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S&P upgrades KCG notes to B+
Standard & Poor's said it raised its issue-level rating on KCG Holdings Inc.'s $305 million second-lien notes to B+ from B.
KCG's BB- counterparty credit rating was affirmed.
The outlook is stable.
"Our rating on KCG reflects the highly competitive and transactional nature of the firm's market-making and global execution services businesses, its reliance on market volatility and volumes to propel revenues, and its exposure to operational and model risk," S&P credit analyst Sebnem Caglayan said in a news release.
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