KBRA assigns Owl Rock Core notes BBB

KBRA said it assigned a BBB rating to Owl Rock Core Income Corp.’s (Orcic) $500 million of 4.7% senior unsecured notes due Feb. 8, 2027.

“The rating reflects the company’s ties to the Owl Rock platform with $34.6 billion of assets under management, the derived benefits from Orcic’s SEC exemptive relief to co-invest among affiliated Owl Rock companies, and its diversified $1.4 billion investment portfolio with a focus on upper middle market companies in non-cyclical sectors with the majority of investments comprised of senior secured loans (98%),” KBRA said in a press release.

The proceeds will be used for general corporate purposes, including repaying debt.

The outlook is stable.

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