Fitch rates Franklin BSP Capital, debt BBB-

Fitch Ratings said it assigned BBB- ratings to Franklin BSP Capital Corp.'s long-term issuer default rating, senior secured debt rating and senior unsecured debt rating.

The outlook is stable.

“The ratings reflect FBCC's affiliation with Benefit Street Partners, a subsidiary of Franklin Templeton, sound track record in credit, appropriate leverage target and asset coverage cushion for the risk profile of the portfolio, solid dividend coverage, adequate liquidity and experienced management team,” the agency said in a news release.

Fitch said the ratings also reflect its expectation that Franklin BSP Capital will issue sufficient unsecured debt so that unsecured debt will increase to, and be sustained at, 35% or more of total debt over the outlook horizon.

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