Moody's lifts Oppenheimer view to positive

Moody's Investors Service said it affirmed Oppenheimer Holdings, Inc.'s B2 corporate family rating and B1 senior secured debt rating.

The agency also said it revised the outlook to positive from stable.

Moody's also said it decided to withdraw the outlook on Oppenheimer's corporate family rating and senior secured debt rating for its own business reasons.

The agency said it affirmed Oppenheimer's ratings because it has maintained a modestly profitable franchise and diversified revenue base.

The company continues to be committed towards maintaining sufficient investment in and focus on its risk management and compliance functions, Moody's said.

Oppenheimer's significant investment in risk management and controls in recent years has increased its operating costs, but should help reduce its historically elevated level of regulatory compliance issues, the agency said.

The company's debt-to-EBITDA ratio was 3.8x in 2018, which is a reasonably healthy level for its existing ratings, Moody's added.

The outlook revision reflects the potential for Oppenheimer's credit strength to improve over the next 12- to 18-months, the agency said.

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