RCS Capital disclosed that it has 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. The company also disclosed that it intends to file a voluntary petition for a prearranged Chapter 11 bankruptcy in late January 2016. We are lowering our issuer credit rating on the company to 'D' from 'CCC' and the issue credit ratings on the company's first-lien term loan, revolving credit facility, and second-lien term loan to 'D'. On Jan. 6, 2016, Standard&Poor's Ratings Services lowered its long-term issuer credit rating on
