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Bulletin: BlackRock Inc. Rating Unaffected By Proposed Share Repurchase And Debt Issuance May 11 Product Image

Bulletin: BlackRock Inc. Rating Unaffected By Proposed Share Repurchase And Debt Issuance May 11

  • ID: 1793599
  • May 2011
  • Standard & Poors

Abstract
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.
Action: Bulletin

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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BlackRock, Inc.

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