S.&P. said the outlook for $500 million in debt of the Citadel Kensington Global Strategy Fund and the Citadel Wellington fund was negative and it warned that the ratings could be further downgraded if their actions and “market conditions fail to result in lower volatility and performance stabilization.” S.&P. also said it was watching the pace of redemptions.
“The downgrade reflects Kensington/Wellington’s negative performance in September and October of this year,” said Daniel Koelsch, a Standard & Poor’s credit analyst. He said their performance was inconsistent with “BBB+” ratings.
Accordingly, the funds’ credit ratings were cut to BBB/A-3 from BBB+/A-2.
Mr. Koelsch noted in a statement that the year-to-date performance of Kensington/Wellington was approximately a negative 39.5 percent as of Oct. 31.
firrrst to think that Citadel sucks..
firrrst to think that Citadel sucks..
Grade to S&P on structured finance products past 5yrs: FFF
Does someone need more collateral ?
Can’t wait for the conference call.
I find it extremely annoying that any (large) negative return is referred to as (high) volatility. Please quit “loosing” people’s money.
heheh
Who cares? Someone please tell me what the fuck is the point of a ratings agency if it only tells us things we already know.
Why is he in California?
@8- thanks for restating what’s pointed out in the headline, Hoss.
down 40 is the new down 30
“Double extra-strength stitching in the crotch area ensures that you can do your splits without the fear of any skidmarks on white showing up at the least opportune of times.”
Hoss…
lol
“Double extra-strength stitching in the crotch area ensures that you can do your splits without the fear of any skidmarks on white showing up at the least opportune of times.”
Nice pic. It’s an abyss down there.
@10 no actually, the headline is S&P talking to citadel itself, not to the investors
down 40 is the new down 30
Ken’s never felt better
@16- wrong. it doesn’t indicate who it’s talk to (does it say ‘s&p to citadel’? that’s what i thought). it’s just shouting the obvious to no one in particular, which is what the S&P does.
So, uh, what exactly did Mr. Griffen make of risk?
Ken is probably on the phone asking FED for a bailout or buying some shitty S&L in Kansas.
Down 40 is the new up.
@18 why don’t we ask Bess what her original intent was?
@20: He’s probably drafting the 2008 year-end letter in his head, finding new ways to say how much better things MUST be in 2009.
griffin is a fraud. an idoit. it was apparent if anyone watched him answer questions during the senate hearing.
griffin is a fraud. an idoit. it was apparent if anyone watched him answer questions during the senate hearing.
So S&P didn’t buy into the “we’re really counting on the midterm exams to boost our grade point averages” angle from Ken? It didn’t work in Animal House but can’t blame him for trying. It has become clear that trading isn’t his strong suit so why not fall back on bull shitting.