Moody’s assigns Cowen Ba3, loan B1

Moody’s Investors Service said it assigned a Ba3 corporate family rating to Cowen Inc. and a B1 senior secured term loan rating it will use for repaying debt and general corporate purposes.

“The rating assignment follows Cowen’s announcement of its proposed $300 million senior secured term loan,” the agency said in a press release.

The loan’s B1 rating is a notch below the Ba3 corporate family rating because obligations at the holding company are structurally subordinated to Cowen’s operating companies, where most of the group’s debt and debt-like obligations reside, Moody’s said.

Cowen’s outlook is stable. The outlook reflects its improved capital and liquidity position. It considers Moody’s expectation of potential revenue volatility stemming from fair value marks on Cowen’s investments and the possibility of lower revenue after the pandemic subsides, the agency said.

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