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S&P puts Gamco on watch
Standard & Poor’s said it placed the BBB and A-2 ratings on Gamco Investors Inc. on CreditWatch with negative implications.
The agency also said it placed the BBB rating on the company’s senior unsecured debt on CreditWatch with negative implications.
The CreditWatch action follows news that Gamco will spin off its alternative asset-management and institutional-research services businesses, along with certain cash and other assets, S&P said.
The agency said it does not believe these businesses are very material to Gamco’s earnings or assets under management.
But, S&P added that it does believe spinning these businesses off will have a mild negative effect on Gamco’s diversity and scale.
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