Citadel Limited Partnership's investment performance was very strong in 2022, and high returns boosted investment capital and EBITDA. As a result, we now expect Citadel Limited Partnership ('CLP') to operate at debt to adjusted EBITDA below 1.5x over the next two years, which is lower than our prior expectations. CLP, however, continues to have a smaller size and its assets under management is more concentrated (in its multi-strategy funds) compared with some of the larger alternative asset managers that we rate. We affirmed our 'BBB' issuer credit rating and our 'BBB' senior unsecured debt rating on Citadel Limited Partnership. The stable outlook indicates our expectation CLP will generate strong adjusted EBITDA margins above 80% (net of expense reimbursements), maintain leverage
