S&P affirms Affiliated Managers

Standard & Poor's said it affirmed its BBB-/A-3 ratings on Affiliated Managers Group Inc. following the company's announcement that it plans to sell $500 million of 5.15% convertible trust preferred securities due 2037.

The outlook is stable.

Proceeds are expected to be used for acquisitions, share repurchases and general corporate purposes.

The affirmation is based on S&P's expectation that the company will call its $300 million floating-rate senior convertible securities due 2033 (COBRAs) in February, that it will make limited share repurchases and that the resulting capital structure will remain appropriate for the current ratings.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.