S&P gives TPG notes, BBB+, BBB-

S&P said it assigned its BBB+ issue rating to TPG Operating Group II LP's (TOG) planned senior unsecured notes due 2034, and its BBB- issue rating to TOG's proposed fixed-rate junior subordinated notes due 2064.

Market conditions will determine the size of the issuances, but the agency said it assumes the combined amount to be about $800 million.

TOG’s BBB+ issuer rating with a stable outlook is unchanged, the agency said.

The senior notes and the subordinated notes will be guaranteed on a joint, several and subordinated basis by TPG Inc., TPG Operating Group I LP, TPG Operating Group III LP, TPG Holdings II Sub LP.

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