RCS Capital Corp. announced a planned acquisition of Cole Capital Partners LLC and Cole Capital Advisors Inc. (together, Cole Capital) from American Realty Capital Properties Inc. for approximately $700 million. This transaction is the latest in a rapid series of acquisitions, which have broadened the company's suite of investment products, but also have made the company's financial performance more opaque. As a result, we are revising our rating outlook to negative from stable. At the same time, we are affirming our ratings on RCS, including our 'B+' issuer credit rating. The negative outlook reflects our opinion that RCS' rapid acquisition strategy creates opaqueness of its financial information, which could result in a financial profile that no longer supports the current
