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Moody’s lowers American Realty Capital
Moody's Investors Service said it downgraded the senior unsecured rating of American Realty Capital Properties, Inc. (ARCP) to Ba1 with a negative outlook due to its announcement that chairman Nicholas Schorsch resigned on Dec. 12 and CEO David Kay and president/COO Lisa Beeson resigned on Dec. 15.
Moody's said the action reflects the continued uncertainty surrounding the unsecured debt rating from the accounting, legal and investment banking reviews.
This concludes the review started on Oct. 30.
The negative outlook reflects the uncertainty and the ultimate impact to ARCP's operating and capital structure as the REIT searches for a new management team, in addition to the lawsuits regarding its accounting irregularities, its timely filing of third quarter 2014 and year-end 2014 financials and implementation of better financial controls, the agency said.
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