We are revising our assessment of Clipper's management and governance to satisfactory from fair, reflecting management's good track record, solid depth and breadth, and conservative leverage and liquidity tolerances. We are affirming our 'BBB-' issuer credit rating on Clipper Acquisitions Corp. and our 'BBB-' issue rating on the firm's senior secured credit facility. The stable outlook reflects our expectation for Clipper to slowly increase its assets under management and earnings over the next 24 months and to continue to maintain leverage below 2.0x. On Aug. 5, 2016, S&P Global Ratings affirmed its 'BBB-' issuer credit rating on Clipper Acquisitions Corp. The outlook remains stable. At the same time, we affirmed our 'BBB-' issue rating on the company's senior secured credit
