Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers G > Headlines for Gamco Investors, Inc. > News item |
Moody's rates Gamco notes Baa3
Moody's Investors Service said it assigned a Baa3 rating to $100 million of senior notes to be issued by Gamco Investors, Inc.
The outlook is stable.
The proceeds will be used for working capital and general corporate purposes.
While the issue elevates the company's gross leverage, Gamco's rating remains at Baa3 given its strong liquidity profile, modest maturing debt over the medium term and the expectation for the company's growth in operating earnings, the agency said.
The ratings reflect the company's strong brand-name recognition, established position in the investment management industry, good mix of clients and solid financial metrics with well-diversified revenue sources as well as Gamco's strong levels of cash and liquid investments, the agency said.
The ratings are constrained by the risks associated with being a relatively small-sized asset manager, a high concentration in equities and key man risk connected with the firm's investment dependence on Mario Gabelli, the agency added.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.