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S&P upgrades Blackstone
Standard & Poor's said it raised the ratings on Blackstone Holdings I LP, Blackstone Holdings II LP, Blackstone Holdings III LP and Blackstone Holdings IV LP to A+ from A.
The outlook is stable.
The agency also said it raised Blackstone's senior unsecured notes rating to A+.
The upgrade is supported by continued growth in Blackstone's assets under management across all segments through a combination of inflows and appreciation, said Chris Cary, an S&P analyst.
The growth in assets managed since its public listing in 2007 has propelled consistent earnings growth, Cary said in a press release, and significant investment gains have led to an even stronger balance sheet.
The outlook is stable and reflects an expectation that the firm will continue to gain market share across existing business segments and expand its assets under management at a moderate pace, the analyst said.
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