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Moody's downgrades abrdn
Moody's Investors Service said it downgraded abrdn plc's long-term issuer rating to Baa1 from A3. Concurrently, Moody's downgraded the subordinate and the preferred stock non-cumulative ratings to Baa2(hyb) and Baa3(hyb), respectively. The outlook changed to stable from negative.
“The downgrade of abrdn's ratings reflects idiosyncratic weaknesses in its credit profile, which have been exacerbated by industry-wide headwinds. The uncertain economic and weakened operating environment will continue to challenge the group's efforts to strengthen its competitive position, return to sustainable organic growth, and reduce its overall cost-to-income ratio. This is despite significant progress made in controlling costs and becoming a leaner organization by focusing on areas of strength,” Moody’s said in a press release.
The improved outlook, the agency said, reflects an expectation that abrdn will continue progressing in its restructuring its investments vector, improving its profitability and addressing headwinds related to investment performance.
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