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Moody's downgrades Invesco
Moody's Investors Service said it downgraded all ratings assigned to Invesco Ltd. and its rated affiliates by one-notch.
These include the backed senior unsecured rating of its subsidiary, Invesco Finance plc to A3 from A2 and Invesco's 5.9% fixed rate non-cumulative perpetual series A preference shares to Baa2 from Baa1.
“The downgrade is driven by the challenges Invesco has faced in deleveraging its balance sheet following the acquisition of Oppenheimer Funds, Inc. ("OFI") in Q2 2019. As a result, we now expect the company's leverage ratio, as defined by Moody's, to remain above 2x for an extended period, which we believe is inconsistent with an A2 rating,” Moody’s said in a press release.
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