DBRS downgrade April 26 they were downgraded to BB and a week later CCC. Yikes!
DBRS Downgrades Home Capital Group Inc. to CCC, Home Trust Company to B; Maintains All Ratings Under Review - Negative
DBRS Limited (DBRS) has today downgraded Home Capital Group Inc.’s (HCG or the Group) Senior Debt rating to CCC from BB and its Short-Term Instruments rating to R-5 from R-4. Additionally, DBRS has downgraded the ratings of Home Trust Company (HTC or the Trust Company), HCG’s primary operating subsidiary, including the Issuer Rating as well as the Deposit and Senior Debt rating to B from BB (high). DBRS has also downgraded the Trust Company’s Short-Term Instruments rating to R-5 from R-4. All ratings remain Under Review with Negative Implications. DBRS has also lowered HTC’s Intrinsic Assessment to B from BB (high).The Support Assessment for HTC remains SA3, which implies no expected systemic support for the Trust Company.