MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Monday, June 18, 2012 S&P Has Mostly Bad News for AllianceBernstein's Kraus Standard & Poor's Rating Services has downgraded AllianceBernstein. The ratings agency downgraded the firm's long-term debt from AA- to A+ and its short-term debt from A-1+ to A-1. In the report, published on Friday, S&P analysts wrote that outflows and a failure to meet benchmarks have reduced AllianceBernstein's future prospects, and predicted that further outflows are likely. But the downgrade is tempered with positive news -- it notes that the asset manager has a "sound" risk profile and a highly liquid balance sheet. Reuters and P & I Online picked up on the report. It's been a year of strong headwinds for AllianceBernstein. Last month MFWire noted that that the New York-based asset manager's AUM dropped 12 percent last fiscal year. In February, CEO Peter Kraus was forced to lay off about 90 employees. Printed from: MFWire.com/story.asp?s=40341 Copyright 2012, InvestmentWires, Inc. All Rights Reserved |