On Feb. 6, the Carlyle Group and the management of The TCW Group announced the completion of their acquisition of newly formed entity Clipper Acquisitions Corp. Clipper will own 100% of TCW Group Inc. We are assigning our 'BB+' counterparty credit rating on Clipper and our 'BB+' issue-level rating on the company's $355 million senior secured term loan. The outlook is stable. We expect that TCW Group will modestly increase AUM to generate an EBITDA margin of 27%-30%, debt leverage of 2.9x, and interest coverage of approximately 6.9x. NEW YORK (Standard&Poor's) Feb. 7, 2013--Standard&Poor's Ratings Services today said it assigned its 'BB+' counterparty credit rating on Clipper Acquisitions Corp. The outlook is stable. At the same
