Fitch upgrades Carlyle Group

Fitch Ratings said it upgraded the long-term issuer default ratings and unsecured debt ratings of the Carlyle Group Inc. and its related entities to A- from BBB+. The agency also raised the subordinated debt rating to BBB from BBB-.

Concurrently, Fitch gave an A- long-term IDR and unsecured debt rating to CG Subsidiary Holdings LLC, a subsidiary of Carlyle and a co-borrower on the firm's revolving credit facility.

“The ratings upgrade reflects Carlyle's improved consistency in fee-related EBITDA (FEBITDA) and expansion of the FEBITDA margin, which, when combined with a reduction in debt, have translated into lower leverage and a stronger liquidity profile. The firm's FEBITDA margin, leverage and interest coverage are now firmly within Fitch's a category benchmark ranges,” the agency said in a press release.

The outlook is stable.

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