S&P rates Blackstone notes A

Standard & Poor's said it assigned an A rating on Blackstone Holdings Finance Co. LLC's proposed $400 million notes due in 2023 and $250 million notes due in 2042.

The issuance does not affect the A ratings on Blackstone Holdings I, II, III, and IV.

The rated entities fully and unconditionally guarantee the notes on a joint and several basis.

Blackstone will use the proceeds for general corporate purposes, the agency said.

Pro forma key credit metrics are expected to weaken somewhat this year, S&P said, but remain sound for the ratings category. They are expected to strengthen in 2013 and 2014, the agency said.

Blackstone, one of the largest and most diverse alternative asset managers in the world, will continue to generate stable and predictable fee-related earnings while maintaining sound investment performance and growing its fee-paying assets under management, S&P said.

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