Fitch revises TPG Specialty to positive

Fitch Ratings said it affirmed the BBB- long-term issuer default rating, senior secured debt rating and senior unsecured debt rating of TPG Specialty Lending, Inc. and revised the outlook to positive from stable.

The actions were taken as part of Fitch's periodic peer review of Business Development Companies (BDCs), which comprises eight publicly rated firms.

“Fitch's outlook for the BDC sector remains negative for 2018, reflecting competitive underwriting conditions, given unattractive supply/demand dynamics in the middle market, earnings pressure, unsustainable asset quality metrics, limited access to growth capital and scrutiny of management alignment,” the agency said in a news release.

“While some firms are better positioned, given consistent track records, others are exposed to potential rating pressure over the outlook horizon.”

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