S&P cuts AllianceBernstein

Standard & Poor's said it lowered its long-term issuer credit rating on AllianceBernstein LP to A+ from AA-. The outlook is negative.

At the same time, the agency said it also lowered its short-term issuer credit rating on the company to A-1 from A-1+.

"The downgrade reflects our opinion that sustained net asset outflows have reduced the company's fee base and profitability," said S&P credit analyst Chris Cary in a news release.

"We recognize that some of the deterioration in assets under management is a result of market depreciation and volatility," said Cary.

"But the underperformance of benchmarks in the firm's large cap equity products leads us to believe that net asset outflows might continue, further pressuring fee earnings."

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