... recently affirmed the long-term issuer default ratings (IDRs) of seven alternative investment managers (AIMs) as part of an annual sector review. The rating actions were supported by strong management teams, globally diverse product platforms, consistent operating fundamentals, continued growth in fee-earning assets under management (FAUM), solid incentive income generation and sound liquidity profiles. Outlook Revision for Carlyle: Fitch revised the Rating Outlook for The Carlyle Group L.P. (Carlyle) to Negative from Stable due to a lack of progress on core fee-related earnings before interest, taxes, depreciation and amortization (FEBITDA) growth, given a continuation of high fundraising costs, elevated "catch-up" management fees and hedge fund redemptions, which have prevented the firm from reducing its elevated leverage ratio. Dry Powder Remains a Concern: Uncalled investment capital, or dry powder, remains elevated, providing general...
