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Prospect News home > News index > List of issuers B > Headlines for BGC Partners, Inc. > News item |
Moody's lowers Cantor Fitzgerald view to negative
Moody's Investors Service said it changed the outlook to negative from stable on Cantor Fitzgerald LP, along with its minority owned subsidiary, BGC Partners, Inc.
Cantor Fitzgerald has a senior rating of Baa3 and BGC Partners has a senior rating of Ba1.
The negative outlook reflects the prospects for reduced profitability at Cantor Fitzgerald in 2012, Moody's said.
The company was only modestly profitable in 2011, the agency said, and since August 2011 the operating environment for institutional capital markets firms has become considerably more difficult.
The company now faces difficult decisions as the firm attempts to revitalize the profitability of its institutional capital markets expansion strategy while maintaining its culture of emphasizing distribution and controlling risk, Moody's said.
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