Prospect Capital Corp. Feb 11
Standard & Poors, February 2011
Abstract
Management committed to maintaining low leverage Strong cash earnings generation Conservative underwriting strategy Key-man risk Portfolio still somewhat concentrated in certain sectors Low on-balance-sheet liquidity Standard & Poor's Ratings Services' rating on Prospect Capital Corp. (PSEC) is based on the company's sound financial performance, strong equity capital, and a management commitment to maintaining leverage at conservative levels. The rating also takes into account a portfolio invested primarily in senior or secured loans in the capital structure, the founding principals' investment expertise, and management's side-by-side investment. PSEC has focused on investing in middle-market companies with low leverage and has avoided structured assets and low-tangible-asset industries. PSEC has also successfully integrated its 2009 acquisition of Patriot Capital Funding Inc. (not rated) with...
Companies mentioned in this report are:
- Prospect Capital Corp.
Action: Review
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 of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
- Prospect Capital Corp.
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