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 Strong net asset inflows in the 12 months ended March 31, 2015 Fixed income accounts for 80% of total assets under management (AUM) Ownership by a financial sponsor, which limits the financial risk profile and financial policy assessments Debt leverage of 2.5x, including the impact of operating leases and excluding any cash offset, which is significantly below the 4.0x threshold the "significant" financial risk profile and "FS-4" financial policy assessments indicate The stable rating outlook on Clipper Acquisitions Corp. reflects Standard&Poor's Ratings Services' expectation that Clipper will maintain its current competitive position in fixed income while
