Fitch turns Investcorp view to negative

Fitch Ratings said it revised the outlook on Investcorp Holdings BSC (Closed) and its related entities' (collectively Investcorp) to negative from stable and affirmed their ratings at BB.

“The negative outlook reflects the decline in Investcorp's fee-related EBITDA (FEBITDA), driven by lower activity fees amid a challenging investment climate and the resulting increase in leverage and weakened interest coverage metrics. These were exacerbated by the rising interest-rate environment, as a large proportion of Investcorp's debt is floating rate. An inability to delever within the next year or two could lead to negative rating action,” Fitch said in a press release.

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