S&P Global Ratings has revised its outlook on to negative from stable and affirmed its issuer credit rating at BBB-.
The negative outlook reflects portfolio deterioration over thelast two quarters as the company added loans to five portfolio companies to nonaccrualstatus, S&P said.
The company's risk position is weaker than other BBB- rated peersas it has a heightened exposure to junior debt securities and higher level of concentrationin its top investments, the rating agency added. Further, S&P said that thereis at least a one-third chance that it may downgrade the company over the next 18to 24 months.
S&P Global Ratingsand Global Market Intelligence are owned by S&P Global Inc.