Moody's may upgrade Refco

Moody's Investors Service said it placed all ratings of Refco Group Ltd., LLC and Refco Finance Inc. on review for possible upgrade.

Refco's senior bank debt is currently rated B1 with a stable outlook.

The review for upgrade reflects Refco's solid operating performance and reduced leverage, the agency said.

Moody's said Refco has enjoyed strong growth in business volumes within its prime brokerage and derivatives brokerage franchises, which has led to steady revenue growth, moderate increases in EBITDA and improving debt-service ratios.

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