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S&P changes outlook on UK asset manager BrightSphere

S&P Global Ratings on March 12 revised the outlook on BrightSphere Investment Group PLC to negative from stable and affirmed the U.K.-based asset manager's long-term issuer credit ratings at BBB-.

The rating agency also affirmed the company's senior unsecured rating at BBB-.

The agency noted that the company's assets under management fell in 2018 due to net outflows and market depreciation. The negative outlook reflects the agency's view that organic growth would remain slow while net leverage would rise above 2x.

The agency said it could downgrade the ratings if the company performs with leverage above 2x, while an upgrade is not expected in the next 18-24 months although the agency could change the outlook to stable if leverage remains below 2x.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.