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
Neil Anderson, Managing Editor
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