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Kroll assigns ratings to Wedbush Financial Services, unit

Kroll Bond Rating Agency assigned issuer and senior unsecured debt ratings of BBB- to Los Angeles-based Wedbush Financial Services LLC and an issuer rating of BBB to Wedbush Securities Inc.

The outlook for all ratings is stable.

Kroll said the ratings are based on Wedbush's "revitalized" management with some new executives, which the agency considers to be a positive. The rating agency also noted other positives, including the company's lower risk appetite, favorable franchise elements and revenue diversity across business lines. However, Kroll said, the company's regulatory compliance record shows some past challenges, but it noted the proactive approach to addressing the issues. The ratings also take into account the view that Wedbush's return profile is likely to be sustained.