Clipper has significantly increased its assets under management over the past 12 months, resulting in higher EBITDA and improved leverage and interest coverage metrics. We expect leverage, as measured by debt to EBITDA, to remain below 2.0x on a sustained basis. We are raising our issuer credit rating on Clipper to 'BBB-' from 'BB+' and our issue credit rating on the firm's term loan to 'BBB-' from 'BB+'. The stable outlook indicates that we believe the firm will continue to increase its AUM, although at a slower pace than in the past 12 months, supporting the firm's key credit metrics and the overall rating. On Oct. 16, 2015, Standard&Poor's Ratings Services raised its issuer credit rating on Clipper
