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Kroll affirms Prospect Capital ratings, outlook

Kroll Bond Rating Agency affirmed Prospect Capital Corp.'s BBB issuer and senior unsecured debt ratings and negative outlook.

Kroll said the ratings reflect Prospect Capital's diversified $5.45 billion investment portfolio, which is about 66% senior secured first- and second-lien loans to 125 middle-market companies; leverage at 0.68x with no plans to raise that above 1-to-1; and operating history of more than 15 years. The alignment of the senior unsecured rating with the issuer rating reflects a "good level of unencumbered assets," the rating agency said.

Prospect Capital holds 34% of its investments outside of senior secured first- and second-lien debt, a "significant" share compared with peers, according to Kroll, which offsets the positive rating factors. Other concerns offsetting the positives include the company's high and increasing nonaccruals as a percent of debt investments and the relative illiquidity of the investments.