Andrew Nicholas

Kevin Steinke

Marc Riddick

- KBRA has assigned a **BBB- rating** with a **Stable Outlook** to BlackRock Private Credit Fund's (BDEBT) **$200 million senior unsecured notes**, consisting of **$50 million due 2028** and **$150 million due 2030**.  **[1053706_8cc2756d4d8c423482e75df692abb85a_0]** 
- The rating is supported by BDEBT's ties to BlackRock, Inc. and its **$360 billion Private Financing Solutions platform**, along with a **diversified $1.7 billion investment portfolio** that is **99.8% senior secured first lien loans**.  **[1053706_8cc2756d4d8c423482e75df692abb85a_0]** 
- As of June 30, 2025, BDEBT maintained low non-accruals (**0.3% at cost**), strong asset coverage of **214%**, and solid liquidity with **$336 million in available credit lines**.  **[1053706_8cc2756d4d8c423482e75df692abb85a_0]** **[1053706_8cc2756d4d8c423482e75df692abb85a_1]** 
- The new issuance will increase **pro forma unsecured debt to total debt to 35%-40%**, enhancing financial flexibility, while gross and net leverage were low at **0.87x** and **0.83x**, respectively.  **[1053706_8cc2756d4d8c423482e75df692abb85a_1]**

BlackRock Private Credit Fund Receives BBB- Rating for Senior Unsecured Notes

- CRA International has achieved **8% to 10% annual revenue growth** for the past 15 years, with profitability growing even faster, and operates with **no debt**, being **100% financed through operations**.  **[1053706_2146197_1]** **[1053706_2146197_2]** 
- The company aggressively returns capital to shareholders, primarily through **stock repurchases (75%)** and a **cash dividend**, resulting in a **13% reduction in share count over the last five years** and a **35% reduction over the last decade**.  **[1053706_2146197_1]** **[1053706_2146197_3]** 
- CRA has demonstrated strong pricing power, achieving approximately **2% to 4% annual price increases**, including in **2025**, without significant rejections or increased write-offs.  **[1053706_2146197_5]** 
- The company serves a high-quality client base, having worked with **85 of the Fortune 100 companies** and **98 of the AMLA top 100 law firms** in the last two years.  **[1053706_2146197_1]** 
- Management anticipates **continued top-line growth** consistent with historical performance and expects **further profit margin expansion** in the coming years.  **[1053706_2146197_3]**

CRA INTERNATIONAL (CRAI)