S&P lowers Rialto to negative

Standard & Poor’s said it revised the outlook on Rialto Holdings LLC to negative from stable.

The agency said it affirmed the rating on the company’s senior unsecured notes at B+ and B.

The announced departure of a group of employees within Rialto’s investment management unit weakens the stability of the investment-management group and perhaps its ability to launch new investment funds, S&P said.

Positively, Rialto’s senior management team remains largely in place and has elevated experienced subordinate employees to fill the vacancies left by the departures, the agency said.

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