Standard & Poor's has lowered its debt rating on Fidelity Investments from stable to negative, citing how the company has lost business to competitors and diversified its business into areas other than mutual fund asset management, Bloomberg reports.

"The negative outlook is principally due to the loss of market share caused by the underperformance in domestic equities, as well as the higher risk profile stemming from the investments in noncore businesses," wrote S&P Analysts Charles Rausch and Helene De Luca in a report.

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