S&P Ratings gives BlackRock an A+

The New York-based ratings agency upgraded BlackRock's long term corporate credit rating to AA- from A+.
AUG 28, 2008
By  Bloomberg
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.

Latest News

JPMorgan tells fintech firms to start paying for customer data
JPMorgan tells fintech firms to start paying for customer data

The move to charge data aggregators fees totaling hundreds of millions of dollars threatens to upend business models across the industry.

FINRA snapshot shows concentration in largest firms, coastal states
FINRA snapshot shows concentration in largest firms, coastal states

The latest snapshot report reveals large firms overwhelmingly account for branches and registrants as trend of net exits from FINRA continues.

Why advisors to divorcing couples shouldn't bet on who'll stay
Why advisors to divorcing couples shouldn't bet on who'll stay

Siding with the primary contact in a marriage might make sense at first, but having both parties' interests at heart could open a better way forward.

SEC spanks closed Osaic RIA for conflicts, over-charging clients on alternatives
SEC spanks closed Osaic RIA for conflicts, over-charging clients on alternatives

With more than $13 billion in assets, American Portfolios Advisors closed last October.

William Blair taps former Raymond James executive to lead investment management business
William Blair taps former Raymond James executive to lead investment management business

Robert D. Kendall brings decades of experience, including roles at DWS Americas and a former investment unit within Morgan Stanley, as he steps into a global leadership position.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.