S&P ups Oppenheimer, rates notes B+

S&P said it raised the issuer credit and senior secured debt ratings on Oppenheimer Holdings Inc. to B+ from B.

The outlook on the long-term issuer credit rating is stable.

At the same time, the agency assigned a B+ issue rating on the firm's new senior secured notes due 2022.

"The upgrade reflects Oppenheimer's progress in meeting the terms of its regulatory and compliance settlements and the resulting improvement to its funding profile from that and its new senior secured debt issue," S&P credit analyst Robert Hoban said in a news release.

The agency said it believes that this progress and the new $200 million notes issue should allow the firm to redeem the existing $120 million notes issue and maintain a gross stable funding ratio (GSFR) and liquidity coverage metric (LCM) above 110% and 90%, respectively.

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