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Fitch downgrades Fortress Investment Group

Fitch Ratings downgraded the long-term issuer default rating of Fortress Investment Group LLC and its related entities to BB from BB+.

The rating agency also affirmed Fortress' short-term issuer default rating at B. The ratings outlook is stable.

Fitch Ratings cited concerns over leverage at the company, saying that it has not declined to levels it had previously anticipated. The rating agency had cut the rating on the company to BB+ from BBB- after its acquisition by SoftBank Group. The deal was funded by a $1.4 billion unsecured debt issuance.