S&P rates Blackstone notes A+

S&P said it assigned an A+ rating to Blackstone Group LP’s proposed euro-denominated senior unsecured notes.

The size of the offering has not been finalized and will be subject to market conditions, but for the purposes of the rating, the agency said it assumes the amount will be no more than €600 million and no less than €500 million.

The notes will be issued by Blackstone Holdings Finance Co. LLC and fully and unconditionally guaranteed on a joint and several basis by Blackstone Group, Blackstone Holdings I LP, Blackstone Holdings AI LP, Blackstone Holdings II LP, Blackstone Holdings III LP and Blackstone Holdings IV LP.

The long-term issuer credit rating on Blackstone Group is A+ and the outlook is stable.

The company expects to use the majority of the proceeds for general corporate purposes, S&P said.

Pro forma this transaction, assuming the amount of the issue is €500 million, the agency said it expects the company’s total debt-to-adjusted EBITDA will remain at less than 1.5x.

The ratings reflect the company’s strong business risk profile due to the company's solid market position in the global alternative asset-management industry and significant diversification within its business lines, S&P said.

The ratings also consider the company's minimal financial risk given an expectation for a debt-to-EBITDA ratio of less than 1.5x, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.