Business Wire·Nov 4, 2025, 3:01 PM ET

KBRA Assigns Rating to Crescent Capital BDC, Inc.'s $185 Million Senior Unsecured Notes due in 2029 and 2031

CCAP SLF

KBRA assigns a BBB rating with a Stable Outlook to Crescent Capital BDC, Inc.'s senior unsecured notes totaling $185 million due in 2029 & 2031.
Proceeds from the new issuance will be used to repay $296.6 million of senior unsecured debt maturing next year.
The rating is supported by CCAP's ties to Crescent Capital Group LP (CCG), which manages ~$48 billion in assets, & Sun Life Financial Inc. (SLF), which holds 51% of CCG, 6% of CCAP equity, & over $70 million of CCAP debt.
CCAP maintains a strong management team with an average tenure of 20 years & a long operating history in the sector.
As of June 30, 2025, the company holds a $1.6 billion diversified portfolio of secured first lien loans, with 90.7% in first-out unitranche loans & 99% of deals being sponsor-backed.
Top sector concentrations include Health Care Equipment & Services (27.2%), Software & Services (20.4%), & Commercial & Professional Services (16.6%).
Non-accruals stood at 3.7% on cost & 2.2% on fair value as of June 30, 2025.
Liquidity was adequate with $227.2 million in available bank lines & $9.7 million in unrestricted cash.
Unsecured debt represented 46% of total debt outstanding, & gross leverage was 1.23x, within the target range of 1.10x to 1.30x.
Asset coverage was 180%, exceeding the regulatory requirement of 150%.
Credit risks include illiquid investments, retained earnings constraints as a RIC, & a potentially uncertain economic environment.
Rating pressure may occur if a prolonged U.S. economic downturn impacts earnings, asset quality, or leverage, or if the company increases focus on riskier investments or operates above target leverage.