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S&P downgrades Franklin Resources

S&P Global Ratings has lowered the long-term issuer creditrating of Franklin Resources A+ from AA- and affirmed its A-1+ short-term issuer credit rating.

The outlook is negative.

S&P Global Ratings said the downgrade reflects the agency'sview that continued asset outflows and challenging investment performance have weakenedFranklin Resources' business risk profile. The ratings also include a favorablecomparable ratings adjustment to reflect the company's stronger business profileand more conservative leverage relative to its peers. The negative outlook reflectsthe rating agency's expectation that it could downgrade the company if its businessprofile continues to weaken due to continued AUM outflows and weak investment performanceover the next 18 to 24 months.

S&P Global Ratingsand S&P Global Market Intelligence are owned by S&P Global Inc.