S&P trims FEH

S&P said it lowered its issuer credit and issue ratings on FEH Inc. to BB- from BB. The recovery rating on the first-lien term loan remains 4, indicating average (35%) recovery in default.

“FEH's adjusted EBITDA declined about 21% in the first quarter of 2022, compared with the same period in 2021. As of March 31, 2022, more than 80% of FEH's AUM is subject to market movement and redemption risk, and we expect market volatility to continue over the next 12 months and the company's AUM and earnings to erode further,” the agency said in a press release.

The outlook is negative.

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