Moody's gives Virtu Ba2

Moody's Investors Service said it affirmed the Ba3 senior secured first-lien term loan and issuer ratings of VFH Parent LLC (Virtu) and assigned a Ba2 corporate family rating. The rating outlook is stable.

VFH Parent LLC is a subsidiary of Virtu Financial, Inc. and is an intermediate holding company that indirectly controls all of Virtu's major operating subsidiaries. The assignment of the Ba2 rating reflects its franchise as a technology-driven provider of market making and related execution services, combined with a history of solid financial results and effective risk management, offset by Virtu's inherently high operational risk and aggressive owner distribution policies.

The affirmation of the Ba3 term loan and issuer ratings of VFH Parent reflect its structural subordination to the regulated operating subsidiaries of the group, where the majority of the group's debt and debt-like obligations reside, the agency said.

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