Citadel Limited Partnership's Proposed Senior Unsecured Notes Rated 'BBB'

NEW YORK (S&P Global Ratings) Nov. 15, 2017--S&P Global Ratings today said it assigned its 'BBB' rating on Citadel Limited Partnership's proposed issuance of senior unsecured notes due 2023. The size of the offering has not been finalized and will be subject to market conditions, but for the purposes of our rating, we are assuming the amount will be no more than $500 million. The long-term issuer credit rating on Citadel is 'BBB' with a stable outlook. Management expects to use the majority of the proceeds to fund a dividend to its equityholders. Pro forma for this debt issuance, we expect that leverage, as measured by debt to adjusted EBITDA, will not exceed 2.0x and interest coverage, as measured by

...NEW YORK (S&P Global Ratings) Nov. 15, 2017--S&P Global Ratings today said it assigned its '###' rating on Citadel Limited Partnership's proposed issuance of senior unsecured notes due 2023. The size of the offering has not been finalized and will be subject to market conditions, but for the purposes of our rating, we are assuming the amount will be no more than $500 million. The long-term issuer credit rating on Citadel is '###' with a stable outlook. Management expects to use the majority of the proceeds to fund a dividend to its equityholders. Pro forma for this debt issuance, we expect that leverage, as measured by debt to adjusted EBITDA, will not exceed 2.0x and interest coverage, as measured by adjusted EBITDA to interest, will be no less than 7.0x-11x in the next 18-24 months. Our rating on Citadel reflects the company's long track record in managing hedge fund alternative asset management strategies since 1990, good investment performance, and strong risk culture. The company demonstrated...

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