S&P cuts Man Group outlook

Standard & Poor's said it revised its outlook on Man Group plc to negative from stable.

At the same time, the agency said it affirmed the BBB/A-2 long- and short-term counterparty credit ratings on Man.

S&P said the outlook revision reflects an at least one-in-three probability if a downgrade if the agency perceives that Man's business or financial profile no longer supports the current rating due to persistent weak investment performance and net fund outflows.

The agency said it believes continued investment underperformance and weak fund flows will weaken the stability of the franchise.

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