Fitch Assigns Long-Term IDR of 'BBB' to Apollo Investment (AINV)
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Fitch Ratings assigns a long-term Issuer Default Rating (IDR) of 'BBB' to Apollo Investment Corporation (Nasdaq: AINV). The Rating Outlook is Stable. Approximately $1.6 billion of debt is affected by this action.
Fitch has assigned the following ratings with a Stable Outlook:
Apollo Investment Corporation: Long-term IDR at 'BBB'; and Senior secured debt at 'BBB'.
The ratings reflect AINV'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.[SM]
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