Moody’s upgrades Legg Mason

Moody’s Investors Service said it affirmed Franklin Resources, Inc.’s A2 senior unsecured debt rating following the conclusion of its acquisition of Legg Mason Inc. and upgraded Legg Mason’s senior unsecured and junior subordinated debt ratings a notch to A3 and Baa1, respectively.

These actions end Moody’s review of Legg Mason, which was started on Feb. 19, when the transaction was announced.

“Legg Mason’s legacy debts will remain outstanding as obligations of the merger subsidiary but will not be guaranteed by its new owner, Franklin. Acquisition consideration included approximately $4.5 billion of cash and the assumption of $2 billion of Legg Mason’s senior and junior subordinated notes, Moody’s said in a press release.

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