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BGC is a diversified holding company and market leader specializing in global wholesale brokerage, complemented with a growing financial technology platform that offers an array of products and services to various types of clients, including governments, corporations, and financial institutions. On July 1, 2023, BGC completed a corporate conversion to reorganize and simplify its organizational structure such that all owners (shareholders and partners) of its existing entities would participate in the economics of the consolidated enterprise through a new publicly traded entity.
KBRA believes the terms and conditions of the new notes reflect substantially similar terms to the old notes. The ratings remain underpinned by management's long record of producing mostly consistent operating results, adapting to market evolution, and ongoing emphasis on risk and liquidity management. Profitability has been modest at times but is on an improving trend due to the overall increase in capital markets volatility which KBRA expects to persist for the foreseeable future. Leverage in the 2.5x range (Debt/Adj. EBITDA) has been managed consistently while cash coverage of short-term obligations remains solid.
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High compensation expenses (cash and non-cash) have historically weighed on bottomline earnings; adjusted for equity-based compensation profitability is commensurate with the ratings. BGC remains adequately funded; unsecured debt is well laddered and has been issued at a reasonable cost.
The issuer ratings for BGC are well positioned at the current rating however an erosion in business fundamentals that precipitated a declining trend in revenues would cause the ratings to be re-evaluated as would any change in capital management such that leverage were to be managed above 5x or a decline in profitability that pressured interest coverage below 4x on a regular basis.
KBRA's Financial Institutions: Securities Firm Global Rating Methodology and ESG Global Rating Methodology were used when determining this credit rating along with additional information regarding KBRA policies, methodologies, rating scales and disclosures available at www.kbra.com
Filed Under: Business
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