S&P changes Russell Investments view downward

S&P said it revised the outlook on Russell Investments Cayman Midco Ltd. to negative from stable and affirmed its BB- issuer credit and first-lien term loan ratings. The recovery rating on the first-lien term loan remains 4, indicating the expectation for a 45% recovery.

“The outlook revision reflects that current market volatility has significantly lowered Russell Investments' asset values, and we expect it to negatively affect earnings for the first quarter of 2020. There is strong potential for AUM (assets under management) to continue to decline, be it through redemptions or continued market depreciation,” said S&P in a press release.

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