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Fitch downgrades Och-Ziff Capital's long-term issuer default rating

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Fitch downgrades Och-Ziff Capital's long-term issuer default rating

Fitch Ratings downgraded Och-Ziff Capital Management Group LLC and its related entities' long-term issuer default ratings to B+ from BB-.

The rating agency also affirmed the senior secured debt rating at BB- and assigned a recovery rating of RR3.

The ratings outlook is stable.

The downgrade of Och-Ziff's issuer default rating is based on Fitch's expectation for the company's leverage to remain above 5.0x and interest coverage to remain below 3.0x over the outlook horizon. The affirmation of the senior secured debt rating and the assignment of RR3 recovery rating are based on the expectation for "good recovery prospects for the instrument in a stressed scenario."