RCS Capital Corp. announced a number of strategic initiatives, including the sale of its wholesale distribution business to Apollo Global Management and the refocus of its business model on Cetera Financial Group, the company`s core retail advice platform. While we view these initiatives as positive in the medium term, the company's second-quarter results indicated significant deterioration in its performance during the first half of 2015. We are revising our outlook to negative from stable. At the same time, we are affirming our ratings on RCS Capital, including our 'B' issuer credit rating. The negative outlook reflects one-third possibility that we could downgrade the company if its business position weakens and its financial performance continues to deteriorate to the extent that
