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S&P lowers Allied Capital
Standard & Poor's said it lowered the long-term counterparty credit rating on Allied Capital Corp. to BBB- from BBB+.
The outlook is negative.
"The two-notch downgrade follows today's announcement that Allied would seek additional covenant amendments, after having done so in December 2008. The downgrade also reflects the company's deteriorating performance in a recession that we expect to be longer and deeper than we previously thought," S&P analyst Jeffrey Zaun said in a statement.
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