S&P rates BlackRock notes A+

Standard & Poor's said it assigned an A+ senior unsecured debt rating to BlackRock Inc.'s upcoming issuance of $1 billion of notes due 2024.

Total debt equaled $4.95 billion at year-end 2013 and will increase to $5.95 billion following the new debt offering, S&P said.

The agency said it expects Blackrock will use the proceeds to prefund the upcoming maturity of $1 billion 3.5% notes due December 2014.

For this reason, S&P said it adjusts the company's key credit metrics to avoid double counting and estimated debt leverage is 1.01x, a comfortable level for the ratings.

The outlook is positive.

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