GSC Group, a Florham Park, N.J.-based investment shop overseeing more than $18 billion in assets, has defaulted on its bank loan, according to Moody’s Investors Service.

GSC missed a scheduled payment on its term loan, resulting in the downgrade of its credit facility to 'Ca' from 'Caa1'. Moody's also placed the rating on review for possible further downgrade.

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