S&P pulls Loancore from watch

S&P said it affirmed its B long-term issuer credit rating on LoanCore Capital Markets LLC and removed it from CreditWatch, where the agency placed it with negative implications on May 7.

“We are affirming our rating on LCM and removing it from CreditWatch because leverage, measured by debt to adjusted total equity (ATE), has declined below 6x following the repayment of $300 million senior unsecured notes on June 1, 2020 and the execution of its COR7 securitization. However, we believe leverage could increase to over 6.5x when the company ramps up new originations,” S&P said in a press release.

The outlook is negative.

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