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Kroll cuts ECN Capital
Kroll Bond Rating Agency said it downgraded ECN Capital Corp. to BBB- from BBB.
The downgrade reflects the completion of ECN’s sale of its Service Finance Co., LLC business on Dec. 6, to Truist Bank, a wholly-owned subsidiary of Truist Financial Corp. for $2 billion in cash, KBRA said.
ECN intends to pay a C$7.50 per share special dividend with the bulk of the proceeds.
“The sale of SFC leaves ECN with only two operating subsidiaries (Triad Financial Services and The Kessler Group) and while these subsidiaries are themselves performing well and experiencing solid growth, the transaction reduces ECN’s diversity, earning capacity and growth expectations,” KBRA said in a press release.
The outlook is stable.
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