BlackRock Inc.'s Proposed Senior Unsecured Notes Rated 'AA-'

NEW YORK (S&P Global Ratings) April 17, 2019--S&P Global Ratings today said it assigned its 'AA-' senior unsecured debt rating to BlackRock, Inc.'s ("BlackRock") proposed issuance of senior unsecured notes. We expect BlackRock will use the proceeds from the new 10-year debt offering for general corporate purposes, which may include to fund all or a portion of the purchase price of eFront Holding SAS, towards the repayment of its outstanding 5.00% notes due 2019 or towards the repayment of borrowings under its commercial paper program.
We have considered BlackRock's pending acquisition of eFront ($1.3 billion) and BlackRock's agreement to repurchase shares in a private transaction ($1.27 billion) in our projections. We continue to estimate that while net debt leverage may rise slightly (0.1x) during 2019, it will remain within our 0.3x-0.6x previous expectations, and will remain well below 1.5x (our minimal financial risk assessment). The long-term issuer credit rating on BlackRock remains 'AA-', and the outlook is stable.
We work across the world

From London to San Francisco, to our home base in (Saint Helier) Jersey, we’re looking for extraordinary and creative scientists to help us drive the field forward.

AC Investment Inc. currently does not act as an equities executing broker or route orders containing equities securities. If AC Invest’s business model were to change and it begins routing non-directed orders in NMS securities, it will comply with the disclosure requirement of Rule 606.

77 Massachusetts Avenue Cambridge, MA 02139 617-253-1000