S&P ups Cetera Financial to B+

Standard & Poor's said it raised its issuer credit and senior secured debt ratings on Cetera Financial Group to B+ from B and removed the ratings from CreditWatch, they had been since July 30.

The outlook is stable.

"The upgrade reflects the material reduction in the amount of debt and dividend relative to the original amounts the company intended to issue in July 2013 when we assigned our 'B' rating," S&P credit analyst Olga Roman said in a news release.

Cetera has reduced its funded debt by $55 million to $210 million and reduced its dividend to $81 million. The agency said it believes that this change in the company's capital structure results in a strengthening of credit metrics to a level that is in line with B+ issuer credit rating.

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