S&P lowers Sigma Finance

Standard & Poor's said it lowered Sigma Finance Corp.'s issuer credit rating to A from AA-, lowered its senior debt ratings to A-1 from A-1+ and removed the ratings from CreditWatch negative, where they were placed March 18.

The outlook is negative.

The agency said that while it sees many positive factors regarding Sigma, the lowered ratings reflect S&P's view of the ongoing challenges in the credit markets, the potential side effects of repurchase (repo) financing, the absence of new third-party capital investment and the updated results of its stress-case scenario analysis of the company.

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