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S&P cuts Waddel & Reed to BBB-
S&P said it lowered its issuer credit and senior unsecured ratings on Waddell & Reed Financial Inc. to BBB- from BBB and lowered the short-term ratings to A-3 from A-2.
The outlook is stable.
The agency said the downgrade reflects the company's sustained net outflows, which have caused assets under management to decline to $80.4 billion as of June 30, from $104.4 billion as of Dec. 31, 2015, resulting in significant revenue and EBITDA decline over the same period.
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