Moody's Ratings has affirmed the Baa2 long-term issuer and senior unsecured ratings of both Golub Capital BDC, Inc.
(GBDC) and Blackstone Secured Lending Fund (BXSL) while revising the outlook on each from stable to negative.
Moody's cited rising leverage, weaker asset coverage buffers and deteriorating asset quality across both business development companies.
For Golub Capital BDC, Moody's pointed to elevated leverage and a thinner-than-peer asset coverage ratio cushion.
As of March 31, 2026, the company reported a debt-to-equity of 1.27x and an ACR cushion of 19%, both weaker than BDC peer medians.
