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5 年前
TEXT - S&P cuts Penson Worldwide ratings to 'D'
2013年1月14日 / 晚上9点08分 / 5 年前

TEXT - S&P cuts Penson Worldwide ratings to 'D'

Overview
     -- Penson Worldwide Inc. has voluntarily filed for bankruptcy under 
Chapter 11.
     -- Penson, a provider of clearing and execution services to the 
securities industry, has faced weak operating cash flow and debt service 
capacity. 
     -- We are lowering our ratings on Penson, including the issuer credit 
rating, to 'D' from 'CC'.

Rating Action
On Jan. 14, 2013, Standard & Poor's Ratings Services lowered its issuer credit 
rating on Penson Worldwide Inc. to 'D' from 'CC'. We also lowered our rating 
on Penson's $200 million senior secured second-lien notes to 'D' from 'CC'.

Rationale
The downgrade follows Penson's voluntary Chapter 11 bankruptcy filing in the 
U.S. on Jan. 11. We believe Penson filed for bankruptcy because its weak 
operating cash flow constrained its debt service and financial capacity.  

Over the past year, management attempted to restructure its debt and 
operations, including the sale or transfer of most of its operating 
businesses. In May 2012, Penson transferred the operations, clearing 
contracts, and most of the net assets of its main business, U.S. securities 
clearing, to Apex Clearing in exchange for a 94% ownership stake in Apex's 
holding company.


Related Criteria And Research
     -- Timeliness Of Payments: Grace Periods, Guarantees, And Use Of 'D' And 
'SD' Ratings, Dec. 23, 2010
     -- Rating Securities Companies, June 9, 2004

Ratings List

Downgraded
                                        To                 From
Penson Worldwide Inc.
 Issuer Credit Rating                   D/--               CC/Negative/--
 Senior Secured                         D                  CC

0 : 0
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