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Moody's upgrades Oppenheimer Holdings' corporate family rating

Moody's upgraded Oppenheimer Holdings Inc.'s corporate family rating to B1 from B2 and affirmed its senior secured debt rating at B1.

The rating outlook is stable, reflecting the rating agency's expectation that the company will continue to benefit from its diversified revenue base and from a growing mix of advisory revenue.

Moody's said Oppenheimer's CFR upgrade is reflective of the company's announcement that it intends to redeem $50 million of its $200 million 6.75% senior secured notes due 2022, which will improve the company's debt leverage.