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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
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