S&P Lowers L-T Issuer Rating on RCS Capital (RCAP) to 'D'
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Moody's Downgrades RCS Capital's (RCAP) Corp. Family Rating to 'Caa3'
January 6, 2016 12:08 PM ESTMoody's Investors Service downgraded RCS Capital Corporation's (RCS) corporate family rating to Caa3 from Caa1, and downgraded its $575 million senior secured first lien term loan and $25 million revolving credit facility to Caa2 from Caa1. At the same time, Moody's affirmed the Ca rating on RCS' $150 million senior secured second lien term loan. The rating outlook is developing.
Moody's said its rating actions follow RCS's announcement that it has agreed in principle with the majority of its first- and second-lien debt holders to amend its capital structure in a pre-arranged Chapter 11 bankruptcy filing.
RATINGS RATIONALE
Moody's said the... More
