S&P ups BrokerCreditService

S&P said it raised its long-term counterparty credit ratings on BrokerCreditService (Cyprus) Ltd. and BrokerCreditService Structured Products plc to B+ from B and affirmed the B short-term counterparty credit ratings.

At the same time, the agency affirmed the B-/B counterparty credit ratings on nonoperating holding company FG BCS Ltd.

The outlooks on all ratings are stable.

“The rating actions stem from our view that the BCS group's funding profile has improved, due to higher reliance on equity, deposits, and notes issued under structured products in the funding mix rather than on short-term wholesale funding,” S&P said in a news release.

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