Moody's assigns Franklin notes A2

Moody's Investors Service said it assigned an A2 rating to Franklin Resources, Inc.'s new issue of $350 million of senior unsecured notes due 2051. The company is reopening and offering $100 million of its 1.6% notes due 2030, to which Moody's previously assigned an A2 rating. The new 2030 Notes have identical terms and the same Cusip number as the $750 million of aggregate principal amount that were issued last October.

Franklin plans to use the net proceeds for general corporate purposes, which may include the redemption of all or a portion of Franklin's $300 million of 2.8% notes due 2022 and/or the $250 million of Legg Mason's 3.95% senior notes due 2024.

The outlook is stable.

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