Fitch: Investcorp now stable

Fitch Ratings said it has affirmed the long-term issuer default rating of Investcorp Bank BSC at BB. The outlook has been revised to stable from negative.

The agency said that this action follows the company's resolution of debt maturities coming due in early 2013.

Fitch noted that it had downgraded Investcorp's issuer default rating to BB from BB+ in February 2012 to reflect the agency's concern regarding $648 million of total debt maturing in March and April of 2013. This balance was reduced to $575 million at June 30.

The rating action also reflected concern with respect to the volatility of the company's earnings stream that is highly dependent on asset-based income, the agency said.

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