Moody's upgrades Oppenheimer

Moody's Investors Service said it upgraded to Ba3 from B1 Oppenheimer Holdings, Inc.'s corporate family rating and senior secured debt rating.

The upgrade reflects the firm's diversified revenue base with improving profitability, growing mix of advisory revenue and strong debt leverage, the agency noted.

“Over the past two years, Oppenheimer has successfully navigated a challenging operating environment, especially during the period of highly volatile financial markets. Moody's said the upgrade also reflects Oppenheimer's significant investment in risk management and controls in recent years which has help substantially reduce the firm's historically elevated level of regulatory compliance issues,” the agency said in a press release.

The outlook is stable.

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