S&P affirms Gamco Investors

S&P said it affirmed the BBB- long-term issuer credit rating on Gamco Investors Inc. and affirmed the A-3 short-term issuer credit rating.

At the same time, the agency affirmed the BBB- senior unsecured debt ratings.

The outlook is stable.

During the last quarter of 2017, the company redeemed its $110 million convertible notes at 103% of par and paid $20 million of its outstanding payment-in-kind notes.

“The stable outlook reflects our expectation that Gamco will operate with leverage comfortably below 1.5x during the next 18-24 months while cash flow generation remains stable as a result of limited AUM growth,” S&P said in a news release.

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