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The downgrade reflected S&P’s expectation that CI will operate with debt of four to five times earnings before interest, taxes, depreciation and amortization over the next year, S&P said in a statement late Monday in New York. A CI spokesman didn’t immediately reply to messages seeking comment Tuesday.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
CI’s borrowing, which mounted as it went on an acquisition spree of United States registered investment advisory firms, has become a concern for analysts and investors. The Toronto-based asset manager had about $4.1 billion of net debt outstanding at year-end.Article content, a key step in CI’s plan to raise money, reduce debt and separate its Canadian and U.S. businesses.
CI still has investment-grade ratings from Moody’s Investors Service and DBRS Morningstar. The firm had $391 billion of client assets under management as of March.
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