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Article: MOODY'S CHANGES LEGG MASON'S OUTLOOK TO NEGATIVE
- Article from:
- Info-Prod Research (Middle East)
- Article date:
- December 16, 2007
CopyrightCopyright 2007 Info-Prod Research (Middle East). Provided by ProQuest LLC. (Hide copyright information)
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Moody's Investors Service has affirmed theA2 senior unsecured
debt rating on Legg Mason, Inc. (Legg Mason, NYSE:LM)and has changed
the rating outlook to negative from stable. The outlookchange was
driven by the challenges the company currently faces withregards to
the uncertainty of impending losses that Legg Mason may incurin
order to protect the net asset values (NAV) of several money
marketfunds managed by the company's affiliate, Western Asset
ManagementCompany (Western Asset), the investment performance of
several Legg Masonequity funds, margin improvements, and CEO
succession. Moody's stated that exposure to obligations of
structured investment vehicles (SIVs) and other asset backed ...