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.
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