KBRA rates Owl Rock Technology BBB

KBRA said it assigned BBB issuer and senior unsecured debt ratings to Owl Rock Technology Income Corp. (Ortic). The agency assigned the ratings on Sept. 13 but did not publish them. The outlook is stable.

The ratings reflect the company’s ties to the sizeable $68.6 billion Blue Owl direct lending platform, the derived benefits from Ortic’s SEC exemptive relief to co-invest with other funds managed by the advisor and its affiliates, and its diversified $2 billion investment portfolio with a focus on providing financing to technology-focused upper middle market companies as of Dec. 31, 2022,” the agency said in a press release.

The issuer’s strengths are offset by the possible risk related to illiquid investments as a business development company, its unseasoned investment portfolio stemming from its start in 2022, fully secured funding profile as well as retained earnings constraints as a regulated investment company, KBRA noted.

Ortic plans to sell unsecured senior debt in the medium-term, the agency said.

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