Fitch Ratings revised Cantor Fitzgerald’s outlook to positive while affirming its ratings at ‘BBB-‘ and ‘F3’, driven by investment banking expansion and brokerage acquisitions. Concurrently, Fitch maintains the United States rating at ‘AA+’ with a stable outlook, citing high fiscal deficits and a growing debt burden.
Cantor Fitzgerald Secures Positive Outlook Amid Business Expansion
Fitch Ratings revised Cantor Fitzgerald, L.P.’s outlook to Positive from Stable while affirming the firm’s Long- and Short-Term Issuer Default Ratings at ’BBB-’ and ’F3’. The rating agency also affirmed Cantor’s senior unsecured debt rating at ’BBB-’. The positive shift reflects structural improvements in the firm’s business profile, supported by the expansion of its investment banking franchise across multiple sectors and geographies, along with strategic acquisitions in asset management and interdealer brokerage.
The ratings affirmation recognizes Cantor’s established position within the middle-market investment banking and brokerage space. Analysts noted the firm’s moderate risk profile, which centers on brokering and financing high-quality government and agency securities. Additional support comes from wholesale financial and real estate brokerage activities offered through consolidated subsidiaries BGC Group, Inc. and Newmark Group, Inc., alongside experienced management and adequate liquidity.
Leverage Benchmarks and Credit Facility Expansion
Cantor’s consolidated adjusted leverage ratio remained within Fitch’s ’bbb’ category benchmark range of 5.0x to 10.0x for balance sheet-intensive securities firms at 2Q26. The firm is expected to maintain leverage within this range over the next 12 to 24 months. To support its financial positioning, the company upsized its senior unsecured credit facility to $700 million from $450 million. Available capacity stands at $370 million following partial debt repayments.
Governance Continuity and Structural Constraints
Despite lower key person risk following the departure of former Chairman and CEO Howard Lutnick, Cantor’s long-term strategic direction remains subject to some uncertainty. However, the firm has maintained its existing strategy, and the current leadership team is viewed by credit evaluators as adequately experienced.
The ratings remain constrained by the cyclical nature of Cantor’s wholesale financial brokerage, capital markets, and real estate activities, which have historically caused periods of volatile performance.
United States Sovereign Credit Affirmed at AA+
In a separate sovereign review, Fitch Ratings affirmed the United States’ long-term foreign- and local-currency issuer default ratings at AA+, with a stable outlook. The rating continues to be constrained by high fiscal deficits, a substantial interest burden, and rising government debt levels.
Fitch downgraded the U.S. credit rating from AAA to AA+ in August 2023 amid growing debt burdens and political disputes over the debt ceiling. General government debt-to-GDP is projected to rise to 123% by the end of 2028, up from 117% at the end of 2025, with forecasts pointing toward 128% by 2030 under current policy settings.
Deficit Projections and Expenditure Adjustments
The general government deficit is projected to widen to 7.4% of GDP, up from 6.8% in 2025, driven partly by an increasing interest burden. Fitch expects the $41.1 trillion debt ceiling will be reached in mid-2027.
The sovereign rating is supported by a large economy, high per-capita income, and the financing flexibility afforded by the U.S. dollar’s status as a global reserve currency. Concurrently, labor demand has softened, with job creation slowing significantly.
