S&P Global Ratings on Jan. 24 upgraded F&C Asset Management Plc's long- and short-term counterparty credit ratings to A-/A-1 from BBB+/A-2 and revised the outlook on the long-term ratings to stable from positive.

The agency subsequently withdrew the ratings at the issuer's request.

The upgrade reflects S&P's upward revision of the company's financial risk profile, while the stable outlook reflects the agency's expectation that the company's AUM outflows will likely decline, among other factors.

F&C, which was acquired by Bank of Montreal unit BMO Global Asset Management (Europe) Ltd. in May 2014, is now branded as BMO GAM Europe.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.