Fitch Ratings upgraded Corporate Capital Trust Inc.'s long-term issuer default and secured debt ratings to BBB- from BB+.
The outlook to the ratings is stable. The rating agency withdrew the ratings following the acquisition of Corporate Capital Trust by FS Investment Corp., which was renamed FS KKR Capital Corp.
Fitch believes that the merger of the two business development companies will improve the scale and competitive positioning of its platform. The merger will allow FS KKR Capital to participate in larger deals and should also allow certain operating synergies and cost efficiencies.