Well-known and established brand in fixed-income investment management with good distribution capability Experienced management team Track record of strong fixed-income investment performance Fixed income accounts for 75% of total assets under management (AUM) Considerable debt leverage Declining revenue from its joint-venture (JV) 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 in fixed-income strategies. Clipper was 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, the significant management
