Famed activist investor Carl Icahn is on the brink of being junk’d. His Icahn Enterprises is now on credit watch at Standard & Poor’s thanks to his big commodity and energy bets – $CHK $FCX $RIG $LNG, anyone?

S&P has Icahn’s BBB- rated on watch with negative implications and 1-in-2 likelihood that it’ll lower the rating in the next 3 months, which would put IEP in junk territory. IEP has ~$1.2 billion in loans due Jan. 2017.

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Roughly 45% of IEP’s EBITDA was coming from energy-related investments as of June 2015. Shares of IEP are still at 3-year lows and down 50% in the last 12 months.

Carl Icahn's Junk

Carl Icahn’s Icahn Enterprises Heading Towards Junk Territory by Activist Stocks