Moody's ups Cowen loan to A3

Moody's Investors Service said it upgraded to A3 from B1 Cowen Inc.'s senior secured bank credit facility and withdrew Cowen's Ba3 corporate family rating. Cowen's outlook has been changed to stable from rating under review.

The rating action follows Toronto-Dominion Bank completing its acquisition of Cowen, the agency said.

Moody's said it will withdraw the rating and outlook for reorganization reasons.

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