S&P changes Pershing Square to negative

Standard & Poor's said it revised its outlook on Pershing Square Holdings Ltd. (PSH) to negative from stable.

At the same time, the agency affirmed its BBB long-term issuer credit rating and its BBB issue-level rating on the company's senior unsecured debt due 2022.

"The outlook revision reflects a substantial drop in PSH's net asset value and, as a result, a worsened ratio of debt-to-total assets to 15.1%, as of Oct. 23, from 12.8% in June 2015," S&P credit analyst Daniel Koelsch said in a news release.

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