S&P gives 3 to ConvergEx loan

Standard & Poor's said it affirmed its ratings on BNY ConvergEx Group LLC, including its B+ long-term counterparty credit rating, and assigned a 3 recovery rating to its first-lien secured credit facility.

The outlook is stable.

The agency said its ratings on ConvergEx are based on the company's low-risk, agency-only business model and good niche positioning.

In S&P's view, the firm's very aggressive financial profile, particularly its acquisition strategy; negative tangible equity; weak interest coverage; and high debt offset its strengths.

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