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Bond Market News
Icahn Enterprise Downgraded to B+ by S&P
August 28, 2026
-Vandit P
Icahn Enterprises L.P. was downgraded by a notch to B+ from BB- by S&P. The downgrade reflects persistent losses in Icahn’s investment funds, which fell 18.2% in 1H2026. Investment fund holdings declined to $2.0bn as of end-June, from $5.1bn at the end of 2018. Energy and broad-market hedges significantly contributed to the losses, with energy hedges generating a $523mn loss and broad-market hedges lost $292mn. Icahn’s liquidity also weakened, with cash, equivalents and investment fund stakes declining to $2.3bn. Meanwhile, CVR Energy, Icahn’s largest holding at roughly 30% of gross asset value, has resumed dividends at $0.10/share, but still remains well below its historical $0.50 level. Icahn’s cash flow adequacy is expected to remain below 0.7x over the next 12-18 months. The company plans to address its $1.38bn bond maturity due 2027 through partial repayment and refinancing. However, S&P noted that higher borrowing costs and weak market standing could increase refinancing risks, particularly for the $2.3bn of maturities due in 2029.
Icahn’s 9% 2030s were marginally down to 92.8, yielding 11.4%
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