S&P: Pershing Square on negative watch

Standard & Poor’s said it placed the BBB issuer credit and senior unsecured issue ratings on Pershing Square Holdings Ltd. on CreditWatch with negative implications.

The negative watch reflects the company’s very weak investment performance, the agency said.

While the company’s debt as a percentage of total assets has increased materially beyond original expectations, liquidity has strengthened and management has taken proactive steps to respond to the turmoil, S&P said.

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