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S&P downgrades HGIM, notes to CCC-
S&P said it lowered the corporate credit rating on HGIM Corp. to CCC- from CCC+.
The outlook is negative.
At the same time, the agency downgraded the issue-level rating on the company's senior secured debt to CCC- from CCC+. The recovery rating remains 3, indicating an expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default.
S&P said the downgrade reflects the increased likelihood, in its opinion, that HGIM will enter into a capital restructuring plan or debt exchange that it would view as distressed within the next six months.
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