Moody's downgrades Gamco

Moody's Investors Service said it downgraded the long-term senior unsecured debt rating of Gamco Investors, Inc. to Baa3 from Baa2.

The outlook is stable.

The downgrade primarily reflects growing competitive pressures on small- to medium-sized investment managers, Moody's said, along with the company's ability to manage the challenges.

Weaker-than-peer corporate governance and sales and marketing capabilities have been constraints on the company's rating, the agency said.

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