S&P rates Prospect notes BBB

Standard & Poor's said it assigned a BBB senior unsecured debt rating to Prospect Capital Corp.'s $150 million of 6.25% five-year unsecured convertible senior notes due December 2015.

The rating is based on the company's sound financial performance, demonstrated ability to raise equity capital, low leverage and adequate liquidity, S&P said.

The rating also takes into account the company's conservative business strategy of investing primarily in senior or secured loans, the agency said.

Although the company has made some important hires during the past year, the chairman's and president's continued instrumental roles in virtually all aspects of the business hurts the rating, S&P added.

© 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.