New York, November 25, 2015 -- Moody's Investors Service has changed the outlook on Clipper Acquisitions Corp. ("Clipper" aka TCW) to positive from stable. At the same time, Moody's has affirmed all ratings at Clipper, namely the Ba1 corporate family rating (CFR), the Ba1 secured term loan rating, and the Ba1 rating on the company's revolving credit facility. The change in outlook to positive is driven by the company's improving operating performance including strong organic asset growth, reduction in financial leverage and improving profitability. The firm has also made great strides in strengthening firm culture and further institutionalizing its operating platform by investing in key system and infrastructure enhancements and bolstering its senior leadership team.

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