S&P cuts Och-Ziff, debt to BB

S&P said it lowered its issuer credit ratings on Och-Ziff Capital Management Group LLC, OZ Management LP, OZ Advisors LP, OZ Advisors II LP (collectively, these three partnerships are referred to as the operating group) and Och-Ziff Finance Co. LLC to BB from BB+.

The outlook is negative.

At the same time, the agency downgraded the senior unsecured debt rating to BB from BB+ and revised the recovery rating to 4 (indicating expected recovery prospects of 45%) from 3.

"The downgrade reflects the expense guidance Och-Ziff recently provided on compensation and noncompensation costs, as well as the stable assets under management (AUM) the company has been reporting in the last few months against a rallying market, suggesting that the company is continuing to experience asset outflows," S&P credit analyst Sebnem Caglayan said in a news release.

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