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Research Update: Prospect Capital Corp. Outlook Revised To Negative; 'BBB' Rating Affirmed Nov 11 Product Image

Research Update: Prospect Capital Corp. Outlook Revised To Negative; 'BBB' Rating Affirmed Nov 11

  • Published: November 2011
  • Standard & Poors

Abstract
We revised our outlook on Prospect Capital Corp. (PSEC) to negative from stable and affirmed our 'BBB' counterparty credit rating. The negative outlook reflects our view of PSEC's net investment income, which was insufficient to cover its dividends to shareholders during past two fiscal years. We do not anticipate that PSEC's leverage will exceed a debt-to-equity ratio of 0.65x from all funding sources as the company grows the investment portfolio. On Nov. 22, 2011, Standard & Poor's Ratings Services revised its outlook on Prospect Capital Corp. (PSEC) to negative from stable and affirmed the 'BBB' counterparty credit rating. The rating actions reflect our view that although the company's net investment income has increased significantly since 2009, it has not kept...

Companies mentioned in this report are:
- Prospect Capital Corp.

Action: Affirmed
Action: Outlook: Negative

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating READ MORE >

- Prospect Capital Corp.

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