S&P revises Icahn Enterprises view to negative

S&P said it revised its outlook on Icahn Enterprises LP to negative from stable and affirmed the BB+ issuer credit and senior unsecured debt ratings.

The recovery rating on the debt issues remains 3, indicating an expectation for meaningful (65%) recovery in the event of a default.

“We anticipate that Icahn's portfolio value deteriorated meaningfully during the first quarter of 2020 amid increased volatility in oil and equity markets,” S&P said in a news release.

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