Bulletin: RCS Capital Corp. Ratings Discontinued Following Bankruptcy

NEW YORK (S&P Global Ratings) May 6, 2016--S&P Global Ratings said today it discontinued its ratings on RCS Capital Corp., including its 'D' issuer and issue credit ratings on the company's first- and second-lien loans. We lowered the ratings on the company to 'D' on Jan. 6, 2016, after it disclosed it had entered into forbearance agreements with a majority of first- and second-lien lenders and the holders of its existing convertible notes that allowed the company to forgo the payment of principal and interest that would otherwise have been due on Dec. 31, 2015. RCS Capital is currently in Chapter 11 bankruptcy proceedings. RELATED CRITERIA AND RESEARCH Related Criteria Bank Hybrid Capital And Nondeferrable Subordinated Debt Methodology And Assumptions,

...NEW YORK (S&P Global Ratings) May 6, 2016--S&P Global Ratings said today it discontinued its ratings on RCS Capital Corp., including its 'D' issuer and issue credit ratings on the company's first- and second-lien loans. We lowered the ratings on the company to 'D' on Jan. 6, 2016, after it disclosed it had entered into forbearance agreements with a majority of first- and second-lien lenders and the holders of its existing convertible notes that allowed the company to forgo the payment of principal and interest that would otherwise have been due on Dec. 31, 2015. RCS Capital is currently in Chapter 11 bankruptcy proceedings. RELATED CRITERIA AND RESEARCH Related Criteria + Bank Hybrid Capital And Nondeferrable Subordinated Debt Methodology And Assumptions, Jan. 29, 2015 + Nonbank Financial Institutions Rating Methodology, Dec. 9, 2014 + Issue Credit Rating Methodology For Nonbank Financial Institutions And Nonbank Financial Services Companies, Dec. 9, 2014 + Group Rating Methodology, Nov....

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