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S&P gives MidCap Financial notes B+
S&P said it assigned its B+ issue credit rating to MidCap Financial Issuer Trust's planned issuance of $400 million of senior unsecured notes due 2030.
“Our B+ rating on MidCap FIT's senior unsecured notes is one notch below our issuer credit rating on the company, reflecting significant amounts of priority senior secured debt. We expect MidCap to maintain assets in excess of amounts necessary for repayment of priority debt at least equal to the amount of its unsecured debt outstanding; otherwise, we could lower our unsecured debt rating by another notch to B,” the agency said in a press release.
MidCap intends to use proceeds to repay a portion of its revolving credit facility debt and for general corporate purposes.
The outlook is stable.
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