Fitch cuts BlackRock TCP to ’BB-’ on asset quality woes and strategic uncertainty
Fitch Ratings downgraded BlackRock TCP Capital Corp's (TCPC) debt ratings to 'BB-' from 'BB' due to persistent asset quality challenges, increased portfolio concentration, and weakening credit metrics. The company's non-accruals have risen significantly, and earnings coverage of its dividend has declined. Fitch noted that future rating stabilization depends on resolving the strategic review, restoring sustainable dividend coverage, and improving asset quality.
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