S&P ups TD Ameritrade outlook to positive

Standard & Poor's said it revised its outlook on TD Ameritrade Holding Corp. to positive from stable.

At the same time, the agency said it affirmed its BB long-term counterparty credit rating on TD Ameritrade.

The agency noted that the outlook revision reflects growth and strengthening of the franchise, including growth in client assets, revenues and earnings, as well as reduction in leverage while the ratings are based on the company's strong earnings performance, management's ability to integrate acquisitions, the firm's scalable business model and the strength of its brand franchise.

These strengths are partially offset by the firm's high leverage, negative tangible equity and the competitive environment of the retail brokerage industry, S&P added.

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