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19 Dec 2007
Moody's Rates Man Group plc's USD3bn EMTN Programme Baa1 Senior
London, 19 December 2007 -- Moody's Investors Service today announced that it has assigned the following
ratings to securities to be issued under the USD3 billion Euro Medium
Term Notes programme of Man Group plc: Baa1 for senior notes,
Baa2 for dated subordinated and undated subordinated notes, Baa3
for junior subordinated notes and Prime-2 for short-term
debt notes. The outlook of these ratings is stable.
Moody's assigns ratings to individual debt securities issued from rated
medium-term note (MTN) programmes, in addition to rating
MTN programmes themselves. Notes issued under rated MTN programmes
are rated at issuance at the rating applicable to all pari passu notes
issued under the same programme, at the programme's relevant rating.
The multiple seniority USD3 billion EMTN programme represents a new debt
issuance channel for Man Group. However, Moody's notes
that the amount of outstanding debt issued by Man Group has significantly
decreased in 2007. The Group repaid USD510 million of debt following
the demerger of Man Investment and Man Financial in July, while
USD451 million of exchangeable bonds were converted to equity in September,
such that Man Group currently has low levels of financial leverage.
Furthermore, Moody's expects issuance under the new USD3bn
programme to remain at modest levels initially, and the expected
levels of new debt issuance in the short term will therefore not be considered
as a credit negative.
The ratings reflect the Group's strong market position in the rapidly
growing hedge fund industry along with a consistent underlying earnings
stream supplemented by more variable performance fees. These positives
are offset by exposure to the inherent risks of the hedge fund industry
as a whole, including poor transparency, lack of regulation,
weak risk management systems and regular operational failures, although
Man's business model mitigates these risks to some extent.
The last rating action on Man Group plc took place on 30 March 2007,
when Moody's affirmed all ratings following the announcement by
Man Group plc that they intended to sell 80.1% of Man Financial
(brokerage business) through an IPO.
Man Group plc is an asset management company domiciled in the UK,
specialised in the hedge funds management business. The company
had total funds under management of USD68.6 billion and reported
shareholders' equity of USD7.2 billion at 30 September 2007.
The following ratings were assigned with a stable outlook:
Man Group plc USD3 billion EMTN programme - Senior Notes --
Man Group plc USD3 billion EMTN programme - Dated Subordinated
Notes -- Baa2;
Man Group plc USD3 billion EMTN programme - Undated Subordinated
Notes -- Baa2;
Man Group plc USD3 billion EMTN programme - Junior Subordinated
Notes -- Baa3;
Man Group plc USD3 billion EMTN programme - Short-Term Notes
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.
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