Private credit ·
KBRA affirms MSC Income Fund (MSIF) at BBB-, issuer and senior unsecured; Outlook Stable
KBRA affirmed the BBB- issuer and senior unsecured debt ratings for MSC Income Fund, Inc. (NYSE: MSIF), with a Stable Outlook. KBRA cites non-accruals of 1.9% of fair value and 5.8% of cost (2.6% and 6.3% a year earlier) and leverage of approximately 0.9x, below rated peers; management's target range is 1.15x–1.25x. Unsecured debt is expected to be approximately 45% of total debt, pro forma for a recent issuance and the October 2026 note maturity.
Why it matters for deal teams: BBB- is the lowest investment-grade notch. KBRA ties positive momentum to unsecured debt of at least 60% of total debt and leverage within the target range. The non-accrual figure at cost is about three times the figure at fair value.
Source: KBRA ↗