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S&P assigns Penson BB, notes BB-
Standard & Poor's said it assigned its BB long-term counterparty credit rating to Penson Worldwide Inc.
The outlook is stable.
The agency said it also assigned its BB- rating to the company's proposed $200 million of senior second-lien secured notes.
"Our ratings on Penson reflect the company's strong franchise in providing clearing, execution, securities lending, and other processing services to the global securities industry. The ratings also consider Penson's minimal risk taking. Offsetting these strengths are the high operating leverage inherent in Penson's business model, increased financial leverage, and a risk management framework that we believe is not yet fully integrated," said S&P credit analyst Vikas Jhaveri.
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