12:55 PM EDT, 05/30/2024 (MT Newswires) -- Morningstar DBRS on Thursday downgraded the credit ratings of CI Financial's ( CIXXF ) senior unsecured debentures and the issuer rating of CI's principal subsidiary, CI Investments Inc., to "BBB (low)" from "BBB."

The trends on the credit ratings remain negative.

"The credit rating downgrades reflect the persistently high debt-to-EBITDA ratio and deteriorating fixed-charge coverage ratio, as the Company continues to prioritize buying back shares over deleveraging, a strategy that is expected to continue," the rating agency said.

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