S&P Global Ratings revised its outlook on Prospect Capital Corp. to negative from stable, and affirmed the company's issuer credit and senior unsecured debt ratings at BBB-.
The outlook revision reflects the rating agency's view that the company's investment portfolio risk has increased, considering the elevated levels of loans on nonaccrual status and unrealized depreciation, particularly in some of its largest holdings.
In affirming the ratings, S&P Global Ratings considered Prospect Capital's strong capital position, favorable funding profile, scale and diversified origination capabilities.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.
