Citadel Limited Partnership (Citadel) is a hedge fund manager that has a long track record of solid investment performance with assets under management (AUM) of $29.3 billion as of Nov. 1, 2017. We are assigning our 'BBB' long-term issuer credit rating on Citadel. The stable rating outlook reflects our expectations that Citadel will maintain strong EBITDA margins, investment performance and modestly grow its AUM in the next 18-24 months. It also incorporates our forecast that it will operate at debt-to-Adjusted EBITDA less than 2.0x over this timeframe. On Nov. 10, 2017, S&P Global Ratings assigned its 'BBB' issuer credit rating on Citadel Limited Partnership. The outlook is stable. Our rating on Citadel reflects the company's long track record in managing
