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Moody's downgrades UAE-based Mashreq Capital

Moody's on May 17 downgraded United Arab Emirates-based Mashreq Capital (DIFC) Ltd.'s investment manager quality assessment to MQ3 from MQ2, citing weakening management quality.

The downgrade was driven by the high CEO turnover at the company, a reduction in assets under management and the continued weakness of its equity products' investment performance, according to the agency.

"However, the robust track record of Mashreq Capital's fixed-income funds partly offsets these negatives and support the MQ3 rating," Moody's added.