Victory Capital rating affirmed at BB by S&P on acquisition

S&P Global Ratings has affirmed its BB issuer credit rating on Victory Capital Holdings Inc. following the company's announcement of a $7.0 billion acquisition of First Eagle Investments. The stable outlook reflects expectations that Victory will operate with leverage of 3.0x-4.0x for the 12 months following the acquisition close.

The acquisition is expected to substantially increase Victory's scale, resulting in pro forma assets under management of approximately $571 billion and combined revenue of over $3 billion in 2027.

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