Standard & Poor’s has downgraded Fidelity Investments’ parent FMR Corp. one level from AA-/A-+ to A+/A-1, citing a 22% decline in assets in 2008 to $1.25 trillion and trailing performance of some of its equity funds.

Operating income also fell, by 18% to $2.36 billion.

A Fidelity spokeswoman noted that the firm is faring much better than other fund companies in the downturn and that the downgrade “is more reflective of the extraordinary market conditions than of the financial footing of Fidelity.”

The company is still rated high quality, investment grade.

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