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Fitch lowers American Capital
Fitch Ratings said it has downgraded American Capital Strategies, Ltd. ratings as follows: issuer default rating to CC from B-; and senior unsecured debt to B-/RR2 from B+/RR2.
The ratings remain on rating watch negative.
According to Fitch, the downgrade reflects acceleration of about $400 million of privately placed unsecured debt and concurrent agreement with these creditors to forbear from exercising their rights and remedies.
Fitch said it has notched the senior unsecured debt rating above that of the issuer default rating and assigned a recovery rating of RR2 to reflect that collateral available to the unsecured creditors, even on a stressed basis, provides meaningful protection.
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