Friedman, Billings Ramsey & Co. analyst Matt Snowling revised his rating on Legg Mason stock downward, from "market perform" to "underperform," due to concerns over Legg Mason's $3.9 billion exposure to structured investment vehicles, according to Reuters. In his research note, Snowling noted that the support agreements betweeen Legg and the SIVs are due to begin expiring this month and their asset values remain under pressure.  

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