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03 Dec 2010
New York, December 03, 2010 -- Moody's Investors Service has confirmed the Caa3 corporate family rating
and Caa2 senior secured bank facilities ratings of Marsico Holdings,
LLC following successful completion of the debt restructuring offer.
The outlook on the rating has been changed from rating under review for
possible downgrade to stable. Marsico Holdings, LLC is a
newly created entity and is the designated borrower under the bank credit
facility and has effectively assumed repayment responsibilities from Marsico
Parent Company, LLC.
At the same time Moody's has withdrawn the Ca/stable ratings on
$600 million senior subordinated OpCo notes as the obligation is
no longer outstanding following the exchange offer in which 100%
of the notes were tendered. Moody's will not be rating the
$600 million of new notes issued by Marsico Holdings, LLC
in the exchange.
Moody's has also withdrawn the C/stable rating on Holdco notes issued
by Marsico Parent Holdco, LLC, which were substantially extinguished
as a result of the restructuring. Approximately 98% of the
Holdco notes were tendered in the exchange offer, for slightly less
than a 16% equity stake in Marsico Holdings, leaving approximately
$11 million of the $567 million issue remaining outstanding.
Please refer to Moody's Withdrawal Policy on Moodys.com.
In confirming the Caa ratings and changing the outlook to stable,
Moody's acknowledges the removed uncertainty associated with the execution
of the restructuring as well as reduced overall debt levels, cash
interest, and amortization requirements of junior stakeholders as
well as a greater cushion relative to financial covenants on its bank
However, Moody's remains concerned about the weak financial profile
of Marsico with the debt/EBITDA ratio of 10x and EBITDA/ interest coverage
of 1x as well as the persistent net redemptions due to its focus on growth
equities which remains out of favor with investors. In addition
to weak financials, Moody's views the undiversified nature
of Marsico's business model as a growth stock asset manager,
as well as the key man risk with Tom Marsico being CEO, chief investment
officer and co portfolio manger as potential concerns.
Marsico Holdings, LLC is the new indirect parent of Marsico Capital
Management, LLC and Marsico Fund Advisors, LLC. Marsico
Capital Management is a Denver-based asset management firm offering
investment services to institutional and retail investors. The
last rating action was taken on October 13, 2010, when Moody's
downgraded the ratings of Marsico Parent Company, LLC's senior secured
bank facilities to Caa2 from Caa1and put them on review for further downgrade.
In addition, the rating of Marsico Parent Holdco, LLC's senior
notes was downgraded to C from Ca with a stable outlook. In the
same rating action, Moody's also put the Caa3 corporate family rating
of Marsico Parent on review for possible downgrade. Moody's affirmed
Marsico Parent's senior unsecured notes at Ca and changed the outlook
to stable from negative
The principal methodology used in rating Marsico was "Moody's Global Rating
Methodology for Asset Management Firms" published in October 2007.
Other methodologies and factors that may have been considered in the process
of rating this issuer can also be found on Moody's website.
Information sources used to prepare the credit rating are the following:
parties involved in the ratings, public information, confidential
and proprietary Moody's Investors Service information. Moody's
Investors Service considers the quality of information available on the
issuer or obligation satisfactory for the purposes of maintaining a credit
Moody's adopts all necessary measures so that the information it uses
in assigning a credit rating is of sufficient quality and from sources
Moody's considers to be reliable including, when appropriate,
independent third-party sources. However, Moody's
is not an auditor and cannot in every instance independently verify or
validate information received in the rating process.
Please see ratings tab on the issuer/entity page on Moodys.com
for the last rating action and the rating history.
The date on which some Credit Ratings were first released goes back to
a time before Moody's Investors Service's Credit Ratings were fully digitized
and accurate data may not be available. Consequently, Moody's
Investors Service provides a date that it believes is the most reliable
and accurate based on the information that is available to it.
Please see the ratings disclosure page on our website www.moodys.com
for further information.
Please see the Credit Policy page on Moodys.com for the methodologies
used in determining ratings, further information on the meaning
of each rating category and the definition of default and recovery.
Managed Investments Group
Moody's Investors Service
Senior Vice President
Managed Investments Group
Moody's Investors Service
Moody's Investors Service
Moody's confirms Marsico ratings and changes outlook to stable following successful distressed exchange. Ratings on subordinated notes withdrawn
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