Standard & Poor's has downgraded Legg Mason's [see profile] debt. Dow Jones' Drew FitzGerald reports that the rating agency pushed the mutual fund firm's credit rating down one notch to BBB (two above junk), with a stable outlook.

The reason for the move, S&P said, is outflows.

"Continued asset outflows in the past three fiscal years have hurt both the company's market position and its financial metrics," S&P analyst Sebnem Caglayan reportedly said. 

Edited by: Neil Anderson, Managing Editor


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