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Fitch Rates Several BDCs

|Includes: Solar Capital (SLRC)

Fitch Ratings-New York-09 March 2016: Fitch Ratings today completed its periodic review of Business Development Companies (NYSEARCA:BDCS), which comprises 10 publicly rated firms. The following actions were taken as a result of the peer review:

--American Capital, Ltd.'s ratings were placed on Rating Watch Negative.

--Apollo Investment Corporation's Long-term Issuer Default Rating (IDR) was downgraded to 'BBB-' from 'BBB'. The Rating Outlook is Negative.

--Ares Capital Corporation's Long-term IDR was affirmed at 'BBB'. The Rating Outlook is Stable.

--BlackRock Capital Investment Corporation's Long-term IDR was affirmed at 'BBB-'. The Rating Outlook is Negative.

--Corporate Capital Trust, Inc.'s Long-term IDR was affirmed at 'BB+'. The Rating Outlook is Stable.

--Fifth Street Finance Corp.'s Long-term IDR was downgraded to 'BB' from 'BB+'. The Rating Outlook is Negative.

--FS Investment Corporation's Long-term IDR was affirmed at 'BBB-'. The Rating Outlook is Stable.

--PennantPark Investment Corporation's Long-term IDR was affirmed at 'BBB-'. The Rating Outlook was revised to Negative from Stable.

--Solar Capital Ltd.'s Long-term IDR was affirmed at 'BBB-'. The Rating Outlook was revised to Stable from Negative.

--TPG Specialty Lending, Inc.'s Long-term IDR was affirmed at 'BBB-'. The Rating Outlook is Stable.

Disclosure: I am/we are long SLRC.