to BBB from BBB (low). The trend has been revised to stable from positive.
“The ratings upgrade reflects OCIC’s strong operating performance combined with its substantial scale, diversified funding sources and conservative leverage. Over the past year, OCIC has consistently grown its investment portfolio by over 50% to $13.1 billion, while increasing its equity base to $6.7 billion at 2Q23 during a lender-friendly origination market of higher interest rates, solid loan documentation, and lower portfolio company loan-to-values.
“The ratings benefit from the broad franchise underpinned by OCIC’s investment advisor, Blue Owl Credit Advisors LLC (the Advisor), an indirect subsidiary of Blue Owl Capital Inc. (Blue Owl),” DBRS said in a press release.
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