DBRS Morningstar: THL Credit Rebrands as First Eagle Alternative Capital BDC, Inc.

DBRS, Inc. (DBRS Morningstar) has updated its website to reflect the corporate rebranding of THL Credit, Inc. (TCRD) to First Eagle Alternative Capital BDC, Inc. (FCRD or the Company). The rebranding of the Company has no impact to its Long-Term Issuer Rating or Long-Term Senior Debt ratings of BB (high). The trend on all ratings is Negative.

The rebranding reflects the continuing evolution of the Company following the previously announced acquisition of THL Credit Advisors, LLC by First Eagle Investment Company, LLC in January 2020 (see DBRS Morningstar press release DBRS Morningstar Comments on First Eagle’s Acquisition of THL Credit Advisors, No Impact to TCRD’s Ratings, December 23, 2019). Concurrent with the rebranding, the Company has also changed its NASDAQ ticker to FCRD from TCRD.

ESG CONSIDERATIONS
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at: https://www.dbrsmorningstar.com/research/357792.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The principal methodology is the Global Methodology for Rating Non-Bank Financials (September 24, 2019).

The primary sources of information used for this rating include Company Documents. DBRS Morningstar considers the information available to it for the purposes of providing this rating was of satisfactory quality.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

Generally, the conditions that lead to the assignment of a Negative or Positive trend are resolved within a 12-month period. DBRS Morningstar’s outlooks and ratings are under regular surveillance.

For more information on this credit or on this industry, visit www.dbrsmorningstar.com.

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