NEW YORK, Dec. 9, 2013 (GLOBE NEWSWIRE) -- StoneCastle Financial Corp. (Nasdaq:BANX), an SEC registered closed-end investment company, announced that Moody's Investors Service (Moody's) assigned an A3 rating to StoneCastle Financial's credit facility.
"We are very proud of the rating assigned by Moody's. The A3 rating will enable StoneCastle Financial Corp. to reduce its borrowing cost which should enhance the yield we strive to deliver to our shareholders." said Joshua Siegel, Chairman & CEO of StoneCastle Financial Corp.
In the Moody's press release, it was noted that StoneCastle Financial Corp. "has a strong pro-forma fixed charge coverage of approximately 6x." Moody's also stated that the advisor and affiliates of StoneCastle Financial Corp. "are one of the largest managers of investment funds dedicated to the U.S. community banking sector."
About StoneCastle Financial Corp.
StoneCastle Financial is an SEC registered, closed-end investment company that invests in community banks seeking capital for organic growth, acquisitions, share repurchases and other refinancing activities. StoneCastle Financial targets its investments into community banks that have experienced management teams, stable earnings, sustainable markets and growth opportunities. Its primary investment objective is to provide stockholders with current income, and to a lesser extent, capital appreciation, through investments in preferred equity, subordinated debt and common equity issued by community banks predominantly domiciled in the United States. StoneCastle Financial is managed by its external advisor StoneCastle Asset Management LLC. To learn more, visit www.stonecastle-financial.com.
This press release contains statements that are not historical facts that are forward-looking statements are based on current management expectations that involve substantial risks and uncertainties that could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. Actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of shares of common stock, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in StoneCastle Financial's filings with the Securities and Exchange Commission.
CONTACT: Investor Contact: Stephen Swett 347-887-0399 Media Contact: Brian Ruby 203-682-8268 firstname.lastname@example.org
Source:StoneCastle Financial Corp.