S&P affirms Eaton Vance

Standard & Poor's said it affirmed the A-/A-2 counterparty credit rating on Eaton Vance Corp. after the company announced it would issue up to $350 million in senior notes.

The outlook is stable.

The company said it plans to issue up to $350 million of 10-year senior notes and use the proceeds for share repurchase, seed capital, acquisitions and general corporate purposes.

The ratings reflect the company's profitability, liquidity and cash-flow generation, along with competitive position and growth of assets under management through market downturns, according to S&P.

The ratings also reflect the highly competitive asset management industry as well as the company's dependence on third-party intermediaries and favorable market conditions, the agency said.

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