S&P lower abrdn

S&P said it lowered its ratings for abrdn plc to BBB+ from A-, its subordinated debt to BBB from BBB+ and its junior subordinated debt to BB+ from BBB-.

“abrdn plc reported lower than expected profitability from its investments segment, continued net outflows, and still high restructuring costs in the first half of 2023.

“We now expect it will take more than two years for EBITDA margins to recover above 20%, leaving margins much weaker than similarly rated peers,” S&P said in a statement.

The outlook is stable.

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