Fitch rates Invesco notes A-

Fitch Ratings said it expects to assign an A- rating to Invesco Finance plc’s 10-year $500 million senior notes.

The notes will be guaranteed on a senior unsecured basis by Invesco Ltd., Invesco Finance’s indirect parent.

The proceeds will be used for general corporate purposes and to repay amounts currently drawn on Invesco’s existing credit facility, Fitch said.

The rating on the unsecured notes is equalized with Invesco’s issuer default rating of A-, reflecting the parent guarantee provided to Invesco Finance by Invesco, the agency said.

The debt is expected to rank pari passu with existing notes issued by Invesco Finance in terms of payment priority, Fitch said.

The ratings consider the company’s strong investment management franchise, AUM growth and diversification, the agency said, and stable leverage.

These strengths are balanced against the sensitivity of the business model to broader financial markets, Fitch added.

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