Moody's affirms ConvergEx

Moody's Investors Service said it affirmed the B1 corporate family rating of ConvergEx Holdings LLC.

The outlook is stable.

The affirmation reflects ConvergEx's reasonable operating performance despite unfavorable market conditions, Moody's said, which has allowed it to generate cash flow at levels that are consistent with its rating.

While transaction volumes in cash equities were depressed by low market volatility, the company's technology business offset some of the revenue declines, the agency said.

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