S&P downgrades Icahn Enterprises rating on investment losses
S&P downgraded Icahn Enterprises (IEP) to 'B+' from 'BB-' due to investment losses, with funds declining 18.2% in H1 2026. IEP's liquidity fell to $2.3B, and its loan-to-value ratio weakened to 61%. The company plans a $700M sale of Pep Boys to boost liquidity and address $1.38B debt maturing in 2027.
