Fitch cuts Invesco outlook to negative on $1.5B preferred redemption
FROM THE WIRE · FINANCE.YAHOO.COM
Investing.com -- Fitch Ratings revised its outlook on Invesco Plc (NYSE:IVZ) to negative from stable on Tuesday, warning that consecutive debt-funded preferred stock redemptions are exerting sustained pressure on the asset manager's balance sheet leverage. The agency…
Read at the source ↗MARKET IMPACTNEUTRAL✦ News Impact agent estimateTone: expected bearishA negative outlook on a large asset manager's rating can weigh on the stock and cost of debt.AI-generated summary
✦ IN BRIEF · AIAI-generated summary
- 01Fitch revised the Invesco outlook to negative from stable.
- 02The long-term IDR and senior debt remain at 'A'.
- 03Invesco will redeem $1.5 billion of preferred stock using a five-year bank term loan.
NEWS IMPACT AND MARKET REACTIONChange from the reference price
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