Bain Capital Specialty Finance Receives BBB Rating for $350 Million Senior Unsecured Notes

KBRA assigns a BBB rating to Bain Capital Specialty Finance's $350 million senior unsecured notes due 2031, with a Stable Outlook. The rating is supported by the company's ties to the Bain Capital Credit platform and a well-diversified investment portfolio. The company's funding profile is well diversified, and its liquidity is adequate. However, the high proportion of non-qualifying assets and elevated leverage are counterbalanced by the high proportion of first lien senior secured loans within the JVs and high credit quality of the investment portfolio.