Fitch Ratings assigned a long-term issuer default rating of BBB to Janus Henderson Group Plc, formed after the merger of Janus Capital Group Inc. and Henderson Group plc.
The outlook is positive.
Fitch also affirmed and withdrew Janus Capital Group's BBB long-term issuer default rating.
Janus Henderson Group's rating reflects the company's modest, albeit improving, franchise in the U.S. and U.K. fund management space, adequate scale, and good geographical and product diversification. The rating agency said the company will also benefit from the strategic relationship with Dai-ichi Life Holdings Inc., which has committed to increase its ownership stake in the combined company to 15% to 20% in the coming years.
The outlook reflects the improvement in the company's leverage and liquidity profile after the merger.