CHICAGO, May 26 /PRNewswire/ -- Duff & Phelps Credit Rating Co. (DCR)
has placed its ratings on the Leucadia National Corporations (LUK) on
Rating -- Watch Down. The LUK debt impacted by this rating action is listed
below:
'BBB+' (Triple-B-Plus) rated senior debt
'BBB' (Triple-B) rated senior subordinated debt
'BBB-' (Triple-B-Minus) rated capital securities
This rating action follows LUK's announcement that it has entered into a
definitive agreement to acquire Reliance Group Holdings, Inc. (Reliance).
DCR's action reflects uncertainty surrounding the acquisitions impact on LUK's
liquidity position and capitalization as well as event-risk. LUK's current
ratings reflect the company's extremely strong liquidity and moderate leverage
that has declined significantly in recent years. Reliance has experienced
difficult operating results recently and is more leveraged than LUK.
For additional information, visit DCR's Web site at http://www.dcrco.com
(Quick Search: Leucadia National). DCR's research is also available on
Bloomberg at DCR, FirstCall's BondCall Direct/Research Direct at
http://www.firstcall.com and Multex at http://www.multex.com, as well as
through other third-party providers.
SOURCE Duff & Phelps Credit Rating Co.
 back to top
Related links:
http://www.dcrco.com
CONTACT:
Mark E. Rouck, CPA, CFA, 312-368-2085,
rouck@dcrco.com, or Douglas L. Meyer, CFA, 312-368-2061,
meyer@dcrco.com, both of Duff & Phelps Credit Rating Co.
|
