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S&P trims FEH
S&P said it lowered its issuer credit and issue ratings on FEH Inc. to BB from BB+. The outlook is stable. The recovery rating on the first-lien term loan remains 4 indicating an expectation for a 35% recovery.
Recent market declines, and to a lesser extent net outflows, have reduced FEH's assets under management. “We expect subsequent revenue loss and margin compression to be significant enough to reduce EBITDA to a point where debt to EBITDA rises to 4x to 5x, higher than our previous expectations,” the agency said in a press release.
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