S&P puts Cowen on positive watch

S&P said it placed its BB- issuer credit and senior secured debt ratings on Cowen Inc. on CreditWatch with positive implications.

Cowen agreed to be acquired by investment-grade rated Toronto-Dominion Bank in a $1.3 billion all-cash deal.

“To resolve the CreditWatch, we will consider TD's post-close plans for the rated Cowen holding company and its rated debt to assess Cowen's strategic importance to the TD group. This will determine the level of group support to factor into our rating on Cowen,” S&P said in a press release.

The agency said it plans to resolve the CreditWatch upon the transaction’s close.

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