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S&P revises TPG Specialty view to stable
S&P said it revised the outlook on TPG Specialty Lending Inc. to stable from negative and also affirmed the issuer credit rating and senior unsecured debt ratings on the company at BBB-.
On Aug. 1, TSL announced that its board of directors voted to approve the adoption of the modified asset coverage requirement allowed by the Small Business Credit Availability Act with regard to business development companies (BDCs). Accordingly, the company's applicable asset coverage ratio will decline to 150% from 200% about one year from now.
“Given the company's underwriting track record, strength of earnings, and leverage tolerance, we are affirming the ratings and revising the outlook to stable,” S&P said in a news release.
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