Fitch affirms Allied Capital

Fitch Ratings said it affirmed Allied Capital Corp.'s long-term issuer default rating at BBB.

The outlook is stable.

The affirmation reflects Allied's well-defined operating strategy, solid historical operating performance, relatively stable asset quality, low leverage and fully unsecured funding profile, Fitch said.

Constraints reflect outsized exposure to Ciena Capital LLC, reliance on access to the capital markets to fund growth and competition in the core private finance business, the agency noted.

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