Fitch Ratings has published Long-Term Issuer Default Ratings (IDRs) of 'A' for Brookfield Asset Management Ltd. (BAM) and its wholly-owned subsidiary, Brookfield Asset Management ULC. The Rating Outlook is Stable, reflecting Fitch's expectations for BAM's continued strong performance.
The rating acknowledges BAM's competitive position as a global alternative investment manager, its meaningful product-line diversity, solid investment track record, and significant fee-bearing assets under management (FAUM). FAUM reached $538.5 billion at year-end 2024, an increase of 17.8% from the prior year.
BAM's fee-related EBITDA (FEBITDA) margin was 51% in 2024, within Fitch's 'aa' category benchmark range, and the company had no long-term borrowings outstanding at year-end 2024. Fitch also assigned an expected rating of 'A(EXP)' to BAM's proposed unsecured debt issuance, with proceeds intended for general corporate purposes.
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