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Fitch revises outlook on Azimut

Fitch Ratings on Sept. 6 revised the outlook on Italian investment manager Azimut Holding SpA to negative from stable and affirmed its long- and short-term issuer default ratings at BBB/F2.

The outlook revision follows a similar action on Italy's sovereign rating and reflects the rating agency's view that a downgrade on the sovereign would put pressure on Azimut. The more challenging operating environment will likely impact Azimut's asset values, client risk appetite and net new money flows, effectively putting pressure on the company's profitability and cash flow leverage, the agency noted.