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S&P acts on business development companies
S&P said it revised its outlooks to negative on Corporate Capital Trust, Goldman Sachs BDC Inc., Hercules Capital Inc., Main Street Capital Corp., Oaktree Specialty Lending Corp., Solar Capital Ltd., TCP Capital Corp. and TPG Specialty Lending Inc.
At the same time, the agency affirmed the issuer credit ratings.
In addition, S&P placed the ratings on CreditWatch with negative implications for Ares Capital Corp., FS Investment Corp. and Prospect Capital Corp.
S&P affirmed the issuer credit ratings on Apollo Investment Corp., BlackRock Capital Investment Corp. and PennantPark Investment Corp. The outlooks remain negative.
The agency said the actions reflect the potential for business development companies to increase leverage significantly following the passage of the Small Business Credit Availability Act.
The act allows BDCs to reduce their asset coverage–a ratio of assets to debt–to 150% from 200%, if they obtain required approvals.
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