Standard&Poor's Ratings Services published on Dec. 9, 2014, its revised criteria for rating nonbank financial institutions. Under the new criteria, we are placing greater emphasis on RCS Capital's lack of tangible equity and weak earnings. We have lowered our issuer credit rating on the company to 'B' from 'B+'. The stable outlook reflects our expectation that the company will continue to operate with minimal principal risk exposure, strong risk management, and adequate liquidity. As previously announced, on Dec. 11, 2014, Standard&Poor's Ratings Services lowered its long-term issuer credit rating on RCS Capital Corp. to 'B' from 'B+'. The rating outlook is stable. We also lowered our issue ratings on the company's first-lien term loan and revolving
