S&P rates Blackstone notes A+

Standard & Poor’s said it assigned an A+ rating on Blackstone Holdings Finance Co. LLC’s proposed issuance of euro-denominated senior unsecured notes due in 2025.

The agency said it expects the size of the offering to be about €300 million.

The notes will be fully and unconditionally guaranteed on a joint and several basis by Blackstone Group LP, Blackstone Holdings I LP, Blackstone Holdings II LP, Blackstone Holdings III LP and Blackstone Holdings IV LP.

The long-term issuer credit rating on Blackstone Group LP is A+ and the outlook is stable.

The majority of the proceeds will be used to seed new strategies and grow existing businesses, S&P said.

Pro forma for this transaction, assuming the amount of the new issuance is €300 million, the agency said it expects total debt-to-adjusted EBITDA to remain at less than 1.5x.

The ratings reflect the company’s strong business risk profile due to its solid market position in the global alternative asset-management industry and significant diversification within its business lines, S&P said.

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