Fitch rates Blackstone notes A+

Fitch Ratings said it assigned a rating of A+ to the €600 million of 1.5% unsecured notes issued by Blackstone Holdings Finance Co. LLC, a subsidiary of the Blackstone Group LP.

The notes mature April 2, 2029.

The proceeds will be used for general corporate purposes, which could include the funding of co-investment commitments to funds, Fitch said.

While gross leverage levels are expected to increase following the issuance, the agency said it believes the company will continue to maintain a strong liquidity profile.

Fitch said it continues to view the company's ability to access the public bond market and extend its debt maturities favorably, as it provides Blackstone with enhanced funding flexibility.

The ratings also reflect Blackstone's strong competitive position as a global alternative investment manager, experienced management team, solid investment track record, significant fee-earning assets under management and strong operating margins, the agency said.

The ratings are constrained by key man risk, reputational risk and legal and regulatory risk, Fitch said.

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