...Global, Diversified Alternative Manager: The rating affirmations reflect Blackstone Inc.'s (Blackstone) strong competitive position as a global alternative investment manager (alt IM), the company's experienced management team, solid investment track record, significant fee-earning assets under management (FAUM), meaningful product diversity, strong fee-related EBITDA (FEBITDA) margin, incentive income-generating capability, ample liquidity and appropriate leverage for the rating level. Periodically Elevated Leverage: Rating constraints include periodically elevated leverage and an above-average payout ratio. Rating constraints for alt IMs include key-person risk, which is institutionalized throughout many limited partnership agreements, reputational risk, which can affect the company's ability to raise future funds; and legal and regulatory risk, which could modify the alternative asset space. Elevated Macro Headwinds: The macroeconomic backdrop remains challenging, given geopolitical...
