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Moody’s might cut LoanCore
Moody's Investors Service said it placed the B1 rating of LoanCore Capital Markets LLC (formerly Jefferies LoanCore LLC) on review for downgrade.
Moody’s said the action follows LoanCore's announcement that the equity contribution commitment from its owners was reduced to $400 million from $560 million.
LoanCore also announced that CPPIB Credit Investments Inc., a subsidiary of Canada Pension Plan Investment Board, and the real estate investment arm of the Government of Singapore Investment Corp (GIC) and LoanCore management acquired Jefferies Group LLC's 48.5% equity interest in LoanCore.
Following the transaction, LoanCore is now 48% owned by CPPIB Credit Investments, 48% by GIC and 4% by LoanCore management.
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