Standard & Poor's has changed its outlook of Fidelity Investments parent company FMR LLC from negative to stable.

The raised outlook is attributed to Fidelity's strong business and the positive earnings turnaround of its mutual funds, which "should support profitability through normal market cycles," S&P said in its report. The rating is predicted to again rise if FMR can build on recent performance and earn more in domestic mutual funds.

The ratings services also confirmed FMR's A+/A-1 counterparty credit rating and its A+ senior unsecured debt rating.  

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