S&P affirms Gartmore

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

At the same time, S&P said it assigned its preliminary BB+ rating to the £522 million equivalent senior secured credit facilities expected to be issued by special purpose vehicles, Oxford Acquistion IV Ltd. and Oxford Acquisition US LLC, to be guaranteed by Gartmore, as part of its current refinancing.

The outlook is stable.

The agency said that the ratings on Gartmore reflect its high leverage relative to other rated asset managers.

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