| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers R > Headlines for RCS Capital Corp. > News item |
S&P downgrades RCS Capital
Standard & Poor’s said it lowered the long-term issuer credit rating on RCS Capital Corp. to CCC from B.
The agency also said it lowered the ratings on the company’s first-lien term loan and revolving credit facility to CCC from B and the rating on the company’s second-lien term loan to CC from CCC+.
The outlook is negative.
RCS Capital disclosed a significant impairment charge of $331.7 million for the three months that ended Sept. 30, S&P said.
The impairment charge indicates a substantial deterioration in the company’s business performance, the agency said, which could lead to further deterioration of its financial position and put the company at risk of breaching loan covenants.
Based on its current liquidity position, the company has said its ability to continue as a going concern might depend on successful execution of its strategic plans, S&P added.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.