Fitch cuts Pershing Square, rates bonds BBB

Fitch Ratings said it downgraded Pershing Square Holdings, Ltd.'s long-term issuer default rating and senior unsecured debt rating to BBB from BBB+ and revised the outlook to stable from negative.

Fitch also assigned an expected rating of BBB to the company’s proposed $400 million bonds maturing Aug. 15, 2039.

“The downgrade reflects management's active decision to increase PSH's leverage, combined with the introduction of a dividend and multiple share repurchase programs over the last year,” the agency said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.