Clipper's track record of net inflows remains strong, with approximately $11 billion of net inflows in 2020 and over $12 billion during the first quarter of 2021. The company's debt-to-adjusted EBITDA ratio remained modestly below 2.0x in 2020 and 2019, which is the metric we would look for before considering an upgrade. We revised our outlook on Clipper to positive from stable and affirmed our 'BB+' issuer credit and secured debt ratings. The positive outlook indicates our expectation that we could upgrade the company in the next 12 months if leverage is sustained closer to 1.5x to offset the concentration risk that we see in the business and if investment performance and net flows remain strong. On June 25, 2021,
