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Fitch rates Apollo Investment BBB
Fitch Ratings said it assigned BBB long-term issuer default and senior secured debt ratings to Apollo Investment Corp.
The outlook is stable.
The agency said the ratings reflect Apollo's consistent operating performance, moderate portfolio investment and industry concentrations, solid asset quality, experienced management team, low leverage and the company's access to deal flow and investment resources from global asset manager, Apollo Global Management, LLC.
Rating constraints reflect the company's short operating history, limited funding flexibility to date, dependence on the capital markets to fund portfolio growth and intense competition in the middle-market space, Fitch added.
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