S&P downgrades Och-Ziff further into junk territory

MARKETWATCH | on Mon, Mar 20, 3:56 PM

S&P Global Ratings on Monday lowered Och-Ziff Capital Management LLC's OZM, -3.77%[1] credit rating to BB from BB+, pushing it deeper into junk territory. "We now believe that the company's fixed costs are a bigger proportion of its expense base than we initially projected, which results in lower EBITDA at a time when the company's revenues are under stress due to lower assets under management and a lower management fee rate," said Sebnem Caglayan, a credit analyst at S&P Global Ratings. BB g...

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