We believe The Carlyle Group L.P. and subsidiaries will operate with a more conservative financial profile than we previously expected. Despite growth in its private equity and real assets businesses and recent strong fundraising, the company has experienced asset outflows related to lagging investment performance in its hedge fund business and a reduction in fee-paying assets under management (AUM) in its investment solutions business. We are affirming our 'A-' long-term issuer credit and senior unsecured debt ratings on Carlyle. The stable outlook reflects our expectation that Carlyle will operate with debt to adjusted EBITDA below 1.5x and adjusted EBITDA to interest between 6x and 10x while modestly growing its AUM in the next 18-24 months. On Oct. 23, 2015, Standard
