Fitch cuts Capmark Financial

Fitch Ratings said it downgraded Capmark Financial Group Inc.'s long-term issuer default and senior debt rating to BBB- from BBB and affirmed the long-term issuer default rating of Capmark Bank at BBB.

The outlook is revised to negative from stable.

Fitch said the downgrade reflects increasing challenges in the commercial real estate market and the credit market dislocation that has caused the company to reduce origination volumes and exit the European market.

The agency said it believes that through a combination of asset sales and loan repayments, Capmark's liquidity will remain adequate to address near-term debt maturities.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.