Rating Outlook Revision
Fitch Ratings announced on 4 September 2026 that it has revised Cantor Fitzgerald, L.P.’s outlook from Stable to Positive while affirming its long‑term issuer default rating at BBB‑ and its short‑term rating at F3. The agency also affirmed Cantor’s senior unsecured debt rating at BBB‑.
Drivers of Positive Outlook
The positive outlook reflects structural improvements in Cantor’s business profile, notably the expansion of its investment‑banking franchise across multiple sectors and geographies, recent acquisitions in the inter‑dealer brokerage and asset‑management businesses, and a revenue profile that has remained resilient through volatile market cycles.
Credit Metrics and Liquidity
Cantor’s consolidated adjusted leverage ratio was within Fitch’s BBB benchmark range of 5.0x‑10.0x for balance‑sheet‑intensive securities firms at the end of the second quarter of 2026 and is expected to remain within this range over the next 12‑24 months. The firm recently increased its senior unsecured credit facility from $450 million to $700 million, leaving $370 million of undrawn capacity after partial repayments made in the third quarter of 2026.
Constraints and Risks
Fitch notes that the ratings are constrained by the cyclical nature of Cantor’s wholesale financial brokerage, capital‑markets and real‑estate activities, which have historically produced periods of volatile performance. The long‑term strategic direction of the firm remains uncertain despite a reduction in key‑person risk following the departure of former Chairman and CEO Howard Lutnick; the current leadership team is considered adequately experienced.
Outlook for Potential Upgrade
Fitch indicated that a future upgrade of the long‑term rating could be possible if Cantor continues to grow its franchise and scale while maintaining current profitability margins and keeping net adjusted leverage at the lower end of the 5.0x‑10.0x benchmark over the next 12‑24 months.