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Prospect News home > News index > List of issuers L > Headlines for Legg Mason, Inc. > News item |
Fitch assigns Legg Mason convertibles A
Fitch Ratings said it assigned an A rating to Legg Mason's senior convertible debt, to be privately placed with Kohlberg Kravis & Roberts & Co. LP.
The outlook is negative.
Fitch said that the proceeds from the debt offering will be used: 1) for general corporate purposes as well as to resolve any potential losses arising from exposure to Structured Investment Vehicles and 2) to buy 2.5 million shares of Citigroup's outstanding equity ownership in Legg Mason.
Fitch noted that it continues to actively monitor the situation and believes that Legg Mason is prudently managing their liquidity position.
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