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Moody’s ups Raymond James, debt to Baa1
Moody's Investors Service said it upgraded Raymond James Financial, Inc.'s long-term issuer and senior unsecured ratings to Baa1 from Baa2.
The outlook is stable. This concludes the review initiated on April 17.
Moody's said the upgrade was driven by strong performance and superior earnings stability, which is underpinned by a diversified business model.
“The firm has been successful in integrating a number of acquisitions which contributed to its financial performance, while taking advantage of secular trends and growing its franchise organically,” the agency said in a news release.
“The acquisitions have mostly been in the retail brokerage and asset management space, the flagship business of the firm, and while resulting in occasional spikes in leverage, were followed by a clear path to de-leveraging.”
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