S&P upgrades Raymond James

S&P said it upgraded the issuer credit and senior debt ratings on Raymond James Financial Inc. to BBB+.

The outlook is stable.

The ratings reflect the company's improved funding profile as a result of the growth in its cash sweeps deposits and low risk securities, which boosted its gross stable funding ratio (GSFR) above 110%, S&P explained.

The improvement also stems from a deceleration in the growth of the loan book on the last quarter and due to a focus on maintaining sufficient cash at the parent company, the agency said.

The rating also consider the company's solid retail brokerage franchise and diverse business mix, flexible cost base and fairly conservative financial profile with strong liquidity, S&P said.

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