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Moody’s changes Franklin Square view to negative
Moody’s Investors Service said it revised the outlook for Franklin Square Holdings, LP to negative from stable.
“The change in outlook to negative from stable reflects our expectation that the extreme market declines and increasing economic uncertainty unleashed by the coronavirus pandemic and oil price shock will cause the fair value of the company's assets under management (AUM) to decline, resulting in lower management and incentive fee revenue and earnings in 2020, and potentially beyond,” the agency said in a press release.
Moody’s affirmed its Ba1 ratings on the partnership and its first-lien revolver and first-lien term loan.
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