Fitch rates Russell Investments IDR, debt BB

Fitch Ratings said it assigned an expected long-term issuer default rating and expected senior secured debt rating of BB(EXP) to Russell Investments US Institutional Holdco, Inc. and Russell Investments US Retail Holdco, Inc.

The agency also assigned an expected long-term issuer default rating of BB(EXP) to Emerald Acquisition Ltd., the holding company for the combined organization (collectively referred to as Russell Investments).

The outlook is stable.

The expected ratings would convert to actual ratings upon the finalization of the separation of Russell Investments from the London Stock Exchange Group (LSEG) and the execution of the secured funding facilities, provided that both are undertaken in a manner consistent with Fitch's expectations.

In particular, Fitch's analysis assumes that although the subsidiaries conducting international operations are not direct borrowers or guarantors, creditors would indirectly benefit from the cash-flows of these entities via the holding company guarantee from Emerald Acquisition.

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