S&P: Solar Capital notes BBB-

S&P said it assigned a BBB- rating on Solar Capital Ltd.'s $50 million of senior unsecured notes due 2022.

The long-term issuer credit rating is BBB- with a stable outlook.

The proceeds will be used to pay down its revolving credit facility, fund new portfolio investments and for general corporate purposes, S&P said.

The company’s leverage should then remain at about 0.48x, the agency said.

The ratings reflect an expectation that the company will continue to generate strong interest coverage through recurring earnings while operating with low leverage, S&P said.

The stable outlook also considers an expectation that management will continue to manage credit risk well and maintain adequate liquidity, the agency said.

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