KBRA Releases Surveillance Report for the Issuer Ratings for Citadel's Flagship Multi-Strategy Funds and the Rating to the Senior Unsecured Notes Issued by Citadel Finance LLC

On April 22, 2025, KBRA affirmed the BBB Issuer Ratings assigned to three funds managed by Citadel Advisors LLC ("Citadel"): (i) Citadel Wellington LLC (“Wellington”), (ii) Citadel Kensington Global Strategies Fund Ltd. (“Kensington”), and (iii) Citadel Kensington Global Strategies Fund II Ltd. (“Kensington II” and together, the “Rated Funds”). Additionally, KBRA affirmed the BBB rating assigned to the Senior Unsecured Notes (the “Notes”) issued by Citadel Finance LLC. The Notes are guaranteed, severally and not jointly, by Wellington, KGSF Offshore Holdings Ltd., and Kensington II, in proportion to the proceeds distributed to each Fund (determined by each Funds’ ownership interest in the issuing vehicle Citadel Finance LLC). KGSF Offshore Holdings is an intermediate holding company and a substantially owned subsidiary of Kensington Global Strategies Fund Ltd. The Outlook across all ratings is Stable.

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