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00:02S&P Global Ratings lowered its outlook on Cliffwater LLC's flagship private credit fund
00:07to negative from stable, citing elevated redemption requests that could pressure liquidity,
00:12according to Bloomberg. The roughly $32 billion Cliffwater Corporate Lending fund met 7% of
00:18withdrawal requests in the first quarter above the 5% minimum, marking the second consecutive
00:23quarter above that level. Analysts cautioned if this becomes the norm, it could strain the fund
00:28and lead to a downgrade. The fund faced about 14% redemption requests and capped withdrawals.
00:34S&P affirmed it's a rating and said asset quality remains generally stable,
00:39but warned a sharp deterioration could also trigger a downgrade.
00:42For all things money, visit Benzinga.com.
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