Moody's affirms Oppenheimer

Moody's Investors Service said it affirmed the B2 long-term corporate family rating of Oppenheimer Holdings, Inc.

The outlook remains stable as Oppenheimer is proposing to issue $200 million of senior secured notes (rated B2).

Oppenheimer is refinancing $100 million of subordinated notes and $22.5 million of senior secured bank notes (rated B2) and will use the remaining proceeds for general corporate purposes.

Oppenheimer is a recognized retail brokerage brand name with a footprint of 96 offices and 1,430 brokers, Moody's noted. The company has experienced improved financial performance and the retail brokerage business has been augmented by asset management and capital markets segments that were acquired from CIBC in fiscal 2008.

The ratings consider that Oppenheimer's pre-tax margins lag behind industry leaders that enjoy greater scale and wider product sets, the agency added.

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