Moody's may cut Investcorp

Moody's Investors Service said it said that Investcorp's half year 2009 losses of $511.0 million are in line with expectations and that the Baa3/Prime-3 deposit ratings remain on review for possible downgrade.

On Nov. 12, Moody's said it downgraded Investcorp's ratings to Baa3/Prime-3/D+ from Baa2/Prime-2/C- and put the Baa3/Prime-3 deposit ratings on review for possible further downgrade.

These actions reflected near-term pressures on the bank's financial strength as well as Moody's view on some of the longer-term challenges for the alternative investment sector.

At that time, Moody's noted that it also took note of Investcorp's commitment to raising new capital and deleveraging its balance sheet but also recognized the challenges the bank was likely to face in implementing these plans within the context of a difficult operating environment.

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