Private credit ·
S&P revises Blackstone Private Credit Fund (BCRED) outlook to Stable from Positive; affirms BBB-
S&P affirmed BCRED's BBB- issuer credit and senior unsecured ratings and moved the outlook to Stable, citing a NAV decline it called elevated relative to peers: down 5.9% in the 12 months to August 2026 and 7.2% since December 2024. The stable outlook assumes asset coverage well above 165%.
Why it matters for deal teams: The largest non-traded private credit BDC loses its Positive outlook ahead of final Q3 repurchase figures. 'BBB-' is the lowest investment-grade notch for a fund that issues unsecured notes.
Source: S&P Global Ratings ↗