Kroll Bond Rating Agency assigned BBB- senior unsecured debt and issuer ratings to Cowen Inc.
Additionally, the rating agency assigned issuer ratings of BBB to Cowen's subsidiary broker-dealers, Cowen & Co. LLC, Cowen Prime Services LLC and Cowen Execution Services LLC.
The outlook for all ratings is stable.
Kroll noted, among other things, that Cowen has a well-articulated and rational business strategy focusing on core strengths. Cowen's ratings are a notch below the ratings of its broker-dealer units as the company's debt is structurally subordinated to the obligations of these SEC-regulated operating entities, according to the rating agency.
