Moody's lowers Man Group

Moody's Investors Service said it downgraded the senior unsecured debt ratings of Man Group plc to Baa1 from A3 and its subordinated debt ratings to Baa2 from Baa1.

Ratings lowered include Man Group Finance Inc.'s $160 million guaranteed subordinated notes to Baa2 from Baa1 and $300 million FIX guaranteed senior notes, series A due 2009, series B due 2011, series C due 2014 and series D due 2007, all to Baa1 from A3, as well as Man Group plc's £400 million 3.75% guaranteed convertible eurobonds due 2009 to Baa1 from A3.

The outlook is stable.

Moody's said the downgrades, which conclude the rating review initiated on Nov. 30, reflect concerns over Man's relatively concentrated sources of revenues and earnings, and the company's high effective leverage.

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