S&P lowers AllianceBernstein

S&P said it lowered the long-term issuer credit rating on AllianceBernstein LP to A from A+.

The agency also said it affirmed the company’s A-1 short-term issuer credit rating and A-1 rating on its commercial-paper program.

The outlook is stable.

The downgrades follow a reassessment of the company’s long-term credit rating relative to other similarly rated peers in the asset-management sector, S&P said.

The agency said it now believes the company is better aligned with its A-rated peers due to its financial metrics and market position.

The downgrade also reflects the company’s relative business diversification with a focus on active management, which is expected to remain under pressure, S&P said.

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