S&P affirms Pershing Square

S&P said it affirmed its BBB issuer credit and senior unsecured debt ratings on Pershing Square Holdings, Ltd.

The outlook remains negative.

“The affirmation reflects our view that the company has maintained a defensive posture while working through weak investment performance issues. The company has kept a cash balance well in excess of its outstanding debt and has kept leverage low relative to peers we rate similarly,” S&P said in a news release.

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