Moody's affirms C.G. JCF

Moody's Investors Service said it has affirmed the B2 corporate family rating of C.G. JCF Corp., the holding company for Crump Group, as well as the B2 ratings on the company's senior secured credit facilities.

The outlook was changed to negative from stable based on significant shortfalls in the company's revenues and EBITDA versus the levels anticipated when Crump Group acquired the life and commercial insurance services and the retirement services operations of the BISYS Group, Inc. in August 2007, the agency added.

Moody's noted that Crump Group's underperformance has been driven mainly by the weak U.S. economy, financial market turmoil and the soft pricing environment for property & casualty insurance.

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