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DBRS cuts CI Financial debentures
DBRS said it downgraded the rating of the senior unsecured debentures issued by CI Financial Corp. and the issuer rating of CI Investments Inc. to BBB (high) from A (low).
The trend was changed to negative.
The agency said the downgrades reflect concerns that CI’s growing debt levels have led to deterioration in the company’s financial flexibility as indicated by its leverage and fixed-charge coverage ratios.
DBRS said that the proceeds of the company’s increased debt appear to be absorbed by share capital repurchases and dividend payments rather than by investment in the company’s operations.
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