Moody's Investors Service and Fitch Ratings cut their credit ratings on UK-headquartered Old Mutual PLC, parent of U.S.-based Old Mutual Asset Management, John Kell reports in Friday's Wall Street Journal Fund Track column. The cut comes amid concerns about Old Mutual's U.S. life insurance and South African businesses. Old Mutual on Wednesday posted a 38 percent drop in earnings and said it planned to streamline operations.

Moody's and Fitch removed the ratings from "watch for downgrade." However, they said their outlooks are negative.

The other portion of the Fund Track column, penned by Ian Salisbury, picked up on Legg Mason's Thursday announcement that its money market funds no longer hold securities issued by structured investment vehicles (see The MFWire, 03/05/06). 

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