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    S&P cuts Jefferies, Cantor outlooks to 'negative'

    Associated Press – Fri, Jan 27, 2012

    NEW YORK (AP) — Standard & Poor's Ratings Services on Friday lowered its outlook on Jefferies Group Inc. and Cantor Fitzgerald, saying that the brokerages' profits could be hurt by the European debt crisis.

    S&P cut its outlook on the firms to "negative" from "stable," but didn't change their ratings.

    The agency also put GFI Group Inc.'s "BBB-" ratings on watch with negative implications.

    Shares of Jefferies fell 39 cents, or 2.4 percent, to close at $15.81. GFI shares were unchanged at $4.60. Cantor Fitzgerald is privately held.

    S&P said brokers with trading and investment banking businesses are likely to see "a prolonged period of low profitability" largely because of Europe's financial crisis.

    Even though Jefferies and Cantor Fitzgerald have modest exposure to Europe, "the risk of contagion from the region's debt crisis could lead to a prolonged period of reduced trading and underwriting activities, heightened risk of a recession in the U.S., less favorable funding conditions, and possibly some mark-to-market losses," S&P said.

     

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