The Carlyle Group L.P. Outlook Revised To Negative On Declining Assets Under Management; 'A-' Rating Affirmed

The Carlyle Group L.P. and subsidiaries experienced a decline in assets under management and fee paying assets under management in the last 12 months ended June 30, 2016, primarily related to distributions exceeding new commitments in corporate private equity and real assets segments and outflows in its global market strategies and investment solutions business segments. The company's leverage has also increased in the last 12 months, and we now expect Carlyle to operate with somewhat higher leverage than we previously anticipated. We are revising our outlook on Carlyle to negative from stable and affirming our 'A-' issuer credit and senior unsecured debt ratings. The negative outlook on Carlyle incorporates our expectation that the company's fee paying assets under management will

...+ The Carlyle Group L.P. and subsidiaries experienced a decline in assets under management and fee paying assets under management in the last 12 months ended June 30, 2016, primarily related to distributions exceeding new commitments in corporate private equity and real assets segments and outflows in its global market strategies and investment solutions business segments. + The company's leverage has also increased in the last 12 months, and we now expect Carlyle to operate with somewhat higher leverage than we previously anticipated. + We are revising our outlook on Carlyle to negative from stable and affirming our 'A-' issuer credit and senior unsecured debt ratings. + The negative outlook on Carlyle incorporates our expectation that the company's fee paying assets under management will continue to decline over the next 18-24 months while Carlyle operates with debt-to-adjusted EBITDA leverage of 1.5x-2.0x. NEW YORK (S&P Global Ratings) Oct. 14, 2016--S&P Global Ratings said today it...

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