Well-known and established brand in fixed-income investment management, with good distribution capability. Experienced management team. Strong investment performance track record. Beneficial Carlyle ownership and significant management ownership. Fixed income accounts for 72% of total assets under management. Considerable debt leverage. Declining revenue stream from its joint-venture agreements. Negative tangible equity. Standard&Poor's Ratings Services' ratings on Clipper Acquisitions Corp. are based on the company's solid franchise (especially in U.S. fixed-income investment management), good distribution capability, experienced management team, and strong investment performance track record. Clipper is a newly formed entity that was acquired by the Carlyle Group and the management of The TCW Group in February 2013. Clipper owns 100% of TCW Group Inc. In our view, significant management
