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Moody's affirms AllianceBernstein; outlook negative
Moody's Investors Service said it has affirmed the A1 senior debt rating of AllianceBernstein LP and changed the outlook to negative from stable.
Moody's stated that AllianceBernstein's outlook change to negative reflects continued declines in earnings capacity primarily due to the dramatic drop in equity markets since 3Q08.
Adding to the impact of the markets has been below benchmark investment performance and a higher dependency on equity funds, the agency noted.
Moody's vice president/senior credit officer Matthew Noll commented: "AllianceBernstein's AUM declines have exceeded its peers largely due to disappointing investment performance in 2008."
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