S&P lowers Loancore

S&P said it downgraded Loancore Capital Markets LLC to B from B+ and the rating on its senior unsecured notes to B- from B.

“Covid-19-related stress has led LoanCore Capital Markets LLC (LCM) to take write-downs on assets, which have caused margin calls, eroded adjusted total equity (ATE), and raised its debt to ATE ratio significantly.

The agency placed both ratings on CreditWatch with negative implications,” S&P said in a press release.

“We are subsequently placing the ratings on CreditWatch negative, reflecting uncertainty around the details of the firm's plans to address the maturity of its $300 million senior unsecured notes due June 1, 2020,” the agency said.

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