Moody’s Investors Service (“Moody’s”) has affirmed BlackRock TCP Capital Corp.’s (“TCPC”) Baa3 long-term senior unsecured debt rating with a stable outlook. The affirmation of TCPC’s Baa3 rating reflects Moody’s unchanged assessment of the firm’s credit profile, which is supported by its record of strong net investment income, investment portfolio composition that includes a high proportion of senior secured loans and first lien loans in particular, and its strong capitalization. In the first six months of 2019, TCPC’s return on assets was lower than that of its rated business development company (BDC) peers due to a sizeable markdown of one of its largest investments, leading to a net loss in the latest quarter.
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