UPDATE: Stifel Nicolaus Initiates Buy on Apollo Senior Floating Rate Fund

Stifel Nicolaus initiated its coverage on Apollo Senior Floating Rate Fund

with a Buy rating, based on the fact that senior loans are at the top of the company's capital stricture. Stifel Nicolaus said, "Senior loans are at the top of a company's capital structure. This allows them to be repaid ahead of subordinated debt in the event of a default. Senior loans historically have had recovery rates of approximately 70% after a default." Apollo Senior Floating Rate Fund closed at $18.73 on Friday.