S&P cuts Kestra Advisor

S&P said it lowered its ratings on Kestra Advisor Services Holdings A Inc. and its senior secured debt to B from B+ and removed the ratings from CreditWatch with negative implications.

“The downgrade reflects our expectation for deterioration in profitability, debt-service capacity, and cushion above the debt-to-EBITDA leverage covenant on the firm's revolving credit facility as a result of the Covid-19-related equity market decline and the recent cuts to the federal funds rate,” said S&P in a press release.

The outlook is stable.

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