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  • mattomalley71 mattomalley71 Dec 2, 2009 10:14 PM Flag


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    S&PBulletin: BlackRock Rtgs Unaffected By Anthracite's Default

    The following is a press release from Standard & Poor's: NEW YORK (Standard & Poor's) Dec. 2, 2009--Standard & Poor's Ratings Services said today that its ratings on BlackRock Inc. are not affected by the default of Anthracite Capital Inc.

    Anthracite is a stand-alone, publicly held company that invests in high-yield commercial real estate loans and securities. BlackRock has an indirect relationship as manager of Anthracite's investments. BlackRock also has a small equity stake in Anthracite and has extended a $33.5 million secured loan to the company.

    It has written down that loan to $28.5 million, the value of the collateral, as of Sept. 30, 2009. In our opinion, BlackRock's financial exposure to Anthracite is immaterial to the rating.

    However, we believe BlackRock's relationship with Anthracite subjects it to reputational risk, particularly given BlackRock's expertise as an investment adviser on real-estate-related assets. Our outlook on BlackRock remains negative, reflecting our concerns about the company's refinancing and the integration risk associated with its just-completed acquisition of Barclays Global Investors. Primary Credit Analyst: Charles D Rauch, New York (1) 212-438-7401; Secondary Credit Analyst: Diane Hinton, New York (1) 212-438-4415; Analytic services provided by Standard & Poor's Ratings Services (" Ratings Services ") are the result of separate activities designed to preserve the independence and objectivity of ratings opinions.

    The credit ratings and observations contained herein are solely statements of opinion and not statements of fact or recommendations to purchase, hold, or sell any securities or make any other investment decisions. Accordingly, any user of the information contained herein should not rely on any credit rating or other opinion contained herein in making any investment decision. Ratings are based on information received by Ratings Services.

    Other divisions of Standard & Poor's may have information that is not available to Ratings Services. Standard & Poor's has established policies and procedures to maintain the confidentiality of non-public information received during the ratings process. Ratings Services receives compensation for its ratings.

    Such compensation is normally paid either by the issuers of such securities or third parties participating in marketing the securities. While Standard & Poor's reserves the right to disseminate the rating, it receives no payment for doing so, except for subscriptions to its publications. Additional information about our ratings fees is available at

    Copyright (c) 2009, Standard & Poor's Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc. (END) Dow Jones Newswires December 02, 2009 17:47 ET (22:47 GMT)

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