S&P rates Main Street notes BBB

Standard & Poor's said it assigned its BBB issue-level rating to Main Street Capital Corp.'s proposed $100 million senior unsecured note issuance.

Main intends to use the proceeds to reduce the outstanding balance on its $296 million senior secured revolving credit facility. As of June 30, Main had total debt of $569 million and total assets of $1,549,000,000.

S&P said it expects Main to maintain its moderate leverage. As of June 30, 2014, the company's debt-to-reported equity and debt-to-adjusted total equity (ATE) ratios were 0.59 times and 0.68 times on a last-12-months basis, respectively. The agency expects that these ratios will remain consistent pro forma for today's transaction, leaving Main’s leverage well below the 0.8 times and 1.2 times triggers, which S&P indicated could result in a downgrade.

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