S&P affirms Raymond James

Standard & Poor's said it removed the BBB/A-2 long- and short-term counterparty credit ratings and BBB senior unsecured debt rating on Raymond James Financial Inc. from CreditWatch, where they were placed with negative implications in January.

The agency also said it affirmed the ratings.

The outlook is negative.

The company's management has taken initial steps to integrate Morgan Keegan's businesses, S&P said. Raymond James has appointed several Morgan Keegan executives it deems critical to management positions and has earmarked $140 million for retention payments to significant financial Morgan Keegan retail revenue producers, the agency said.

Following the transaction, Raymond James' financial profile will weaken relative to fiscal 2011 and the first-quarter of 2012, S&P added.

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