- Language: English
- Published: July 2012
Bulletin: BlackRock Inc. Rating Unaffected By Proposed Share Repurchase And Debt Issuance May 11
- ID: 1793599
- May 2011
- Standard & Poors
NEW YORK (Standard & Poor's) May 19, 2011--Standard & Poor's Ratings Services said today that BlackRock Inc.'s (A+/Stable/A-1) proposed share repurchase/debt issuance does not affect our ratings on the company. BlackRock is repurchasing approximately $2.5 billion of preferred stock from Bank of America Corp. to be financed using approximately $500 million of cash on the balance sheet. The company is also issuing $2.0 billion of new short-term and long-term debt. Although BlackRock's total debt will now exceed $5.0 billion, we estimate that its pro-forma key credit metrics will remain consistent with the current ratings. We expect BlackRock, the largest and most diversified asset manager in the world, to continue to generate strong cash flows from operations so that it can...
Companies mentioned in this report are: BlackRock, Inc.
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