Fitch to rate Blackstone notes A+

Fitch Ratings said it expects to assign a rating of A+(EXP) to the new unsecured notes of Blackstone Holdings Finance Co. LLC, a subsidiary of Blackstone Group LP.

The planned issuance is for $600 million of aggregate 10- and 30-year bonds.

Fitch said it views this debt issuance as opportunistic, as interest rates remain relatively low on a global basis. Debt issuance proceeds are expected to be used for general corporate purposes and to maintain liquidity levels following the tender offer being made for Blackstone's 2019 debt maturities, which amount to $585 million.

“The expected rating is equalized with the ratings assigned to Blackstone's existing senior unsecured debt as the new notes will rank equally in the capital structure,” the agency said in a news release.

As of June 30, Blackstone's funding was fully unsecured.

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