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Moody’s alters Investcorp view to negative
Moody’s Investors Service said it changed the outlook for Investcorp. Holdings BSC and Investcorp Capital Ltd. to negative from stable.
“The change in the company’s outlook to negative from stable reflects the expected impact the economic downturn prompted by the coronavirus will have on Investcorp’s financial performance. Moody’s expects to see this impact through declines in the level of deal fees and fair value of the company’s significant co-investment portfolio which will negatively impact earnings and leverage metrics,” Moody’s said in a press release.
Moody’s said it sees Investcorp’s level of assets under management, liquidity and equity to remain resilient.
The agency affirmed Investcorp’s Ba2 ratings and the Ba2 on Investcorp Capital’s senior unsecured debt ratings.
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