S&P cuts Wendel to negative

Standard & Poor's said it revised the outlook on Wendel to negative from positive.

The agency also said it affirmed the company's BB- long-term and B short-term corporate credit ratings.

S&P also said it affirmed the BB- senior unsecured debt ratings on the company with the recovery ratings on this debt unchanged at 3, indicating 50% to 70% expected recovery in a default.

Wendel's loan-to-value ratio has been rising over the past few weeks because of equity market volatility, which lead to the outlook revision, S&P said

Given the quality, liquidity and size of Wendel's asset portfolio, the agency said it considers that the current ratings on the company can accommodate an LTV ratio of up to 55%.

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