Rating Action: Moody's assigns a Baa3 rating to Owl Rock Core Income Corp.'s proposed senior unsecured notesGlobal Credit Research - 01 Feb 2022New York, February 01, 2022 -- Moody's Investors Service ("Moody's") today assigned a Baa3 rating to Owl Rock Core Income Corp.'s (ORCIC) proposed senior unsecured notes. The transaction has no effect on ORCIC's Baa3 long-term issuer and senior unsecured ratings; the company's issuer outlook is stable.Assignments:..Issuer: Owl Rock Core Income Corp.....Senior Unsecured Regular Bond/Debenture, Assigned Baa3RATINGS RATIONALEMoody's assigned a Baa3 rating to the senior notes based on ORCIC's baa3 issuer credit profile, the priority and proportion of senior unsecured debt in ORCIC's debt capital structure, and the strength of the senior notes' asset coverage. In ranking and rights, the notes are pari passu with ORCIC's existing senior unsecured debt. The company has indicated that the proceeds from the note issuance will be used to repay outstanding secured indebtedness.This issuance is consistent with management's strategy of increasing the proportion of unsecured debt in the fund's capital structure, which Moody's had already incorporated in the company's standalone assessment. Adjusting for new investments funded in the fourth quarter, drawdowns on the company's secured facilities, new equity raised through 3 January 2022, and the proposed issuance, Moody's expects ORCIC to have a secured debt to gross tangible assets ratio below 30%.ORCIC's Baa3 long-term issuer rating reflects the benefits to creditors from its strong capitalization and largely secured investment portfolio. ORCIC has a net debt-to-equity target of 0.9x -- 1.25x, which translates to an asset coverage ratio (ACR) cushion of at least 20%, based on a minimum required ACR of 150%.ORCIC's credit challenges include a funding structure that is relatively concentrated and partially reliant on secured revolving credit capacity. ORCIC also offers partial liquidity to investors through a share repurchase program, representing an incremental liquidity need versus many rated BDCs. The issuer rating incorporates that this potential obligation will continue to be well managed as the fund grows.Moody's also views the company's limited operating history as a credit weakness, having only commenced operations in November 2020 and grown rapidly since. However, Moody's believes this credit challenge is partially mitigated by the extensive experience of Owl Rock's key investment professionals and the solid performance of other more seasoned Owl Rock BDCs.The outlook is stable, reflecting Moody's expectation for ORCIC's rapid growth to be well managed, portfolio diversification to continue to increase, and for the company to further diversify its funding profile over the next 12-18 months. It also reflects Moody's expectation for relatively favorable operating conditions for BDCs that will contribute to stable asset quality, profitability and leverage metrics over the same period.FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGThe ratings could be upgraded if the company: 1) generates stronger and less volatile financial performance than rated peers, with low amounts of realized losses; 2) consistently maintains a debt to tangible equity ratio of less than 1x; 3) improves its liquidity and funding by reducing reliance on secured funding and laddering debt maturities; 4) maintains a high level of its investments in first-lien loans.The ratings could be downgraded if the company: 1) increases debt-to-tangible equity to more than 1.3x; 2) does not maintain a secured debt to gross tangible assets ratio below 30%; 3) does not maintain strong liquidity, including availability under credit facilities with a minimum remaining maturity of at least two years; 4) generates materially weaker or more volatile profitability than rated peers; 5) reduces the proportion of senior secured debt investments to less than 85% of its total investment portfolio; 6) pays dividends that exceed net investment income on a regular basis.The principal methodology used in this rating was Finance Companies Methodology published in November 2019 and available at https://ift.tt/9Um6yrnwf. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.REGULATORY DISCLOSURESFor further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://ift.tt/WKPVXFTHh ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.The rating has been disclosed to the rated entity or its designated agent (s) and issued with no amendment resulting from that disclosure.This rating is solicited. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website https://ift.tt/ZWChueMd3 disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://ift.tt/oa970vcyw Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the UK and is endorsed by Moody's Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. Further information on the UK endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. Clayton Montgomery Vice President - Senior Analyst Financial Institutions Group Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. 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