Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers L > Headlines for Legg Mason, Inc. > News item |
Moody's reviews Legg Mason for upgrade
Moody's Investors Service said it placed the ratings of Legg Mason, Inc. on review for upgrade following the company's announcement it entered a definitive agreement to be acquired by Franklin Resources, Inc. for about $4.5 billion in cash and the assumption of $2 billion of Legg Mason's senior and junior subordinated notes. The parties expect to complete the transaction in the third quarter of 2020, pending approvals from shareholders and regulators.
According to Moody's, the review for upgrade of Legg Mason's ratings is driven by its prospective alignment with the stronger credit profile of Franklin. The combined organization would benefit from more diversified revenue and earning streams.
© 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.