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S&P cuts Icahn Enterprises
S&P said it lowered its ratings on Icahn Enterprises LP, including its long-term issuer credit rating and senior unsecured debt ratings, to BB from BB+. The recovery rating on the senior unsecured notes remains at 3, indicating an expectation for meaningful (65%) recovery in a default.
“IEP has sustained an LTV ratio above 45%, our downside trigger, in each of the first three quarters of 2020, and we anticipate that the ratio will remain above that threshold during the next 12 months,” S&P said in a press release.
The outlook is negative.
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