Standard & Poor’s has announced:
it revised its outlook on IGM Financial Inc. (IGM) to negative from stable. At the same time, Standard & Poor’s affirmed its ratings on IGM, including the ‘A+/A-1’ long- and short-term counterparty credit ratings.
…
The negative outlook is based on our view of continuing uncertainties in 2009 that could lead to lower AUM and as such, to a lower basis for recurring revenues. We could lower the ratings if additional events during 2009 result in further, significant reductions in AUM, such as ongoing weak equity market performance or increased customer redemptions. We could revise the outlook to stable if there is evidence that markets (and as such, levels of AUM) stabilize at current levels or even improve. We believe that IGM’s strong balance sheet and prudent management still provide it with strong financial flexibility and mitigate the currently reduced levels of AUM and revenues. A
negative outlook is not necessarily a precursor to a downgrade or a CreditWatch placement. A negative outlook means that we consider there to be at least a one-in-three probability of a downward movement in a long-term counterparty credit rating over the intermediate term.
IGM.PR.A is tracked by HIMIPref™. It is incorporated in the OperatingRetractible sub-index.
This entry was posted on Friday, March 6th, 2009 at 9:07 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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IGM.PR.A: S&P Affirms Rating but "Outlook Negative"
Standard & Poor’s has announced:
IGM.PR.A is tracked by HIMIPref™. It is incorporated in the OperatingRetractible sub-index.
This entry was posted on Friday, March 6th, 2009 at 9:07 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.