DBRS changes First Eagle view, withdraws ratings

DBRS said it confirmed the BB (high) long-term issuer rating and long-term senior debt rating of First Eagle Alternative Capital BDC, Inc.

The trend on all ratings has been revised to stable from negative.

The intrinsic assessment is BB (high) and its support assessment is SA3.

Subsequently, DBRS withdrew all ratings of First Eagle at the request of the company.

“The trend revision to stable recognizes the progress FCRD has made improving its risk profile by largely completing the transition of the investment portfolio from unsponsored, concentrated positions to a more diversified portfolio centered on first-lien, senior secured loans to sponsor-backed portfolio companies,” the agency said in a news release.

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