Relatively long track record of good performance relative to that of peers Diversified funding sources Low leverage High operating leverage because of the internally managed operating structure Higher-than-peers' exposure to industries affected by the COVID-19 pandemic and energy sector Rising nonaccrual ratio A substantial proportion of the portfolio consists of illiquid investments, including equity in lower middle-market companies that could constrain financial flexibility in severely adverse markets The stable outlook reflects Main Street Capital Corp.'s very strong capital position, long track record of good performance, and diversity of funding sources. Over the next 12 months, S&P Global Ratings expects the company to operate with total debt to adjusted total equity (ATE) of less than 1.0x, a substantial cushion to the
