Moody's rates Eaton Vance notes A3

Moody's Investors Service said it assigned an A3 rating to Eaton Vance Corp.'s new $300 million unsecured notes due 2023.

The offering represents a drawdown from a new shelf registration of Eaton Vance which Moody's assigned a provisional rating of (senior unsecured debt at provisional A3).

Concurrently, Moody's affirmed all existing ratings on Eaton Vance, including the A3 issuer rating and P-2 short-term issuer rating.

The outlook is stable.

Net proceeds from the debt offering will be used to fund the purchase of the company's announced tender for $250 million of its existing $500 million senior notes due 2017.

Moody's said the A3 rating reflects Eaton Vance's established reputation as a product innovator and its leading position in product classes with strong organic growth outlooks.

The company's strong market position is evidenced by its high rank among United States retail mutual fund managers despite only having middle-tier level of assets under management, the agency said.

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