DBRS Morningstar: BDC Earnings Resilient in 2020, Revising Outlook on Sector to Stable
DBRS, Inc. (DBRS Morningstar) published a commentary reviewing the 4Q20 earnings results and 2021 outlook for Business Development Companies (BDCs). BDCs saw significant market volatility driven by the onset of the Coronavirus Disease (COVID-19) pandemic in 1Q20 that drove losses and concerns around potential covenant breaches. Our 2020 outlook for BDCs was Negative and we took rating actions across our BDC universe, mainly in the form of Negative trends. Subsequently, effective central bank actions accompanied with several rounds of fiscal stimulus helped offset the brunt of the pandemic in most sectors of the economy.
DBRS Morningstar is a global credit ratings business with 700 employees in eight offices globally. DBRS and Morningstar Credit Ratings are committed to empowering investor success, serving the market through leading-edge technology and raising the bar for the industry.
Together, we are the world’s fourth largest credit ratings agency and a market leader in Canada, the U.S. and Europe in multiple asset classes. We rate more than 2,600 issuers and 54,000 securities worldwide and are driven to bring more clarity, diversity and responsiveness to the ratings process. Our approach and size provide the agility to respond to customers’ needs, while being large enough to provide the necessary expertise and resources. For more details visit us at dbrs.com.
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