Business Development Company Ratings Affirmed Under Revised Criteria

We have reviewed our ratings on nine business development companies (BDCs) in the U.S. under our revised criteria. We have affirmed the ratings on these BDCs, and the outlooks are unchanged. NEW YORK (S&P Global Ratings) Dec. 10, 2021--S&P Global Ratings today said it affirmed its issuer and issue credit ratings on the following nine business development companies (BDCs). The affirmations follow a revision to our methodologies for rating banks and nonbank financial institutions and for determining a Banking Industry Country Risk Assessment (BICRA) (see "Financial Institutions Rating Methodology" and "Banking Industry Country Risk Assessment Methodology And Assumptions," Dec. 9, 2021). The affirmations include our issuer credit ratings (ICRs) on: Ares Capital Corp. (BBB-/Stable/--) FS Energy and Power Fund (B/Stable/--)

...December 10, 2021 - We have reviewed our ratings on nine business development companies (BDCs) in the U.S. under our revised criteria. - We have affirmed the ratings on these BDCs, and the outlooks are unchanged. NEW YORK (S&P Global Ratings) Dec. 10, 2021--S&P Global Ratings today said it affirmed its issuer and issue credit ratings on the following nine business development companies (BDCs). The affirmations follow a revision to our methodologies for rating banks and nonbank financial institutions and for determining a Banking Industry Country Risk Assessment (BICRA) (see "Financial Institutions Rating Methodology" and "Banking Industry Country Risk Assessment Methodology And Assumptions," Dec. 9, 2021). The affirmations include our issuer credit ratings (ICRs) on: - Ares Capital Corp. (###-/Stable/--) - FS Energy and Power Fund (B/Stable/--) - Golub Capital BDC Inc. (###-/Stable/--) - Main Street Capital Corp. (###-/Stable/--) - Owl Rock Capital Corp. (###-/Stable/--) - Owl Rock Capital...

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