Moody's Investors Service
has downgraded Fidelity's long-term senior debt because the Boston fund titan has lost its "dominating market share," Bloomberg
reports. Moody's cut the debt rating by one level to A1, but raised its outlook on the company from "negative" to "stable." In downgrading the debt, the ratings agency said Fidelity's inflows have not kept pace with those of its competitors and the development of costly programs has left the company with a significant amount of overhead. The downgrade affects $2.1 billion of notes.
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