S&P rates TCP Capital notes BBB-

Standard & Poor’s said it assigned its BBB- issuer credit rating on TCP Capital Corp. The outlook is stable.

S&P also assigned a BBB- issue-level rating on the company’s $100 million convertible notes due in 2019.

“Our ratings on TCPC reflect the company’s conservative leverage, focus largely on senior secured investments, and relatively well-diversified portfolio,” said S&P credit analyst Olga Roman in a news release.

“However, TCPC is one of the smaller business development companies we rate, and its funding profile is less diversified than larger BDCs. Similar to other BDCs, TCPC has generally illiquid investments, which may constrain financial flexibility in adverse markets – a rating weakness, in our view.”

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