(Bloomberg) -- Morningstar Inc. cut the rating of Pacific Investment Management Co.’s Total Return Fund, the world’s largest bond fund, to bronze from gold after co-founder Bill Gross’s exit.

The research firm remains “positive overall” on the $222 billion fund, Eric Jacobson, an analyst at the Chicago-based research firm, said in a report dated yesterday. The downgrade was prompted by uncertainty regarding potential capital outflows and the reshuffling of management responsibilities at the Newport Beach, California-based company, Morningstar said.

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