NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) assigns BBB Issuer ratings to three multi-strategy hedge funds: Kensington Global Strategies Ltd (KGSF), Kensington Global Strategies Fund II (KGSF II), Ltd, and Citadel Wellington LLC (Wellington), and a BBB Senior Unsecured rating to $500 million of notes issued by Citadel Finance, LLC The notes are guaranteed on a several, but not joint, basis by KGSF II, Wellington, and KGSF Offshore Holdings Ltd (wholly-owned subsidiary of KGSF). The guarantor funds are managed by Citadel Advisors, LLC, the investment management subsidiary of Citadel Group.
Citadel Group, headquartered in Chicago, is a global hedge fund with a 30-year track record and currently manages over $35 billion in investment capital. The Funds managed by Citadel invest in a range of strategies including commodities, fixed income/global macro, credit, equities, and quantitative strategies. Wellington and the two Kensington funds dynamically invest across all of Citadel’s strategies, with a primary focus on liquid markets such as fundamental and systematic equities, as well as global macro rates and currencies.
The issuer ratings reflect the Citadel Group and the Funds’ long-term performance track record, their ability to attract and retain substantial investment capital, top-tier investment talent, moderate historical performance volatility, and strong institutional risk and liquidity management practices. The ratings assigned to the notes consider the guarantee from the funds.
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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 pursuant to the Temporary Registration Regime. 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.
