Standard & Poor's Ratings Services has assigned a BBB+ credit rating to Calamos Holdings, due to its outstanding long-term debt.
S&P also gave Calamos a negative outlook, reflecting recent net outflows from the firms funds.
While Calamos strong cash-flow generation provides significant comfort, if overall net flows do not stabilize over the next one to two years the rating could be lowered, Chris Cary, an analyst at S&P, said in a news release Thursday.
Most of the firms funds have trailed the S&P 500 stock index for their one-, three- and five-year returns.
Assets under management at Calamos last year dropped to $24 billion, from $46.2 billion in 2007.
The company introduced two new funds last year to diversify its revenue stream.
Sue Asci is a reporter at InvestmentNews, a sister publication of Pensions & Investments