The New York-based ratings agency upgraded BlackRock's long term corporate credit rating to AA- from A+.
Standard & Poor's Ratings Services has increased its ratings for BlackRock Inc.'s long-term corporate credit rating and its short term rating, due to the New York-based money manager's “strong operating performance” during the “current challenging period.”
The New York-based ratings agency upgraded BlackRock's long term corporate credit rating to AA- from A+.
The New York-based money manager’s short-term corporate credit rating was upgraded to A-1+ from A-1.
The “stable” ratings outlook reflected the ratings agency's view that BlackRock will “maintain its solid market position and favorable reputation among global investors and its strong cash flow generation.”
“The upgrade was based on BlackRock's successful integration of Merrill Lynch Investment Managers. This has transformed BlackRock from a domestic fixed-income shop to a globally diversified asset manager with a good reputation in the market,” Charles Rauch, an S&P credit analyst, said in a statement.
In September 2006, BlackRock acquired the assets of Merrill Lynch Investment Managers of New York.
In turn, Merrill Lynch & Co. Inc. of New York purchased a 49% stake in BlackRock.