S&P trims HGIM view to negative

Standard & Poor’s said it revised its outlook to negative from stable and affirmed its B corporate credit rating on HGIM Corp.

S&P is also affirming the B issue-level rating and 3 recovery rating on the company’s senior secured debt. The 3 recovery rating indicates an expectation of meaningful recovery (higher end of the 50%-70% range) in the event of a default.

“The negative outlook reflects our reduced expectations for HGIM’s utilization and dayrates, which result in weaker credit measures than originally anticipated for 2015 and 2016,” said S&P credit analyst David Lagasse in a news release.

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