S&P cuts Solar Capital view

Standard & Poor's said it revised its outlook on Solar Capital Ltd. to negative from stable. The agency said it also affirmed its BBB- issuer credit rating on Solar.

S&P said the rating actions reflect its view of Solar's restructuring of its largest investment holding, DS Waters of America Inc., which S&P believes increases the investment portfolio's credit risk even though Solar's financial results have remained stable.

In addition, the agency said Solar has a high obligor concentration, mostly resulting from its two largest holdings, DS Waters and Midcap Financial Intermediate Holdings LLC.

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