S&P rates Cowen, loan BB-

S&P said it assigned its BB- issuer credit and senior secured debt rating to Cowen Inc. and its $300 million senior secured term loan.

“Our ratings on Cowen reflect its focused and growing institutional and investment banking franchise, fairly volatile revenue, adequate capitalization and liquidity, but weaker than peer funding,” S&P said in a press release.

The outlook is stable. The outlook mirrors the forecast Cowen will maintain adequate capitalization, liquidity, and profitability, as it monetizes some non-core investments and moves to a less-capital-intensive business model, S&P said.

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