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S&P cuts LPL view to negative
Standard & Poor’s said it revised its outlook on LPL Holdings Inc. to negative from stable and affirmed the BB- issuer credit rating and senior secured debt ratings on LPL.
“The negative outlook reflects our view that LPL’s adjusted debt to adjusted EBITDA could rise above 4.0x in the coming quarters, from a reported 3.8x as of Dec. 31, 2015,” said S&P credit analyst Trevor Martin in a news release.
“While we primarily focus on capital levels in our analysis of broker-dealers, LPL’s leverage is important because the terms of its debt limit the company to 5.0x debt to adjusted EBITDA.”
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