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Standard & Poor's lowers outlook on MF Global
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NEW YORK - Standard & Poor's Ratings Services downgraded MF Global Ltd.'s rating outlook Thursday, citing a decline in customer accounts, lower cash flow and high turnover among management.
The ratings agency said MF Global's outlook is now "Negative," down from "Stable."
Standard & Poor's affirmed the futures and options broker's "BBB," investment-grade credit rating, however.
In a note, Standard & Poor's analyst Robert Hansen said "we think the new management team assembled has significant and relevant experience."
The company's shares fell 22 cents, or 9.2 percent, to close at $2.18.
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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