Icahn Enterprises (IEP), the investment fund helmed by Carl Icahn, may be cut to junk by S&P, Bloomberg reports.
The ratings house put his investment fund on credit watch negative.
It’s been a rough year for Icahn, and his fund’s stock is all you need to see to know it. IEP is down 46% over the last year.
In part, you can chock that up to IEP’s heavy investment in the energy sector. In September energy stocks made up the third largest sector in Icahn’s portfolio.
More on this to come…
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