Three Private Credit Funds Get Moody's Warning on Problem Loans [BNN Bloomberg (Canada)]
BlackRock, Inc. (BLK)
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Source: BNN Bloomberg
The ratings company on Monday reduced its outlook for direct lending funds managed respectively by BlackRock Inc., KKR & Co. alongside FS Investments and Oaktree Capital Management, lowering them to negative from stable. The three publicly traded business development companies, with a combined total of more than $20 billion in assets, each increased the number of loans on non-accrual status, meaning they're in danger of losing money on those investments. “We've been expecting non-accruals to increase with the jump in interest rates,” said James Morrow, founder and chief executive of Callodine Capital Management, an investor in public BDCs. “Companies will start to fall off the back of the peloton if they were in trouble already.” While the BDCs retained their Baa3 rating, the lowest rung of investment grade, the change to a negative outlook is the first such move by Moody's in private credit since 2020. The ratings provider said the three BDCs are managing their liquidity positio
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