S&P says it may cut Ackman hedge fund's rating

By Svea Herbst-Bayliss NEW YORK (Reuters) - Billionaire investor William Ackman's already very bad week got worse on Thursday. Rating agency Standard & Poor's said it may cut its BBB rating of Ackman's publicly traded Pershing Square Holdings vehicle in the wake of weak investment returns and a sharp drop in its net asset value. Ackman's Pershing Square oversees roughly $11 billion for wealthy clients, including state pension funds.