Moody's affirms Raymond James

Moody's Investors Service said it confirmed the Baa2 long-term issuer rating for Raymond James Financial, Inc.

The outlook has been changed to stable.

Moody's said that the acquisition of Morgan Keegan is based on a sound strategic rationale that will provide Raymond James with increased scale in its core private client franchise and its agency-focused capital markets business.

Although the acquisition of Morgan Keegan increased Raymond James' debt burden, the company's pro forma cash flow leverage is still consistent with a Baa2 rating, the agency said.

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