Och-Ziff Reports 2016 Third Quarter Results
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Fitch Cuts Och-Ziff Capital Management (OZM) Ratings to Junk
November 3, 2016 2:29 PM EDTFitch Ratings has downgraded the Long-term Issuer Default Ratings (IDRs) of Och-Ziff Capital Management Group LLC and its related entities (NYSE: OZM) to 'BB+' from 'BBB-'following the company's release of its 3Q16 earnings and asset flow information yesterday. The ratings remain on Rating Watch Negative. A full list of rating follows at the end of this release.
KEY RATING DRIVERS
IDR AND SENIOR UNSECURED DEBT
The downgrades reflect Fitch's expectation of significantly lower future earnings generation capacity following the announced management fee concessions that OZM has agreed to beginning in... More
Och-Ziff Capital Management (OZM) Misses Q3 EPS by 1c
November 2, 2016 7:44 AM EDTOch-Ziff Capital Management (NYSE: OZM) reported Q3 EPS of $0.05, $0.01 worse than the analyst estimate of $0.06.
Summary
Och-Ziff reached settlements with the U.S. Department of Justice (the DOJ) and the U.S. Securities Exchange Commission (the SEC) in connection with their Foreign Corrupt Practices Act (FCPA) investigations, and agreed to a monetary settlement in the amount of $412.1 million, which was paid in October 2016 (FCPA settlements).Certain of the Companys executive... More