Ladenburg downgraded BlackRock TCP Capital to Neutral from Buy without a price target following the Q2 report. The results were not good given the increase in non-accruals quarter-over-quarter, the analyst tells investors in a research note. The firm says the deterioration in asset quality and the asset write-downs related to it impacted net asset value and increased leverage ratios in the quarter. It believes this asset quality deterioration will affect BlackRock TCP’s earnings outlook as well.
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