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S&P downgrades Goldman Sachs BDC, later withdraws ratings

S&P Global Ratings downgraded Goldman Sachs BDC Inc.'s issuer credit rating to BB+ from BBB-, and subsequently withdrew the ratings.

The outlook at the time of withdrawal was stable.

The rating action followed Goldman Sachs BDC shareholders' approval to reduce the company's asset coverage requirements to 150% from 200%. S&P said its anchor for the company is now 'bb+,' which is the starting point for ratings on business development companies adopting the lower asset coverage requirement. The rating agency then withdrew the rating at the company's request.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.