Moody’s changes Russell Investments to negative

Moody's Investors Service said it changed the outlook on the ratings of Russell Investments Cayman Midco, Ltd. (Russell Investments) to negative from stable.

Concurrently, the agency affirmed the Ba2 corporate family rating and Ba2 senior secured term loan and revolving credit facility ratings.

The outlook change follows the announced dividend recapitalization transaction.

"Today's change in outlook reflects our view that Russell Investments' second dividend recapitalization transaction in two years will result in weaker financial metrics at a time when the company is trying to re-establish sustained top line revenue and organic asset growth," Moody’s vice president, senior analyst Dean Ungar said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.