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Moody’s rates BlackRock notes Aa3
Moody's Investors Service said it assigned an Aa3 rating to BlackRock, Inc.'s new senior notes due April 2029.
The offering is a takedown from a multiple seniority shelf registration statement of BlackRock.
All existing ratings remain unchanged.
The outlook is stable.
BlackRock expects to use the net proceeds of the offering for general corporate purposes, which may include funding all or a portion of the $1.3 billion purchase price of its acquisition of eFront Holding SAS, repaying the $1 billion of outstanding 5% notes due December 2019, or repaying borrowings under its commercial paper program.
“The Aa3 long-term senior debt and P-1 short-term ratings of BlackRock, Inc. reflect the firm's strong competitive advantages over other asset managers,” the agency said in a news release.
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