The three Citadel funds (Citadel Kensington Global Strategies Fund Ltd., Citadel Kensington Global Strategies Fund II Ltd., and Citadel Wellington LLC) have exhibited a long track record of capital growth and robust risk-adjusted returns through economic cycles. Although we expect the funds' stressed leverage to increase from current observed lows, we expect they will manage risks prudently while maintaining value at risk to net asset value below 30% on a sustained basis. We revised the outlook to positive from stable and affirmed our 'BBB-' issuer credit and senior unsecured debt ratings on the funds. The positive outlook reflects the funds? recent improvements to their stressed leverage, coupled with their comprehensive risk framework, which we expect will help them manage through
