Fitch Downgrades BlackRock TCP Capital to BB, Cites NAV Hit and Rising Leverage
Fitch Ratings downgraded BlackRock TCP Capital Corp.'s long-term issuer default and debt ratings to BB from BB+ and placed them on Rating Watch Negative, pointing to an anticipated 19% fall in net asset value that will materially reduce asset coverage and increase leverage, with several quarters likely required to return to target ranges.