S&P affirms Invesco

Standard & Poor's said it affirmed the BBB+ long-term counterparty credit and senior unsecured debt ratings on Invesco Holding Co. Ltd.

The outlook is stable.

The affirmation follows the company's announcement that it would implement a $1.5 billion share repurchase program.

According to S&P, the rating reflects the company's global franchise, which is characterized by a strong international presence; multiple distribution channels and wide product range.

Offsetting these strengths is the firm's difficulty in capitalizing on its franchise in the current operating environment, the agency noted.

Also constraining the rating is a balance sheet that remains highly levered and, despite gradual improvements in retained earnings in recent years, tangible equity that remains substantially negative, S&P added.

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