... are evolving to meet heightened competition, shifting investor preferences, market uncertainty and cost pressures. Rated traditional IMs generally have well-established franchises, with those in the `a' range benefitting from greater scale and diversification. Sub-investment-grade ratings reflect higher leverage and weaker interest coverage resulting largely from acquisition-related debt funding. Fitch's June 2026 peer review of eight rated traditional IMs led to no rating changes, but Allspring's Outlook was revised to Stable from Negative to reflect its strong operating performance after the USD300 million dividend recapitalisation in 2025. Fitch placed First Eagle's ratings on Rating Watch Positive (RWP) following the announced acquisition by Victory Capital Holdings, Inc. and, more recently, the RWP on Schroders was resolved with an upgrade to reflect the likelihood of support following its acquisition by Nuveen, LLC....
