Moody's affirms Janus

Moody's Investors Service said it has affirmed the Baa3 senior debt rating of Janus Capital Group Inc., following the announcement that the company will raise about $150 million of common equity and $150 million of new convertible notes as part of the company's effort to reduce financial leverage.

Moody's said it has assigned a long-term debt rating of Baa3 to the new convertible notes.

The outlooks remains negative.

Moody's stated that Janus will use the proceeds from its capital raise, plus about $100 million in existing excess cash, to opportunistically reduce nearly 25% of its total debt burden.

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