Fitch affirms MCG

Fitch Ratings said it has affirmed MCG Capital Corp.'s ratings as follows: long-term issuer default rating at BB+; and senior unsecured debt at BB+.

The outlook remains negative.

The ratings affirmation reflects MCG's reduced funding flexibility as a result of extended disruptions in the capital markets and the expectation that the company will be unable to grow its portfolio of investments until capital market conditions improve and investor confidence is restored, the agency said.

Funding capacity is currently limited to unrestricted cash, cash flows from portfolio investments, and available capacity on secured facilities, although actual draws will be limited by leverage restrictions and collateral requirements, Fitch added.

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