Egan-Jones upgrades Knight Capital to B-minus
NEW YORK (Reuters) – Rating agency Egan-Jones upgraded Knight Capital Group on Monday after the market-maker said it received funding from its trading partners to cover a pretax loss of about $440 million due to an erroneous trade position on Aug 1. Egan-Jones raised Knight’s credit rating to “B-minus” from “CCC” after cutting them several times last week. Knight’s rating remains in junk territory. Prior to a software glitch that caused the errant trades, Egan-Jones had a “B-plus” rating on Knight, two-notches above its current level. Knight is still “fragile,” Egan-Jones said in a statement. . . .
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