Jul. 11 at 12:01 AM
Fitch Ratings affirmed BlackRock TCP Capital's long-term Issuer Default Rating, senior secured debt and senior unsecured debt at 'BB', while removing the Rating Watch Negative. The outlook remains Negative, reflecting still-elevated non-accrual assets, payment-in-kind income and a weaker asset coverage cushion than peers despite improving credit metrics.
Fitch said TCPC's leverage has continued to move toward target levels, declining to 1.65x in Q1 2026 from 1.74x at year-end 2025, while net regulatory leverage improved to 1.29x from 1.41x. Non-accrual investments also declined from peak levels but remain above average, representing 3.0% of the debt portfolio at fair value and 8.4% at cost. The company also reduced its quarterly base dividend to
$0.17 per share from
$0.25 in Q1 2026.
$TCPC