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Rating Action:

Moody's confirms Marsico ratings and changes outlook to stable following successful distressed exchange. Ratings on subordinated notes withdrawn

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At the same time Moody's has withdrawn the Ca/stable ratings on $600 million senior subordinated OpCo notes as the obligation is no longer outstanding following the exchange offer in which 100% of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Moody's has also withdrawn the C/stable rating on Holdco notes issued by Marsico Parent Holdco, LLC, which were substantially extinguished as a result of the restructuring.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 debt.

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.

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New York
Deven Kapoor
Analyst
Managed Investments Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Daniel Serrao
Senior Vice President
Managed Investments Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Investors Service
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Moody's confirms Marsico ratings and changes outlook to stable following successful distressed exchange. Ratings on subordinated notes withdrawn
No Related Data.
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