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Affiliated Managers Group, Inc. -- Moody's rates Affiliated Managers Group's junior subordinated notes Baa1

Moody's Investors Service assigned a Baa1 rating to new 5.875% junior subordinated notes due 2059 of Affiliated Managers Group, Inc. The offering represents a drawdown from the company's existing multi-seniority shelf registration to which Moody's assigned provisional ratings (subordinated debt at (P)Baa1). The rating considers Affiliated Managers Group, Inc's A3 senior unsecured rating, the relative claim of the junior subordinated notes ("JSNs") within the company's capital structure, and certain structural features of the JSNs such as the long-dated maturity, optional interest deferral, and the cumulative nature of the interest deferral. 25% equity and 75% debt, for financial leverage purposes (please refer to Moody's Rating Methodology "Hybrid Equity Credit" published September 2018).