<p>纽约 --（商业资讯）--KBRA 对 MSC Income Fund, Inc.（纽约证券交易所代码：MSIF 或 “公司”）的 1.5 亿美元、6.34% 的 2029 年到期高级无担保债券赋予 BBB-评级。评级展望为稳定。所得款项将用于偿还现有的担保债务。</p>
<p><strong>关键信用考虑因素</strong></p>
<p>该评级得益于 MSIF 多元化的 13 亿美元投资组合，截至 2025 年第四季度，投资于 150 家投资组合公司（包括股权投资），覆盖 30 多个行业，其中约 77% 的投资组合由高级担保第一留置权贷款组成。前三大投资组合行业为电气设备（9.8%）、机械（8.0%）和商业服务与供应（6.6%），显示出高度的细分投资组合。历史上，MSIF 主要投资于相对竞争较小的下中市场，但已将投资组合转向更多的私人贷款投资，这些投资通常规模稍大，并且是由私募股权基金拥有或收购的公司。我们预计这种动态将继续，因为公司在 2025 年 1 月完成其普通股在纽约证券交易所上市及后续发行，筹集了超过 9000 万美元的新股本后，改变了投资策略，专注于私人贷款投资。</p>
<p>MSIF 保持 SEC 豁免，以与 Main Street Capital Corp.（纽约证券交易所代码：MAIN）共同投资，MAIN 是 MSIF 顾问的所有者，截至 2025 年第四季度，100% 的投资组合与 MAIN 重叠。MSIF 的管理团队在私人信贷市场拥有超过 20 年的丰富经验。MAIN 平台在经济周期中提供了超过 25 年的强劲信用表现历史。</p>
<p>公司的杠杆比率为 0.82 倍，相较于同行较低，尽管我们预计杠杆比率将上升，因为之前的 200% 资产覆盖要求已取消，公司资产增长可能会超过股本增长。这与管理层预期的目标比率 1.15 倍至 1.25 倍一致。我们认为这是合理的，特别是随着专注于高级担保第一留置权的私人贷款投资组合相对于整体资产负债表的增长。</p>
<p>MSIF 的融资结构随着时间的推移变得更加多元化，包括一个担保的循环银行信贷、一个 SPV 资产设施，以及在本次发行后新增的两期高级无担保债券。根据新发行的情况，无担保债务与总债务的比例预计将达到约 50%，这相较于评级同行而言相对强劲，尽管我们注意到该公司有 1.5 亿美元的近期无担保债务到期（2026 年 10 月）。因此，如果在到期之前没有发行额外的无担保债务，我们预计无担保债务与总债务的比例将回落至约 30%，更接近评级同行。截至 2025 年第四季度，公司拥有 9200 万美元的可用信贷额度和 2060 万美元的现金，以应对 1.289 亿美元的未融资贷款承诺和上述的 1.5 亿美元近期债务到期。我们预计公司将在发行高级无担保债券时继续采取机会主义策略。</p>
<p>与这些优势相对的是，非应计贷款的比例为 1.4% 和 4.6%（按公允价值和成本计算），相比于 2024 年第四季度的 1.5% 和 5.6% 略有下降。然而，绝大多数非应计贷款与高级担保第一留置权贷款相关，可能提供更高的回收率。此外，信用优势受到预期主要为担保的融资结构的制约，尽管低杠杆在一定程度上抵消了这一点。进一步的对冲优势是与所有 BDC 相关的潜在风险，例如 MSIF 的流动性资产、作为受监管投资公司的保留收益限制，以及高基准利率、通货膨胀和地缘政治风险的不确定经济环境。</p>
<p>MSIF 成立于 2011 年，是一家马里兰州公司，属于封闭式、外部管理的非多元化投资公司，已选择根据 1940 年投资公司法被视为商业发展公司，并作为 RIC，这意味着公司必须向其股东分配至少 90% 的投资公司应税收入。</p>
<p><strong>评级敏感性</strong></p>
<p>我们不预期在近期至中期内会有评级上调。如果美国经济出现重大下滑，导致 MSIF 的资产质量和杠杆受到负面影响，或者如果监管资产覆盖被违反，则可能考虑评级下调和/或展望变为负面。高级管理层和/或风险管理政策的重大变化也可能导致评级负面行动，但不太可能发生。</p>
<p>要访问评级和相关文件，请点击这里。</p>
<p><strong>方法论</strong></p>
<ul>
<li>金融机构：金融公司全球评级方法论</li>
<li>ESG 全球评级方法论</li>
</ul>
<p>有关准备信用评级所使用的所有实质性重要来源的描述，以及用于确定信用评级的方法（包括任何重要模型和相关关键评级假设的敏感性分析，如适用）可在此处的信息披露表中找到。</p>
<p>有关每个评级类别含义的信息可以在此处找到。</p>
<p>与此评级行动相关的进一步披露可在上述信息披露表中找到。有关 KBRA 政策、方法论、评级标准和披露的更多信息，请访问 www.kbra.com。</p>
<p><strong>关于 KBRA</strong></p>
<p>Kroll Bond Rating Agency, LLC (KBRA) 是主要的信用评级机构之一，作为全方位服务的信用评级机构，已在美国证券交易委员会注册为 NRSRO。Kroll Bond Rating Agency Europe Limited 在欧洲证券和市场管理局注册为信用评级机构。Kroll Bond Rating Agency UK Limited 在英国金融行为监管局注册为信用评级机构。此外，KBRA 被安大略省证券委员会指定为指定评级机构 (DRO)，以便资产支持证券的发行人提交简式招股说明书或货架招股说明书。KBRA 还被台湾金融监督管理委员会认定为合格评级机构，并被美国国家保险专员协会认可为信用评级提供者 (CRP)。</p>
<p>文档 ID: 1013860</p>
<p><img src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1hY3FyOCZzdHk9MjAyNjAzMTMwMTQ3NDlyMQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1hY3FyOCZzdHk9MjAyNjAzMTMwMTQ3NDlyMQ"/></p>
<p>在 businesswire.com 上查看源版本: https://www.businesswire.com/news/home/20260313014749/en/</p>
<p>分析联系人</p>
<p>Bain Rumohr，董事总经理（首席分析师）</p>
<p>+1 312-680-4166</p>
<p>bain.rumohr@kbra.com</p>
<p>Kevin Kent，董事</p>
<p>+1 301-960-7045</p>
<p>kevin.kent@kbra.com</p>
<p>业务发展联系人</p>
<p>Constantine Schidlovsky，高级董事</p>
<p>+1 646-731-1338</p>
<p>constantine.schidlovsky@kbra.com</p>
<p>来源: Kroll Bond Rating Agency, LLC</p>

MSIF

全球上市私募股权 ETF - ProShares

富国 BDC 指数 ETF - VanEck Vectors

Main Street资本

<p>KBRA 已对 MSC Income Fund, Inc.的 1.5 亿美元 2029 年到期的高级无担保债券赋予 BBB-评级，并展望稳定。所得款项将用于偿还现有的担保债务。MSIF 的多元化 13 亿美元投资组合包括 150 家公司，涵盖多个行业，重点投资于私人贷款。该公司的杠杆比率保持在 0.82 倍的低水平，尽管预计这一比例将上升。MSIF 拥有充足的流动性，但面临来自高额非应计贷款和经济不确定性的风险。如果资产质量恶化或监管覆盖率被突破，可能会发生评级下调</p>

<p>NEW YORK--(BUSINESS WIRE)--KBRA assigns a rating of BBB- to MSC Income Fund, Inc.'s (NYSE: MSIF or “the company”) $150 million, 6.34% senior unsecured notes due 2029. The rating Outlook is Stable. The proceeds will be used for repayment of existing secured indebtedness.</p>
<div class="lb-trans"><p>纽约 --（商业资讯）--KBRA 对 MSC Income Fund, Inc.（纽约证券交易所代码：MSIF 或 “公司”）的 1.5 亿美元、6.34% 的 2029 年到期高级无担保债券赋予 BBB-评级。评级展望为稳定。所得款项将用于偿还现有的担保债务。</p>
</div><p><strong>Key Credit Considerations</strong></p>
<div class="lb-trans"><p><strong>关键信用考虑因素</strong></p>
</div><p>The rating is supported by MSIF’s well diversified $1.3 billion investment portfolio spread among 150 portfolio companies (including equity investments) across 30+ industries as of 4Q25, with ~77% of its portfolio consisting of senior secured first lien loans. The top three portfolio sectors are Electrical Equipment (9.8%), Machinery (8.0%), and Commercial Services &amp; Supplies (6.6%), indicating a highly granular portfolio. Historically, MSIF invested primarily into the comparatively less competitive lower middle market but has shifted the portfolio to more exposure to Private Loan investments, which are typically slightly larger, and to companies owned/being acquired by a private equity fund. We expect this dynamic to continue as the company changed the investment strategy to be solely focused on Private Loan investments when it completed the listing of its common stock on the New York Stock Exchange and the follow on offering in January 2025, raising just over $90 million in new equity.</p>
<div class="lb-trans"><p>该评级得益于 MSIF 多元化的 13 亿美元投资组合，截至 2025 年第四季度，投资于 150 家投资组合公司（包括股权投资），覆盖 30 多个行业，其中约 77% 的投资组合由高级担保第一留置权贷款组成。前三大投资组合行业为电气设备（9.8%）、机械（8.0%）和商业服务与供应（6.6%），显示出高度的细分投资组合。历史上，MSIF 主要投资于相对竞争较小的下中市场，但已将投资组合转向更多的私人贷款投资，这些投资通常规模稍大，并且是由私募股权基金拥有或收购的公司。我们预计这种动态将继续，因为公司在 2025 年 1 月完成其普通股在纽约证券交易所上市及后续发行，筹集了超过 9000 万美元的新股本后，改变了投资策略，专注于私人贷款投资。</p>
</div><p>MSIF maintains SEC exemptive relief to co-invest with Main Street Capital Corp. (NYSE: MAIN), the owner of MSIF's adviser and MAIN's affiliates with 100% of the investment portfolio overlapped with MAIN as of 4Q25. MSIF’s solid management team has a long track record working within the private credit markets having been together for 20+ years. The MAIN platform provides a 25+ year history of strong credit performance through economic cycles.</p>
<div class="lb-trans"><p>MSIF 保持 SEC 豁免，以与 Main Street Capital Corp.（纽约证券交易所代码：MAIN）共同投资，MAIN 是 MSIF 顾问的所有者，截至 2025 年第四季度，100% 的投资组合与 MAIN 重叠。MSIF 的管理团队在私人信贷市场拥有超过 20 年的丰富经验。MAIN 平台在经济周期中提供了超过 25 年的强劲信用表现历史。</p>
</div><p>The company's leverage ratio of 0.82x is low relative to peers though we expect leverage to trend up as the prior 200% asset coverage requirement has rolled off and the company’s asset growth will potentially outstrip equity capital growth. This is consistent with management's expected target ratio of 1.15x-1.25x after the regulatory coverage decrease. We view this as reasonable, particularly as the senior secured first lien-focused Private Loan investment book grows in proportion to the overall balance sheet.</p>
<div class="lb-trans"><p>公司的杠杆比率为 0.82 倍，相较于同行较低，尽管我们预计杠杆比率将上升，因为之前的 200% 资产覆盖要求已取消，公司资产增长可能会超过股本增长。这与管理层预期的目标比率 1.15 倍至 1.25 倍一致。我们认为这是合理的，特别是随着专注于高级担保第一留置权的私人贷款投资组合相对于整体资产负债表的增长。</p>
</div><p>MSIF’s funding profile has become more diversified over time and is comprised of a secured revolving bank facility, an SPV asset facility, and now two issues of senior unsecured notes following the subject issuance. Pro-forma for the new issuance, the ratio of unsecured debt to total debt is expected to be ~50%, which is relatively strong compared to rated peers, though we note that the firm has $150 million of near-term unsecured debt maturities (October 2026). As such, to the extent that additional unsecured debt is not issued ahead of the maturity, we would expect the ratio of unsecured debt to total debt to revert to ~30%, more in-line with rated peers. As of 4Q25, the company had adequate liquidity of $92 million in available credit lines and $20.6 million of cash set against $128.9 million of unfunded loan commitments and the aforementioned $150 million of near-term debt maturities. We expect the company to continue to be opportunistic in its issuance of senior unsecured notes.</p>
<div class="lb-trans"><p>MSIF 的融资结构随着时间的推移变得更加多元化，包括一个担保的循环银行信贷、一个 SPV 资产设施，以及在本次发行后新增的两期高级无担保债券。根据新发行的情况，无担保债务与总债务的比例预计将达到约 50%，这相较于评级同行而言相对强劲，尽管我们注意到该公司有 1.5 亿美元的近期无担保债务到期（2026 年 10 月）。因此，如果在到期之前没有发行额外的无担保债务，我们预计无担保债务与总债务的比例将回落至约 30%，更接近评级同行。截至 2025 年第四季度，公司拥有 9200 万美元的可用信贷额度和 2060 万美元的现金，以应对 1.289 亿美元的未融资贷款承诺和上述的 1.5 亿美元近期债务到期。我们预计公司将在发行高级无担保债券时继续采取机会主义策略。</p>
</div><p>Counterbalancing these strengths are elevated non-accruals at 1.4% and 4.6% at FV and cost, respectively, slightly down from 1.5% and 5.6% at FV and cost, respectively, at 4Q24. However, the vast majority of non-accruals relate to senior secured first lien loans, likely providing for higher recovery rates. In addition, credit strengths are counterbalanced by the expected mostly secured funding profile, though somewhat offset by low leverage. Further counterbalancing strengths are potential risks associated with all BDCs such as MSIF’s illiquid assets, retained earnings constraints as a regulated investment company (RIC), and the uncertain economic environment with high base rates, inflation, and geopolitical risks.</p>
<div class="lb-trans"><p>与这些优势相对的是，非应计贷款的比例为 1.4% 和 4.6%（按公允价值和成本计算），相比于 2024 年第四季度的 1.5% 和 5.6% 略有下降。然而，绝大多数非应计贷款与高级担保第一留置权贷款相关，可能提供更高的回收率。此外，信用优势受到预期主要为担保的融资结构的制约，尽管低杠杆在一定程度上抵消了这一点。进一步的对冲优势是与所有 BDC 相关的潜在风险，例如 MSIF 的流动性资产、作为受监管投资公司的保留收益限制，以及高基准利率、通货膨胀和地缘政治风险的不确定经济环境。</p>
</div><p>Incorporated in 2011 as a Maryland corporation, MSIF is a closed-end, externally managed, non-diversified investment company that has elected to be treated as a business development company under the Investment Company Act of 1940 and as a RIC, which, among other things, must distribute to its shareholders at least 90% of the company’s investment company taxable income.</p>
<div class="lb-trans"><p>MSIF 成立于 2011 年，是一家马里兰州公司，属于封闭式、外部管理的非多元化投资公司，已选择根据 1940 年投资公司法被视为商业发展公司，并作为 RIC，这意味着公司必须向其股东分配至少 90% 的投资公司应税收入。</p>
</div><p><strong>Rating Sensitivities</strong></p>
<div class="lb-trans"><p><strong>评级敏感性</strong></p>
</div><p>We do not anticipate a rating upgrade in the near-to-medium term. A rating downgrade and/or Outlook change to Negative could be considered if there is a significant downturn in the U.S. economy with negative impact on MSIF’s asset quality, and leverage, or if regulatory asset coverage is breached. A significant change in senior management and/or risk management policies could also lead to negative rating action, though is not expected.</p>
<div class="lb-trans"><p>我们不预期在近期至中期内会有评级上调。如果美国经济出现重大下滑，导致 MSIF 的资产质量和杠杆受到负面影响，或者如果监管资产覆盖被违反，则可能考虑评级下调和/或展望变为负面。高级管理层和/或风险管理政策的重大变化也可能导致评级负面行动，但不太可能发生。</p>
</div><p>To access ratings and relevant documents, click here.</p>
<div class="lb-trans"><p>要访问评级和相关文件，请点击这里。</p>
</div><p><strong>Methodologies</strong></p>
<div class="lb-trans"><p><strong>方法论</strong></p>
</div><ul>
<li>Financial Institutions: Finance Company Global Rating Methodology</li>
<li>ESG Global Rating Methodology</li>
</ul>
<div class="lb-trans"><ul>
<li>金融机构：金融公司全球评级方法论</li>
<li>ESG 全球评级方法论</li>
</ul>
</div><p><strong>Disclosures</strong></p>
<div class="lb-trans"><p>有关准备信用评级所使用的所有实质性重要来源的描述，以及用于确定信用评级的方法（包括任何重要模型和相关关键评级假设的敏感性分析，如适用）可在此处的信息披露表中找到。</p>
</div><p>A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.</p>
<div class="lb-trans"><p>有关每个评级类别含义的信息可以在此处找到。</p>
</div><p>Information on the meaning of each rating category can be located here.</p>
<div class="lb-trans"><p>与此评级行动相关的进一步披露可在上述信息披露表中找到。有关 KBRA 政策、方法论、评级标准和披露的更多信息，请访问 www.kbra.com。</p>
</div><p>Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.</p>
<div class="lb-trans"><p><strong>关于 KBRA</strong></p>
</div><p><strong>About KBRA</strong></p>
<p>Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.</p>
<div class="lb-trans"><p>Kroll Bond Rating Agency, LLC (KBRA) 是主要的信用评级机构之一，作为全方位服务的信用评级机构，已在美国证券交易委员会注册为 NRSRO。Kroll Bond Rating Agency Europe Limited 在欧洲证券和市场管理局注册为信用评级机构。Kroll Bond Rating Agency UK Limited 在英国金融行为监管局注册为信用评级机构。此外，KBRA 被安大略省证券委员会指定为指定评级机构 (DRO)，以便资产支持证券的发行人提交简式招股说明书或货架招股说明书。KBRA 还被台湾金融监督管理委员会认定为合格评级机构，并被美国国家保险专员协会认可为信用评级提供者 (CRP)。</p>
</div><p>Doc ID: 1013860</p>
<div class="lb-trans"><p>文档 ID: 1013860</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1hY3FyOCZzdHk9MjAyNjAzMTMwMTQ3NDlyMQ" alt="" original-src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260313014749r1&amp;sid=acqr8&amp;distro=nx&amp;lang=en"/></p>
<p>View source version on businesswire.com: https://www.businesswire.com/news/home/20260313014749/en/</p>
<div class="lb-trans"><p>在 businesswire.com 上查看源版本: https://www.businesswire.com/news/home/20260313014749/en/</p>
</div><p>Analytical Contacts</p>
<div class="lb-trans"><p>分析联系人</p>
</div><p>Bain Rumohr, Managing Director (Lead Analyst)</p>
<div class="lb-trans"><p>Bain Rumohr，董事总经理（首席分析师）</p>
</div><p>+1 312-680-4166</p>
<div class="lb-trans"><p>+1 312-680-4166</p>
</div><p>bain.rumohr@kbra.com</p>
<div class="lb-trans"><p>bain.rumohr@kbra.com</p>
</div><p>Kevin Kent, Director</p>
<div class="lb-trans"><p>Kevin Kent，董事</p>
</div><p>+1 301-960-7045</p>
<div class="lb-trans"><p>+1 301-960-7045</p>
</div><p>kevin.kent@kbra.com</p>
<div class="lb-trans"><p>kevin.kent@kbra.com</p>
</div><p>Business Development Contact</p>
<div class="lb-trans"><p>业务发展联系人</p>
</div><p>Constantine Schidlovsky, Senior Director</p>
<div class="lb-trans"><p>Constantine Schidlovsky，高级董事</p>
</div><p>+1 646-731-1338</p>
<div class="lb-trans"><p>+1 646-731-1338</p>
</div><p>constantine.schidlovsky@kbra.com</p>
<div class="lb-trans"><p>constantine.schidlovsky@kbra.com</p>
</div><p>Source: Kroll Bond Rating Agency, LLC</p>
<div class="lb-trans"><p>来源: Kroll Bond Rating Agency, LLC</p>
</div>

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