S&P MAINTAINS HOLD OPINION ON SHARES OF APOLLO INVESTMENT CORP.
(S&P Capital IQ) Investments fell 2% sequentially in Q3, while debt rose due to a senior note offering. This caused NAV per share to fall to $8.14 from $8.46 in Q2. We note the higher leverage and lower NAV, yet we think issuance of a senior note while rates are low made sense, and we believe NAV growth will resume next quarter as we saw Q3 portfolio yields improve. Net investment income per share of $0.21, vs. $0.63, was in line with our expectations and the Capital IQ consensus forecast. We maintain our $8.50 target price