Moody’s cuts Mondrian, assigns Ba2-PD rating

Moody's Investors Service said it downgraded the corporate family rating of MIPL Group Ltd. (Mondrian) to Ba2 from Ba1.

Moody's concurrently assigned a Ba2-PD probability of default rating to MIPL Group.

The outlook remains stable.

“The downgrade to Ba2 from Ba1 primarily reflects deterioration in the company's market position and assets under management (AUM) due to sustained net client outflows,” the agency said in a news release.

“These outflows occurred in the context of a long period of sustained global equity market growth, which has meant challenging investment performance for the asset managers in the value space, such as MIPL Group.”

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