Fitch cuts American Capital

Fitch Ratings said it downgraded American Capital Strategies LLC's issuer default and senior Unsecured debt ratings to BBB- from BBB. Ratings remain on Rating Watch negative.

The downgrades reflect Fitch's belief that unrealized depreciation on the portfolio will be beyond expectations in the fourth quarter of 2008, which will reduce, or potentially negate, cushion on the company's asset coverage ratio and tangible net worth covenant, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.