S&P: ConvergEx outlook stable

Standard & Poor's said it revised its outlook on BNY ConvergEx Group LLC to stable from negative following the successful integration of LiquidPoint, which ConvergEx acquired in June 2007, and a modest improvement in the company's financial profile over the past year.

The outlook is stable.

The agency said its B+ counterparty credit rating on ConvergEx continues to be based on the company's low-risk agency-only business model, which is countered by its very aggressive financial profile as reflected in negative tangible equity, weak interest coverage and high debt level.

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