S&P: Oppenheimer notes at B+

Standard & Poor's said that it assigned a B+ long-term counterparty credit rating to Oppenheimer Holdings Inc. and a B+ rating to its proposed senior secured notes.

The outlook is stable.

The ratings on Oppenheimer are based on the company's weak financial profile due to its low profitability, modest interest coverage for its rating category and high leverage metrics, the agency said.

The ratings also consider the company's low on-balance-sheet liquidity and narrow funding base and its key-man risk, the agency added. Oppenheimer's diversified business model and adequate capital base partially offset these limitations.

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