Fitch sees rating MidCap notes BB

Fitch Ratings said it assigned an expected rating of BB to MidCap Financial Issuer Trust's planned unsecured notes offering of $400 million due 2030.

“The expected rating is equalized with the rating assigned to MidCap Financial's existing senior unsecured debt, as the new notes rank equally in the capital structure. The unsecured debt rating is one notch below the long-term issuer default rating (IDR) of MidCap Financial, which is equalized with the long-term IDR of its direct parent, MidCap FinCo Intermediate Holdings Ltd. (MidCap), a guarantor on the debt,” Fitch said in a press release.

The agency said it does not see the notes hurting MidCap’s leverage, as a portion of the proceeds are expected to be used to repay secured borrowings.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.