Moody's may cut Man, units

Moody's Investors Service said it placed the debt ratings of Man Group plc and its subsidiaries on review for possible downgrade based on the group's substantial use of leverage and the recent performance of its asset management business.

On review are Man Group Finance Inc.'s Baa1 rated $160 million guaranteed subordinated notes due 2014 and A3 rated $300 million FIX guaranteed senior notes series A, B, C and D and Man Group's A3 rated £400 million 3.750% guaranteed convertible eurobonds due 2009.

Man Group plc GBP400.0 million 3.750% Guaranteed Convertible Eurobonds due 2009 rated A3.

Moody's said the review will focus on Man's ability to reduce or mitigate the level of its effective leverage inherent to its business model.

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