S&P lifts Waddell & Reed

Standard & Poor's said it raised its ratings on Waddell & Reed Financial Inc., including raising the long-term counterparty credit rating to BBB+ from BBB.

The outlook is stable.

"The upgrade of Waddell & Reed is based on its opinion that the company's financial profile has sustained improvement, as measured by its strong interest coverage, modest debt leverage, and adequate liquidity," said credit analyst Robert B. Hoban, Jr.

The agency added that Waddell & Reed's diversified and strong distribution also supports the higher rating.

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