Research Update: Loancore Capital Markets LLC Downgraded To 'B' On Asset Write-Downs; Ratings Placed On CreditWatch Negative - S&P Global Ratings’ Credit Research

Research Update: Loancore Capital Markets LLC Downgraded To 'B' On Asset Write-Downs; Ratings Placed On CreditWatch Negative

Research Update: Loancore Capital Markets LLC Downgraded To 'B' On Asset Write-Downs; Ratings Placed On CreditWatch Negative - S&P Global Ratings’ Credit Research
Research Update: Loancore Capital Markets LLC Downgraded To 'B' On Asset Write-Downs; Ratings Placed On CreditWatch Negative
Published May 07, 2020
5 pages (1968 words) — Published May 07, 2020
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

COVID-19-related stress has led LoanCore Capital Markets LLC (LCM) to take write-downs on assets, which have caused margin calls, eroded adjusted total equity (ATE), and raised its debt to ATE ratio significantly. As a result, we are lowering our issuer credit rating on LCM to 'B' from 'B+'. At the same time, we are lowering the rating on its senior unsecured notes to 'B-' from 'B'. We are subsequently placing the ratings on CreditWatch negative, reflecting uncertainty around the details of the firm's plans to address the maturity of its $300 million senior unsecured notes due June 1, 2020. On May 7, 2020, S&P Global Ratings lowered its long-term issuer credit rating on LoanCore Capital Markets LLC (LCM) to 'B'

  
Brief Excerpt:

...Research Update: Loancore Capital Markets LLC Downgraded To 'B' On Asset Write-Downs; Ratings Placed On CreditWatch Negative...

  
Report Type:

Research Update

Issuer
Loancore Capital Markets LLC
Sector
Global Issuers
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Loancore Capital Markets LLC Downgraded To 'B' On Asset Write-Downs; Ratings Placed On CreditWatch Negative" May 07, 2020. Alacra Store. May 07, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Loancore-Capital-Markets-LLC-Downgraded-To-B-On-Asset-Write-Downs-Ratings-Placed-On-CreditWatch-Negative-2426673>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Loancore Capital Markets LLC Downgraded To 'B' On Asset Write-Downs; Ratings Placed On CreditWatch Negative May 07, 2020. New York, NY: Alacra Store. Retrieved May 07, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Loancore-Capital-Markets-LLC-Downgraded-To-B-On-Asset-Write-Downs-Ratings-Placed-On-CreditWatch-Negative-2426673>
  
US$ 225.00
$  £  €
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