Asset Coverage

Asset Coverage

The extent to which a company can maintain operations at its level of debt. One of the most common ways to measure asset coverage is the asset coverage ratio, which divides the value of tangible assets less current liabilities by the company's total debt outstanding. These liabilities may include preferred dividends and rent. See also: Cash flow coverage ratio, Debt service coverage ratio.
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Sufficient asset coverage provided to senior notes and MRPS as calculated per the fund's asset coverage tests;
Kayne Anderson MLP Investment company (NYSE: KYN) has provided a summary unaudited statement of assets and liabilities and announced its net asset value and asset coverage ratios under the Investment company Act of 1940 (the "1940 Act") as of August 31, 2017, the company said.
Sufficient asset coverage relative to Fitch's published criteria;
Sufficient asset coverage provided to the MRPS as calculated per the fund's asset coverage test;
As of the same date, the fund's asset coverage ratios, as calculated in accordance with the Fitch total and net overcollateralization tests (Fitch OC Tests) per the 'AAA' rating guidelines outlined in Fitch's applicable criteria, were in excess of 100%, which is the minimum asset coverage amount deemed consistent with an 'AAA' rating.
Sufficient asset coverage provided to the Notes and MRPS as calculated per the fund's asset coverage tests;
KEY RATING DRIVERS --Sufficient asset coverage relative to Fitch's published criteria; --The structural protections afforded by mandatory de-leveraging provisions in the event of asset coverage declines; --The equal (pari passu) treatment in point of priority and security with the secured financing facilities of the fund; --The legal and regulatory parameters that govern the fund's operations; --The capabilities of LMPFA and ClearBridge as investment advisor and subadvisor.
30, 2017, the funds' asset coverage ratios, as calculated in accordance with the Fitch total and net overcollateralization tests (Fitch OC tests) per the 'AAA' rating guidelines for the notes and the 'A' rating guidelines for the MRPS, outlined in Fitch's closed-end fund criteria, were in excess of 100%.
The 'AAA' long-term rating primarily reflects: --Sufficient asset coverage provided to the VRDP shares as calculated per the fund's overcollateralization (OC) tests; --The structural protections afforded by mandatory de-leveraging provisions in the event of asset coverage declines; --The legal and regulatory parameters that govern the fund's operations; --Both the short- and long-term ratings also reflect the capabilities of NFA as investment advisor and NAM as subadvisor.
The funds' asset coverage ratios, as calculated in accordance with Fitch total and net overcollateralization tests (Fitch OC tests) per the 'AAA' rating guidelines for the senior notes and the 'AA' rating guidelines for the MRPS, outlined in Fitch's closed-end fund criteria, were in excess of 100%, which is the minimum asset coverage required by the funds' governing documents.
4, 2013, the fund's asset coverage ratios, as calculated in accordance with the Fitch total and net overcollateralization tests (Fitch OC tests) per the 'AAA' rating guidelines outlined in Fitch's applicable criteria, were in excess of 100%, which is the minimum asset coverage amount deemed consistent with an 'AAA' rating.
Sufficient asset coverage provided to the iMTP Shares as calculated under Fitch over-collateralization (OC) tests;