Moody's affirms American Capital

Moody's Investors Service said it affirmed the Baa2 senior unsecured ratings of American Capital Strategies, Ltd.

The affirmation follows the company's announcement of a first quarter decline in net assets, the agency said.

The outlook remains stable.

Moody's said the amount of unrealized depreciation on the portfolio is significant, but that the majority of losses are non-cash and relate to accounting rules to value the investment portfolio at current market values.

The company's loss does not result in any non-compliance with mandated leverage and asset coverage requirements, the agency said.

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