Business Services Industry
Fitch Affirms Citadel Kensington, Rates Wellington LLC 'BBB'
Business Wire, March 4, 2005
CHICAGO -- Fitch Ratings affirms the counterparty ratings of Citadel Kensington Global Strategies Fund Ltd. (Kensington) at 'BBB", and assigns a 'BBB' rating to Citadel Wellington LLC (Wellington). Ratings were originally assigned to senior debt which has since been fully paid. Under a legal reorganization, Citadel Wellington Partners LP and Citadel Wellington Partners LP SE were merged with and into Citadel Wellington LLC.
The funds' ratings are based on good market and liquidity risk management controls and a robust technology and organizational infrastructure. These strengths are demonstrated by the funds' historically strong investment returns with good performance through several stressful markets.
Financial performance could be impacted by the need to liquidate positions. However, diversification of financing sources, investor liquidity limits, and dedicated liquidity management processes are mitigating factors. In addition, Citadel's superior performance record provides a competitive advantage when soliciting new funds, allowing for capital commitments that exceed typical hedge funds.
Citadel was established in 1990 by current CEO Kenneth Griffin. The funds have experienced rapid asset growth due to financial performance that exceeded hedge fund peers for many years. Citadel operations are sophisticated, with independent risk management processes, internal governance procedures including a legal and compliance function, separate front and back offices, and a full functioning offsite remote computing facility that is actively tested.
Ratings affirmed by Fitch:
Citadel Kensington Global Strategies Fund Ltd. 'BBB'.
Ratings assigned by Fitch:
Citadel Wellington LLC 'BBB'.
Ratings withdrawn by Fitch:
Citadel Wellington LP.
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