S&P gives Gartmore loan BB+

Standard & Poor's said it assigned its BB+/B long- and short-term counterparty credit ratings to Gartmore Investment Management plc.

At the same time, S&P said it assigned its BB+ rating to Gartmore's £310 million senior credit facilities, raised by Oxford Acquisitions III Ltd., expected to be issued as part of the transaction with Hellman & Friedman.

The outlook is stable.

S&P noted that the ratings on Gartmore reflect its high leverage relative to other rated asset managers.

In addition, Gartmore's market position is relatively modest with a bias toward equity investments and a focus on U.K. clients, while the overall net sales trend is mixed, the agency added.

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