"American Capital Ltd.'s (NASDAQ:ACAS) ratings outlook was upgraded by Standard & Poor's on Wednesday, from Negative to Stable, reports MarketWatch.
American Capital's long-term counterparty credit rating is set at B-.
S&P credit analyst Sebnem Caglayan said in a statement, ""The rating action follows ACAS's significant reduction of debt both at the time of its June 2010 debt exchange and during and after third-quarter 2010.""
Shares of American Capital are trading 1.33% higher Wednesday afternoon at $7.75.
American Capital is an alternative asset manager.
The company, directly and through its global asset management business, invests in employee and management buyouts, private equity buyouts, and early stage and mature private and public companies.
American Capital provides debt and equity to fund growth, acquisitions, recapitalizations, and securitizations.
The company has reported $1.2 billion in sales over the past 12 months and is expected to report $433.8 million in sales in the next fiscal year.
On August 05, 2010, American Capital was upgraded two notches to Hold from Sell at Stifel Nicolaus.
The company is currently above its 50-day moving average (MA) of $118.71 and above its 200-day MA of $98.48.
In the last five trading sessions, the 50-day MA has climbed 2.18%, while the 200-day MA has risen 1.96%."