Standard & Poor's Corp. has cut the credit ratings of Apollo Investment Corp., a publicly-traded affiliate of Philadelphia 76ers owner Josh Harris' Apollo Global Managment, to BBB- today, and may cut it again to below investment-grade "to reflect the company's losses and deteriorating asset quality," S&P anaylst Sebnem Caglayan said in a report today.
The company reported realized and unrealized losses of $234 million last year, according to S&P. Unsecured and second-liens secured debt account for nearly two-fifth sof the company's investments, leaving it in a "weak risk position." Loan losses zoomed to 6.5% in December, from 1.