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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Icahn Enterprises LP    IEP

ICAHN ENTERPRISES LP

(IEP)
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S&P Cuts Rating on Icahn Enterprises to Junk Status

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05/17/2016 | 02:46pm EDT

Standard & Poor's Global Ratings on Tuesday cut its rating on Carl Icahn's investment firm to junk territory, citing the firm's weak investment performance and high borrowing levels.

The one-notch downgrade places Icahn Enterprises LP at double-B-plus, with a stable outlook. Mr. Icahn, best known as a 1980s corporate raider, owns about 90% of Icahn Enterprises. He wasn't immediately available for comment.

S&P credit analyst Clayton Montgomery said Tuesday that the downgrade reflects the weak share price performance of Icahn Enterprises's key portfolio companies, including CVR Energy Inc. and Federal Mogul. Those stocks are off 48% and 31%, respectively, over the past 12 months.

Mr. Montgomery also pointed to Icahn Enterprises's elevated loan-to-value ratio, which S&P projects to remain between 45% and 60% over the next 12 months.

Shares in Mr. Icahn's firm, meanwhile, are down 43% over the past 12 months.

Icahn Enterprises reported investments with a fair market value of about $1.8 billion as of March 31, down from $3.4 billion at the end of the year, according to regulatory filings. The rate of return was negative 12.8%.

Icahn Enterprises has reported negative returns for the past two years.

Mr. Icahn, who like George Soros has warned of a possible repeat of the 2008 financial crisis, on Monday reported he had exited numerous investment positions in the first quarter.

The stock traded fractionally lower on Tuesday afternoon.

Write to Maria Armental at maria.armental@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
CVR ENERGY, INC. -5.58% 40.11 Delayed Quote.16.33%
ICAHN ENTERPRISES LP -1.38% 66.46 Delayed Quote.16.43%
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Financials (USD)
Sales 2019 10 301 M
EBIT 2019 -
Net income 2019 -176 M
Debt 2019 -
Yield 2019 12,0%
P/E ratio 2019 -74,2x
P/E ratio 2020 47,4x
Capi. / Sales2019 1,30x
Capi. / Sales2020 1,08x
Capitalization 13 395 M
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Technical analysis trends ICAHN ENTERPRISES LP
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Mean consensus HOLD
Number of Analysts 2
Average target price 58,50  $
Last Close Price 66,46  $
Spread / Highest target -8,22%
Spread / Average Target -12,0%
Spread / Lowest Target -15,7%
EPS Revisions
Managers
NameTitle
Keith Cozza President, Chief Executive Officer & Director
Carl Celian Icahn Chairman
Sung Hwan Cho Chief Financial Officer & Director
William A. Leidesdorf Independent Director
James Larry Nelson Independent Director
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