Owl Rock Capital Corp.'s Senior Unsecured Notes Due 2026 Rated 'BBB-'

NEW YORK (S&P Global Ratings) Dec. 1, 2020--S&P Global Ratings today assigned its 'BBB-' rating to Owl Rock Capital Corp.'s (ORCC) senior unsecured notes due 2026. ORCC expects to use proceeds from this offering to pay down its existing indebtedness, including under its revolving credit facility, which had approximately $651.3 million outstanding as of Nov. 30, 2020. As of Sept. 30, 2020, ORCC's leverage, measured as debt to adjusted total equity, was 0.75x. Our issuer credit rating on ORCC reflects its low leverage, experienced management team, and good diversity of funding. Owl Rock Capital Partners has strong origination capabilities, and we expect leverage will rise to management's target of 0.9x-1.25x debt to equity. Partially offsetting these strengths are ORCC's concentration

...December 1, 2020 NEW YORK (S&P Global Ratings) Dec. 1, 2020--S&P Global Ratings today assigned its '###-' rating to Owl Rock Capital Corp.'s (ORCC) senior unsecured notes due 2026. ORCC expects to use proceeds from this offering to pay down its existing indebtedness, including under its revolving credit facility, which had approximately $651.3 million outstanding as of Nov. 30, 2020. As of Sept. 30, 2020, ORCC's leverage, measured as debt to adjusted total equity, was 0.75x. Our issuer credit rating on ORCC reflects its low leverage, experienced management team, and good diversity of funding. Owl Rock Capital Partners has strong origination capabilities, and we expect leverage will rise to management's target of 0.9x-1.25x debt to equity. Partially offsetting these strengths are ORCC's concentration in leveraged lending to middle-market companies, amid the current economic decline. Like other business development companies, its investments tend to be relatively illiquid, which may constrain...

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