KBRA Assigns a BBB Rating and Stable Outlook to Owl Rock Capital Corporation’s Senior Unsecured Notes and Affirms the Issuer and Senior Unsecured Debt Rating

Kroll Bond Rating Agency (KBRA) assigns a BBB rating to Owl Rock Capital Corporations (ORCC or the Company) $500 million senior unsecured 3.75% notes maturing July 22, 2025 (the Notes) with a Stable Outlook. KBRA also affirms ORCCs Issuer and senior unsecured debt rating of BBB with a Stable Outlook. The Company expects to use the proceeds from the Notes to paydown a portion of its outstanding bank loans. The Notes rank equally with existing and future senior unsecured notes issued by ORCC.

Formed in October 2015 as a Maryland Corporation, Owl Rock Capital Corporation (ORCC) is a publicly traded business development company (BDC) that specializes in providing capital in the form of senior secured first lien, unitranche and second lien debt to private middle-market companies. ORCC became a publicly listed company trading on the NYSE under the symbol ORCC in July 2019 and as of September 30, 2019 was the second largest BDC with $8.57 billion of assets and a current market capitalization of approximately $6.5 billion. The Companys $8.27 billion investment portfolio comprised 79.4% first lien debt investments and was well diversified among 96 portfolio companies across 27 industries.

ORCC is externally managed by Owl Rock Capital Advisors, LLC and was founded by Douglas Ostrover, Marc Lipschultz, and Craig Packer, all veterans of the industry. ORCC is regulated as a BDC under the Investment Company Act of 1940 (1940 Act) and has elected to be treated as an RIC for U.S. federal income-tax purposes

The BBB issuer and senior unsecured debt ratings reflect Owl Rock Capital Corporations (ORCC) strong capital base, appropriate leverage metrics, which are restricted by BDC requirements and a solid investment team with decades of experience in leverage finance and strong investment risk management practices. As of September 30, 2019, ORCCs leverage was 0.42 times but is expected to normalize between 0.65x and 0.80x with a growing investment portfolio, well within the regulatory guideline of 1:1. The Company has not sought shareholder or board approval to increase leverage. The Companys strengths are counterbalanced by ORCCs limited operating history, illiquid investments, and the Companys mostly secured funding profile.

The ratings are assigned using KBRAs Global Finance Company Rating Methodology, published November 28, 2017.

A surveillance report will be forthcoming.

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KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.

Analytical:

Teri Seelig, Director

(646) 731-2386

[email protected]

Boris Alishayev, Director

(646) 731-2384

[email protected]

Marjan Riggi, Senior Managing Director

(646) 731-2354

[email protected]

Business Development:

Nish Kumar

(646) 731-3372

[email protected]