Credit Suisse analyst Craig Siegenthaler cut his rating on Federated Investors' stock, pointing to the risks facing the money market fund business, Reuters reports. Siegenthaler downgraded the rating from "neutral" to "underperform."

Siegenthaler noted the three major risks facing the business, including net outflows from institutions. He also pointed to the anticipated increase in fee waivers, adding that Pittsburgh-based Federated could see a 35 percent decline in its money market fee rate over the next three quarters because of the waivers. In addition, Siegenthaler pointed to the potential for increased regulation. 

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