KBRA Affirms Ratings for Goldman Sachs Private Credit Corp.

KBRA affirms the issuer and unsecured debt ratings of BBB for Goldman Sachs Private Credit Corp. ("GSCR" or "the company"). The rating Outlook is Stable.

Key Credit Considerations

The ratings and Stable Outlook are supported by GSCR’s ties to Goldman Sachs’ $3.45 trillion assets under supervision, including $82 billion senior direct lending platform, along with SEC exemptive relief to co-invest with GS affiliates. GS provides the company with access to capital through its significant wealth channels, robust deal sourcing throughout the GS organization, research, a 400+ sponsor network, and strong bank relationships. GSCR has a solid management team, which has a long track record working within the private debt markets with each member of senior management having 22+ years of experience in the industry.

The ratings are also supported by GSCR’s $11.6 billion investment portfolio comprised almost entirely of first lien senior secured loans (97.5%), including 2.8% first lien senior secured last out unitranche loans. As of September 30, 2025, the median portfolio company EBITDA was $109 million. The top three sector concentrations are Software (15.5%), Financial Services (10.1%), and Commercial Services & Supplies (7.2%). With an unseasoned portfolio, non-accruals remain low at 0.2% at cost and fair value.

The company provides shareholder liquidity through quarterly tenders. From inception through October 31, 2025, the company raised $8.3 billion in equity with ~$366 million in redemptions. As of September 30, 2025, the company had adequate liquidity with $2.5 billion in available credit lines and $644.4 million in cash/equivalents set against no near-term debt maturities and ~$4 billion in unfunded commitments, of which, a portion is tied to covenants and transactions and is not expected to be drawn. In 2Q25, the company issued its inaugural unsecured debt issuance of $1 billion, followed by $900 million of issuances subsequent to third quarter end. These issuances post 3Q25 increased pro forma unsecured debt to total debt to 47.3%, providing a lower level of asset encumbrance for the benefit of unsecured noteholders and greater financial flexibility. About 21% of investments are liquid, mostly BSLs which adds another layer of liquidity. Gross leverage was low at only 0.51x, reflective of the company’s strong capital raises (averaging $1.1 billion per quarter in 2025) and the company's conservative investment deployment. GSCR targets its leverage at 1.0x, lower than its peers, for increased liquidity for potential redemptions as a continuously offered perpetual BDC.

Counterbalancing the strengths are the potential risks related to GSCR’s illiquid assets, retained earnings constraints as a RIC, and uncertain economic environment with high base rates, inflation, and geopolitical risks, as well as an unseasoned investment portfolio.

GSCR is an externally managed, non-diversified closed-end management investment company that has elected to be treated as a Business Development Company (BDC) under the 1940 Act and intends to elect to be treated as a RIC, which, among other things, must distribute to its shareholders at least 90% of the company’s investment company taxable income. The company was formed as a Delaware Corporation in March 2022, began investing activities in April 2023, and is managed by Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC. The company’s public BDC, Goldman Sachs BDC, Inc. (NYSE: GSBD) is rated by KBRA (Issuer and Senior Unsecured Debt Ratings: BBB/Stable Outlook).

Rating Sensitivities

Over the medium term, a rating upgrade is not expected. A rating downgrade and/or Outlook change to Negative from Stable could be considered if there is a significant downturn in the U.S. economy with negative impact on GSCR’s earnings performance, asset quality, and leverage. A significant change in senior management and/or risk management policies could also lead to negative rating action.

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Methodologies