Man first to win S&P debt fund rating

Standard & Poor's has assigned ratings to Man Glenwood Alternative Strategies I's $374m floating- and fixed-rate notes. This is the first time structured notes issued by a leveraged fund and backed by pools of hedge fund investments have been rated.

As first reported in Hedge Fund Review last month, S&P has been looking to rate the debt on fund of funds products, creating a new way for hedge fund managers to raise capital. Other ratings agencies such as Moody's are also looking at such produc