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Irony? “Credit Crash Warning” Icahn May Be Cut To Junk By S&P
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
zerohedge.com / by Tyler Durden on 02/19/2016 13:47
Having warned – correctly – of the impending collapse of the US credit markets last year, it just seems ironic that Carl Icahn’s firm has been downgraded to “watch negative” from stable by S&P, implying a cut to junk may be imminent. Just as we detailed earlier, activist investors have suffered greatly in the oil rout, and S&P cites declining investment values in the firm’s portfolio, which have smashed the loan-to-value ratio up to 45% (a crucial threshold for the ratings agency).
Full S&P Statement: Icahn Enterprises L.P. ‘BBB-‘ Ratings Placed On CreditWatch Negative On Declining Portfolio Values And Higher Leverage
Icahn Enterprises L.P.’s investment portfolio has lost a significant amount of value in the last several months.
- The firm’s loan-to-value ratio has very likely increased above 45%.
As a result, we are putting our ‘BBB-‘ issuer credit rating and ‘BBB-‘ issue rating on the firm’s senior unsecured debt on CreditWatch with negative implications.
The post Irony? “Credit Crash Warning” Icahn May Be Cut To Junk By S&P appeared first on Silver For The People.
Thanks to BrotherJohnF
Source: http://silveristhenew.com/2016/02/19/irony-credit-crash-warning-icahn-may-be-cut-to-junk-by-sp-2/
