Cantor Fitzgerald Credit Rating Cut to Near Junk by S&P
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Cantor Fitzgerald LP had its credit grade cut to one level above junk by Standard & Poor’s as competition and the brokerage’s expansion plans pressure income, according to the ratings company.
Market conditions will constrain profitability at New York-based Cantor for a “prolonged period,” S&P said yesterday in a statement. S&P cut Cantor to BBB- and left the rating for BGC Partners Inc., the company’s interdealer broker affiliate, unchanged at the lowest investment grade.