Blackstone Secured Lending Fund (BXSL), a business development company (BDC) that benefits from the capabilities of the broader Blackstone Credit platform, has a diversified funding mix and a portfolio primarily invested in first-lien senior secured and unitranche loans. We are assigning our 'BBB-' issuer credit rating to BXSL. The stable outlook reflects our expectations that BXSL, over the next 12-24 months, will continue to report stable asset quality trends while maintaining leverage near 1.25x as measured by debt to adjusted total equity (ATE). On May 6, 2022, S&P Global Ratings assigned its 'BBB-' issuer credit rating to Blackstone Secured Lending Fund (BXSL). The outlook is stable. The 'BBB-' issuer credit rating on BXSL reflects the broader capabilities of the Blackstone
