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KBRA Affirms the Issuer Ratings for Citadel’s Flagship Multi-Strategy Hedge Funds and Senior Unsecured Notes Issued by Citadel Finance LLC

22 Apr 2024   |   New York

Contacts

KBRA affirms the Issuer Ratings of BBB assigned to three funds managed by Citadel Advisors LLC (the “Firm”): Citadel Kensington Global Strategies Fund, Citadel Kensington Global Strategies Fund II, and Citadel Wellington (together, the “Rated Funds”). Additionally, KBRA affirms the rating of BBB assigned to the Senior Unsecured Notes (the “Notes”) issued by Citadel Finance LLC which are guaranteed by the Rated Funds. The outlook is stable. KBRA’s Issuer Ratings address the characteristics impacting the fundamental creditworthiness of these funds, which will guarantee payment of the Notes. KBRA’s rating on the Notes addresses the timely payment of interest and ultimate payment of principal.

The ratings reflect Citadel’s long-term performance track record, risk diversification and robust institutional control framework including strong risk management and liquidity management practices. In addition, the ratings consider the unconstrained investment mandate, dependence on confidence-sensitive wholesale funding, and redemption-related risks associated with a leveraged open-end fund structure.

To access rating and relevant documents, click here.

Click here to view the report.

Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

This credit rating is endorsed by Kroll Bond Rating Agency Europe Limited for use in the European Union and by Kroll Bond Rating Agency UK Limited for use in the UK. Information on a credit rating’s endorsement status is available on its rating page at KBRA.com.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

There are certain issuers, entities or transactions rated by KBRA Europe or KBRA UK that may be or have relationships with Shareholders and/or Shareholder-Related Companies, as that term is defined in KBRA’s Shareholder and Shareholder Related Companies for KBRA Europe and KBRA UK Policy and Procedure. Relevant disclosure information may be found here.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1004043

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