Research Update: Citadel L.P.'s Proposed Unsecured Notes Assigned 'BBB' Rating; 'BBB' Issuer Rating Affirmed; Outlook Remains Stable - S&P Global Ratings’ Credit Research

Research Update: Citadel L.P.'s Proposed Unsecured Notes Assigned 'BBB' Rating; 'BBB' Issuer Rating Affirmed; Outlook Remains Stable

Research Update: Citadel L.P.'s Proposed Unsecured Notes Assigned 'BBB' Rating; 'BBB' Issuer Rating Affirmed; Outlook Remains Stable - S&P Global Ratings’ Credit Research
Research Update: Citadel L.P.'s Proposed Unsecured Notes Assigned 'BBB' Rating; 'BBB' Issuer Rating Affirmed; Outlook Remains Stable
Published Sep 09, 2019
5 pages (1917 words) — Published Sep 09, 2019
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

Citadel L.P. is issuing senior unsecured notes. We are assigning our 'BBB' rating on the new senior unsecured notes and affirming our 'BBB' issuer credit rating. The stable rating outlook reflects our expectation that the company will generate strong adjusted EBITDA margins above 50%, debt leverage less than 2.0x, and interest coverage of about 9.0x-12.0x in the next 18-24 months, as well as maintain solid investment performance. On Sept. 9, 2019, S&P Global Ratings assigned its 'BBB' rating on Citadel L.P.'s proposed senior unsecured notes. We also affirmed our 'BBB' long-term issuer credit and senior unsecured debt ratings. The outlook remains stable. The size of the proposed senior unsecured notes has not been finalized and will be determined by market

  
Brief Excerpt:

...- Citadel L.P. is issuing senior unsecured notes. - We are assigning our '###' rating on the new senior unsecured notes and affirming our '###' issuer credit rating. - The stable rating outlook reflects our expectation that the company will generate strong adjusted EBITDA margins above 50%, debt leverage less than 2.0x, and interest coverage of about 9.0x-12.0x in the next 18-24 months, as well as maintain solid investment performance....

  
Report Type:

Research Update

Issuer
Citadel Limited Partnership
GICS
Asset Management & Custody Banks (40203010)
Sector
Global Issuers
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Citadel L.P.'s Proposed Unsecured Notes Assigned 'BBB' Rating; 'BBB' Issuer Rating Affirmed; Outlook Remains Stable" Sep 09, 2019. Alacra Store. May 14, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Citadel-L-P-s-Proposed-Unsecured-Notes-Assigned-BBB-Rating-BBB-Issuer-Rating-Affirmed-Outlook-Remains-Stable-2295750>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Citadel L.P.'s Proposed Unsecured Notes Assigned 'BBB' Rating; 'BBB' Issuer Rating Affirmed; Outlook Remains Stable Sep 09, 2019. New York, NY: Alacra Store. Retrieved May 14, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Citadel-L-P-s-Proposed-Unsecured-Notes-Assigned-BBB-Rating-BBB-Issuer-Rating-Affirmed-Outlook-Remains-Stable-2295750>
  
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