Moody's ups Citadel Securities

Moody's Investors Service said it upgraded to Baa3 from Ba1 the issuer and senior secured bank credit facility ratings of Citadel Securities LP (CSLP). The agency also upgraded to Baa2 from Baa3 the issuer ratings of Citadel Securities LLC (Csllc), Citadel Securities (Europe) Ltd. (CSEL) and Citadel Securities GCS (Ireland) Ltd. (CSGI). The outlooks are stable for all four entities. This concludes the review started on Nov. 22.

“Moody's said the rating action reflects CSLP's increased capital base and solid risk management on the back of sustained profitability levels during periods of varying market volatility, while maintaining strengthened funding and liquidity. Moody's said corporate governance was a key driver of the rating action, reflecting CSLP's strong corporate culture which has proven to be committed to maintaining a highly effective risk management and controls' framework through a period of significant growth, and with appropriate governance considerations and oversight in place that alleviate key man risk associated with the firm's ownership being concentrated in a single individual,” the agency said in a press release.

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