PARIS (Reuters) – Ratings firm Morningstar on Thursday resumed its coverage of the ‘Allegro’ fund of Natixis’ H2O asset management arm with a “neutral” recommendation, having earlier suspended its coverage on concerns over illiquid assets held by the fund.
The suspension of the fund’s rating had triggered massive withdrawals, which in turn led to a steep decline of the French bank’s share price late last week.
Natixis’ shares, which slumped by around 14% at the end of last week, were up 4% by 0900 GMT. The stock remains down by 4% since the start of 2019.
(Reporting by Inti Landauro; Editing by Sudip Kar-Gupta)