20Feb
sgx2

S&P warns it may cut Icahn Enterprises to junk status, stock falls

BOSTON:
  • U.S. ratings agency Standard & Poor’s warned on Friday it may cut the credit rating of billionaire investor Carl Icahn’s Icahn Enterprises to junk status after the portfolio absorbed heavy commodity sector losses in the last few months.
  • S&P placed its triple-B-minus issuer credit rating and senior unsecured debt rating of Icahn Enterprises on “CreditWatch with negative implications,” the agency said in a statement.
  • The news weighed on Icahn Enterprises’ stock price, pushing it down nearly 11 percent in afternoon trading to $48.75. In the last 12 months the stock price has been cut in half mainly because its energy investments have been hit by falling commodity prices.
  • Icahn Enterprises has lost “at least $1.4 billion in value” since the end of September, S&P wrote in the statement, adding it thought Icahn’s hedge fund had lost money this year because of bets on energy companies including Chesapeake Energy Corp. and Cheniere Energy Inc., along with miner Freeport-McMoRan Inc., which have fallen. Chesapeake is down 56 percent this year.

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