S&P rates Affiliated Managers notes BBB+

Standard & Poor's said it assigned its BBB+ issue-level rating to Affiliated Managers Group Inc.'s proposed senior unsecured notes due in 2025.

The size of the offering has not been finalized and will be subject to market conditions, but, for the purposes of this rating, the agency is assuming the amount will be between $300 million and $400 million.

Affiliated Managers’ long-term issuer credit rating is BBB+ and the outlook is stable.

Management expects to use the majority of the proceeds to pay down its revolving credit facilities. Pro forma for this transaction, the agency expects total debt to remain slightly below $2 billion, with reported debt to EBITDA expected to be 1.5 times to 2 times.

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