Moody's upgrades Grosvenor

Moody's Investors Service said it upgraded GCM Grosvenor Inc.'s corporate family rating to Ba2 from Ba3 and probability of default rating to Ba2-PD from Ba3-PD. Concurrently, Moody's raised the ratings on the company's senior secured credit facilities issued by Grosvenor Capital Management Holdings, LLLP to Ba2 from Ba3. The outlook was changed to stable from positive.

“The upgrade to Ba2 from Ba3 reflects strong growth in the company's fee-paying and contracted not-yet fee paying AUM, improved performance of the absolute return strategies business segment and the stabilization of the firm's overall effective fee rate. The combination of these three factors contributed to healthy management and performance fee revenue growth in 2021. The growth of Grosvenor's AUM base and the positive outlook for fundraising could improve the company's leverage ratio and expand its operating margins in 2022,” Moody’s said in a press release.

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