CI Financial Cut to Junk After Asking S&P to Suspend Ratings
- Shares of Canadian asset manager fall most since mid-March
- Net debt has nearly tripled since 2019 to C$4.1 billion
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CI Financial Corp.’s debt was cut to junk by S&P Global Ratings after the Canadian asset manager asked S&P to stop rating its debt. The shares fell the most in nearly seven weeks.
S&P lowered its issuer credit and senior unsecured debt ratings to BB+ from BBB- following a request from CI “to withdraw our ratings,” according to a statement late Monday. It then dropped coverage to fulfill CI’s wishes.