S&P lowers, withdraws FIG

S&P said it lowered the issuer credit rating on FIG LLC to BB- from BBB and removed the rating from CreditWatch, where it was placed with negative implications on Feb. 21, 2017.

Subsequently, the agency withdrew all of the ratings on FIG at the company's request.

The outlook was positive at the time of withdrawal.

S&P said the downgrade reflects the closing of SoftBank Group Corp.'s acquisition of Fortress Investment Group. Along with the transaction close, Fortress has paid off its existing debt obligations, including its senior unsecured revolving credit facility. FIG was the borrowing entity under the facility.

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